APS 2013 Annual Report Download - page 252
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Exhibit 12.3
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
(dollars in thousands)
2013 2012 2011 2010 2009
Earnings:
Income from continuing operations attributable to
common shareholders $406,074 $387,380 $328,110 $ 324,688 $ 236,839
Income taxes 230,591 237,317 183,604 160,869 138,551
Fixed charges 206,089 219,437 246,462 248,664 241,807
Total earnings $ 842,754 $ 844,134 $758,176 $734,221 $617,197
Fixed Charges:
Interest expense $ 201,888 $ 214,616 $241,995 $244,174 $237,766
Estimated interest portion of annual rents 4,201 4,821 4,467 4,490 4,041
Total fixed charges $206,089 $ 219,437 $ 246,462 $248,664 $241,807
Preferred Stock Dividend Requirements:
Income before income taxes attributable to common
shareholders $636,665 $624,697 $511,714 $485,557 $ 375,390
Net income from continuing operations attributable to
common shareholders 406,074 387,380 328,110 324,688 236,839
Ratio of income before income taxes to net income 1.57 1.61 1.56 1.50 1.59
Preferred stock dividends — — — — —
Preferred stock dividend requirements — ratio (above)
times preferred stock dividends $ — $ — $ — $ — $ —
Fixed Charges and Preferred Stock Dividend
Requirements:
Fixed charges $206,089 $ 219,437 $ 246,462 $248,664 $241,807
Preferred stock dividend requirements — — — — —
Total $206,089 $ 219,437 $ 246,462 $248,664 $241,807
Ratio of Earnings to Fixed Charges (rounded down) 4.08 3.84 3.07 2.95 2.55