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EXHIBIT 12.2
ONEOK, Inc.
Computation of Ratio of Earnings to Fixed Charges
Four Months Ended
December 31, Years Ended August 31,
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1999 1998 1999 1998 1997
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Fixed charges, as defined
Interest on long-term debt 19,682 11,983 37,087 30,846 31,354
Other interest 7,303 3,364 14,440 3,723 3,376
Amortization of debt discount and expense 898 220 1,282 506 518
Interest on lease agreements 868 775 2,604 2,325 2,266
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Total fixed charges 28,751 16,342 55,413 37,400 37,514
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Earnings before income taxes and income from
equity investees 55,685 56,930 169,552 168,380 94,107
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Earnings available for fixed charges 84,436 73,272 224,965 205,780 131,621
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Ratio of earnings to fixed charges requirements 2.94x 4.48x 4.06x 5.50x 3.51x
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For purposes of computing the ratio of earnings to fixed charges, "earnings"
consists of net income plus fixed charges and income taxes, less undistributed
income from equity investees. "Fixed charges" consists of interest charges, the
amortization of debt discounts and issue costs and the representative interest
portion of operating leases.