Preheat oven to 350 degrees. In a medium bowl, combine oats, flour, baking powder, baking soda and salt. In a large bowl, combine margarine and peanut butter with mixer until smooth. Beat in sugars until blended. Add eggs and vanilla.
At low speed, beat in the flour mixture just until combined. Stir in chocolate chips. If necessary, refrigerate dough 15 minutes until easy to handle.
Drop dough by tablespoon on ungreased cookie sheet. Bake at 350 degrees for 12 minutes until lightly browned. Makes 6 dozen.