EX-12 3 ex12pso3q.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)
         
Twelve
    
Nine
  
         
Months
    
Months
  
   
Year Ended December 31,         
    
Ended
    
Ended
  
   
2004
  
2005
  
2006
  
2007
  
2008
    
 9/30/2009
    
9/30/2009
  
EARNINGS
                                            
Income (Loss) Before Income Taxes
  
$
45,351
  
$
88,378
  
$
52,847
  
$
(46,139
 ) 
$
 120,761   $
127,449
   $
116,773
 
Fixed Charges (as below)
    
39,475
    
36,762
    
44,769
    
54,716
     81,584    
81,128
    
46,524
  
Total Earnings
  
$
84,826
  
$
125,140
  
$
97,616
  
$
8,577
  
$
 202,345   $
208,577
   $
163,297
  
                                             
FIXED CHARGES
                                            
Interest Expense
  
$
37,957
  
$
34,094
  
$
40,778
  
$
46,560
  
$
 76,910   $
77,583
   $
43,852
  
Credit for Allowance for Borrowed Funds Used
   During Construction
    
280
    
668
    
1,491
    
5,156
     2,174    
1,045
    
797
  
Trust Dividends
    
(62
 )   
-
 
  
-
 
  
-
 
  
-
    
-
    
-
  
Estimated Interest Element in Lease Rentals
    
1,300
    
2,000
    
2,500
    
3,000
     2,500    
2,500
    
1,875
  
Total Fixed Charges
  
$
39,475
  
$
36,762
  
$
44,769
  
$
54,716
  
$
 81,584   $
81,128
   $
46,524
  
                                             
Ratio of Earnings to Fixed Charges
    
2.14
    
3.40
    
2.18
    
0.15
     2.48    
2.57
    
3.50
  
 
For the year ended December 31, 2007, the Earnings to cover Fixed Charges was deficient by $46,139,000.