EX-12.1 2 a13-19652_1ex12d1.htm EX-12.1

Exhibit 12.1

 

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Nine Months
Ended
September 30,

 

Twelve Months Ended December 31,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations attributable to common shareholders

 

$

381,814

 

$

387,380

 

$

328,110

 

$

324,688

 

$

236,839

 

$

259,871

 

Income taxes

 

221,424

 

237,317

 

183,604

 

160,869

 

138,551

 

95,231

 

Fixed charges

 

154,499

 

219,437

 

246,462

 

248,664

 

241,807

 

224,760

 

Total earnings

 

$

757,737

 

$

844,134

 

$

758,176

 

$

734,221

 

$

617,197

 

$

579,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

151,372

 

$

214,616

 

$

241,995

 

$

244,174

 

$

237,766

 

$

220,223

 

Estimated interest portion of annual rents

 

3,127

 

4,821

 

4,467

 

4,490

 

4,041

 

4,537

 

Total fixed charges

 

$

154,499

 

$

219,437

 

$

246,462

 

$

248,664

 

$

241,807

 

$

224,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (rounded down)

 

4.90

 

3.84

 

3.07

 

2.95

 

2.55

 

2.57

 

 

1