Exhibit 12.3
Ameren Illinois Company
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
(Thousands of Dollars, Except Ratios)
Year Ended December 31, | ||||||||||||||||||||
2007 | 2008 | 2009 | 2010(a) | 2011 | ||||||||||||||||
Net income from continuing operations | $ | 56,011 | $ | 40,713 | $ | 133,360 | $ | 212,547 | $ | 195,731 | ||||||||||
Add- Taxes based on income | 26,571 | 15,866 | 78,970 | 136,614 | 126,821 | |||||||||||||||
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Net income before income taxes | 82,582 | 56,579 | 212,330 | 349,161 | 322,552 | |||||||||||||||
Add- fixed charges: | ||||||||||||||||||||
Interest on short-term and long-term debt(b) | 131,826 | 140,289 | 163,831 | 152,667 | 132,493 | |||||||||||||||
Estimated interest cost within rental expense | 1,476 | 1,890 | 3,797 | 3,899 | 3,581 | |||||||||||||||
Amortization of net debt premium, discount, and expenses | 10,624 | 11,058 | 6,317 | 5,250 | 5,234 | |||||||||||||||
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Total fixed charges | 143,926 | 153,237 | 173,945 | 161,816 | 141,308 | |||||||||||||||
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Earnings available for fixed charges | 226,508 | 209,816 | 386,275 | 510,977 | 463,860 | |||||||||||||||
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Ratio of earnings to fixed charges | 1.57 | 1.36 | 2.22 | 3.15 | 3.28 | |||||||||||||||
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Earnings required for combined fixed charges and preferred stock dividends: | ||||||||||||||||||||
Preferred stock dividends | 6,656 | 6,160 | 5,678 | 4,435 | 3,045 | |||||||||||||||
Adjustment to pretax basis | 3,158 | 2,401 | 3,362 | 2,396 | 1,973 | |||||||||||||||
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9,814 | 8,561 | 9,040 | 6,831 | 5,018 | ||||||||||||||||
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Combined fixed charges and preferred stock dividend requirements | $ | 153,740 | $ | 161,798 | $ | 182,985 | $ | 168,647 | $ | 146,326 | ||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 1.47 | 1.29 | 2.11 | 3.02 | 3.17 | |||||||||||||||
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(a) | Effective October 1, 2010, Central Illinois Light Company and Illinois Power Company merged with and into Central Illinois Public Service Company, with the surviving corporation renamed Ameren Illinois Company. In accordance with authoritative guidance, periods presented reflect the combined results for continuing operations. See Note 1 - Summary of Significant Accounting Policies of this Form 10-K for additional information. |
(b) | Includes interest expense related to uncertain tax positons |