EX-12.2 5 pnw20160630exhibit122.htm EXHIBIT 12.2 Exhibit


Exhibit 12.2
 
ARIZONA PUBLIC SERVICE COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
 
Six Months
Ended June 30,
 
Twelve Months Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 

 
 

 
 

 
 

 
 

 
 

Income from continuing operations attributable to common shareholders
$
134,441

 
$
450,274

 
$
421,219

 
$
424,969

 
$
395,497

 
$
336,249

Income taxes
72,758

 
245,841

 
237,360

 
245,095

 
244,396

 
192,542

Fixed charges
106,291

 
199,458

 
204,198

 
202,457

 
214,227

 
238,286

Total earnings
$
313,490

 
$
895,573

 
$
862,777

 
$
872,521

 
$
854,120

 
$
767,077

Fixed Charges:
 

 
 

 
 

 
 

 
 

 
 

Interest charges
$
99,729

 
$
187,499

 
$
193,119

 
$
194,616

 
$
205,533

 
$
229,326

Amortization of debt discount
2,334

 
4,793

 
4,168

 
4,046

 
4,215

 
4,616

Estimated interest portion of annual rents
4,228

 
7,166

 
6,911

 
3,795

 
4,479

 
4,344

Total fixed charges
$
106,291

 
$
199,458

 
$
204,198

 
$
202,457

 
$
214,227

 
$
238,286

Ratio of Earnings to Fixed Charges (rounded down)
2.94

 
4.49

 
4.22

 
4.30

 
3.98

 
3.21