<PAGE>
EXHIBIT (12)
ONEOK, Inc.
Computation of Earnings to Combined Fixed Charges
and Preferred Stock Dividend Requirements
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
(Unaudited) 2000 1999
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(Thousands of Dollars)
<S> <C> <C>
Fixed Charges, as defined
Interest on long-term debt $ 64,686 $ 30,172
Other interest 15,634 13,290
Amortization of debt discount and expense 2,345 1,161
Interest on lease agreements 3,202 1,953
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Total Fixed Charges 85,867 46,576
Preferred dividend requirements 44,879 45,011
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Total fixed charges and
preferred dividend requirements $ 130,746 $ 91,587
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Earnings before income taxes and
income from equity investees $ 157,883 $ 115,092
Total fixed charges 85,867 46,576
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Earnings available for combined fixed charges and preferred dividend
requirements $ 243,750 $ 161,668
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Ratio of earnings to combined fixed charges and preferred dividend
requirements 1.86 x 1.77 x
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</TABLE>
For purposes of computing the ratio of earnings to combined fixed charges and
preferred dividend requirements, "earnings" consists of income before cumulative
effect of a change in accounting principle plus fixed charges and income taxes,
less undistributed income for equity investees. "Fixed charges" consists of
interest charges, the amortization of debt discounts and issue costs and the
representative interest portion of operating leases. "Preferred dividend
requirements" consists of the pre-tax preferred dividend requirement.
