EX-12.1 6 a09-5963_4ex12d1.htm EX-12.1

Exhibit 12.1

 

Arizona Public Service Company

Computation of Pro Forma Ratio of Earnings to Fixed Charges

($000’s)

 

 

 

 

 

 

 

Adjusted

 

 

 

12/31/2008

 

Adjustments

 

12/31/2008 (1)

 

Earnings:

 

 

 

 

 

 

 

Income From Continuing Operations

 

$

262,344

 

$

(19,034

)

$

243,310

 

Income Taxes

 

107,261

 

(12,448

)

94,813

 

Fixed Charges

 

213,583

 

31,482

 

245,066

 

Total Earnings

 

$

583,188

 

 

 

$

583,188

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

Interest Charges

 

$

183,503

 

$

31,000

 

$

214,503

 

Amortization of Debt Discount

 

4,702

 

482

 

5,184

 

Estimated Interest Portion of Annual Rents

 

25,378

 

—

 

25,378

 

Total Fixed Charges

 

$

213,583

 

$

31,482

 

$

245,066

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (rounded down)

 

2.73

 

 

 

2.37

 

 

(1) Adjusted to reflect the issuance of $500,000,000 of Arizona Public Service Company’s 8.750% Notes due 2019 and the application of the proceeds of such notes.