EX-12.3 11 a12-3670_4ex12d3.htm EX-12.3

Exhibit 12.3

 

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED

STOCK DIVIDEND REQUIREMENTS

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock Dividend Requirements:

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes attributable to common shareholders

 

$

511,714

 

$

485,557

 

$

375,390

 

$

355,102

 

$

431,185

 

Net income from continuing operations attributable to common shareholders

 

328,110

 

324,688

 

236,839

 

259,871

 

286,512

 

Ratio of income before income taxes to net income

 

1.56

 

1.50

 

1.59

 

1.37

 

1.50

 

Preferred stock dividends

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend requirements — ratio (above) times preferred stock dividends

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and Preferred Stock Dividend Requirements:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

246,462

 

$

248,664

 

$

241,807

 

$

224,760

 

$

213,801

 

Preferred stock dividend requirements

 

—

 

—

 

—

 

—

 

—

 

Total

 

$

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