EXHIBIT 12 PUBLIC SERVICE COMPANY OF OKLAHOMA AND SUBIDIARIES Computation of Consolidated Ratios of Earnings to Fixed Charges (in thousands except ratio data) Twelve Months Year Ended December 31, Ended ----------------------------------------------- 1997 1998 1999 2000 2001 6/30/02 ---- ---- ---- ---- ---- ------- Earnings: Net Income $ 46,455 $ 76,909 $ 61,508 $ 66,663 $ 57,759 $ 57,369 Plus Federal Income Taxes 10,902 45,584 15,693 8,571 45,484 18,321 Plus State Income Taxes 1,410 6,910 2,869 1,721 8,928 4,248 Plus Provision for Deferred Income Taxes 8,615 (1,651) 14,521 25,453 (17,751) 14,562 Plus Deferred Investment Tax Credits (2,278) (1,795) (1,791) (1,791) (1,791) (1,791) Plus Fixed Charges (as below) 38,541 39,243 39,586 43,375 44,818 39,916 -------- -------- -------- -------- -------- -------- Total Earnings $103,645 $165,200 $132,386 $143,992 $137,447 $132,625 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest on Long-term Debt $ 30,474 $ 29,136 $ 26,528 $ 26,473 $ 29,305 $ 28,200 Interest on Short-term Debt 4,100 4,107 7,058 10,902 9,513 5,716 Distributions on Trust Preferred Securities 3,967 6,000 6,000 6,000 6,000 6,000 -------- -------- -------- -------- -------- -------- Total Fixed Charges $ 38,541 $ 39,243 $ 39,586 $ 43,375 $ 44,818 $ 39,916 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 2.68 4.20 3.34 3.31 3.06 3.32 ==== ==== ==== ==== ==== ====