EX-12.1 9 ex12-1.txt COMPUTATION OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 PINNACLE WEST CAPITAL CORPORATION COMPUTATION OF EARNINGS TO FIXED CHARGES(a) (THOUSANDS OF DOLLARS)
Twelve Months Ended December 31 ------------------------------------------------------------ 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Earnings: Income from Continuing Operations ................ $327,367 $302,332 $269,772 $242,892 $235,856 Income Taxes ................ 213,535 194,200 141,592 138,589 126,943 Fixed Charges ............... 211,958 202,804 194,070 201,184 215,201 -------- -------- -------- -------- -------- Total ..................... 752,860 699,336 605,434 582,665 578,000 ======== ======== ======== ======== ======== Fixed Charges: Interest Expense ............ 175,822 166,447 157,142 163,975 177,383 Estimated Interest Portion of Annual Rents .............. 36,136 36,357 36,928 37,209 37,818 -------- -------- -------- -------- -------- Total Fixed Charges ....... 211,958 202,804 194,070 201,184 215,201 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges (rounded down) .............. 3.55 3.44 3.11 2.89 2.68 ======== ======== ======== ======== ========
---------- (a) We have reclassified certain prior year amounts to conform to the current year presentation.