EX-12.1 12 ex121-123114.htm EXHIBIT 12.1 Ex 12.1 - 12.31.14


Exhibit 12.1
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 

 
 

 
 

 
 

 
 

Income from continuing operations attributable to common shareholders
$
397,595

 
$
406,074

 
$
387,380

 
$
328,110

 
$
324,688

Income taxes
220,705

 
230,591

 
237,317

 
183,604

 
160,869

Fixed charges
208,226

 
206,089

 
219,437

 
246,462

 
248,664

Total earnings
$
826,526

 
$
842,754

 
$
844,134

 
$
758,176

 
$
734,221

Fixed Charges:
 

 
 

 
 

 
 

 
 

Interest expense
$
200,950

 
$
201,888

 
$
214,616

 
$
241,995

 
$
244,174

Estimated interest portion of annual rents
7,276

 
4,201

 
4,821

 
4,467

 
4,490

Total fixed charges
$
208,226

 
$
206,089

 
$
219,437

 
$
246,462

 
$
248,664

Ratio of Earnings to Fixed Charges (rounded down)
3.96

 
4.08

 
3.84

 
3.07

 
2.95