EX-12 4 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)
2009
   
2008
   
2007
   
2006
   
2005
   
 
(Thousands of dollars)
 
                               
Fixed Charges, as defined
                             
Interest on long-term debt
$ 292,768     $ 254,765     $ 249,925     $ 233,152     $ 117,365    
Other interest
  20,411       44,858       16,115       4,493       27,031    
Amortization of debt discount, premium
   and expense
  4,597       4,421       5,710       4,115       3,935    
Interest on lease agreements
  20,221       29,524       37,448       12,738       20,781    
Total Fixed Charges
  337,997       333,568       309,198       254,498       169,112    
Earnings before income taxes and undistributed
   income of equity method investees
  718,656       771,239       681,169       747,950       647,308    
Earnings available for fixed charges
$ 1,056,653     $ 1,104,807     $ 990,367     $ 1,002,448     $ 816,420    
Ratio of earnings to fixed charges
  3.13  
 x
  3.31  
 x
  3.20  
 x
  3.94  
 x
  4.83  
 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.