EXHIBIT 12 IES UTILITIES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Twelve Months Year Ended December 31, Ended 1991 1992 1993 1994 1995 March 31, 1996 (in thousands, except ratio of earnings to fixed charges) Net income $ 47,563 $ 45,291 $ 67,970 $ 61,210 $ 59,278 $ 67,247 Federal and state income taxes 23,494 20,723 37,963 37,966 41,095 47,547 Net income before income taxes 71,057 66,014 105,933 99,176 100,373 114,794 Interest on long-term debt 31,171 35,689 34,926 37,942 36,375 36,105 Other interest 5,595 3,939 5,243 3,630 8,085 8,790 Estimated interest component of rents 6,594 4,567 3,729 3,970 4,637 4,758 Fixed charges as defined 43,360 44,195 43,898 45,542 49,097 49,653 Earnings as defined $ 114,417 $ 110,209 $ 149,831 $ 144,718 $ 149,470 $ 164,447 Ratio of earnings to fixed charges (unaudited) 2.64 2.49 3.41 3.18 3.04 3.31 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.