EX-12 7 ex12pso2q.htm COMPUTATION OF RATIOS - PSO Unassociated Document
EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)

 
           Twelve      Six  
           Months      Months  
    Years Ended December 31,      Ended      Ended  
   
2007
 
2008
 
2009
   2010     2011      6/30/2012      6/30/2012  
EARNINGS
                                           
Income (Loss) Before Income Taxes
 
$
(46,139
$
120,761   $
119,523
 
$
122,887
   $
192,257
   $ 193,510     $ 77,376   
Fixed Charges (as below)
   
54,716
    81,584    
62,235
   
65,834
   
58,822
    57,153      30,622   
Total Earnings
 
$
8,577
 
$
202,345   $
181,758
  $
188,721
   $
251,079
   $ 250,663     $ 107,998   
                                             
FIXED CHARGES
                                           
Interest Expense
 
$
46,560
 
$
76,910   $
59,093
  $
63,362
   $
54,700
   $ 52,981     $ 28,477   
Credit for Allowance for Borrowed Funds Used
   During Construction
   
5,156
    2,174    
1,142
    572    
 
822
    872      495   
Estimated Interest Element in Lease Rentals
   
3,000
    2,500    
2,000
   
1,900
   
3,300
    3,300      1,650   
Total Fixed Charges
 
$
54,716
 
$
81,584   $
62,235
  $
65,834
   $
58,822
   $ 57,153     $ 30,622   
                                             
Ratio of Earnings to Fixed Charges
   
0.15
    2.48    
2.92
   
2.86
   
4.26
    4.38      3.52   
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.