ARIZONA PUBLIC SERVICE CO - FORM 10-K - EX-12.3 - EXHIBIT 12.3 - February 19, 2010

Attached files

file filename
EX-31.1 - EXHIBIT 31.1 - ARIZONA PUBLIC SERVICE COc96360exv31w1.htm
10-K - FORM 10-K - ARIZONA PUBLIC SERVICE COc96360e10vk.htm
EX-10.11.3 - EXHIBIT 10.11.3 - ARIZONA PUBLIC SERVICE COc96360exv10w11w3.htm
EX-12.1 - EXHIBIT 12.1 - ARIZONA PUBLIC SERVICE COc96360exv12w1.htm
EX-12.2 - EXHIBIT 12.2 - ARIZONA PUBLIC SERVICE COc96360exv12w2.htm
EX-31.3 - EXHIBIT 31.3 - ARIZONA PUBLIC SERVICE COc96360exv31w3.htm
EX-32.2 - EXHIBIT 32.2 - ARIZONA PUBLIC SERVICE COc96360exv32w2.htm
EX-21.1 - EXHIBIT 21.1 - ARIZONA PUBLIC SERVICE COc96360exv21w1.htm
EX-32.1 - EXHIBIT 32.1 - ARIZONA PUBLIC SERVICE COc96360exv32w1.htm
EX-31.4 - EXHIBIT 31.4 - ARIZONA PUBLIC SERVICE COc96360exv31w4.htm
EX-23.2 - EXHIBIT 23.2 - ARIZONA PUBLIC SERVICE COc96360exv23w2.htm
EX-31.2 - EXHIBIT 31.2 - ARIZONA PUBLIC SERVICE COc96360exv31w2.htm
EX-10.6.5 - EXHIBIT 10.6.5 - ARIZONA PUBLIC SERVICE COc96360exv10w6w5.htm
EX-10.5.3 - EXHIBIT 10.5.3 - ARIZONA PUBLIC SERVICE COc96360exv10w5w3.htm
EX-10.11.5 - EXHIBIT 10.11.5 - ARIZONA PUBLIC SERVICE COc96360exv10w11w5.htm
EX-10.2.6.A - EXHIBIT 10.2.6A - ARIZONA PUBLIC SERVICE COc96360exv10w2w6wa.htm
EX-23.1 - EXHIBIT 23.1 - ARIZONA PUBLIC SERVICE COc96360exv23w1.htm
EX-10.4.13 - EXHIBIT 10.4.13 - ARIZONA PUBLIC SERVICE COc96360exv10w4w13.htm
Exhibit 12.3
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
                                         
    Twelve Months Ended December 31,  
    2009     2008     2007     2006     2005  
Earnings:
                                        
Income from continuing operations attributable to common shareholders
   $ 82,006     $ 231,304     $ 300,436     $ 308,972     $ 223,933  
Income taxes
     37,827       76,897       152,006       151,122       127,361  
Fixed charges
     256,987       241,370       235,011       224,681       213,967  
 
                              
Total earnings
   $ 376,820     $ 549,571     $ 687,453     $ 684,775     $ 565,261  
 
                              
 
                                        
Fixed Charges:
                                        
Interest expense
   $ 233,859     $ 215,684     $ 207,827     $ 196,388     $ 184,624  
Estimated interest portion of annual rents
     23,128       25,686       27,184       28,293       29,343  
 
                              
Total fixed charges
   $ 256,987     $ 241,370     $ 235,011     $ 224,681     $ 213,967  
 
                              
 
                                        
Preferred Stock Dividend
                                        
Requirements:
                                        
Income before income taxes attributable to common shareholders
   $ 119,833     $ 308,201     $ 452,442     $ 460,094     $ 351,294  
Net income from continuing operations attributable to common shareholders
     82,006       231,304       300,436       308,972       223,933  
 
                              
Ratio of income before income taxes to net income
     1.46       1.33       1.51       1.49       1.57  
 
                              
Preferred stock dividends
     —       —               —       —  
 
                                        
Preferred stock dividend requirements — ratio (above) times preferred stock dividends
   $ —     $ —     $       $ —     $ —  
 
                              
 
                                        
Fixed Charges and Preferred
                                        
Stock Dividend Requirements:
                                        
Fixed charges
   $ 256,987     $ 241,370     $ 235,011     $ 224,681     $ 213,967  
Preferred stock dividend requirements
     —       —       —       —       —  
 
                              
Total
   $ 256,987     $ 241,370     $ 235,011     $ 224,681     $ 213,967  
 
                              
 
                                        
Ratio of Earnings to Fixed Charges (rounded down)
     1.46       2.27       2.92       3.04       2.64