EXHIBIT 12 IES UTILITIES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Twelve Months Year Ended December 31, Ended 1989 1990 1991 1992 1993 September 30, 1994 (in thousands, except ratio of earnings to fixed charges) Net income $ 53,454 $45,969 $47,563 $45,291 $67,970 $ 66,773 Federal and state income taxes 22,574 22,364 23,494 20,760 37,963 37,877 Net income before income taxes 76,028 68,333 71,057 66,051 105,933 104,650 Interest on long-term debt 29,044 28,853 31,171 35,689 34,926 37,955 Other interest 3,130 4,704 5,595 3,939 5,243 3,774 Estimated interest component of rents 9,494 7,936 6,594 4,567 3,729 4,080 Fixed charges as defined 41,668 41,493 43,360 44,195 43,898 45,809 Earnings as defined $ 117,696$109,826$114,417$110,246$149,831 $ 150,459 Ratio of earnings to fixed charges (unaudited) 2.82 2.65 2.64 2.49 3.41 3.28 For the purposes of computation of these ratios (a) earnings have been calculated by adding fixed charges and Federal and state inco taxes to net income; (b) fixed charges consist of interest (including amortization of debt expense, premium and discount) on long-te other debt and the estimated interest component of rents.