20110429
6.01 MB
280
<span id="c14889exv12w3.htm"></span><html lang="en-US"> <HEAD> <title>Form 10-Q filed by on 2011-04-29</title> </HEAD> <BODY bgcolor="#FFFFFF"> <!-- PAGEBREAK --> <DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in"> <DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit 12.3</B> </DIV> <DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>PINNACLE WEST CAPITAL CORPORATION<BR> COMPUTATION OF EARNINGS TO FIXED CHARGES<BR> (dollars in thousands)</B> </DIV> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <TR valign="bottom"> <TD width="28%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2">Three Months</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="18"> </TD> <TD> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2">Ended</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="18"> </TD> <TD> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2">March 31,</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">Twelve Months Ended December 31,</TD> <TD> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD> <TD> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings:</DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss) from continuing operations attributable to common shareholders</DIV></TD> <TD> </TD> <TD nowrap align="left">$</TD> <TD align="right">(14,795</TD> <TD nowrap>)</TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">330,435</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">233,349</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">260,840</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">283,370</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">265,320</TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes</DIV></TD> <TD> </TD> <TD nowrap align="left"> </TD> <TD align="right">(5,649</TD> <TD nowrap>)</TD> <TD> </TD> <TD> </TD> <TD align="right">164,321</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">136,506</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">95,544</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">142,330</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">123,915</TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">62,361</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">248,664</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">241,568</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">224,453</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">213,531</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">203,899</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:45px; text-indent:-15px">Total earnings</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">41,917</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">743,420</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">611,423</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">580,837</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">639,231</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">593,134</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed Charges:</DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">61,077</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">244,174</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">237,527</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">219,916</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">209,354</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">200,411</TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated interest portion of annual rents</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">1,284</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,490</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,041</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,537</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,177</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">3,488</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:45px; text-indent:-15px">Total fixed charges</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">62,361</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">248,664</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">241,568</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">224,453</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">213,531</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">203,899</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred Stock Dividend Requirements:</DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss) before income taxes attributable to common shareholders</DIV></TD> <TD> </TD> <TD nowrap align="left">$</TD> <TD align="right">(20,444</TD> <TD nowrap>)</TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">494,756</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">369,855</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">356,384</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">425,700</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">389,235</TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss) from continuing operations attributable to common shareholders</DIV></TD> <TD> </TD> <TD nowrap align="left"> </TD> <TD align="right">(14,795</TD> <TD nowrap>)</TD> <TD> </TD> <TD> </TD> <TD align="right">330,435</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">233,349</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">260,840</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">283,370</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">265,320</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:30px; text-indent:-15px">Ratio of income before income taxes to net income</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">1.38</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">1.50</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">1.58</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">1.37</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">1.50</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">1.47</TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock dividends</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock dividend requirements — ratio (above) times preferred stock dividends</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">—</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed Charges and Preferred Stock Dividend Requirements:</DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">62,361</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">248,664</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">241,568</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">224,453</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">213,531</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">203,899</TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock dividend requirements</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">—</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">62,361</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">248,664</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">241,568</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">224,453</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">213,531</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">203,899</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of Earnings to Fixed Charges (rounded down)</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">0.67</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.98</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.53</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.58</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.99</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.90</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <!-- End Table Body --> </TABLE> </DIV> <P align="center" style="font-size: 10pt"> <P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio --> </DIV> </BODY> </HTML>