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. |