EX-12.1 4 ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 ARIZONA PUBLIC SERVICE COMPANY COMPUTATION OF EARNINGS TO FIXED CHARGES(A) (THOUSANDS OF DOLLARS)
Twelve Months Ended December 31, -------------------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Earnings: Income from continuing operations $280,688 $306,594 $268,322 $255,247 $251,493 Income taxes 183,136 195,665 133,015 133,452 129,986 Fixed Charges 166,939 179,381 179,088 183,398 189,600 -------- -------- -------- -------- -------- Total 630,763 681,640 580,425 572,097 571,079 ======== ======== ======== ======== ======== Fixed Charges: Interest charges 130,525 141,886 140,948 144,695 150,335 Amortization of debt discount 2,650 2,105 2,084 2,410 2,336 Estimated interest portion of annual rents 33,764 35,390 36,056 36,293 36,929 -------- -------- -------- -------- -------- Total fixed charges 166,939 179,381 179,088 183,398 189,600 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges (rounded down) 3.77 3.79 3.24 3.11 3.01 ======== ======== ======== ======== ========
---------- (a) We have reclassified certain prior year amounts to conform to the current year presentation.