EX-12.1 2 exhibit121-33118.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
 
 
Three Months
Ended
March 31,
 
Twelve Months Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 

 
 

 
 

 
 

 
 

 
 

Net income attributable to common shareholders
$
3,221

 
$
488,456

 
$
442,034

 
$
437,257

 
$
397,595

 
$
406,074

Income taxes
(1,265
)
 
258,272

 
236,411

 
237,720

 
220,705

 
230,591

Fixed charges
61,204

 
228,377

 
213,973

 
202,465

 
208,226

 
206,089

Total earnings
$
63,160


$
975,105


$
892,418


$
877,442


$
826,526


$
842,754

Fixed Charges:
 

 
 

 
 

 
 

 
 

 
 

Interest expense
$
58,954

 
$
219,796

 
$
205,720

 
$
194,964

 
$
200,950

 
$
201,888

Estimated interest portion of annual rents
2,250

 
8,581

 
8,253

 
7,501

 
7,276

 
4,201

Total fixed charges
$
61,204


$
228,377


$
213,973


$
202,465


$
208,226


$
206,089

Ratio of Earnings to Fixed Charges (rounded down)
1.03

 
4.26

 
4.17

 
4.33

 
3.96

 
4.08