ILLINOVA CORPORATION
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(Thousands of Dollars)
Year Ended December 31, Supplemental**
- ------------------------------------------------------------------------------------------------------------------------------------
1992 1993 1993 1994 1995 1996
Earnings Available for Fixed
Charges:
Net Income (Loss) $93,234 ($81,874) ($81,874) $151,786 $151,601 $191,021
Add:
Income Taxes:
Current 22,930 25,260 25,260 58,354 98,578 163,873
Deferred-Net 63,739 82,057 82,057 71,177 34,137 (16,028)
Allocated income taxes (6,632) (12,599) (8,285) (11,851) (12,641)
Investment tax credit-deferred (519) (782) (782) (11,331) (6,894) (7,278)
Income tax effect of
disallowed costs - (70,638) (70,638) - - -
Interest on long-term debt 160,795 154,110 154,110 135,115 125,581 118,438
Amortization of debt
expense and premium-net,
and other interest charges 12,195 17,007 17,007 15,826 29,558 22,325
One-third of all rentals
(Estimated to be represen-
tative of the interest
component) 5,117 5,992 5,992 5,847 5,221 4,346
Interest on in-core fuel 8,278 6,174 6,174 7,185 6,716 4,757
Disallowed Clinton plant costs - - 270,956 - - -
------- ------- ------- ------- ------- --------
Earnings (loss) available for
fixed charges $359,137 $124,707 $395,663 $425,674 $432,647 $468,813
========= ======== ======== ======== ======== ========
Fixed charges:
Interest on long-term debt 160,795 154,110 154,110 135,115 125,581 118,438
Amortization of debt expense
and premium-net, and other
interest charges 25,785 27,619 27,619 25,381 38,147 28,957
One-third of all rentals
(Estimated to be representative
of the interest component) 5,117 5,992 5,992 5,847 5,221 4,346
-------- -------- --------- -------- -------- --------
Total Fixed Charges $191,697 $187,721 $187,721 $166,343 $168,949 $151,741
========= ========= ========== ========== ========= ========
Ratio of earnings to fixed
charges 1.87 0.66* 2.11 2.56 2.56 3.09
========= ========== ========== ========== ========= =========
* Earnings are inadequate to cover fixed charges. Additional earnings
(thousands) of $63,014 for 1993 are required to attain a one-to-one ratio of
Earnings to Fixed Charges.
**Supplemental ratio of earnings to fixed charges presented to exclude
nonrecurring item - Disallowed Clinton plant costs.