EX-12.1 11 p68820exv12w1.txt EX-12.1 . . . Exhibit 12.1 PINNACLE WEST CAPITAL CORPORATION COMPUTATION OF EARNINGS TO FIXED CHARGES (THOUSANDS OF DOLLARS)
Twelve Months Ended December 31, ---------------------------------------------------- 2003 2002 2001 2000 1999 -------- -------- -------- -------- -------- Earnings: Income from Continuing Operations................... $230,576 $206,198 $327,367 $302,332 $269,772 Income Taxes................... 105,560 132,228 213,535 194,200 141,592 Fixed Charges.................. 235,658 219,651 211,958 202,804 194,070 -------- -------- -------- -------- -------- Total........................ 571,794 558,077 752,860 699,336 605,434 ======== ======== ======== ======== ======== Fixed Charges: Interest Expense............... 204,590 187,512 175,822 166,447 157,142 Estimated Interest Portion of Annual Rents................. 31,068 32,139 36,136 36,357 36,928 -------- -------- -------- -------- -------- Total Fixed Charges.......... 235,658 219,651 211,958 202,804 194,070 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges (rounded down)................. 2.42 2.54 3.55 3.44 3.11 ======== ======== ======== ======== ========
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