Exhibit 12.1
Ameren Corporation
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars, Except Ratios)
| Six Months Ended June 30, 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 | $ | (192,026 | ) | $ | 518,945 | |||
Net income (loss) attributable to noncontrolling interest | (4,688 | ) | 1,061 | |||||
Tax expense (benefit) based on income (loss) | (76,181 | ) | 310,110 | |||||
Fixed charges excluding capitalized interest and preferred stock dividends tax adjustment(c) | 240,890 | 492,058 | ||||||
Amortization of capitalized interest | 1,682 | 3,616 | ||||||
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Earnings available for fixed charges, as defined | $ | (30,323 | ) | $ | 1,325,790 | |||
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Fixed charges, as defined: | ||||||||
Interest expense on short-term and long-term debt(d) | $ | 227,224 | $ | 464,522 | ||||
Capitalized interest(c) | 5,438 | 2,920 | ||||||
Estimated interest cost within rental expense | 3,863 | 8,196 | ||||||
Amortization of net debt premium, discount, and expenses | 6,581 | 13,312 | ||||||
Subsidiary preferred stock dividends | 3,222 | 6,028 | ||||||
Adjust preferred stock dividends to pretax basis | 1,300 | 3,561 | ||||||
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Total fixed charges, as defined | $ | 247,628 | $ | 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 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 $278 million for the six months ended June 30, 2012. See footnote (a) above for additional information. |