Exhibit 12.2
Union Electric Company
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
(Thousands of Dollars, Except Ratios)
| Six Months Ended June 30, 2012 | Year Ended December 31, 2011 | |||||||
Earnings available for fixed charges, as defined: | ||||||||
Net income from continuing operations | $ | 166,068 | $ | 290,227 | ||||
Taxes based on income | 95,194 | 160,085 | ||||||
Fixed charges | 121,592 | 237,120 | ||||||
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Earnings available for fixed charges, as defined | $ | 382,854 | $ | 687,432 | ||||
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Fixed charges, as defined: | ||||||||
Interest expense on short-term and long-term debt(a) | $ | 116,897 | $ | 227,165 | ||||
Estimated interest cost within rental expense | 1,617 | 3,608 | ||||||
Amortization of net debt premium, discount, and expenses | 3,078 | 6,347 | ||||||
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Total fixed charges, as defined | $ | 121,592 | $ | 237,120 | ||||
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Ratio of earnings to fixed charges | 3.15 | 2.90 | ||||||
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Earnings required for combined fixed charges and preferred stock dividends: | ||||||||
Preferred stock dividends | $ | 1,710 | $ | 3,420 | ||||
Adjustment to pretax basis | 980 | 1,887 | ||||||
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| $ | 2,690 | $ | 5,307 | |||||
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Combined fixed charges and preferred stock dividend requirements | $ | 124,282 | $ | 242,427 | ||||
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Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 3.08 | 2.84 | ||||||
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| (a) | Includes interest expense related to uncertain tax positions |