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

file	filename
10-Q - FORM 10-Q - ARIZONA PUBLIC SERVICE CO	c98580e10vq.htm
EX-10.4 - EXHIBIT 10.4 - ARIZONA PUBLIC SERVICE CO	c98580exv10w4.htm
EX-31.3 - EXHIBIT 31.3 - ARIZONA PUBLIC SERVICE CO	c98580exv31w3.htm
EX-31.2 - EXHIBIT 31.2 - ARIZONA PUBLIC SERVICE CO	c98580exv31w2.htm
EX-12.3 - EXHIBIT 12.3 - ARIZONA PUBLIC SERVICE CO	c98580exv12w3.htm
EX-12.2 - EXHIBIT 12.2 - ARIZONA PUBLIC SERVICE CO	c98580exv12w2.htm
EX-10.2 - EXHIBIT 10.2 - ARIZONA PUBLIC SERVICE CO	c98580exv10w2.htm
EX-31.4 - EXHIBIT 31.4 - ARIZONA PUBLIC SERVICE CO	c98580exv31w4.htm
EX-10.1 - EXHIBIT 10.1 - ARIZONA PUBLIC SERVICE CO	c98580exv10w1.htm
EX-10.3 - EXHIBIT 10.3 - ARIZONA PUBLIC SERVICE CO	c98580exv10w3.htm
EX-32.2 - EXHIBIT 32.2 - ARIZONA PUBLIC SERVICE CO	c98580exv32w2.htm
EX-32.1 - EXHIBIT 32.1 - ARIZONA PUBLIC SERVICE CO	c98580exv32w1.htm
EX-31.1 - EXHIBIT 31.1 - ARIZONA PUBLIC SERVICE CO	c98580exv31w1.htm

Exhibit 12.1

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


	Three Months
	Ended
	March 31,			Twelve Months Ended December 31,
	2010			2009		2008		2007		2006		2005
Earnings:
Income (loss) from continuing operations attributable to common shareholders	$	(5,889	)	$	82,006	$	231,304	$	300,436	$	308,972	$	223,933
Income taxes		(15,480	)		37,827		76,897		152,006		151,122		127,361
Fixed charges		63,640			250,647		234,682		228,112		217,566		206,657

Total earnings	$	42,271		$	370,480	$	542,883	$	680,554	$	677,660	$	557,951


Fixed Charges:
Interest expense	$	62,054		$	246,606	$	230,145	$	223,935	$	214,078	$	203,748
Estimated interest portion of annual rents		1,586			4,041		4,537		4,177		3,488		2,909

Total fixed charges	$	63,640		$	250,647	$	234,682	$	228,112	$	217,566	$	206,657


Ratio of Earnings to Fixed Charges (rounded down)		0.66			1.47		2.31		2.98		3.11		2.69

ARIZONA PUBLIC SERVICE CO - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - May 6, 2010