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)
2010
      
2009
      
2008
      
2007
      
2006
      
 
(Thousands of dollars)
  
                                         
Fixed Charges, as defined
                                      
   Interest on long-term debt
 $ 287,910       $ 292,768       $ 254,765       $ 249,925       $ 233,152      
   Other interest
   4,594         20,411         44,858         16,115         4,493      
   Amortization of debt discount, premium
     and expense
   4,623         4,597         4,421         5,710         4,115      
   Interest on lease agreements
   19,289         20,221         29,524         37,448         12,738      
       Total Fixed Charges
   316,416         337,997         333,568         309,198         254,498      
Earnings before income taxes and undistributed
   income of equity method investees
   745,354         718,656         771,239         681,169         747,950      
Earnings available for fixed charges
 $ 1,061,770       $ 1,056,653       $ 1,104,807       $ 990,367       $ 1,002,448      
Ratio of earnings to fixed charges
   3.36  
 x
     3.13  
 x
     3.31  
 x
     3.20  
 x
     3.94  
 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.