Ameren (AEE) S-3ASR Automatic shelf registration

Exhibit 12.1.1

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)
Earnings available for fixed charges:
Net income from continuing operations attributable to Ameren Corporation	$	617,804	$	605,189	$	612,313	$	138,678	$	518,945
Net income attributable to noncontrolling interest		27,266		28,422		2,007		3,366		1,061
Taxes based on income		330,141		326,736		332,128		325,320		310,110
Fixed charges excluding capitalized interest and preferred stock dividends tax adjustment		455,935		477,090		552,547		542,676		492,058
Amortization of capitalized interest		2,300		2,912		3,301		3,484		3,544
Earnings available for fixed charges	$	1,433,446	$	1,440,349	$	1,502,296	$	1,013,524	$	1,325,718
Fixed charges:
Interest expense on short-term and long-term debt(c)		421,406		440,507		518,149		511,468		464,522
Capitalized interest(d)		13,947		19,796		12,798		5,852		2,920
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
Total fixed charges	$	475,591	$	502,383	$	570,616	$	553,281	$	498,539
Consolidated ratio of earnings to fixed charges		3.01		2.87		2.63		1.83		2.66

^(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 the 2011 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 the 2011 Form 10-K for additional information.

^(c)  Includes interest expense related to uncertain tax positions.

^(d)  Excludes allowance for funds used during construction.