Exhibit 12.1
ILLINOVA CORPORATION
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
Twelve Six
Months Ended Months Ended
June June
(Thousands of Dollars) As Restated
1999 1999 ** 1999
--------------------------- ------------
Earnings Available for Fixed Charges:
Net Income (Loss) ($1,509,967) ($1,509,967) $35,627
Add:
Income Taxes:
Current (25,335) (25,335) (6,582)
Deferred - Net 62,629 62,629 44,071
Allocated income taxes (18,754) (18,754) (14,798)
Investment tax credit - deferred (5,539) (5,539) (729)
Income tax effect of CPS impairment (1,143,252) (1,143,252) -
Equity (Earnings) Loss in Subs (17,473) (17,473) (3,413)
Interest on long-term debt 123,030 123,030 63,375
Amortization of debt expense and
premium-net, and other interest charges 40,348 40,348 26,512
One-third of all rentals (Estimated to be
representative of the interest component) 3,790 3,790 1,749
Interest on in-core fuel 5,223 5,223 3,274
CPS Impairment - 2,666,909 -
----------- ---------- --------
Earnings (loss) available for fixed charges ($2,485,300) $181,609 $149,086
=========== ========== ========
Fixed charges:
Interest on long-term debt $123,030 $123,030 $63,375
Amortization of debt expense and
premium-net, and other interest charges 48,922 48,922 29,184
One-third of all rentals (Estimated to be
representative of the interest component) 3,790 3,790 1,749
Preferred stock dividend requirements 32,455 32,455 16,066
----------- ---------- --------
Total Fixed Charges $208,197 $208,197 $110,374
=========== ========== ========
Ratio of earnings to fixed charges - * - 1.35
=========== ========== ========
* Earnings are inadequate to cover fixed charges. Additional earnings (thousands) $2,693,497 are required to attain a
one-to-one ratio of Earnings to Fixed Charges.
** Supplemental ratio of earnings to fixed charges presented to exclude write-off related to Clinton Impairment.
Additional earnings (thousands) of $26,858 are required to attain a one-to-one ratio of Earnings to Fixed Charges.
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