EX-12.1 3 a03-2406_1ex12d1.htm EX-12.1

Exhibit 12.1

 

 

ARIZONA PUBLIC SERVICE COMPANY

COMPUTATION OF EARNINGS TO FIXED CHARGES

($000’s)

 

 

 

 

Six Months Ended June 30,

 

Twelve Months Ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

1998

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

59,108

 

$

199,343

 

$

280,688

 

$

306,594

 

$

268,322

 

$

255,247

 

Income taxes

 

39,361

 

126,805

 

183,136

 

195,665

 

133,015

 

133,452

 

Fixed charges

 

88,223

 

168,985

 

166,939

 

179,381

 

179,088

 

183,398

 

Total earnings

 

$

186,692

 

$

495,133

 

$

630,763

 

$

681,640

 

$

580,425

 

$

572,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest charges

 

$

70,856

 

$

133,878

 

$

130,525

 

$

141,886

 

$

140,948

 

$

144,695

 

Amortization of debt discount

 

1,549

 

2,888

 

2,650

 

2,105

 

2,084

 

2,410

 

Estimated interest portion of annual rents

 

15,818

 

32,219

 

33,764

 

35,390

 

36,056

 

36,293

 

Total fixed charges

 

$

88,223

 

$

168,985

 

$

166,939

 

$

179,381

 

$

179,088

 

$

183,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (rounded down)

 

2.11

 

2.93

 

3.77

 

3.79

 

3.24

 

3.11