EX-12.2 7 pnw20151231exhibit122.htm EXHIBIT 12.2 Exhibit

Exhibit 12.2
 
ARIZONA PUBLIC SERVICE COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
$
450,274

 
$
421,219

 
$
424,969

 
$
395,497

 
$
336,249

Income taxes
245,841

 
237,360

 
245,095

 
244,396

 
192,542

Fixed charges
199,458

 
204,198

 
202,457

 
214,227

 
238,286

Total earnings
$
895,573

 
$
862,777

 
$
872,521

 
$
854,120

 
$
767,077

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest charges
$
187,499

 
$
193,119

 
$
194,616

 
$
205,533

 
$
229,326

Amortization of debt discount
4,793

 
4,168

 
4,046

 
4,215

 
4,616

Estimated interest portion of annual rents
7,166

 
6,911

 
3,795

 
4,479

 
4,344

Total fixed charges
$
199,458

 
$
204,198

 
$
202,457

 
$
214,227

 
$
238,286

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (rounded down)
 
 
 
 
 
 
 
 
 
Earnings:
4.49

 
4.22

 
4.30

 
3.98

 
3.21