EXHIBIT 12.1
ONEOK INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(IN THOUSANDS)
YEARS ENDED AUGUST 31, SIX MONTHS ENDED
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FEBRUARY 28, FEBRUARY 29,
1996 1995 1994 1993 1992 1997 1996
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(UNAUDITED)
Fixed charges, as de-
fined:
Interest on long-term
debt................. $ 31,748 $ 32,401 $32,988 $35,250 $32,445 $15,681 $15,981
Other interest........ 3,184 4,878 1,846 1,120 3,110 1,988 2,108
Amortization of debt
issue costs.......... 530 512 525 2,117 526 271 276
-------- -------- ------- ------- ------- ------- -------
Total fixed
charges............ 35,462 37,791 35,359 38,487 36,081 17,940 18,365
Preferred dividend re-
quirement.............. 428 428 428 428 428 214 214
-------- -------- ------- ------- ------- ------- -------
Total fixed charges
and preferred stock
dividend
requirements....... $ 35,890 $ 38,219 $35,787 $38,915 $36,509 $18,154 $18,579
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Earnings, as defined:
Income before income
taxes................ $ 85,873 $ 68,146 $57,276 $59,230 $51,456 81,897 76,083
Total fixed charges
(as shown above)..... 35,462 37,791 35,359 38,487 36,081 17,940 18,365
-------- -------- ------- ------- ------- ------- -------
Earnings available
for fixed charges
and preferred
dividend
requirements....... $121,335 $105,937 $92,635 $97,717 $87,537 $99,837 $94,448
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Ratio of earnings to
combined fixed charges
and preferred dividend
requirements........... 3.38x 2.77x 2.59x 2.51x 2.40x 5.50x 5.08x
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