EX-12.3 8 pnw20161231exhibit123.htm EXHIBIT 12.3 Exhibit
Exhibit 12.3
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
(dollars in thousands)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
$
442,034

 
$
437,257

 
$
397,595

 
$
406,074

 
$
387,380

Income taxes
236,411

 
237,720

 
220,705

 
230,591

 
237,317

Fixed charges
213,973

 
202,465

 
208,226

 
206,089

 
219,437

Total earnings
$
892,418

 
$
877,442

 
$
826,526

 
$
842,754

 
$
844,134

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
205,720

 
$
194,964

 
$
200,950

 
$
201,888

 
$
214,616

Estimated interest portion of annual rents
8,253

 
7,501

 
7,276

 
4,201

 
4,821

Total fixed charges
$
213,973

 
$
202,465

 
$
208,226

 
$
206,089

 
$
219,437

 
 
 
 
 
 
 
 
 
 
Preferred Stock Dividend Requirements:
 
 
 
 
 
 
 
 
 
Income before income taxes attributable to common shareholders
$
678,445

 
$
674,977

 
$
618,300

 
$
636,665

 
$
624,697

Net income from continuing operations attributable to common shareholders
442,034

 
437,257

 
397,595

 
406,074

 
387,380

Ratio of income before income taxes to net income
1.53

 
1.54

 
1.56

 
1.57

 
1.61

Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements — ratio (above) times preferred stock dividends
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preferred Stock Dividend Requirements:
 
 
 
 
 
 
 
 
 
Fixed charges
$
213,973

 
$
202,465

 
$
208,226

 
$
206,089

 
$
219,437

Preferred stock dividend requirements
—

 
—

 
—

 
—

 
—

Total
$
213,973

 
$
202,465

 
$
208,226

 
$
206,089

 
$
219,437

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (rounded down)
4.17

 
4.33

 
3.96

 
4.08

 
3.84