EX-12 3 ex12pso3q.htm COMPUTATION OF RATIOS Computation of Ratios
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 
    
Nine
Months
Ended
  
 
 
2001 
 
2002 
 
2003 
 
2004 
 
2005 
 
9/30/2006 
 
 
 9/30/2006
  
EARNINGS
                                            
Income Before Income Taxes
  
$
92,624
  
$
63,443
  
$
91,728
  
$
45,351
  
$
88,378
  
$
65,890
   $
 78,545
  
Fixed Charges (as below)
    
46,156
    
42,377
    
46,787
    
39,475
    
36,762
    
42,251
    
 32,505
  
Total Earnings
  
$
138,780
  
$
105,820
  
$
138,515
  
$
84,826
  
$
125,140
  
$
108,141
   $
 111,050
  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
39,249
  
$
40,422
  
$
44,784
  
$
37,957
  
$
34,094
  
$
38,644
   $
 29,723
  
Credit for Allowance for Borrowed Funds
   Used During Construction
    
5,570
    
673
    
451
    
280
    
668
    
1,607
    
1,282
  
Trust Dividends
    
-
    
(186
)
  
(93
)
  
(62
)
  
-
    
-
   
 -
  
Estimated Interest Element in Lease
   Rentals
    
1,337
    
1,468
    
1,645
    
1,300
    
2,000
     2,000    
 1,500
  
Total Fixed Charges
  
$
46,156
  
$
42,377
  
$
46,787
  
$
39,475
  
$
36,762
  
$
42,251
   $
 32,505
  
                                             
Ratio of Earnings to Fixed Charges
    
3.00
    
2.49
    
2.96
    
2.14
    
3.40
    
2.55
    
3.41