EX-12 8 ex12pso4q.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)
       
       
    Year Ended December 31,  
   
2005
  
2006
  
2007
  
2008
  
2009
  
EARNINGS
                                
Income (Loss) Before Income Taxes
  
$
88,378
  
$
52,847
  
$
(46,139
 ) 
$
 120,761   $
119,523
 
Fixed Charges (as below)
    
36,762
    
44,769
    
54,716
     81,584    
62,235
  
Total Earnings
  
$
125,140
  
$
97,616
  
$
8,577
  
$
 202,345   $
181,758
  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
34,094
  
$
40,778
  
$
46,560
  
$
 76,910   $
59,093
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
668
    
1,491
    
5,156
     2,174    
1,142
  
Estimated Interest Element in Lease Rentals
    
2,000
    
2,500
    
3,000
     2,500    
2,000
  
Total Fixed Charges
  
$
36,762
  
$
44,769
  
$
54,716
  
$
 81,584   $
62,235
  
                                 
Ratio of Earnings to Fixed Charges
    
3.40
    
2.18
    
0.15
     2.48    
2.92
  
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.