EXHIBIT 12
PUBLIC SERVICE COMPANY OF OKLAHOMA
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Twelve | Six | |||||||||||||||||||||
Months | Months | |||||||||||||||||||||
Year Ended December 31, | Ended | Ended | ||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | 6/30/2007 | 6/30/2007 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||||
Income (Loss) Before Income Taxes | $ | 63,443 | $ | 91,728 | $ | 45,351 | $ | 88,378 | $ | 52,847 | $ | 15,306 | $ | (26,669 | ) | |||||||
Fixed Charges (as below) | 42,377 | 46,787 | 39,475 | 36,762 | 44,769 | 51,386 | 27,521 | |||||||||||||||
Total Earnings | $ | 105,820 | $ | 138,515 | $ | 84,826 | $ | 125,140 | $ | 97,616 | $ | 66,692 | $ | 852 | ||||||||
FIXED CHARGES | ||||||||||||||||||||||
Interest Expense | $ | 40,422 | $ | 44,784 | $ | 37,957 | $ | 34,094 | $ | 40,778 | $ | 46,177 | $ | 24,168 | ||||||||
Credit for Allowance for Borrowed Funds Used During Construction | 673 | 451 | 280 | 668 | 1,491 | 2,709 | 2,103 | |||||||||||||||
Trust Dividends | (186 | ) | (93 | ) | (62 | ) | - | - | - | - | ||||||||||||
Estimated Interest Element in Lease Rentals | 1,468 | 1,645 | 1,300 | 2,000 | 2,500 | 2,500 | 1,250 | |||||||||||||||
Total Fixed Charges | $ | 42,377 | $ | 46,787 | $ | 39,475 | $ | 36,762 | $ | 44,769 | $ | 51,386 | $ | 27,521 | ||||||||
Ratio of Earnings to Fixed Charges | 2.49 | 2.96 | 2.14 | 3.40 | 2.18 | 1.29 | 0.03 |
For the six months ended June 30, 2007, the Earnings to cover Fixed Charges was deficient by $26,669,000.