EX-12.1 3 ex12-1.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 ARIZONA PUBLIC SERVICE COMPANY COMPUTATION OF EARNINGS TO FIXED CHARGES ($000'S)
Three Months Twelve Months Ended Ended March 31, December 31, --------------- -------------------------------------------------------------- 2003 2002 2001 2000 1999 1998 ---------- ---------- ---------- ---------- ---------- ---------- Earnings: Income from continuing operations .................... $ 15,933 $ 199,343 $ 280,688 $ 306,594 $ 268,322 $ 255,247 Income taxes .................... 10,462 126,805 183,136 195,665 133,015 133,452 Fixed charges ................... 42,910 168,985 166,939 179,381 179,088 183,398 ---------- ---------- ---------- ---------- ---------- ---------- Total earnings ................ $ 69,305 $ 495,133 $ 630,763 $ 681,640 $ 580,425 $ 572,097 ========== ========== ========== ========== ========== ========== Fixed Charges: Interest charges ................ 34,227 $ 133,878 $ 130,525 $ 141,886 $ 140,948 $ 144,695 Amortization of debt discount ... 720 2,888 2,650 2,105 2,084 2,410 Estimated interest portion of annual rents .................. 7,963 32,219 33,764 35,390 36,056 36,293 ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges ........... $ 42,910 $ 168,985 $ 166,939 $ 179,381 $ 179,088 $ 183,398 ========== ========== ========== ========== ========== ========== Ratio of Earnings to Fixed Charges (rounded down) .......... 1.61 2.93 3.77 3.79 3.24 3.11 ========== ========== ========== ========== ========== ==========