EXHIBIT 12(b)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
12 Months
Year Ended December 31, Ended
---------------------------------------------------------
June 30,
1992 1993 1994 1995 1996 1997
---- ---- ---- ---- ---- ----
(Thousands of Dollars Except Ratios)
Net income for the period $302,748 $297,160 $320,757 $314,107 $304,876 $302,061
Add:
Taxes based on income 197,009 182,716 203,827 207,734 196,210 192,968
Fixed charges (see below) 136,227 130,914 142,411 138,071 136,102 139,545
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Earnings available for fixed charges
and preferred stock dividend
requirements of Registrant $635,984 $610,790 $666,995 $659,912 $637,188 $634,574
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Fixed charges:
Interest on debt $125,798 $124,430 $135,608 $129,239 $128,375 $132,087
Amortization of premium and discount,
less expense on debt; and
bond defeasance cost 9,521 5,170 5,504 5,502 4,269 3,662
Rentals (see note) 908 1,314 1,299 3,330 3,458 3,796
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Total fixed charges $136,227 $130,914 $142,411 $138,071 $136,102 $139,545
Preferred stock dividend requirements
of Registrant* (Adjusted for income
tax effect) 21,852 21,537 20,514 20,808 20,612 16,923
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Total fixed charges and preferred
stock dividend requirements $158,079 $152,451 $162,925 $158,879 $156,714 $156,468
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Ratio of earnings to fixed charges
and preferred dividends 4.02 4.01 4.09 4.15 4.06 4.05
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Note: Represents the interest factor applicable to rentals.
* See following page for supporting computation.
EXHIBIT 12(b)
(continued)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
12 Months
Year Ended December 31, Ended
----------------------------------------------------------
June 30,
1992 1993 1994 1995 1996 1997
---- ---- ---- ---- ---- ----
(Thousands of Dollars Except Ratios)
Computation of preferred stock
dividend requirements of Registrant,
adjusted for income tax effect*
Preferred stock dividend
requirements of Registrant, as
shown on statement of earnings $14,058 $14,087 $13,252 $13,250 $13,249 $11,033
Less deductible preferred stock
dividends** 2,085 1,973 1,816 1,816 1,816 1,816
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Non-deductible preferred stock
dividends $11,973 $12,114 $11,436 $11,434 $11,433 $9,217
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Excess of net income before income
taxes over net income (percentage)
See note below 65.1% 61.5% 63.5% 66.1% 64.4% 63.9%
----- ----- ----- ----- ----- -----
Income tax effect on non-deductible
preferred stock dividends* $7,794 $7,450 $7,262 $7,558 $7,363 $5,890
Add:
Deductible preferred stock
dividends (above) 2,085 1,973 1,816 1,816 1,816 1,816
Non-deductible preferred stock
dividends (above) 11,973 12,114 11,436 11,434 11,433 9,217
------ ------ ------ ------ ------ -----
Preferred stock dividend requirements
of Registrant. (Adjusted for income
tax effect) $21,852 $21,537 $20,514 $20,808 $20,612 $16,923
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Note: Calculated as follows -
Net income before income taxes $499,757 $479,876 $524,584 $521,841 $501,086 $495,029
Less net income 302,748 297,160 320,757 314,107 304,876 302,061
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Excess - Taxed based on income $197,009 $182,716 $203,827 $207,734 $196,210 $192,968
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- Percentage of net income 65.1% 61.5% 63.5% 66.1% 64.4% 63.9%
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* Income tax adjustment to reflect pretax earnings required to meet
preferred stock dividend.
** Dividends deductible on federal income tax return.