EX-12.1 11 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

ONEOK, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

 

     Years Ended December 31,      
(Unaudited)    2006     2005     2004     2003     2002       
     (Thousands of dollars)      

Fixed Charges, as defined

            

Interest on long-term debt

   $ 231,117     $ 116,642     $ 78,349     $ 87,382     $ 78,414    

Other interest

     4,493       27,031       5,239       5,873       10,523    

Amortization of debt discount and expense

     4,115       3,935       3,713       4,977       7,949    

Interest on lease agreements

     12,738       20,781       21,638       21,323       22,831      

Total Fixed Charges

     252,463       168,389       108,939       119,555       119,717      

Earnings before income taxes and undistributed income from equity investees

     626,558       643,131       359,493       332,246       242,446      

Earnings available for fixed charges

   $ 879,021     $ 811,520     $ 468,432     $ 451,801     $ 362,163    
 

Ratio of earnings to fixed charges

     3.48 x     4.82 x     4.30 x     3.78 x     3.03 x  
 

For purposes of computing the ratio of earnings to fixed charges, “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.