ARIZONA PUBLIC SERVICE CO - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

file	filename
10-Q - FORM 10-Q - ARIZONA PUBLIC SERVICE CO	c91385e10vq.htm
EX-32.2 - EXHIBIT 32.2 - ARIZONA PUBLIC SERVICE CO	c91385exv32w2.htm
EX-31.3 - EXHIBIT 31.3 - ARIZONA PUBLIC SERVICE CO	c91385exv31w3.htm
EX-12.3 - EXHIBIT 12.3 - ARIZONA PUBLIC SERVICE CO	c91385exv12w3.htm
EX-31.4 - EXHIBIT 31.4 - ARIZONA PUBLIC SERVICE CO	c91385exv31w4.htm
EX-31.2 - EXHIBIT 31.2 - ARIZONA PUBLIC SERVICE CO	c91385exv31w2.htm
EX-32.1 - EXHIBIT 32.1 - ARIZONA PUBLIC SERVICE CO	c91385exv32w1.htm
EX-31.1 - EXHIBIT 31.1 - ARIZONA PUBLIC SERVICE CO	c91385exv31w1.htm
EX-12.2 - EXHIBIT 12.2 - ARIZONA PUBLIC SERVICE CO	c91385exv12w2.htm

Exhibit 12.1

PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)


	Nine Months
	Ended
	September 30,		Twelve Months Ended December 31,
	2009		2008		2007		2006		2005		2004
Earnings:
Income from continuing operations	$	106,787	$	225,298	$	299,960	$	316,265	$	227,288	$	242,887
Income taxes		45,307		73,009		151,697		155,855		129,533		133,771
Fixed charges		192,394		241,703		235,429		225,119		214,430		214,803

Total earnings	$	344,488	$	540,010	$	687,086	$	697,239	$	571,251	$	591,461


Fixed Charges:
Interest expense	$	174,985	$	216,017	$	208,245	$	196,826	$	185,087	$	183,527
Estimated interest portion of annual rents		17,409		25,686		27,184		28,293		29,343		31,276

Total fixed charges	$	192,394	$	241,703	$	235,429	$	225,119	$	214,430	$	214,803


Ratio of Earnings to Fixed Charges (rounded down)		1.79		2.23		2.91		3.09		2.66		2.75

ARIZONA PUBLIC SERVICE CO - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - October 29, 2009