Exhibit 99 (f) System Energy Resources, Inc. Computation of Ratios of Earnings to Fixed Charges and Ratios of Earnings to Fixed Charges Twelve Months Ended December 31, June 30, 1990 1991 1992 1993 1994 1995 Fixed charges, as defined: Interest on long-term debt $230,644 $218,538 $196,618 $184,818 $162,517 $153,191 Interest on notes payable 0 0 0 0 88 141 Amortization of expense and premium on debt-net 10,532 7,495 6,417 4,520 6,731 6,355 Interest applicable to rentals 13,830 10,007 6,265 6,790 7,546 5,889 Other interest charges 1,460 3,617 1,506 1,600 7,168 10,400 -------------------------------------------------------------- Total fixed charges, as defined $256,466 $239,657 $210,806 $197,728 $184,050 $175,976 ============================================================== Earnings as defined: Net Income $168,677 $104,622 $130,141 $93,927 $5,407 $5,030 Add: Provision for income taxes: Federal and State 4,620 (26,848) 35,082 48,314 67,477 82,393 Deferred Federal and State - net 52,962 37,168 23,648 60,690 (27,374) (43,399) Investment tax credit adjustment - net 56,320 63,256 30,123 (30,452) (3,265) (3,265) Fixed charges as above 256,466 239,657 210,806 197,728 184,050 175,976 -------------------------------------------------------------- Total earnings, as defined $539,045 $417,855 $429,800 $370,207 $226,295 $216,735 ============================================================== Ratio of earnings to fixed charges, as defined 2.10 1.74 2.04 1.87 1.23 1.23 ==============================================================