EX-12.1 3 ex12-1.txt COMPUTATION OF EARNINGS EXHIBIT 12.1 PINNACLE WEST CAPITAL CORPORATION COMPUTATION OF EARNINGS TO FIXED CHARGES(a) (THOUSANDS OF DOLLARS)
Nine Months Twelve Months Ended Ended December 31 -------- ------------------------------------------------------------ 9/30/01 2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- -------- Earnings: Income from Continuing Operations ................... $291,561 $302,332 $269,772 $242,892 $235,856 $211,059 Income Taxes ................... 188,866 194,200 141,592 138,589 126,943 99,224 Fixed Charges .................. 156,213 202,804 194,070 201,184 215,201 230,978 -------- -------- -------- -------- -------- -------- Total ........................ 636,640 699,336 605,434 582,665 578,000 541,261 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest Expense ............... 129,103 166,447 157,142 163,975 177,383 192,705 Estimated Interest Portion of Annual Rents ................. 27,110 36,357 36,928 37,209 37,818 38,273 -------- -------- -------- -------- -------- -------- Total Fixed Charges .......... 156,213 202,804 194,070 201,184 215,201 230,978 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges (rounded down) ................. 4.07 3.44 3.11 2.89 2.68 2.34 ======== ======== ======== ======== ======== ========
---------- (a) We have reclassified certain prior year amounts to conform to the current year presentation.