EX-12.1 4 p68905exv12w1.txt EX-12.1 . . . Exhibit 12.1 ARIZONA PUBLIC SERVICE COMPANY COMPUTATION OF EARNINGS TO FIXED CHARGES ($000'S)
Twelve Months Ended December 31, -------------------------------------------------------------------------- 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- Earnings: Income from continuing operations.................... $ 180,937 $ 199,343 $ 280,688 $ 306,594 $ 268,322 Income taxes..................... 86,854 126,805 183,136 195,665 133,015 Fixed charges.................... 181,793 168,985 166,939 179,381 179,088 ------------ ------------ ------------ ------------ ------------ Total earnings................ $ 449,584 $ 495,133 $ 630,763 $ 681,640 $ 580,425 ============ ============ ============ ============ ============ Fixed Charges: Interest charges................. $ 147,610 $ 133,878 $ 130,525 $ 141,886 $ 140,948 Amortization of debt discount.... 3,337 2,888 2,650 2,105 2,084 Estimated interest portion of annual rents.................. 30,846 32,219 33,764 35,390 36,056 ------------ ------------ ------------ ------------ ------------ Total fixed charges........... $ 181,793 $ 168,985 $ 166,939 $ 179,381 $ 179,088 ============ ============ ============ ============ ============ Ratio of Earnings to Fixed Charges (rounded down)........... 2.47 2.93 3.77 3.79 3.24 ============ ============ ============ ============ ============