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 | Nine Months Ended | ||||||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | 9/30/2006 | 9/30/2006 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||||
Income Before Income Taxes | $ | 92,624 | $ | 63,443 | $ | 91,728 | $ | 45,351 | $ | 88,378 | $ | 65,890 | $ | 78,545 | ||||||||
Fixed Charges (as below) | 46,156 | 42,377 | 46,787 | 39,475 | 36,762 | 42,251 | 32,505 | |||||||||||||||
Total Earnings | $ | 138,780 | $ | 105,820 | $ | 138,515 | $ | 84,826 | $ | 125,140 | $ | 108,141 | $ | 111,050 | ||||||||
FIXED CHARGES | ||||||||||||||||||||||
Interest Expense | $ | 39,249 | $ | 40,422 | $ | 44,784 | $ | 37,957 | $ | 34,094 | $ | 38,644 | $ | 29,723 | ||||||||
Credit for Allowance for Borrowed Funds Used During Construction | 5,570 | 673 | 451 | 280 | 668 | 1,607 | 1,282 | |||||||||||||||
Trust Dividends | - | (186 | ) | (93 | ) | (62 | ) | - | - | - | ||||||||||||
Estimated Interest Element in Lease Rentals | 1,337 | 1,468 | 1,645 | 1,300 | 2,000 | 2,000 | 1,500 | |||||||||||||||
Total Fixed Charges | $ | 46,156 | $ | 42,377 | $ | 46,787 | $ | 39,475 | $ | 36,762 | $ | 42,251 | $ | 32,505 | ||||||||
Ratio of Earnings to Fixed Charges | 3.00 | 2.49 | 2.96 | 2.14 | 3.40 | 2.55 | 3.41 |