EX-12.2 3 a11-16410_1ex12d2.htm EX-12.2

Exhibit 12.2

 

ARIZONA PUBLIC SERVICE COMPANY

COMPUTATION OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Six Months Ended
June 30,

 

Twelve Months Ended December 31,

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

2006

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to common shareholders

 

$

75,625

 

$

335,663

 

$

251,225

 

$

262,344

 

$

283,940

 

$

269,730

 

Income taxes

 

48,030

 

170,465

 

152,574

 

107,261

 

151,157

 

138,927

 

Fixed charges

 

118,831

 

234,184

 

227,274

 

206,896

 

195,144

 

184,059

 

Total earnings

 

$

242,486

 

$

740,312

 

$

631,073

 

$

576,501

 

$

630,241

 

$

592,716

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest charges

 

$

114,320

 

$

225,269

 

$

218,969

 

$

197,964

 

$

186,702

 

$

176,459

 

Amortization of debt discount

 

2,321

 

4,559

 

4,675

 

4,702

 

4,639

 

4,363

 

Estimated interest portion of annual rents

 

2,190

 

4,356

 

3,630

 

4,230

 

3,803

 

3,237

 

Total fixed charges

 

$

118,831

 

$

234,184

 

$

227,274

 

$

206,896

 

$

195,144

 

$

184,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (rounded down)

 

2.04

 

3.16

 

2.77

 

2.78

 

3.22

 

3.22