Exhibit 12.1
Ameren Corporation
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars, Except Ratios)
Year Ended December 31, | ||||||||||||||||||||
2007 | 2008 | 2009 | 2010(a) | 2011(b) | ||||||||||||||||
Net income from continuing operations attributable to Ameren Corporation | $ | 617,804 | $ | 605,189 | $ | 612,313 | $ | 138,678 | $ | 518,945 | ||||||||||
Add- Net income attributable to noncontrolling interest | 27,266 | 28,422 | 2,007 | 3,366 | 1,061 | |||||||||||||||
Add- Taxes based on income | 330,141 | 326,736 | 332,128 | 325,320 | 310,110 | |||||||||||||||
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Net income before income taxes and noncontrolling interests | 975,211 | 960,347 | 946,448 | 467,364 | 830,116 | |||||||||||||||
Add- fixed charges: | ||||||||||||||||||||
Interest on short-term and long-term debt(c) | 421,406 | 440,507 | 518,149 | 511,468 | 464,522 | |||||||||||||||
Estimated interest cost within rental expense | 5,020 | 6,510 | 8,341 | 8,593 | 8,196 | |||||||||||||||
Amortization of net debt premium, discount, and expenses | 18,638 | 19,716 | 16,183 | 14,337 | 13,312 | |||||||||||||||
Subsidiary preferred stock dividends | 10,871 | 10,357 | 9,874 | 8,278 | 6,028 | |||||||||||||||
Adjust preferred stock dividends to pretax basis | 5,709 | 5,497 | 5,271 | 4,753 | 3,561 | |||||||||||||||
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Total fixed charges | 461,644 | 482,587 | 557,818 | 547,429 | 495,619 | |||||||||||||||
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Less: Adjustment of preferred stock dividends to pretax basis | 5,709 | 5,497 | 5,271 | 4,753 | 3,561 | |||||||||||||||
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Earnings available for fixed charges | $ | 1,431,146 | $ | 1,437,437 | $ | 1,498,995 | $ | 1,010,040 | $ | 1,322,174 | ||||||||||
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Ratio of earnings to fixed charges | 3.10 | 2.97 | 2.68 | 1.84 | 2.67 | |||||||||||||||
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(a) | In the third quarter of 2010, Ameren Corporation recorded a goodwill and other impairment charge of $589 million. See Note 17 - Goodwill, Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information. |
(b) | During 2011, Ameren Corporation recorded a charge to earnings of $125 million related to a loss on regulatory disallowance, charges related to the closure of two energy centers and asset impairments. See Note 17 - Goodwill, Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information. |
(c) | Includes interest expense related to uncertain tax positions |