EX-12 3 psoex12.txt EXHIBIT 12 EXHIBIT 12 PUBLIC SERVICE COMPANY OF OKLAHOMA AND SUBIDIARIES Computation of Consolidated Ratios of Earnings to Fixed Charges (in thousands except ratio data)
Twelve Months Year Ended December 31, Ended ----------------------------------------------- 1997 1998 1999 2000 2001 9/30/02 ---- ---- ---- ---- ---- ------- Earnings: Net Income $ 46,455 $ 76,909 $ 61,508 $ 66,663 $ 57,759 $ 47,304 Plus Federal Income Taxes 10,902 45,584 15,693 8,571 45,484 (9,758) Plus State Income Taxes 1,410 6,910 2,869 1,721 8,928 (603) Plus Provision for Deferred Income Taxes 8,615 (1,651) 14,521 25,453 (17,751) 41,581 Plus Deferred Investment Tax Credits (2,278) (1,795) (1,791) (1,791) (1,791) (1,791) Plus Fixed Charges (as below) 38,541 39,243 39,586 43,375 44,818 39,642 -------- -------- -------- -------- -------- -------- Total Earnings $103,645 $165,200 $132,386 $143,992 $137,447 $116,375 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest on Long-term Debt $ 30,474 $ 29,136 $ 26,528 $ 26,473 $ 29,305 $ 28,115* Interest on Short-term Debt 4,100 4,107 7,058 10,902 9,513 5,527* Distributions on Trust Preferred Securities 3,967 6,000 6,000 6,000 6,000 6,000 -------- -------- -------- -------- -------- -------- Total Fixed Charges $ 38,541 $ 39,243 $ 39,586 $ 43,375 $ 44,818 $ 39,642 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 2.68 4.20 3.34 3.31 3.06 2.93 ==== ==== ==== ==== ==== ==== * Certain amounts have been reclassified between interest on short-term and long-term debt compared to periods prior to January 1, 2002. This reclassification had no affect on the ratio.