EX-12.1 6 pnw20161231exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 

 
 

 
 

 
 

 
 

Income from continuing operations attributable to common shareholders
$
442,034

 
$
437,257

 
$
397,595

 
$
406,074

 
$
387,380

Income taxes
236,411

 
237,720

 
220,705

 
230,591

 
237,317

Fixed charges
213,973

 
202,465

 
208,226

 
206,089

 
219,437

Total earnings
$
892,418

 
$
877,442

 
$
826,526

 
$
842,754

 
$
844,134

Fixed Charges:
 

 
 

 
 

 
 

 
 

Interest expense
$
205,720

 
$
194,964

 
$
200,950

 
201,888

 
$
214,616

Estimated interest portion of annual rents
8,253

 
7,501

 
7,276

 
4,201

 
4,821

Total fixed charges
$
213,973

 
$
202,465

 
$
208,226

 
$
206,089

 
$
219,437

Ratio of Earnings to Fixed Charges (rounded down)
4.17

 
4.33

 
3.96

 
4.08

 
3.84