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)
2011
     
2010
     
2009
     
2008
     
2007
     
 
(Thousands of dollars)
     
Fixed Charges, as defined
                                       
Interest on long-term debt
$ 305,523       $ 287,910       $ 292,768       $ 254,765       $ 249,925      
Other interest
  8,374         4,594         20,411         44,858         16,115      
Amortization of debt discount, premium
   and expense
  7,070         4,623         4,597         4,421         5,710      
Interest on lease agreements
  1,515         19,289         20,221         29,524         37,448      
Total Fixed Charges
  322,482         316,416         337,997         333,568         309,198      
Earnings before income taxes and undistributed
   income of equity method investees
  970,746         745,354         718,656         771,239         681,169      
Earnings available for fixed charges
$ 1,293,228       $ 1,061,770       $ 1,056,653       $ 1,104,807       $ 990,367      
Ratio of earnings to fixed charges
  4.01  
 x
    3.36  
 x
    3.13  
 x
    3.31  
 x
    3.20  
 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.