EX-12 6 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  
   
2008
  
2009
    2010     2011     2012      9/30/2013      9/30/2013  
EARNINGS
                                            
Income Before Income Taxes
  
$
 120,761   $
119,523
 
 $
122,887
   $
192,257
   $  180,835   $ 162,000    $ 151,999   
Fixed Charges (as below)
     81,584    
62,235
    
65,834
    
58,822
      58,984     57,548      43,440   
Total Earnings
  
$
 202,345   $
181,758
   $
188,721
   $
251,079
   $  239,819   $ 219,548    $ 195,439   
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
 76,910   $
59,093
   $
63,362
   $
54,700
   $  55,286   $ 53,090    $ 40,016   
Credit for Allowance for Borrowed Funds Used
   During Construction
     2,174    
1,142
     572    
 
822
      1,098     1,858      1,474   
Estimated Interest Element in Lease Rentals
     2,500    
2,000
    
1,900
    
3,300
      2,600     2,600      1,950   
Total Fixed Charges
  
$
 81,584   $
62,235
   $
65,834
   $
58,822
   $  58,984   $ 57,548    $ 43,440   
                                             
Ratio of Earnings to Fixed Charges
     2.48    
2.92
    
2.86
    
4.26
      4.06     3.81      4.49