EX-12.(A) 7 dex12a.txt COMP OF RATIO OF EARNINGS TO COM. FIXED CHARGES EXHIBIT (12)(a) ONEOK, Inc. Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements Year Ended December 31, (Unaudited) 2001 2000 ------------------------------------------------------------------------------- (Thousands of Dollars) Fixed Charges, as defined Interest on long-term debt $ 109,229 $ 90,027 Other interest 27,454 24,775 Amortization of debt discount and expense 3,475 3,828 Interest on lease agreements 5,698 3,497 ------------------------------------------------------------------------------- Total Fixed Charges 145,856 122,127 Preferred dividend requirements 59,839 59,839 ------------------------------------------------------------------------------- Total fixed charges and preferred dividend requirements $ 205,695 $ 181,966 =============================================================================== Earnings before income taxes and income from equity investees $ 147,841 $ 229,754 Total fixed charges 145,856 122,127 ------------------------------------------------------------------------------- Earnings available for combined fixed charges and preferred stock dividend requirements $ 293,697 $ 351,881 =============================================================================== Ratio of Earnings to combined fixed charges and preferred stock dividend requirements 1.43 x 1.93 x =============================================================================== For purposes of computing the ratio of earnings to combined fixed charges and preferred stock dividend requirements, "earnings" consists of income before cumulative effect of a change in accounting principle plus fixed charges and income taxes, less undistributed income for equity investees. "Fixed charges" consists of interest charges, the amortization of debt discounts and issue costs and the representative interest portion of operating leases. "Preferred dividend requirements" consists of the pre-tax preferred dividend requirement.