EX-12 8 oke2013ratioofearningstofi.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES OKE 2013 Ratio of Earnings to Fixed Charges


Exhibit 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ONEOK, Inc.
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
(Unaudited)
 
2013
 
 
2012
 
 
2011
 
 
2010
 
 
2009
 
 
 
(Thousands of dollars)
Fixed Charges, as defined
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
$
374,520

 
 
$
326,206

 
 
$
305,523

 
 
$
287,910

 
 
$
292,768

 
 
Other interest
 
10,397

 
 
12,045

 
 
8,374

 
 
4,594

 
 
20,411

 
 
Amortization of debt discount, premium
   and expense
 
7,064

 
 
5,830

 
 
7,070

 
 
4,623

 
 
4,597

 
 
Interest on lease agreements
 
1,494

 
 
539

 
 
1,515

 
 
19,289

 
 
20,221

 
 
Total Fixed Charges
 
393,475

 
 
344,620

 
 
322,482

 
 
316,416

 
 
337,997

 
Earnings before income taxes and undistributed
   income of equity method investees
 
694,998

 
 
909,650

 
 
970,746

 
 
745,354

 
 
718,656

 
Earnings available for fixed charges
 
$
1,088,473

 
 
$
1,254,270

 
 
$
1,293,228

 
 
$
1,061,770

 
 
$
1,056,653

 
Ratio of earnings to fixed charges
 
2.77

x
 
3.64

x
 
4.01

x
 
3.36

x
 
3.13

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.