EX-12 4 ex12pso2q.htm COMPUTATION OF RATIOS ex12pso2q.htm
EXHIBIT 12
 
 
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data) 
         
Twelve
    
Six
  
         
Months
    
Months
  
   
Year Ended December 31,         
    
Ended
    
Ended
  
   
2003 
  
2004 
  
2005
  
2006 
  
2007 
    
 6/30/2008 
    
6/30/2008
  
EARNINGS
                                            
Income (Loss) Before Income Taxes
  
$
91,728
  
$
45,351
  
$
88,378
  
$
52,847
  
$
 (46,139 )  $
44,954
   $
64,424
 
Fixed Charges (as below)
    
46,787
    
39,475
    
36,762
    
44,769
     54,716    
59,488
    
32,543
  
Total Earnings
  
$
138,515
  
$
84,826
  
$
125,140
  
$
97,616
  
$
 8,577   $
104,442
   $
96,967
  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
44,784
  
$
37,957
  
$
34,094
  
$
40,778
  
$
 46,560   $
51,858
   $
29,466
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
451
    
280
    
668
    
1,491
     5,156    
4,630
    
 1,577
  
Trust Dividends
    
(93
 )   
(62
)
  
-
 
  
-
 
  
-
    
 -
    
 -
  
Estimated Interest Element in Lease Rentals
    
1,645
    
1,300
    
2,000
    
2,500
     3,000    
3,000
    
1,500
  
Total Fixed Charges
  
$
46,787
  
$
39,475
  
$
36,762
  
$
44,769
  
$
 54,716   $
59,488
   $
32,543
  
                                             
Ratio of Earnings to Fixed Charges
    
2.96
    
2.14
    
3.40
    
2.18
     0.15    
1.75
    
2.97
  
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.