EXHIBIT 12

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

	Year Ended December 31,										Twelve Months Ended
	1999		2000		2001		2002		2003		3/31/04
Earnings:
Net Income	$61,508		$66,663		$57,759		$41,060		$53,891		$43,916
Plus Federal Income Taxes	15,693		8,571		45,484		(43,956	)	47,581		42,928
Plus State Income Taxes	2,869		1,721		8,928		(7,529	)	6,688		6,023
Plus Provision for Deferred Income Taxes	14,521		25,453		(17,751	)	75,659		(14,641	)	(16,439)
Plus Deferred Investment Tax Credits	(1,791	)	(1,791	)	(1,791	)	(1,791	)	(1,790	)	(1,791)
Plus Fixed Charges (as below)	39,586		44,465		46,155		42,377		46,787		43,832
Total Earnings	$132,386		$145,082		$138,784		$105,820		$138,516		$118,469
Fixed Charges:
Interest on Long-term Debt	$26,528		$26,473		$29,305		$28,401		$39,631		$38,706
Interest on Short-term Debt	7,058		10,902		9,513		6,508		2,511		1,981
Distributions on Trust Preferred Securities	6,000		6,000		6,000		6,000		3,000		1,500
Estimated Interest Element in Lease Rentals	--		1,090		1,337		1,468		1,645		1,645
Total Fixed Charges	$39,586		$44,465		$46,155		$42,377		$46,787		$43,832
Ratio of Earnings to Fixed Charges	3.34		3.26		3.00		2.49		2.96		2.70

* 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.