EX-12 19 ex12pso4q.htm COMPUTATION OF RATIOS - PSO Unassociated Document
EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)

 
    Years Ended December 31,  
   
2007
  
2008
  
2009
    2010     2011  
EARNINGS
                                
Income (Loss) Before Income Taxes
  
$
(46,139
 ) 
$
 120,761   $
119,523
 
 $
122,887
    $
192,257
  
Fixed Charges (as below)
    
54,716
     81,584    
62,235
    
65,834
    
58,822
  
Total Earnings
  
$
8,577
  
$
 202,345   $
181,758
   $
188,721
    $
251,079
  
                                 
FIXED CHARGES
                                
Interest Expense
  
$
46,560
  
$
 76,910   $
59,093
   $
63,362
    $
54,700
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
5,156
     2,174    
1,142
     572    
 
822
  
Estimated Interest Element in Lease Rentals
    
3,000
     2,500    
2,000
    
1,900
    
3,300
  
Total Fixed Charges
  
$
54,716
  
$
 81,584   $
62,235
   $
65,834
    $
58,822
  
                                 
Ratio of Earnings to Fixed Charges
    
0.15
     2.48    
2.92
    
2.86
    
4.26
  
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.