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
---------------------------------------------------------- September 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 $300,873
Add:
Taxes based on income 197,009 182,716 203,827 207,734 196,210 192,556
Fixed charges (see below) 136,227 130,914 142,411 138,071 136,102 141,142
-------- -------- -------- -------- -------- --------
Earnings available for fixed
charges and preferred stock
dividend requirements
of Registrant $635,984 $610,790 $666,995 $659,912 $637,188 $634,571
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Fixed charges:
Interest on debt $125,798 $124,430 $135,608 $129,239 $128,375 $133,678
Amortization of premium and
discount, less expense on
debt; and bond defeasance
cost 9,521 5,170 5,504 5,502 4,269 3,667
Rentals (see note) 908 1,314 1,299 3,330 3,458 3,797
-------- -------- -------- -------- -------- --------
Total fixed charges $136,227 $130,914 $142,411 $138,071 $136,102 $141,142
Preferred stock dividend
requirements of Registrant*
(Adjusted for income
tax effect) 21,852 21,537 20,514 20,808 20,612 15,115
-------- -------- -------- -------- -------- --------
Total fixed charges and
preferred stock dividend
requirements $158,079 $152,451 $162,925 $158,879 $156,714 $156,257
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed
charges and preferred
dividends 4.02 4.01 4.09 4.15 4.06 4.06
======== ======== ======== ======== ======== ========
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
---------------------------------------------- September 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 $9,925
Less deductible preferred stock
dividends** 2,085 1,973 1,816 1,816 1,816 1,816
------- ------- ------- ------- ------- -------
Non-deductible preferred stock
dividends $11,973 $12,114 $11,436 $11,434 $11,433 $8,109
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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% 64.0%
----- ----- ----- ----- ----- -----
Income tax effect on
non-deductible preferred
stock dividends* $7,794 $7,450 $7,262 $7,558 $7,363 $5,190
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 8,109
------- ------- ------- ------- ------- -------
Preferred stock dividend
requirements of Registrant.
(Adjusted for income tax
effect) $21,852 $21,537 $20,514 $20,808 $20,612 $15,115
======= ======= ======= ======= ======= =======
Note: Calculated as follows -
Net income before income taxes $499,757 $479,876 $524,584 $521,841 $501,086 $493,429
Less net income 302,748 297,160 320,757 314,107 304,876 300,873
-------- -------- -------- -------- -------- --------
Excess - Taxed based on income $197,009 $182,716 $203,827 $207,734 $196,210 $192,556
======== ======== ======== ======== ======== ========
- Percentage of net income 65.1% 61.5% 63.5% 66.1% 64.4% 64.0%
===== ===== ===== ===== ===== =====
* Income tax adjustment to reflect pretax earnings required to meet preferred
stock dividend.
** Dividends deductible on federal income tax return.