EX-12 5 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)

 
    Years Ended December 31,  
   
2006
  
2007
  
2008
  
2009
    2010  
EARNINGS
                                
Income (Loss) Before Income Taxes
  
$
52,847
  
$
(46,139
 ) 
$
 120,761   $
119,523
 
 $
122,887
  
Fixed Charges (as below)
    
44,769
    
54,716
     81,584    
62,235
    
65,834
  
Total Earnings
  
$
97,616
  
$
8,577
  
$
 202,345   $
181,758
   $
188,721
  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
40,778
  
$
46,560
  
$
 76,910   $
59,093
   $
63,362
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
1,491
    
5,156
     2,174    
1,142
     572   
Estimated Interest Element in Lease Rentals
    
2,500
    
3,000
     2,500    
2,000
    
1,900
  
Total Fixed Charges
  
$
44,769
  
$
54,716
  
$
 81,584   $
62,235
   $
65,834
  
                                 
Ratio of Earnings to Fixed Charges
    
2.18
    
0.15
     2.48    
2.92
    
2.86
  
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.