Ameren Energy Generating Company
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars, Except Ratios)
Year Ended December 31, | ||||||||||||||||||||||
2008 | 2009 | 2010 | (a) | 2011 | 2012 | |||||||||||||||||
Earnings available for fixed charges, as defined: | ||||||||||||||||||||||
Net income (loss) attributable to Ameren Energy Generating Company | $ | 286,467 | $ | 159,869 | $ | (38,573 | ) | $ | 44,153 | $ | (32,941 | ) | ||||||||||
Net income (loss) attributable to noncontrolling interest | 28,424 | 2,007 | 3,366 | 1,061 | (6,898 | ) | ||||||||||||||||
Tax expense (benefit) based on income (loss) | 182,116 | 101,148 | 19,422 | 32,285 | (29,104 | ) | ||||||||||||||||
Fixed charges excluding capitalized interest(b) | 55,312 | 61,218 | 77,642 | 61,975 | 52,311 | |||||||||||||||||
Amortization of capitalized interest | 664 | 949 | 1,099 | 1,153 | 1,476 | |||||||||||||||||
Earnings available for fixed charges, as defined | $ | 552,983 | $ | 325,191 | $ | 62,956 | $ | 140,627 | $ | (15,156 | ) | |||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||
Interest expense on short-term and long-term debt(b) | $ | 54,320 | $ | 58,887 | $ | 74,290 | $ | 59,033 | $ | 49,457 | ||||||||||||
Capitalized interest | 10,263 | 11,631 | 5,672 | 2,886 | 13,469 | |||||||||||||||||
Estimated interest cost within rental expense | 232 | 307 | 295 | 284 | 279 | |||||||||||||||||
Amortization of net debt premium, discount, and expenses | 760 | 2,024 | 3,057 | 2,658 | 2,575 | |||||||||||||||||
Total fixed charges, as defined | $ | 65,575 | $ | 72,849 | $ | 83,314 | $ | 64,861 | $ | 65,780 | ||||||||||||
Consolidated ratio of earnings to fixed charges | 8.43 | 4.46 | — | (c) | 2.17 | — | (d) |
(a) | Effective January 1, 2010, Ameren Energy Generating Company (Genco) acquired an 80% ownership interest in Electric Energy Inc. (EEI) from an Ameren Corporation subsidiary as a result of an internal reorganization. In accordance with authoritative guidance, periods presented reflect the combined Genco and EEI results. |
(b) | Includes interest expense related to uncertain tax positions. |
(c) | Earnings were inadequate to cover fixed charges by $20 million for the year ended December 31, 2010. In the third quarter of 2010, Genco recorded an impairment charge of $170 million related to long-lived assets, goodwill and intangible assets. See Note 11 - Impairment and Other Charges under Part II, Item 8, of this Form 10-K for additional information. |
(d) | Earnings were inadequate to cover fixed charges by $81 million for the year ended December 31, 2012. In 2012, Genco recorded an asset impairment charge of $70 million to reduce the carrying value of the Elgin energy center to its estimated fair value. See Note 11 - Impairment and Other Charges under Part II, Item 8, of this Form 10-K for additional information. |