ONEOK (OKE) 10-K2006 FY Annual report

Filed: 1 Mar 07, 12:00am

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New words: accommodate, adaptation, adjournment, advance, AES, AFUDC, Allegheny, Ameren, analyze, Bay, Black, Boardwalk, Brewery, budget, budgeted, budgeting, calendar, Caron, Centerpoint, challenging, characterize, Circuit, clarify, CMS, Coahoma, coal, conflict, Constellation, contaminated, contamination, convenience, counsel, Crestone, crossing, Dakota, Dane, dedicated, Denver, desire, discharge, discriminatory, Dominion, double, doubtful, drop, DTE, duty, Dynegy, EBITDA, EBITDAR, Edison, Exelen, expressly, Fargo, fault, filtering, finite, FirstEnergy, Fitch, foregoing, forfeiture, FPL, GAAP, gallon, geopolitical, Georgetown, global, GP, graph, Green, groundwater, Guardian, hand, hardware, heavily, hybrid, IBEW, illegal, increasingly, incurrence, indefinite, infrastructure, instance, Intermediate, intrinsic, Jackson, Joliet, junior, KeySpan, Lastly, Lawhorn, legacy, leverage, mailed, Maxwell, MBI, Mesa, Milwaukee, Mississippi, Missouri, Mohave, Montana, moratorium, movement, necessity, Nicor, NiSource, nonpayment, nonvested, Omaha, Opal, overfunded, Pinnacle, pollution, Portland, Powder, PPL, precipitously, predominantly, prevalent, promptly, proportional, proportionate, purity, quantify, Quantifying, Questar, regularly, rehearing, reinstated, repayment, representation, requisite, resell, rest, resumption, River, rupture, SAB, sabotage, Salt, SCE, scheme, Sedimentary, Sempra, setoff, shipper, Simultaneously, size, slurry, soil, span, speculation, Station, strict, stricter, subscribed, synchronized, syndicate, technique, TECO, terminology, territory, terrorism, theLeggett, theSinclair, threshold, TXU, unanticipated, unasserted, unbudgeted, unconsolidated, uncontracted, underfunded, unsold, unsuitable, Viking, wider, Wind, Wisconsin, withdrew, worldwide, write, written, Xcel

Removed: adjust, adversary, AG, alleging, Army, avoid, avoided, bear, bona, bought, Brownsville, Calpine, carry, closed, compensating, conditioning, consecutive, consumed, consummated, converting, cooking, cumulative, cushion, dehydration, denial, diversified, drug, dynamic, Enron, exceeded, excessive, existed, facilitate, fewer, fide, fraudulent, Gaberino, Gateway, homeland, Hutchison, improper, inquiry, InterBank, interim, issuable, Jr, KBC, language, leasehold, London, Mercantile, Mexico, mineral, minimal, Nederland, Oak, offered, parent, partial, percentile, permanent, poor, prescription, privately, proceeding, procurement, projection, Railroad, recourse, redeemable, regional, relation, relief, replace, replaced, rescinded, rescission, reservation, reserve, retained, revise, secondary, serviced, shifted, Silver, situated, spark, split, stipulated, stipulating, straddle, strategically, subjected, surrendered, top, unfavorable, unprocessed, unspecified, WesTex, withholding, York

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EXHIBIT 12.1

ONEOK, Inc.

Computation of Ratio of Earnings to Fixed Charges


	Years Ended December 31,
(Unaudited)	2006			2005			2004			2003			2002
	(Thousands of dollars)
Fixed Charges, as defined
Interest on long-term debt	$	231,117		$	116,642		$	78,349		$	87,382		$	78,414
Other interest		4,493			27,031			5,239			5,873			10,523
Amortization of debt discount and expense		4,115			3,935			3,713			4,977			7,949
Interest on lease agreements		12,738			20,781			21,638			21,323			22,831
Total Fixed Charges		252,463			168,389			108,939			119,555			119,717
Earnings before income taxes and undistributed income from equity investees		626,558			643,131			359,493			332,246			242,446
Earnings available for fixed charges	$	879,021		$	811,520		$	468,432		$	451,801		$	362,163

Ratio of earnings to fixed charges		3.48	x		4.82	x		4.30	x		3.78	x		3.03	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.