EXHIBIT 12.2
Public Service Company of Oklahoma
Consolidated Ratio of Earnings to Fixed Charges
For Years Ended December 31,
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
(thousands, except ratios)
Operating income $81,776 $101,737 $111,769 $98,258 $72,156
Adjustments:
Income taxes 12,313 25,257 37,490 27,954 13,554
Provision for deferred
income taxes 8,448 (1,328) 2,704 7,779 9,537
Deferred investment tax credits (2,278) (2,784) (2,789) (2,789) (2,838)
Charges for investments and plant
development costs, net of tax (75) (35,708) -- -- --
Other income and deductions 729 (95) 2,274 933 531
Allowance for borrowed and equity
funds used during construction 2,317 1,722 3,734 2,513 1,948
Interest portion of financing
leases -- -- -- 17
-------- -------- -------- -------- --------
Earnings $103,230 $88,801 $155,182 $134,648 $94,905
======== ======== ======== ======== ========
Fixed charges:
Interest on long-term debt $30,474 $30,555 $29,594 $29,594 $31,410
Interest on short-term debt and other 4,100 5,623 6,355 3,844 2,729
Distributions on Trust Preferred
Securities 3,967 -- -- -- --
Interest portion of financing leases -- -- -- -- 17
-------- -------- -------- -------- --------
Fixed charges $38,541 $36,178 $35,949 $33,438 $34,156
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.68 2.45 4.32 4.03 2.78(1)
(1) The ratio of earnings to fixed charges for 1993 was calculated before
cumulative effect of changes in accounting principles.