EXHIBIT 12.4
West Texas Utilities Company
Ratio of Earnings to Fixed Charges
For Years Ended December 31
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
(thousands, except ratios)
Operating income $44,567 $51,734 $59,486 $54,763 $46,576
Adjustments:
Income taxes 11,294 6,547 6,456 7,900 10,869
Provision for deferred
income taxes (954) 5,718 1,971 8,377 3,593
Deferred investment tax credits (1,321) (1,321) (1,321) (1,321) (1,321)
Charges for investments and plant
development costs, net of tax -- (10,946) -- -- --
Other income and deductions 1,237 601 (463) 4,210 1,907
Allowance for borrowed and equity
funds used during construction 920 1,276 1,031 474 247
-------- -------- -------- -------- --------
Earnings $55,743 $53,609 $67,160 $74,403 $61,871
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Fixed charges:
Interest on long-term debt 20,352 $21,169 $21,413 $18,547 $19,225
Interest on short-term debt and other 4,911 4,925 4,111 3,534 2,988
-------- -------- -------- -------- --------
Fixed charges $25,263 $26,094 $25,524 $22,081 $22,213
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Ratio of earnings to fixed charges 2.21 2.05 2.63 3.37 2.79(1)
(1) The ratio of earnings to fixed charges for 1993 was calculated before
cumulative effect of change in accounting principles.