Exhibit 12.2
Public Service Company of Oklahoma
Consolidated Ratio of Earnings to Fixed Charges
For Years Ended December 31,
1998 1997 1996 1995 1994
---------------------------------------------------
(thousands, except ratios)
Operating income $115,008 $81,776 $101,737 $111,769 $98,258
Adjustments
Income taxes 52,494 12,313 25,257 37,490 27,954
Provision for deferred
income taxes (1,693) 8,448 (1,328) 2,704 7,779
Deferred investment tax
credits (1,795) (2,278) (2,784) (2,789) (2,789)
Charges for investments
and plant development
costs, net of tax -- (75) (35,708) -- --
Other income and
deductions (951) 729 (95) 2,274 933
Allowance for borrowed
and equity funds used
during construction 2,029 2,317 1,722 3,734 2,513
---------------------------------------------------
Earnings $165,092 $103,230 $88,801 $155,182 $134,648
===================================================
Fixed charges:
Interest on long-term
debt $29,136 $30,474 $30,555 $29,594 $29,594
Interest on short-term
debt 4,107 4,100 5,623 6,355 3,844
Distributions on Trust
Preferred Securities 6,000 3,967 -- -- --
===================================================
Fixed Charges $39,243 $38,541 $36,178 $35,949 $33,438
===================================================
Ratio of earnings to
fixed charges 4.21 2.68 2.45 4.32 4.03
4-15