EX-12 2 ex12pso1q.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     Three  
          Months     Months  
    Years Ended December 31,      Ended      Ended  
   
2006
  
2007
  
2008
  
2009
    2010     3/31/2011     3/31/2011  
EARNINGS
                                            
Income (Loss) Before Income Taxes
  
$
52,847
  
$
(46,139
 ) 
$
 120,761   $
119,523
 
 $
122,887
    $
140,340
    $  24,008  
Fixed Charges (as below)
    
44,769
    
54,716
     81,584    
62,235
    
65,834
      64,510      16,679  
Total Earnings
  
$
97,616
  
$
8,577
  
$
 202,345   $
181,758
   $
188,721
    $  204,850    $  40,687  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
40,778
  
$
46,560
  
$
 76,910   $
59,093
   $
63,362
    $  61,937    $  15,938  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
1,491
    
5,156
     2,174    
1,142
     572      673       266  
Estimated Interest Element in Lease Rentals
    
2,500
    
3,000
     2,500    
2,000
    
1,900
      1,900      475  
Total Fixed Charges
  
$
44,769
  
$
54,716
  
$
 81,584   $
62,235
   $
65,834
    $  64,510    $  16,679  
                                             
Ratio of Earnings to Fixed Charges
    
2.18
    
0.15
     2.48    
2.92
    
2.86
      3.17      2.43  
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.