EXHIBIT 12

PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)

	Year Ended December 31,
	1999		2000		2001		2002		2003
Earnings:
Net Income	$61,508		$66,663		$57,759		$41,060		$53,891
Plus Federal Income Taxes	15,693		8,571		45,484		(43,956	)	47,581
Plus State Income Taxes	2,869		1,721		8,928		(7,529	)	6,688
Plus Provision for Deferred Income Taxes	14,521		25,453		(17,751	)	75,659		(14,641	)
Plus Deferred Investment Tax Credits	(1,791	)	(1,791	)	(1,791	)	(1,791	)	(1,790	)
Plus Fixed Charges (as below)	39,586		44,465		46,155		42,377		46,787
Total Earnings	$132,386		$145,082		$138,784		$105,820		$138,516
Fixed Charges:
Interest on Long-term Debt	$26,528		$26,473		$29,305		$28,401		$39,631
Interest on Short-term Debt	7,058		10,902		9,513		6,508		2,511
Distributions on Trust Preferred Securities	6,000		6,000		6,000		6,000		3,000
Estimated Interest Element in Lease Rentals	--		1,090		1,337		1,468		1,645
Total Fixed Charges	$39,586		$44,465		$46,155		$42,377		$46,787
Ratio of Earnings to Fixed Charges	3.34		3.26		3.00		2.49		2.96

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.