EX-12 7 ex12pso3q.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      Nine  
           Months      Months  
    Years Ended December 31,      Ended      Ended  
   
2007
  
2008
  
2009
    2010     2011      9/30/2012      9/30/2012  
EARNINGS
                                            
Income (Loss) Before Income Taxes
  
$
(46,139
 ) 
$
 120,761   $
119,523
 
 $
122,887
    $
192,257
    $ 196,630     $ 170,834   
Fixed Charges (as below)
    
54,716
     81,584    
62,235
    
65,834
    
58,822
     57,167      45,401   
Total Earnings
  
$
8,577
  
$
 202,345   $
181,758
   $
188,721
    $
251,079
    $ 253,797     $ 216,235   
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
46,560
  
$
 76,910   $
59,093
   $
63,362
    $
54,700
    $ 52,885     $ 42,212   
Credit for Allowance for Borrowed Funds Used
   During Construction
    
5,156
     2,174    
1,142
     572    
 
822
     982      714   
Estimated Interest Element in Lease Rentals
    
3,000
     2,500    
2,000
    
1,900
    
3,300
     3,300      2,475   
Total Fixed Charges
  
$
54,716
  
$
 81,584   $
62,235
   $
65,834
    $
58,822
    $ 57,167     $ 45,401   
                                             
Ratio of Earnings to Fixed Charges
    
0.15
     2.48    
2.92
    
2.86
    
4.26
     4.43      4.76   
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.