EX-12 18 ex12pso4q.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)

 
    Years Ended December 31,  
   
2008
  
2009
    2010     2011     2012  
EARNINGS
                                
Income Before Income Taxes
  
$
 120,761   $
119,523
 
 $
122,887
    $
192,257
    $ 180,835   
Fixed Charges (as below)
     81,584    
62,235
    
65,834
    
58,822
     58,984   
Total Earnings
  
$
 202,345   $
181,758
   $
188,721
    $
251,079
    $ 239,819   
                                 
FIXED CHARGES
                                
Interest Expense
  
$
 76,910   $
59,093
   $
63,362
    $
54,700
    $ 55,286   
Credit for Allowance for Borrowed Funds Used
   During Construction
     2,174    
1,142
     572    
 
822
     1,098   
Estimated Interest Element in Lease Rentals
     2,500    
2,000
    
1,900
    
3,300
     2,600   
Total Fixed Charges
  
$
 81,584   $
62,235
   $
65,834
    $
58,822
    $ 58,984   
                                 
Ratio of Earnings to Fixed Charges
     2.48    
2.92
    
2.86
    
4.26
     4.06