EXHIBIT 12

PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)

	Year Ended December 31,										Twelve Months Ended
	1998		1999		2000		2001		2002		9/30/03
Earnings:
Net Income	$76,909		$61,508		$66,663		$57,759		$41,060		$46,794
Plus Federal Income Taxes	45,584		15,693		8,571		45,484		(43,956	)	(21,393	)
Plus State Income Taxes	6,910		2,869		1,721		8,928		(7,529	)	(3,343	)
Plus Provision for Deferred Income Taxes	(1,651	)	14,521		25,453		(17,751	)	75,659		48,354
Plus Deferred Investment Tax Credits	(1,795	)	(1,791	)	(1,791	)	(1,791	)	(1,791	)	(1,791	)
Plus Fixed Charges (as below)	39,243		39,586		44,465		46,155		42,377		47,210
Total Earnings	$165,200		$132,386		$145,082		$138,784		$105,820		$115,831
Fixed Charges:
Interest on Long-term Debt	$29,136		$26,528		$26,473		$29,305		$28,401	*	$36,595	*
Interest on Short-term Debt	4,107		7,058		10,902		9,513		6,508	*	4,647	*
Distributions on Trust Preferred Securities	6,000		6,000		6,000		6,000		6,000		4,500
Estimated Interest Element in Lease Rentals	--		--		1,090		1,337		1,468		1,468
Total Fixed Charges	$39,243		$39,586		$44,465		$46,155		$42,377		$47,210
Ratio of Earnings to Fixed Charges	4.20		3.34		3.26		3.00		2.49		2.45

* Certain amounts have been reclassified between interest on short-term and long-term debt compared to periods prior to January 1, 2002. This reclassification had no affect on the ratio.