Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - PINNACLE WEST CAPITAL CORP | Financial_Report.xls |
| EX-31.4 - EXHIBIT 31.4 - PINNACLE WEST CAPITAL CORP | exhibit314.htm |
| EX-12.1 - EXHIBIT 12.1 - PINNACLE WEST CAPITAL CORP | exhibit121.htm |
| EX-31.2 - EXHIBIT 31.2 - PINNACLE WEST CAPITAL CORP | exhibit312.htm |
| EX-32.2 - EXHIBIT 32.2 - PINNACLE WEST CAPITAL CORP | exhibit322.htm |
| EX-31.3 - EXHIBIT 31.3 - PINNACLE WEST CAPITAL CORP | exhibit313.htm |
| EX-31.1 - EXHIBIT 31.1 - PINNACLE WEST CAPITAL CORP | exhibit311.htm |
| EX-32.1 - EXHIBIT 32.1 - PINNACLE WEST CAPITAL CORP | exhibit321.htm |
| EX-12.2 - EXHIBIT 12.2 - PINNACLE WEST CAPITAL CORP | exhibit122.htm |
| 10-Q - 10-Q - PINNACLE WEST CAPITAL CORP | a09301410-q.htm |
Exhibit 12.3
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
(dollars in thousands)
Nine Months Ended September 30, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 392,185 | $ | 406,074 | $ | 387,380 | $ | 328,110 | $ | 324,688 | $ | 236,839 | |||||||||||
Income taxes | 215,698 | 230,591 | 237,317 | 183,604 | 160,869 | 138,551 | |||||||||||||||||
Fixed charges | 158,086 | 206,089 | 219,437 | 246,462 | 248,664 | 241,807 | |||||||||||||||||
Total earnings | $ | 765,969 | $ | 842,754 | $ | 844,134 | $ | 758,176 | $ | 734,221 | $ | 617,197 | |||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest expense | $ | 152,346 | $ | 201,888 | $ | 214,616 | $ | 241,995 | $ | 244,174 | $ | 237,766 | |||||||||||
Estimated interest portion of annual rents | 5,740 | 4,201 | 4,821 | 4,467 | 4,490 | 4,041 | |||||||||||||||||
Total fixed charges | $ | 158,086 | $ | 206,089 | $ | 219,437 | $ | 246,462 | $ | 248,664 | $ | 241,807 | |||||||||||
Preferred Stock Dividend Requirements: | |||||||||||||||||||||||
Income before income taxes attributable to common shareholders | $ | 607,883 | $ | 636,665 | $ | 624,697 | $ | 511,714 | $ | 485,557 | $ | 375,390 | |||||||||||
Net income from continuing operations attributable to common shareholders | 392,185 | 406,074 | 387,380 | 328,110 | 324,688 | 236,839 | |||||||||||||||||
Ratio of income before income taxes to net income | 1.55 | 1.57 | 1.61 | 1.56 | 1.50 | 1.59 | |||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | |||||||||||||||||
Preferred stock dividend requirements — ratio (above) times preferred stock dividends | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Fixed Charges and Preferred Stock Dividend Requirements: | |||||||||||||||||||||||
Fixed charges | $ | 158,086 | $ | 206,089 | $ | 219,437 | $ | 246,462 | $ | 248,664 | $ | 241,807 | |||||||||||
Preferred stock dividend requirements | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 158,086 | $ | 206,089 | $ | 219,437 | $ | 246,462 | $ | 248,664 | $ | 241,807 | |||||||||||
Ratio of Earnings to Fixed Charges (rounded down) | 4.84 | 4.08 | 3.84 | 3.07 | 2.95 | 2.55 | |||||||||||||||||