EX-12 2 ex_12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex_12.htm
Exhibit 12
 
ONEOK Partners, L.P.
 
Computation of Ratio of Earnings to Fixed Charges
 
                                           
                                           
      Years Ended December 31,  
(Unaudited)
 
2009
     
2008
     
2007
     
2006
     
2005
     
           
(Thousands of dollars)
     
                                           
Fixed Charges, as defined
                                         
Interest on long-term debt
  $ 207,684       $ 172,810       $ 146,046       $ 136,533       $ 90,066      
Other interest
    12,136         12,426         4,714         439         3      
Amortization of debt discount, premium
   and expense
    2,337         1,942         1,765         (2,294 )       (2,379 )    
Interest on lease agreements
    3,641         6,341         6,392         5,605         1,522      
Total Fixed Charges
    225,798         193,519         158,917         140,283         89,212      
Earnings before income taxes and undistributed
   income of equity method investees
    468,611         618,848         417,305         501,595         189,042      
Earnings available for fixed charges
  $ 694,409       $ 812,367       $ 576,222       $ 641,878       $ 278,254      
Ratio of earnings to fixed charges
    3.08  x       4.20  x       3.63  x       4.58  x       3.12  x    
                                                     
                                                     
For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pre-tax income from continuing operations before adjustment for income or loss from equity investees plus fixed charges and distributed income of equity investees, less interest capitalized. "Fixed charges" consists of interest charges, the amortization of debt discounts and issue costs and the representative interest portion of operating leases.