EX-12 4 ex12pso4q.htm COMPUTATION OF RATIOS Computation of Ratios
EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 
   
Year Ended December 31,         
  
   
2002 
  
2003 
  
2004
  
2005 
  
2006 
  
EARNINGS
                                
Income Before Income Taxes
  
$
63,443
  
$
91,728
  
$
45,351
  
$
88,378
  
$
52,847
  
Fixed Charges (as below)
    
42,377
    
46,787
    
39,475
    
36,762
    
44,769
  
Total Earnings
  
$
105,820
  
$
138,515
  
$
84,826
  
$
125,140
  
$
97,616
  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
40,422
  
$
44,784
  
$
37,957
  
$
34,094
  
$
40,778
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
673
    
451
    
280
    
668
    
1,491
  
Trust Dividends
    
(186
 )   
(93
)
  
(62
)
  
-
 
  
-
  
Estimated Interest Element in Lease Rentals
    
1,468
    
1,645
    
1,300
    
2,000
    
2,500
  
Total Fixed Charges
  
$
42,377
  
$
46,787
  
$
39,475
  
$
36,762
  
$
44,769
  
                                 
Ratio of Earnings to Fixed Charges
    
2.49
    
2.96
    
2.14
    
3.40
    
2.18