Exhibit 12.2
ONEOK, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividend Requirements
| | | | |
(Unaudited) | | Nine Months Ended
September 30, 2008 | |
| | | (Thousands of dollars) | |
Fixed Charges, as defined | | | | |
Interest on long-term debt | | $ | 191,632 | |
Other interest | | | 18,943 | |
Amortization of debt discount and expense | | | 3,352 | |
Interest on lease agreements | | | 24,565 | |
| | | | |
Total Fixed Charges | | | 238,492 | |
Preferred dividend requirements | | | — | |
| | | | |
Total fixed charges and preferred dividend requirements | | $ | 238,492 | |
| | | | |
Earnings before income taxes and income from equity investees | | $ | 588,299 | |
Total fixed charges | | | 238,492 | |
| | | | |
Earnings available for combined fixed charges and preferred stock dividend requirements | | $ | 826,791 | |
| | | | |
Ratio of Earnings to combined fixed charges and preferred stock dividend requirements | | | 3.47 | x |
| | | | |
A statement showing the calculation of the ratio of earnings to combined fixed charges and preferred stock dividend requirements for the years ended December 31, 2007, 2006, 2005, 2004, and 2003 was included in Exhibit 12.1 hereto, incorporating by reference Exhibit 12 to ONEOK, Inc.’s December 31, 2007 Form 10-K filed on February 27, 2008 (File No. 1-13643).
For purposes of computing the ratio of earnings to combined fixed charges and preferred stock dividend requirements, "earnings" consists of income before cumulative effect of a change in accounting principle plus fixed charges, minority interest, income taxes and distributed income of equity method investees, less capitalized interest and undistributed income for equity investees. "Fixed charges" consists of interest expensed and capitalized, the amortization of debt discounts and issue costs and the representative interest portion of operating leases. "Preferred dividend requirements" consists of the pre-tax preferred dividend requirement.
