What is the main reason for this 8-K filing?

The primary reason for this 8-K filing is to announce and detail a revision to ONEOK Inc.'s Earnings Per Share (EPS) computation to comply with a new accounting standard interpretation, EITF Topic D-95. This standard affects how EPS is calculated for companies with convertible and participating securities. Additionally, the filing discloses the approval of a two-for-one stock split.

How does EITF Topic D-95 affect ONEOK's EPS?

EITF Topic D-95 requires a revision to the method of calculating EPS for securities like ONEOK's Series A Convertible Preferred Stock, which are considered participating or convertible. This change ensures a more consistent and accurate representation of earnings attributable to common shareholders.

Will ONEOK's previously filed financial statements need to be amended?

While the EPS figures for the three months ended March 31, 2001, and 2000, were already adjusted in the latest Form 10-Q, the company's 2000 Annual Report on Form 10-K does not need immediate amendment. However, the revised EPS calculations, including the impact of Topic D-95 and the stock split, will be presented retroactively in future filings where prior periods are shown for comparison.

What is the impact of the two-for-one stock split on EPS?

The two-for-one stock split, approved by shareholders and effective for distribution on June 11, 2001, means that for every share of common stock held, shareholders will receive an additional share. The EPS figures disclosed in this 8-K have been retroactively adjusted to reflect this stock split, in addition to the changes required by Topic D-95, providing a more accurate historical EPS on a split-adjusted basis.

OKE 8-K SEC Disclosure — May 23, 2001

Summary

ONEOK Inc. (OKE) filed an 8-K report on May 23, 2001, primarily to disclose a revision in its calculation of Earnings Per Share (EPS) to comply with a recent Financial Accounting Standards Board (FASB) interpretation, Emerging Issues Task Force (EITF) Topic D-95. This interpretation affects how convertible and participating securities, such as ONEOK's Series A Convertible Preferred Stock, are treated in EPS calculations. While the EPS for the quarter ended March 31, 2001, and 2000, as filed in the Form 10-Q, were already calculated under Topic D-95, this filing provides further detail and retroactive application for historical periods, including those in the 2000 Form 10-K, as these are presented in comparative filings. In addition to the EPS revision, the report also announces shareholder approval of a two-for-one common stock split. This split, effective with shares distributed on June 11, 2001, to shareholders of record on May 23, 2001, has been retroactively applied to the revised EPS computations. The filing includes numerous exhibits detailing these revised EPS calculations, reflecting both the Topic D-95 compliance and the stock split's impact. Investors should note that these revised EPS figures will be incorporated into future filings where prior periods are presented comparably.

Key Highlights

1ONEOK Inc. is revising its Earnings Per Share (EPS) computation to comply with EITF Topic D-95, an interpretation of SFAS No. 128 concerning convertible and participating securities.
2The revised EPS calculations will be reflected in future SEC filings that present comparative periods.
3The company's Form 10-Q for the quarter ended March 31, 2001, and 2000, already incorporated calculations in line with Topic D-95.
4ONEOK's 2000 Annual Report on Form 10-K is not required to be amended for Topic D-95 application at this time.
5Shareholders approved a two-for-one common stock split, with distribution scheduled for June 11, 2001.
6The EPS revisions disclosed in this 8-K retroactively account for the two-for-one stock split and the application of Topic D-95.
7Extensive exhibits detailing the revised EPS calculations for various historical periods are provided.

ONEOK INC /NEW/ 8-K Report (May 23, 2001)

Summary

Key Highlights

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