PINNACLE WEST CAPITAL CORP - FORM 10-Q - EX-12.3 - EXHIBIT 12.3 - August 3, 2018

Attached files

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10-Q - 10-Q - PINNACLE WEST CAPITAL CORPpnw-6301810q.htm
EX-32.2 - EXHIBIT 32.2 - PINNACLE WEST CAPITAL CORPexhibit322-063018.htm
EX-32.1 - EXHIBIT 32.1 - PINNACLE WEST CAPITAL CORPexhibit321-063018.htm
EX-31.4 - EXHIBIT 31.4 - PINNACLE WEST CAPITAL CORPexhibit314-063018.htm
EX-31.3 - EXHIBIT 31.3 - PINNACLE WEST CAPITAL CORPexhibit313-063018.htm
EX-31.2 - EXHIBIT 31.2 - PINNACLE WEST CAPITAL CORPexhibit312-063018.htm
EX-31.1 - EXHIBIT 31.1 - PINNACLE WEST CAPITAL CORPexhibit311-063018.htm
EX-12.2 - EXHIBIT 12.2 - PINNACLE WEST CAPITAL CORPexhibit122-063018.htm
EX-12.1 - EXHIBIT 12.1 - PINNACLE WEST CAPITAL CORPexhibit121-063018.htm
EX-10.11.4A - EXHIBIT 10.11.4A - PINNACLE WEST CAPITAL CORPexhibit10114a-063018.htm
EX-10.7.4C - EXHIBIT 10.7.4C - PINNACLE WEST CAPITAL CORPexhibit1074c-063018.htm
EX-10.4 - EXHIBIT 10.4 - PINNACLE WEST CAPITAL CORPexhibit104-063018.htm
EX-10.3 - EXHIBIT 10.3 - PINNACLE WEST CAPITAL CORPexhibit103-063018.htm
EX-10.2 - EXHIBIT 10.2 - PINNACLE WEST CAPITAL CORPexhibit102-063018.htm
EX-10.1 - EXHIBIT 10.1 - PINNACLE WEST CAPITAL CORPexhibit101-063018.htm


Exhibit 12.3
 
PINNACLE WEST CAPITAL CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDEND REQUIREMENTS
(dollars in thousands)
 
 
Six Months
Ended
June 30,
 
Twelve Months Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 

 
 

 
 

 
 

 
 

 
 

Net income attributable to common shareholders
$
169,959

 
$
488,456

 
$
442,034

 
$
437,257

 
$
397,595

 
$
406,074

Income taxes
42,774

 
258,272

 
236,411

 
237,720

 
220,705

 
230,591

Fixed charges
124,628

 
228,377

 
213,973

 
202,465

 
208,226

 
206,089

Total earnings
$
337,361


$
975,105


$
892,418


$
877,442


$
826,526


$
842,754

Fixed Charges:
 

 
 

 
 

 
 

 
 

 
 

Interest expense
$
119,662

 
$
219,796

 
$
205,720

 
$
194,964

 
$
200,950

 
$
201,888

Estimated interest portion of annual rents
4,966

 
8,581

 
8,253

 
7,501

 
7,276

 
4,201

Total fixed charges
$
124,628


$
228,377


$
213,973


$
202,465


$
208,226


$
206,089

Preferred Stock Dividend Requirements:
 

 
 

 
 

 
 

 
 

 
 

Income before income taxes attributable to common shareholders
$
212,733

 
$
746,728

 
$
678,445

 
$
674,977

 
$
618,300

 
$
636,665

Net income from continuing operations attributable to common shareholders
169,959

 
488,456

 
442,034

 
437,257

 
397,595

 
406,074

Ratio of income before income taxes to net income
1.25

 
1.53

 
1.53

 
1.54

 
1.56

 
1.57

Preferred stock dividends
—

 
—

 
—

 
—

 
—

 
—

Preferred stock dividend requirements — ratio (above) times preferred stock dividends
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Fixed Charges and Preferred Stock Dividend Requirements:
 

 
 

 
 

 
 

 
 

 
 

Fixed charges
$
124,628

 
$
228,377

 
$
213,973

 
$
202,465

 
$
208,226

 
$
206,089

Preferred stock dividend requirements
—

 
—

 
—

 
—

 
—

 
—

Total
$
124,628

 
$
228,377

 
$
213,973

 
$
202,465

 
$
208,226

 
$
206,089

Ratio of Earnings to Fixed Charges (rounded down)
2.70

 
4.26

 
4.17

 
4.33

 
3.96

 
4.08




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