EX-12 12 ex12pso4q.htm COMPUTATION OF RATIOS - PSO ex12pso4q


EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
Years Ended December 31,
 
 
2010
 
2011
 
2012
 
2013
 
2014
EARNINGS
 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
122,887

 
$
192,257

 
$
180,835

 
$
163,681

 
$
137,511

Fixed Charges (as below)
 
65,834

 
58,822

 
58,984

 
57,647

 
58,233

Total Earnings
 
$
188,721

 
$
251,079

 
$
239,819

 
$
221,328

 
$
195,744

 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
Interest Expense
 
$
63,362

 
$
54,700

 
$
55,286

 
$
53,175

 
$
54,641

Credit for Allowance for Borrowed Funds Used During Construction
 
572

 
822

 
1,098

 
2,272

 
1,792

Estimated Interest Element in Lease Rentals
 
1,900

 
3,300

 
2,600

 
2,200

 
1,800

Total Fixed Charges
 
$
65,834

 
$
58,822

 
$
58,984

 
$
57,647

 
$
58,233

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.86

 
4.26

 
4.06

 
3.83

 
3.36