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)
2010
   
2009
 
2008
 
2007
   
2006
 
 
(Thousands of dollars)
 
                         
Fixed Charges, as defined
                       
Interest on long-term debt
$ 202,968     $ 207,684   $ 172,810   $ 146,046     $ 136,533  
Other interest
  2,624       12,136     12,426     4,714       439  
Amortization of debt discount, premium
   and expense
  2,547       2,337     1,942     1,765       (2,294 )
Interest on lease agreements
  1,484       3,641     6,341     6,392       5,605  
Total Fixed Charges
  209,623       225,798     193,519     158,917       140,283  
Earnings before income taxes and
   undistributed income of equity method
   investees
  479,636       468,611     618,848     417,305       501,595  
Earnings available for fixed charges
$ 689,259     $ 694,409   $ 812,367   $ 576,222     $ 641,878  
Ratio of earnings to fixed charges
  3.29       3.08     4.20     3.63       4.58  
   
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.