EX-12 7 ex12pso20151q.htm COMPUTATION OF RATIOS - PSO ex12 pso 2015 1Q


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
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
3/31/2015
 
3/31/2015
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
122,887

 
$
192,257

 
$
180,835

 
$
163,681

 
$
137,511

 
$
145,800

 
$
21,726

Fixed Charges (as below)
 
65,834

 
58,822

 
58,984

 
57,647

 
58,233

 
59,514

 
15,844

Total Earnings
 
$
188,721

 
$
251,079

 
$
239,819

 
$
221,328

 
$
195,744

 
$
205,314

 
$
37,570

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
63,362

 
$
54,700

 
$
55,286

 
$
53,175

 
$
54,641

 
$
55,894

 
$
14,570

Credit for Allowance for Borrowed Funds Used During Construction
 
572

 
822

 
1,098

 
2,272

 
1,792

 
1,820

 
824

Estimated Interest Element in Lease Rentals
 
1,900

 
3,300

 
2,600

 
2,200

 
1,800

 
1,800

 
450

Total Fixed Charges
 
$
65,834

 
$
58,822

 
$
58,984

 
$
57,647

 
$
58,233

 
$
59,514

 
$
15,844

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.86

 
4.26

 
4.06

 
3.83

 
3.36

 
3.44

 
2.37