EX-12 3 ex12pso3q.htm COMPUTATION OF RATIOS Unassociated Document
EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 
         
Twelve
    
Nine
  
         
Months
    
Months
  
   
Year Ended December 31,         
    
Ended
    
Ended
  
   
2002 
  
2003 
  
2004
  
2005 
  
2006 
    
 9/30/2007 
    
9/30/2007
  
EARNINGS
                                            
Income (Loss) Before Income Taxes
  
$
63,443
  
$
91,728
  
$
45,351
  
$
88,378
  
$
52,847
   $
7,008
   $
 32,706
 
Fixed Charges (as below)
    
42,377
    
46,787
    
39,475
    
36,762
    
44,769
    
 53,920
    
 42,031
  
Total Earnings
 
$
105,820
  
$
138,515
  
$
84,826
  
$
125,140
  
$
97,616
   $
60,928
   $
74,737
  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
40,422
  
$
44,784
  
$
37,957
  
$
34,094
  
$
40,778
   $
 47,604
   $
 36,549
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
673
    
451
    
280
    
668
    
1,491
    
 3,816
    
 3,607
  
Trust Dividends
    
(186
 )   
(93
)
  
(62
)
  
-
 
  
-
    
 -
    
 -
  
Estimated Interest Element in Lease Rentals
    
1,468
    
1,645
    
1,300
    
2,000
    
2,500
    
 2,500
    
 1,875
  
Total Fixed Charges
  
$
42,377
  
$
46,787
  
$
39,475
  
$
36,762
  
$
44,769
   $
53,920
   $
 42,031
  
                                             
Ratio of Earnings to Fixed Charges
    
2.49
    
2.96
    
2.14
    
3.40
    
2.18
    
 1.12
    
1.77