EX-12.1 6 a14-13937_1ex12d1.htm EX-12.1

Exhibit 12.1

 

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Six Months
Ended
June 30,

 

Twelve Months Ended December 31,

 

 

 

2014

 

2013

 

2012

 

2011

 

2010

 

2009

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to common shareholders

 

$

148,224

 

$

406,074

 

$

387,380

 

$

328,110

 

$

324,688

 

$

236,839

 

Income taxes

 

80,945

 

230,591

 

237,317

 

183,604

 

160,869

 

138,551

 

Fixed charges

 

108,480

 

206,089

 

219,437

 

246,462

 

248,664

 

241,807

 

Total earnings

 

$

337,649

 

$

842,754

 

$

844,134

 

$

758,176

 

$

734,221

 

$

617,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

104,720

 

$

201,888

 

$

214,616

 

$

241,995

 

$

244,174

 

$

237,766

 

Estimated interest portion of annual rents

 

3,760

 

4,201

 

4,821

 

4,467

 

4,490

 

4,041

 

Total fixed charges

 

$

108,480

 

$

206,089

 

$

219,437

 

$

246,462

 

$

248,664

 

$

241,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (rounded down)

 

3.11

 

4.08

 

3.84

 

3.07

 

2.95

 

2.55

 

 

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