EX-12 2 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  
   
2005
  
2006
  
2007
  
2008
  
2009
    9/30/2010    9/30/2010  
EARNINGS
                                            
Income (Loss) Before Income Taxes
  
$
88,378
  
$
52,847
  
$
(46,139
 ) 
$
 120,761   $
119,523
 
 $ 123,542    $ 120,792   
Fixed Charges (as below)
    
36,762
    
44,769
    
54,716
     81,584    
62,235
     66,777      50,691   
Total Earnings
  
$
125,140
  
$
97,616
  
$
8,577
  
$
 202,345   $
181,758
   $ 190,319    $ 171,483   
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
34,094
  
$
40,778
  
$
46,560
  
$
 76,910   $
59,093
   $ 64,128    $ 48,887   
Credit for Allowance for Borrowed Funds Used
   During Construction
    
668
    
1,491
    
5,156
     2,174    
1,142
     649      304   
Estimated Interest Element in Lease Rentals
    
2,000
    
2,500
    
3,000
     2,500    
2,000
     2,000      1,500   
Total Fixed Charges
  
$
36,762
  
$
44,769
  
$
54,716
  
$
 81,584   $
62,235
   $ 66,777    $ 50,691   
                                             
Ratio of Earnings to Fixed Charges
    
3.40
    
2.18
    
0.15
     2.48    
2.92
     2.85      3.38   
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.