Exhibit 12(f) System Energy Resources, Inc. Computation of Ratios of Earnings to Fixed Charges and Ratios of Earnings to Fixed Charges December 31, 1991 1992 1993 1994 1995 1996 Fixed charges, as defined: Interest on long-term debt $218,538 $196,618 $184,818 $162,517 $136,916 $128,704 Interest on notes payable -- -- -- 88 473 289 Amortization of expense and premium on debt-net 7,495 6,417 4,520 6,731 6,104 6,672 Interest applicable to rentals 10,007 6,265 6,790 7,546 6,475 6,223 Other interest charges 3,617 1,506 1,600 7,168 8,019 8,055 -------------------------------------------------------------------------- Total fixed charges, as defined $239,657 $210,806 $197,728 $184,050 $157,987 $149,943 ========================================================================== Earnings as defined: Net Income $104,622 $130,141 $93,927 $5,407 $93,039 $98,668 Add: Provision for income taxes: Federal and State (26,848) 35,082 48,314 67,477 120,830 33,146 Deferred Federal and State - net 37,168 23,648 60,690 (27,374) (41,871) 52,447 Investment tax credit adjustment - net 63,256 30,123 (30,452) (3,265) (3,466) (3,472) Fixed charges as above 239,657 210,806 197,728 184,050 157,987 149,943 -------------------------------------------------------------------------- Total earnings, as defined $417,855 $429,800 $370,207 $226,295 $326,519 $330,732 ========================================================================== Ratio of earnings to fixed charges, as defined 1.74 2.04 1.87 1.23 2.07 2.21 ==========================================================================