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EXHIBIT (12)
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ONEOK, Inc.
Computation of Earnings to Combined Fixed Charges
and Preferred Stock Dividend Requirements
Six Months Ended
June 30,
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(Unaudited) 2000 1999
(Thousands of Dollars)
Fixed Charges, as defined
Interest on long-term debt $ 40,023 $ 17,843
Other interest 8,779 8,305
Amortization of debt discount and expense 1,526 771
Interest on lease agreements 1,853 1,302
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Total Fixed Charges 52,181 28,221
Preferred dividend requirements 29,919 30,050
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Total fixed charges and
preferred dividend requirements $ 82,100 $ 58,271
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Earnings before income taxes and
income from equity investees $143,324 $111,496
Total fixed charges 52,181 28,221
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Earnings available for combined fixed charges and preferred dividend
requirements $195,505 $139,717
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Ratio of earnings to combined fixed charges and preferred dividend
requirements 2.38 x 2.40 x
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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.
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