EX-12 3 ex12pso2q.htm COMPUTATION OF RATIOS ex12pso2q.htm
EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 
         
Twelve
    
Six
  
         
Months
    
Months
  
   
Year Ended December 31,         
    
Ended
    
Ended
  
   
2002 
  
2003 
  
2004
  
2005 
  
2006 
    
 6/30/2007 
    
6/30/2007
  
EARNINGS
                                            
Income (Loss) Before Income Taxes
  
$
63,443
  
$
91,728
  
$
45,351
  
$
88,378
  
$
52,847
   $
15,306
   $
 (26,669
) 
Fixed Charges (as below)
    
42,377
    
46,787
    
39,475
    
36,762
    
44,769
    
 51,386
    
 27,521
  
Total Earnings
 
$
105,820
  
$
138,515
  
$
84,826
  
$
125,140
  
$
97,616
   $
 66,692
   $
 852
  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
40,422
  
$
44,784
  
$
37,957
  
$
34,094
  
$
40,778
   $
 46,177
   $
 24,168
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
673
    
451
    
280
    
668
    
1,491
    
 2,709
    
 2,103
  
Trust Dividends
    
(186
 )   
(93
)
  
(62
)
  
-
 
  
-
    
 -
    
 -
  
Estimated Interest Element in Lease Rentals
    
1,468
    
1,645
    
1,300
    
2,000
    
2,500
    
 2,500
    
 1,250
  
Total Fixed Charges
  
$
42,377
  
$
46,787
  
$
39,475
  
$
36,762
  
$
44,769
   $
51,386
   $
 27,521
  
                                             
Ratio of Earnings to Fixed Charges
    
2.49
    
2.96
    
2.14
    
3.40
    
2.18
    
 1.29
    
0.03
  
 
For the six months ended June 30, 2007, the Earnings to cover Fixed Charges was deficient by $26,669,000.