Exhibit 12.1
Ameren Corporation
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars, Except Ratios)
Three Months Ended March 31, 2012(a) | Year Ended December 31, 2011(b) | |||||||
Earnings available for fixed charges, as defined: | ||||||||
Net income (loss) from continuing operations attributable to Ameren Corporation | $ | (402,762 | ) | $ | 518,945 | |||
Net income (loss) attributable to noncontrolling interest | (2,055 | ) | 1,061 | |||||
Tax expense (benefit) based on income (loss) | (130,438 | ) | 310,110 | |||||
Fixed charges excluding capitalized interest and preferred stock dividends tax adjustment (c) | 121,561 | 492,058 | ||||||
Amortization of capitalized interest | 974 | 3,616 | ||||||
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Earnings available for fixed charges, as defined | $ | (412,720 | ) | $ | 1,325,790 | |||
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Fixed charges, as defined: | ||||||||
Interest expense on short-term and long-term debt(d) | $ | 114,895 | $ | 464,522 | ||||
Capitalized interest(c) | 2,309 | 2,920 | ||||||
Estimated interest cost within rental expense | 1,795 | 8,196 | ||||||
Amortization of net debt premium, discount, and expenses | 3,260 | 13,312 | ||||||
Subsidiary preferred stock dividends | 1,611 | 6,028 | ||||||
Adjust preferred stock dividends to pretax basis | 524 | 3,561 | ||||||
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Total fixed charges, as defined | $ | 124,394 | $ | 498,539 | ||||
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Ratio of earnings to fixed charges | - | (e) | 2.66 | |||||
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(a) | In the first quarter of 2012, Ameren Corporation recorded a pretax asset impairment charge of $628 million. See Note 11 - Asset Impairment under Part I, Item I of this Form 10-Q 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 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) | Excludes allowance for funds used during construction |
(d) | Includes interest expense related to uncertain tax positions |
(e) | Earnings are inadequate to cover fixed charges by approximately $537 million for the quarter ended March 31, 2012. See footnote (a) above for additional information. |