EX-12 3 psoex12.txt EXHIBIT 12
EXHIBIT 12 PUBLIC SERVICE COMPANY OF OKLAHOMA AND SUBIDIARY Computation of Consolidated Ratios of Earnings to Fixed Charges (in thousands except ratio data) Twelve Year Ended December 31, Months ----------------------------------------------- Ended 1998 1999 2000 2001 2002 6/30/03 ---- ---- ---- ---- ---- ------- Earnings: Net Income $ 76,909 $ 61,508 $ 66,663 $ 57,759 $ 41,060 $ 49,706 Plus Federal Income Taxes 45,584 15,693 8,571 45,484 (43,956) (33,173) Plus State Income Taxes 6,910 2,869 1,721 8,928 (7,529) (9,123) Plus Provision for Deferred Income Taxes (1,651) 14,521 25,453 (17,751) 75,659 65,040 Plus Deferred Investment Tax Credits (1,795) (1,791) (1,791) (1,791) (1,791) (1,791) Plus Fixed Charges (as below) 39,243 39,586 44,465 46,155 42,377 46,793 -------- -------- -------- -------- -------- -------- Total Earnings $165,200 $132,386 $145,082 $138,784 $105,820 $117,452 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest on Long-term Debt $ 29,136 $ 26,528 $ 26,473 $ 29,305 $ 28,401* $ 32,833* Interest on Short-term Debt 4,107 7,058 10,902 9,513 6,508* 6,492* Distributions on Trust Preferred Securities 6,000 6,000 6,000 6,000 6,000 6,000 Estimated Interest Element in Lease Rentals - - 1,090 1,337 1,468 1,468 -------- -------- -------- -------- -------- -------- Total Fixed Charges $ 39,243 $ 39,586 $ 44,465 $ 46,155 $ 42,377 $ 46,793 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 4.20 3.34 3.26 3.00 2.49 2.51 ==== ==== ==== ==== ==== ====
* 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.