Exhibit 12.1

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Three Months Ended March 31,		Twelve Months Ended December 31,
	2013		2012		2011		2010		2009		2008
Earnings:
Income from continuing operations attributable to common shareholders	$	24,444	$	387,380	$	328,110	$	324,688	$	236,839	$	259,871
Income taxes	12,469		237,317		183,604		160,869		138,551		95,231
Fixed charges	50,588		219,437		246,462		248,664		241,807		224,760
Total earnings	$	87,501	$	844,134	$	758,176	$	734,221	$	617,197	$	579,862
Fixed Charges:
Interest expense	$	49,478	$	214,616	$	241,995	$	244,174	$	237,766	$	220,223
Estimated interest portion of annual rents	1,110		4,821		4,467		4,490		4,041		4,537
Total fixed charges	$	50,588	$	219,437	$	246,462	$	248,664	$	241,807	$	224,760
Ratio of Earnings to Fixed Charges (rounded down)	1.72		3.84		3.07		2.95		2.55		2.57

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