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,  
   
2009
  
2010
    2011     2012     2013  
EARNINGS
                                
Income Before Income Taxes
  
$
 119,523   $
122,887
 
 $
192,257
    $
180,835
    $ 163,681   
Fixed Charges (as below)
     62,235    
65,834
    
58,822
    
58,984
     57,647   
Total Earnings
  
$
 181,758   $
188,721
   $
251,079
    $
239,819
    $ 221,328   
                                 
FIXED CHARGES
                                
Interest Expense
  
$
 59,093   $
63,362
   $
54,700
    $
55,286
    $ 53,175   
Credit for Allowance for Borrowed Funds Used
   During Construction
     1,142    
572
     822    
 
1,098
     2,272   
Estimated Interest Element in Lease Rentals
     2,000    
1,900
    
3,300
    
2,600
     2,200   
Total Fixed Charges
  
$
 62,235   $
65,834
   $
58,822
    $
58,984
    $ 57,647   
                                 
Ratio of Earnings to Fixed Charges
     2.92    
2.86
    
4.26
    
4.06
     3.83