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)
Year Ended December 31, | ||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011(a) | ||||||||||||||||
Net income from continuing operations | $ | 341,966 | $ | 250,998 | $ | 265,020 | $ | 368,702 | $ | 290,227 | ||||||||||
Add- Income from equity investee | (54,545 | ) | (10,948 | ) | — | — | — | |||||||||||||
Add- Taxes based on income | 139,782 | 133,514 | 127,982 | 199,085 | 160,085 | |||||||||||||||
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Net income before income taxes and income from equity investee | 427,203 | 373,564 | 393,002 | 567,787 | 450,312 | |||||||||||||||
Add- fixed charges: | ||||||||||||||||||||
Interest on short-term and long-term debt(b) | 203,456 | 205,314 | 245,272 | 232,157 | 227,165 | |||||||||||||||
Estimated interest cost within rental expense | 2,540 | 3,533 | 3,542 | 3,689 | 3,608 | |||||||||||||||
Amortization of net debt premium, discount, and expenses | 5,634 | 6,226 | 6,686 | 6,744 | 6,347 | |||||||||||||||
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Total fixed charges | 211,630 | 215,073 | 255,500 | 242,590 | 237,120 | |||||||||||||||
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Earnings available for fixed charges | 638,833 | 588,637 | 648,502 | 810,377 | 687,432 | |||||||||||||||
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Ratio of earnings to fixed charges | 3.01 | 2.73 | 2.53 | 3.34 | 2.90 | |||||||||||||||
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Earnings required for combined fixed charges and preferred stock dividends: | ||||||||||||||||||||
Preferred stock dividends | 5,941 | 5,941 | 5,941 | 4,716 | 3,420 | |||||||||||||||
Adjustment to pretax basis | 2,429 | 3,160 | 2,869 | 2,546 | 1,887 | |||||||||||||||
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8,370 | 9,101 | 8,810 | 7,262 | 5,307 | ||||||||||||||||
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Combined fixed charges and preferred stock dividend requirements | $ | 220,000 | $ | 224,174 | $ | 264,310 | $ | 249,852 | $ | 242,427 | ||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 2.90 | 2.62 | 2.45 | 3.24 | 2.84 | |||||||||||||||
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(a) | In the third quarter of 2011, Union Electric Company recorded a loss from regulatory disallowance of $89 million . See Note 17 - Goodwill, Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information. |
(b) | Includes interest expense related to uncertain tax positions |