Public Service Company of Oklahoma
Ratio of Earnings to Comined Fixed Charges
and Preferred Stock Dividend Requirements
(Unaudited)
12 Months
Ended Year Ended December 31,
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Sept. 30, 1996 1995 1994 1993 1992 1991
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(thousands, except for ratios)
Operating Income $105,927 $111,769 $98,258 $72,156 $78,096 $86,796
Adjustments:
Federal income taxes 29,841 37,490 27,954 13,554 (835) 18,321
Provision for deferred income taxes (5,054) 2,704 7,779 9,537 21,157 10,133
Deferred investment tax credits (2,785) (2,789) (2,789) (2,838) (2,711) (2,925)
Utility Plant development costs, net of tax (35,552) - - -
Other income and deductions 64 2,274 933 531 (940) (1,667)
Allowance for borrowed and equity
funds used during construction 1,272 3,734 2,513 1,948 740 1,931
Interest portion of financing leases - - - 17 37 34
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Earnings $93,713 $155,182 $134,648 $94,905 $95,544 $112,623
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Fixed Charges:
Interest on long-term debt $30,334 $29,594 $29,594 $31,410 $30,688 $30,545
Interest on short-term debt and other 5,919 6,355 3,844 2,729 1,646 3,286
Interest portion of financing leases - - - 17 37 34
Preferred stock dividend requirements 970 1,189 1,210 1,224 1,131 1,207
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$37,223 $37,138 $34,648 $35,380 $33,502 $35,072
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Ratio of earnings to combined fixed
charges and preferred stock dividend
requirements 2.52 4.18 3.89 2.68 2.85 3.21