EXHIBIT 12 IES UTILITIES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Twelve Months Year Ended December 31, Ended 1990 1991 1992 1993 1994 June 30, 1995 (in thousands, except ratio of earnings to fixed charges) Net income $ 45,969 $ 47,563 $ 45,291 $ 67,970 $ 61,210 $ 54,240 Federal and state income taxes 22,364 23,494 20,723 37,963 37,966 34,002 Net income before income taxes 68,333 71,057 66,014 105,933 99,176 88,242 Interest on long-term debt 28,853 31,171 35,689 34,926 37,942 37,526 Other interest 4,704 5,595 3,939 5,243 3,630 5,475 Estimated interest component of rents 7,936 6,594 4,567 3,729 3,970 3,995 Fixed charges as defined 41,493 43,360 44,195 43,898 45,542 46,996 Earnings as defined $ 109,826 $ 114,417 $ 110,209 $ 149,831 $ 144,718 $ 135,238 Ratio of earnings to fixed charges (unaudited) 2.65 2.64 2.49 3.41 3.18 2.88 For the purposes of computation of these ratios (a) earnings have been calculated by adding fixed charges and Federal and state income taxes to net income; (b) fixed charges consist of interest (including amortization of debt expense, premium and discount) on long-term and other debt and the estimated interest component of rents.