Exhibit 12.4
Ameren Energy Generating Company
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars, Except Ratios)
Year Ended December 31, | ||||||||||||||||||||
2007 | 2008 | 2009 | 2010(a) | 2011(b) | ||||||||||||||||
Net income (loss) from continuing operations attributable to Ameren Energy Generating Company | $ | 230,238 | $ | 286,467 | $ | 159,869 | $ | (38,573 | ) | $ | 44,153 | |||||||||
Add- Net income attributable to noncontrolling interest | 27,272 | 28,424 | 2,007 | 3,366 | 1,061 | |||||||||||||||
Add- Taxes based on income | 154,910 | 182,116 | 101,148 | 19,422 | 32,285 | |||||||||||||||
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Net income before income taxes and noncontrolling interest | 412,420 | 497,007 | 263,024 | (15,785 | ) | 77,499 | ||||||||||||||
Add- fixed charges: | ||||||||||||||||||||
Interest on short-term and long-term debt(c) | 55,930 | 54,320 | 60,045 | 76,321 | 61,020 | |||||||||||||||
Estimated interest cost within rental expense | 169 | 232 | 307 | 295 | 284 | |||||||||||||||
Amortization of net debt premium, discount, and expenses | 586 | 760 | 866 | 1,026 | 671 | |||||||||||||||
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Total fixed charges | 56,685 | 55,312 | 61,218 | 77,642 | 61,975 | |||||||||||||||
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Earnings available for fixed charges | $ | 469,105 | $ | 552,319 | $ | 324,242 | $ | 61,857 | $ | 139,474 | ||||||||||
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Ratio of earnings to fixed charges | 8.27 | 9.98 | 5.29 | - | (d) | 2.25 | ||||||||||||||
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(a) | Effective January 1, 2010, Ameren Energy Generating Company (Genco) acquired an 80% ownership interest in Electric Energy Inc. (EEI) from an Ameren subsidiary as a result of an internal re-organization. In accordance with authoritative guidance, periods presented reflect the combined Genco and EEI results. See Note 1 - Summary of Significant Accounting Policies of this Form 10-K for additional information. |
(b) | During 2011, Genco recorded a charge to earnings of $35 million related to the closure of two energy centers and an asset impairment. See Note 17 - Goodwill, Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information. |
(c) | Includes interest expense related to uncertain tax positions |
(d) | Earnings are inadequate to cover fixed charges by $15.8 million for the year ended December 31, 2010. In the third quarter of 2010, Genco recorded a goodwill and other impairment charge of $170 million. See Note 17 - Goodwill, Impairment and Other Charges of this Form 10-K for additional information. |