EXHIBIT 12
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Year Ended December 31, | Twelve Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1998 | 1999 | 2000 | 2001 | 2002 | 9/30/03 | ||||||||
Earnings: | |||||||||||||
Net Income | $76,909 | $61,508 | $66,663 | $57,759 | $41,060 | $46,794 | |||||||
Plus Federal Income Taxes | 45,584 | 15,693 | 8,571 | 45,484 | (43,956 | ) | (21,393 | ) | |||||
Plus State Income Taxes | 6,910 | 2,869 | 1,721 | 8,928 | (7,529 | ) | (3,343 | ) | |||||
Plus Provision for Deferred Income Taxes | (1,651 | ) | 14,521 | 25,453 | (17,751 | ) | 75,659 | 48,354 | |||||
Plus Deferred Investment Tax Credits | (1,795 | ) | (1,791 | ) | (1,791 | ) | (1,791 | ) | (1,791 | ) | (1,791 | ) | |
Plus Fixed Charges (as below) | 39,243 | 39,586 | 44,465 | 46,155 | 42,377 | 47,210 | |||||||
Total Earnings | $165,200 | $132,386 | $145,082 | $138,784 | $105,820 | $115,831 | |||||||
Fixed Charges: | |||||||||||||
Interest on Long-term Debt | $29,136 | $26,528 | $26,473 | $29,305 | $28,401 | * | $36,595 | * | |||||
Interest on Short-term Debt | 4,107 | 7,058 | 10,902 | 9,513 | 6,508 | * | 4,647 | * | |||||
Distributions on Trust Preferred Securities | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 4,500 | |||||||
Estimated Interest Element in Lease Rentals | -- | -- | 1,090 | 1,337 | 1,468 | 1,468 | |||||||
Total Fixed Charges | $39,243 | $39,586 | $44,465 | $46,155 | $42,377 | $47,210 | |||||||
Ratio of Earnings to Fixed Charges | 4.20 | 3.34 | 3.26 | 3.00 | 2.49 | 2.45 | |||||||
* Certain amounts have been reclassified between interest on short-term and long-term debt compared to periods prior to January 1, 2002. This reclassification had no affect on the ratio.