EX-12.1 9 a12-3670_4ex12d1.htm EX-12.1

Exhibit 12.1

 

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Twelve Months Ended December 31,

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to common shareholders

 

$

328,110

 

$

324,688

 

$

236,839

 

$

259,871

 

$

286,512

 

Income taxes

 

183,604

 

160,869

 

138,551

 

95,231

 

144,673

 

Fixed charges

 

246,462

 

248,664

 

241,807

 

224,760

 

213,801

 

Total earnings

 

$

758,176

 

$

734,221

 

$

617,197

 

$

579,862

 

$

644,986

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

241,995

 

$

244,174

 

$

237,766

 

$

220,223

 

$

209,624

 

Estimated interest portion of annual rents

 

4,467

 

4,490

 

4,041

 

4,537

 

4,177

 

Total fixed charges

 

$

246,462

 

$

248,664

 

$

241,807

 

$

224,760

 

$

213,801

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (rounded down)

 

3.07

 

2.95

 

2.55

 

2.57

 

3.01