Exhibit 12.01 CIPSCO INCORPORATED AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FOR THE FIVE YEARS ENDED DECEMBER 31, 1994 (in thousands) = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 1994 1993 1992 1991 1990 ____ ____ ____ ____ ____ Net income. . . . . . . . . . . . . . . . . $ 83,954 $ 85,498 $ 72,499(c) $ 72,065(c) $ 65,756(c) Add--Federal and state income taxes: Current (a) . . . . . . . . . . . . . . . 33,582 41,320 5,380 34,717 43,107 Deferred (net). . . . . . . . . . . . . . 18,867 13,907 38,707 12,078 (3,911) Deferred investment tax credits, net. . . (3,367) (3,366) (3,336) (3,464) (3,306) _______ _______ _______ _______ _______ 49,082 51,861 40,751 43,331 35,890 _______ _______ _______ _______ _______ Net income before income taxes. . . . . . . 133,036 137,359 113,250 115,396 101,646 _______ _______ _______ _______ _______ Add--Fixed charges Interest on long-term debt (b). . . . . . 31,164 32,823 35,534 36,652 36,589 Interest on provision for revenue refunds . . . . . . . . . . . . . . . . - - (803) 4,261 3,396 Other interest. . . . . . . . . . . . . . 378 603 398 1,231 1,070 Amortization of net debt premium, discount, expense and loss (b). . . . . 1,678 1,598 863 338 326 Preferred stock dividend of subsidiary. . 3,510 3,718 4,549 5,396 5,617 _______ _______ _______ _______ _______ 36,730 38,742 40,541 47,878 46,998 _______ _______ _______ _______ _______ -146- Earnings as defined . . . . . . . . . . . . $169,766 $176,101 $153,791 $163,274 $148,644 ======= ======= ======= ======= ======= Fixed charges . . . . . . . . . . . . . . . 36,730 38,742 40,541 47,878 46,998 Adjustment to pre-tax basis . . . . . . . . 2,052 2,255 2,557 3,244 3,065 _______ _______ _______ _______ _______ 38,782 40,997 43,098 51,122 50,063 Ratio of earnings to fixed charges adjusted to pre-tax basis . . . . . . . . 4.38 4.30 3.57 3.19 2.97 ======= ======= ======= ======= ======= <FN> _________________________ (a) Federal portion and state portion are shown separately in Notes to Consolidated Financial Statements. (b) Combined as interest charges on long-term debt on Consolidated Statements of Income. (c) Includes revenues collected subject to refund as discussed in Note 12 of Notes to Consolidated Financial Statements. </FN> -147-