EX-12 8 exhibit_12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit_12.htm
 
 
 
Exhibit 12
 
 
                       
ONEOK, Inc.
Computation of Ratio of Earnings to Fixed Charges
                         
   
Years Ended December 31,
 
                         
(Unaudited)
 
2008
   
2007
 
2006
 
2005
 
2004
 
   
(Thousands of dollars)
 
                         
Fixed Charges, as defined
                       
Interest on long-term debt
  $ 254,765     $ 249,925   $ 233,152   $ 117,365   $ 79,318  
Other interest
    44,858       16,115     4,493     27,031     5,239  
Amortization of debt discount, premium
   and expense
    4,421       5,710     4,115     3,935     3,713  
Interest on lease agreements
    29,524       37,448     12,738     20,781     21,638  
Total Fixed Charges
    333,568       309,198     254,498     169,112     109,908  
Earnings before income taxes and undistributed
income of equity method investees
    771,239       681,169     747,950     647,308     314,714  
Earnings available for fixed charges
  $ 1,104,807     $ 990,367   $ 1,002,448   $ 816,420   $ 424,622  
Ratio of earnings to fixed charges
    3.31 x     3.20 x   3.94 x   4.83 x   3.86 x
                                   
                                   
For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of income before cumulative effect of a change in accounting principle plus fixed charges, minority interests in income of consolidated subsidiaries, income taxes and distributed income of equity method investees, less capitalized interest and undistributed income of equity method investees. "Fixed charges" consists of interest expensed and capitalized, the amortization of debt discounts and issue costs and the representative interest portion of operating leases.