ONEOK (OKE) 10-Q2002 Q3 Quarterly report

Filed: 14 Nov 02, 12:00am

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Removed: appeal, behalf, capturing, check, collection, compression, created, dehydration, duly, Employer, equal, exercise, extending, Identification, Jim, Kinder, Kneale, Morgan, par, past, perform, PUD, registrant, shorter, successfully, thereunto, Treasury, undersigned, WASHINGTON

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EXHIBIT 12.1

ONEOK, Inc.

Computation of Earnings to Fixed Charges

	Nine Months Ended September 30,
*(Unaudited)*	2002			2001
	*(Thousands of Dollars)*
Fixed Charges, as defined
Interest on long-term debt	$	66,920		$	82,618
Other interest		8,595			23,309
Amortization of debt discount and expense		7,511			2,588
Interest on lease agreements		6,659			4,332

Total Fixed Charges		89,685			112,847

Earnings before income taxes and income from equity investees		210,774			156,057

Earnings available for fixed charges	$	300,459		$	268,904

Ratio of earnings to fixed charges		3.35	x		2.38	x

For purposes of computing the ratio of earnings to fixed charges, “earnings” consists of income before cumulative effect of a change in accounting principle plus fixed charges and income taxes, less undistributed income for equity investees. “Fixed charges” consists of interest charges, the amortization of debt discounts and issue costs and the representative interest portion of operating leases.