EX-12.1 5 0005.txt COMPUTATION OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 ARIZONA PUBLIC SERVICE COMPANY COMPUTATION OF EARNINGS TO FIXED CHARGES (THOUSANDS OF DOLLARS)
Six Months Ended Twelve Months Ended June 30, 2000 December 31 ------------- ----------------------------------------------------------------- 2000 1999 1998 1997 1996 1995 --------- --------- --------- --------- --------- --------- Earnings: Net Income ........................ $ 128,626 $ 128,437(a) $ 255,247 $ 251,493 $ 243,471 $ 239,570 Income taxes (a) .................. 95,582 65,373 159,456 153,324 132,961 141,267 Fixed Charges ..................... 92,125 184,327 188,568 195,055 203,855 214,768 --------- --------- --------- --------- --------- --------- Total ........................... $ 316,333 $ 378,137 $ 603,271 $ 599,872 $ 580,287 $ 595,605 ========= ========= ========= ========= ========= ========= Fixed Charges: Interest expense .................. $ 71,065 $ 140,948 $ 144,695 $ 150,335 $ 158,287 $ 168,175 Amortization of debt discount, premium and expense ............. 3,468 7,323 7,580 7,791 8,176 8,622 Estimated interest portion of annual rents (b) ................ 17,592 36,056 36,293 36,929 37,392 37,971 --------- --------- --------- --------- --------- --------- Total ........................... $ 92,125 $ 184,327 $ 188,568 $ 195,055 $ 203,855 $ 214,768 ========= ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges (rounded down) .................... 3.43 2.05 3.19 3.07 2.84 2.77 ========= ========= ========= ========= ========= ========= (1) Income Taxes: Charged to operations .......... $ 95,708 $ 192,015 $ 192,207 $ 184,737 $ 178,513 $ 178,865 Income Tax Benefit- Disallowance (b) ............. N/A (94,115) N/A N/A N/A N/A Charged (credited) to other accounts ..................... (126) (32,527) (32,751) (31,413) (45,552) (37,598) --------- --------- --------- --------- --------- --------- Total ........................ $ 95,582 $ 65,373 $ 159,456 $ 153,324 $ 132,961 $ 141,267 ========= ========= ========= ========= ========= ========= (2) Estimated interest portion of Unit 2 lease payments included in estimated interest portion of annual rentals ................. $ 16,671 $ 33,878 $ 34,315 $ 34,720 $ 35,083 $ 35,422 ========= ========= ========= ========= ========= =========
-------- (a) Net Income for twelve months ended December 1999 reflects an after-tax extraordinary charge of $140 million for a regulatory disallowance. (b) Income taxes reported on the Company's income statement are shown excluding the effects of the regulatory disallowance.