EX-12 4 x12pso.htm COMPUTATION OF RATIOS Unassociated Document
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 
  
   
2001 
  
2002 
  
2003 
  
2004 
  
2005 
  
3/31/2006 
  
EARNINGS
                                      
Income Before Income Taxes
  
$
92,624
  
$
63,443
  
$
91,728
  
$
45,351
  
$
88,378
  
$
79,246
  
Fixed Charges (as below)
    
46,156
    
42,377
    
46,787
    
39,475
    
36,762
    
38,215
  
Total Earnings
  
$
138,780
  
$
105,820
  
$
138,515
  
$
84,826
  
$
125,140
  
$
117,461
  
                                       
FIXED CHARGES
                                      
Interest Expense
  
$
39,249
  
$
40,422
  
$
44,784
  
$
37,957
  
$
34,094
  
$
35,354
  
Credit for Allowance for Borrowed Funds
   Used During Construction
    
5,570
    
673
    
451
    
280
    
668
    
861
  
Trust Dividends
    
-
    
(186
)
  
(93
)
  
(62
)
  
-
    
-
 
Estimated Interest Element in Lease Rentals
    
1,337
    
1,468
    
1,645
    
1,300
    
2,000
     2,000  
Total Fixed Charges
  
$
46,156
  
$
42,377
  
$
46,787
  
$
39,475
  
$
36,762
  
$
38,215
  
                                       
Ratio of Earnings to Fixed Charges
    
3.00
    
2.49
    
2.96
    
2.14
    
3.40
    
3.07