EXHIBIT 12
INDIANAPOLIS POWER & LIGHT COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Years Ended December 31,
(in thousands, except ratios)
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1989 1990 1991 1992 1993
Fixed charges and preferred stock
dividends, as defined:
Interest on long-term debt $52,731 $47,877 $46,464 $42,663 $41,399
Other interest 602 1,755 2,596 1,251 2,305
Amortization of debt premium and
expense -- net (737) 809 666 620 787
Estimated interest factor
attributable to rents 552 509 420 301 164
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Total fixed charges 53,148 50,950 50,146 44,835 44,655
Preferred stock dividends * 8,195 7,729 4,971 5,043 5,018
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Total fixed charges and preferred
stock dividends, as defined $61,343 $58,679 $55,117 $49,878 $49,673
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Earnings, as defined:
Net income $94,471 $97,085 $103,866 $93,058 $102,766
Add:
Federal and state income tax
provisions 52,647 55,572 58,527 54,476 59,273
Fixed charges, as above 53,148 50,950 50,146 44,835 44,655
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Total earnings,
as defined $200,266 $203,607 $212,538 $192,369 $206,694
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Ratio of earnings to combined fixed charges
and preferred stock dividends 3.26 3.47 3.86 3.86 4.16
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<FN>
* Preferred stock dividends were increased to an amount representing the pre-tax earnings which would be required
to cover such dividend requirements.