EXHIBIT 12.1
ONEOK, Inc.
Computation of Ratio of Earnings to Fixed Charges
Years Ended | ||||||||
December 31, | ||||||||
(Unaudited) | 2002 | 2001 | ||||||
(Thousands of Dollars) | ||||||||
Fixed Charges, as defined | ||||||||
Interest on long-term debt | $ | 87,933 |
| $ | 109,229 |
| ||
Other interest |
| 10,523 |
|
| 27,454 |
| ||
Amortization of debt discount and expense |
| 7,949 |
|
| 3,475 |
| ||
Interest on lease agreements |
| 8,878 |
|
| 5,698 |
| ||
Total Fixed Charges |
| 115,283 |
|
| 145,856 |
| ||
Earnings before income taxes and undistributed income from equity investees |
| 258,095 |
|
| 108,218 |
| ||
Earnings available for fixed charges | $ | 373,378 |
| $ | 254,074 |
| ||
Ratio of earnings to fixed charges |
| 3.24 | x |
| 1.74 | x | ||
For purposes of computing the ratio of earnings to fixed charges, “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.