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- 10-K Annual report
- 10.2.5 EX-10.2.5C
- 10.6.6 EX-10.6.6
- 10.6.8 EX-10.6.8C
- 10.6.8 EX-10.6.8D
- 12.1 EX-12.1
- 12.2 EX-12.2
- 12.3 EX-12.3
- 21.1 EX-21.1
- 23.1 EX-23.1
- 23.2 EX-23.2
- 31.1 EX-31.1
- 31.2 EX-31.2
- 31.3 EX-31.3
- 31.4 EX-31.4
- 32.1 EX-32.1
- 32.2 EX-32.2
- CORRESP Corresp
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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 |
|