Exhibit 12.1
PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
Nine Months
Ended Twelve Months Ended
------------------- -----------------------------------------
September 30 December 31
------------------- -----------------------------------------
2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
Earnings:
Net Income from Continuing
Operations ................... $260,020 $269,772 $242,892 $235,856 $211,059 $199,608
Income Taxes ................... 194,069 168,065 164,593 150,281 128,456 127,965
Fixed Charges .................. 154,260 199,309 206,354 220,656 236,842 267,611
-------- -------- -------- -------- -------- --------
Total ........................ 608,349 637,146 613,839 606,793 576,357 595,184
======== ======== ======== ======== ======== ========
Fixed Charges:
Interest Expense ............... 126,996 162,381 169,145 182,838 198,569 228,752
Estimated Interest Portion of
Annual Rents ................. 27,264 36,928 37,209 37,818 38,273 38,859
-------- -------- -------- -------- -------- --------
Total Fixed Charges .......... 154,260 199,309 206,354 220,656 236,842 267,611
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Ratio of Earnings to Fixed Charges
(rounded down) ................. 3.94 3.19 2.97 2.74 2.43 2.22
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Estimated interest portion of
Unit 2 lease payments included
in estimated interest portion of
annual rentals ................. $ 25,047 $ 33,878 $ 34,315 $ 34,720 $ 35,083 $ 35,422
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</TABLE>
