EX-12 6 ex12pso20153q.htm COMPUTATION OF RATIOS - PSO Exhibit


EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Nine
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
9/30/2015
 
9/30/2015
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
122,887

 
$
192,257

 
$
180,835

 
$
163,681

 
$
137,511

 
$
151,331

 
$
136,782

Fixed Charges (as below)
 
65,834

 
58,822

 
58,984

 
57,647

 
58,233

 
63,726

 
49,176

Total Earnings
 
$
188,721

 
$
251,079

 
$
239,819

 
$
221,328

 
$
195,744

 
$
215,057

 
$
185,958

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
63,362

 
$
54,700

 
$
55,286

 
$
53,175

 
$
54,641

 
$
58,004

 
$
44,372

Credit for Allowance for Borrowed Funds Used During Construction
 
572

 
822

 
1,098

 
2,272

 
1,792

 
3,922

 
3,454

Estimated Interest Element in Lease Rentals
 
1,900

 
3,300

 
2,600

 
2,200

 
1,800

 
1,800

 
1,350

Total Fixed Charges
 
$
65,834

 
$
58,822

 
$
58,984

 
$
57,647

 
$
58,233

 
$
63,726

 
$
49,176

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.86

 
4.26

 
4.06

 
3.83

 
3.36

 
3.37

 
3.78