EX-12 6 ex12pso1q.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)
 
                 Twelve      Three  
                 Months      Months  
    Years Ended December 31,      Ended      Ended  
   
2009
  
2010
    2011     2012     2013      3/31/2014      3/31/2014  
EARNINGS
                                            
Income Before Income Taxes
  
$
 119,523   $
122,887
 
 $
192,257
   $
180,835
   $  163,681   $ 154,791   $ 13,437  
Fixed Charges (as below)
     62,235    
65,834
    
58,822
    
58,984
      57,647     57,879     14,663  
Total Earnings
  
$
 181,758   $
188,721
   $
251,079
   $
239,819
   $  221,328   $ 212,670   $ 28,100  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
 59,093   $
63,362
   $
54,700
   $
55,286
   $ 53,175   $ 53,152   $ 13,317  
Credit for Allowance for Borrowed Funds Used
   During Construction
     1,142    
572
     822    
 
1,098
      2,272     2,527     796  
Estimated Interest Element in Lease Rentals     2,000    
1,900
    
3,300
    
2,600
      2,200     2,200     550  
Total Fixed Charges   $ 62,235   $
65,834
   $
58,822
   $
58,984
   $  57,647   $ 57,879   $ 14,663  
                                             
Ratio of Earnings to Fixed Charges
     2.92    
2.86
    
4.26
    
4.06
      3.83     3.67     1.91