EX-12.1 6 a13-25897_1ex12d1.htm EX-12.1

Exhibit 12.1

 

PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to common shareholders

 

$

406,074

 

$

387,380

 

$

328,110

 

$

324,688

 

$

236,839

 

Income taxes

 

230,591

 

237,317

 

183,604

 

160,869

 

138,551

 

Fixed charges

 

206,089

 

219,437

 

246,462

 

248,664

 

241,807

 

Total earnings

 

$

842,754

 

$

844,134

 

$

758,176

 

$

734,221

 

$

617,197

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

201,888

 

$

214,616

 

$

241,995

 

$

244,174

 

$

237,766

 

Estimated interest portion of annual rents

 

4,201

 

4,821

 

4,467

 

4,490

 

4,041

 

Total fixed charges

 

$

206,089

 

$

219,437

 

$

246,462

 

$

248,664

 

$

241,807

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (rounded down)

 

4.08

 

3.84

 

3.07

 

2.95

 

2.55