EXHIBIT 12
WEST TEXAS UTILITIES COMPANY
Computation of Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
Twelve
Months
Year Ended December 31, Ended
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1997 1998 1999 2000 2001 9/30/02
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Earnings:
Income Before Extraordinary Item $21,477 $37,725 $31,867 $27,450 $12,310 $(8,307)
Plus Federal Income Taxes 11,295 28,088 4,187 5,315 16,760 11,329
Plus State Income Taxes - - - - 1,973 81
Plus Provision for Deferred Income Taxes (945) (6,626) 12,025 9,401 (11,891) (17,969)
Plus Deferred Investment Tax Credits (1,321) (1,321) (1,274) (1,271) (1,271)
(1,271)
Plus Fixed Charges (as below) 25,263 24,932 25,083 24,520 24,405 22,678
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Total Earnings $55,769 $82,798 $71,888 $65,415 $ 42,286 $ 6,541
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Fixed Charges:
Interest on Long-term Debt $20,352 $20,352 $20,352 $18,017 $16,842 $17,923*
Interest on Short-term Debt 4,911 4,580 4,731 6,503 7,563 4,755*
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Total Fixed Charges $25,263 $24,932 $25,083 $24,520 $24,405 $22,678
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Ratio of Earnings to Fixed Charges 2.20 3.32 2.86 2.66 1.73 0.28
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* 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.