Attached files
| file | filename |
|---|---|
| EX-10.2 - EXHIBIT 10.2 - PINNACLE WEST CAPITAL CORP | exhibit102to10-qfor93015.htm |
| EX-31.2 - EXHIBIT 31.2 - PINNACLE WEST CAPITAL CORP | a093015exhibit312.htm |
| EX-12.1 - EXHIBIT 12.1 - PINNACLE WEST CAPITAL CORP | a093015exhibit121.htm |
| EX-12.2 - EXHIBIT 12.2 - PINNACLE WEST CAPITAL CORP | a093015exhibit122.htm |
| EX-31.3 - EXHIBIT 31.3 - PINNACLE WEST CAPITAL CORP | a093015exhibit313.htm |
| EX-31.4 - EXHIBIT 31.4 - PINNACLE WEST CAPITAL CORP | a093015exhibit314.htm |
| EX-10.1 - EXHIBIT 10.1 - PINNACLE WEST CAPITAL CORP | exhibit101to10-qfor93015.htm |
| EX-10.3 - EXHIBIT 10.3 - PINNACLE WEST CAPITAL CORP | exhibit103to10-qfor93015.htm |
| EX-32.1 - EXHIBIT 32.1 - PINNACLE WEST CAPITAL CORP | a093015exhibit321.htm |
| EX-32.2 - EXHIBIT 32.2 - PINNACLE WEST CAPITAL CORP | a093015exhibit322.htm |
| 10-Q - 10-Q - PINNACLE WEST CAPITAL CORP | a09301510-q.htm |
| EX-31.1 - EXHIBIT 31.1 - PINNACLE WEST CAPITAL CORP | a093015exhibit311.htm |
Exhibit 12.3
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
(dollars in thousands)
Nine Months Ended September 30, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | 396,140 | $ | 397,595 | $ | 406,074 | $ | 387,380 | $ | 328,110 | $ | 324,688 | |||||||||||
Income taxes | 214,873 | 220,705 | 230,591 | 237,317 | 183,604 | 160,869 | |||||||||||||||||
Fixed charges | 151,754 | 208,226 | 206,089 | 219,437 | 246,462 | 248,664 | |||||||||||||||||
Total earnings | $ | 762,767 | $ | 826,526 | $ | 842,754 | $ | 844,134 | $ | 758,176 | $ | 734,221 | |||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest expense | $ | 146,069 | $ | 200,950 | $ | 201,888 | $ | 214,616 | $ | 241,995 | $ | 244,174 | |||||||||||
Estimated interest portion of annual rents | 5,685 | 7,276 | 4,201 | 4,821 | 4,467 | 4,490 | |||||||||||||||||
Total fixed charges | $ | 151,754 | $ | 208,226 | $ | 206,089 | $ | 219,437 | $ | 246,462 | $ | 248,664 | |||||||||||
Preferred Stock Dividend Requirements: | |||||||||||||||||||||||
Income before income taxes attributable to common shareholders | $ | 611,013 | $ | 618,300 | $ | 636,665 | $ | 624,697 | $ | 511,714 | $ | 485,557 | |||||||||||
Net income from continuing operations attributable to common shareholders | 396,140 | 397,595 | 406,074 | 387,380 | 328,110 | 324,688 | |||||||||||||||||
Ratio of income before income taxes to net income | 1.54 | 1.56 | 1.57 | 1.61 | 1.56 | 1.50 | |||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | |||||||||||||||||
Preferred stock dividend requirements — ratio (above) times preferred stock dividends | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Fixed Charges and Preferred Stock Dividend Requirements: | |||||||||||||||||||||||
Fixed charges | $ | 151,754 | $ | 208,226 | $ | 206,089 | $ | 219,437 | $ | 246,462 | $ | 248,664 | |||||||||||
Preferred stock dividend requirements | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 151,754 | $ | 208,226 | $ | 206,089 | $ | 219,437 | $ | 246,462 | $ | 248,664 | |||||||||||
Ratio of Earnings to Fixed Charges (rounded down) | 5.02 | 3.96 | 4.08 | 3.84 | 3.07 | 2.95 | |||||||||||||||||