Exhibit 12B
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
Year Ended December 31,
-----------------------------------------------------------------------
1993 1994 1995 1996 1997
(Thousands of Dollars Except Ratios)
Net income $297,160 $320,757 $314,107 $304,876 $301,655
Add - Extraordinary items, net of tax - - - - 26,967
Net income from continuing operations...... 297,160 320,757 314,107 304,876 328,622
Taxes based on income................. 182,716 203,827 207,734 196,210 199,763
Fixed charges (see below)............. 130,914 142,411 138,071 136,102 142,403
------------ ------------ ------------ ------------ --------------
Earnings available for fixed
Charges and preferred stock
dividend requirements of Company $610,790 $666,995 $659,912 $637,188 $670,788
Fixed charges:
Interest on debt.................... $124,430 $135,608 $129,239 $128,375 $135,004
Amortization of premium and
discount, less expense, on
debt; and bond defeasance
cost.............................. 5,170 5,504 5,502 4,269 3,672
Rentals (see note).................. 1,314 1,299 3,330 3,458 3,727
----------- ----------- ----------- ----------- -------------
Total fixed charges............... $130,914 $142,411 $138,071 $136,102 $142,403
Preferred stock dividend requirements
of Company *(Adjusted for income
tax effect)............................... 21,537 20,514 20,808 20,612 13,074
------------ ------------ ------------ ------------ --------------
Total fixed charges and preferred
stock dividend requirements............. $152,451 $162,925 $158,879 $156,714 $155,477
============ ============ ============ ============ ==============
Ratio of earnings to fixed charges
and preferred dividends................. 4.006 4.094 4.154 4.066 4.314
============ ============ ============ ============ ==============
Note: Represents the interest factor applicable to rentals.
* See following page for supporting computation.
EX-12B Cont.
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
Year Ended December 31,
-------------------------------------------------------------------------
1993 1994 1995 1996 1997
(Thousands of Dollars Except Ratios)
Computation of preferred stock
dividend requirements of Company,
adjusted for income tax effect*.
preferred stock dividend require-
ments of Company, as shown on
statement of earnings............ $14,087 $13,252 $13,250 $13,249 $8,817
Less deductible preferred stock
dividends**........................... 1,973 1,816 1,816 1,816 1,816
------------ ------------ ------------ ------------ -------------
Non-deductible preferred stock
dividends............................. $12,114 $11,436 $11,434 $11,433 $7,001
============ ============ ============ ============ =============
Excess of net income before income
taxes over net income (percentage)
See note below........................ 61.5% 63.5% 66.1% 64.4% 60.8%
===== ===== ===== ===== =====
Income tax effect on non-deductible
preferred stock dividends*........ $7,450 $7,262 $7,558 $7,363 $4,257
Add:
Deductible preferred stock
Dividends (above).................. 1,973 1,816 1,816 1,816 1,816
Non-deductible preferred stock
dividends (above).................. 12,114 11,436 11,434 11,433 7,001
------------ ------------ ------------ ------------ -------------
Preferred stock dividend requirements
of Company, adjusted for income
tax effect...................... $21,537 $20,514 $20,808 $20,612 $13,074
============ ============ ============ ============ =============
Note: Calculated as follows -
Net income before income
taxes................... $479,876 $524,584 $521,841 $501,086 $528,385
Less net income.............. 297,160 320,757 314,107 304,876 328,622
------------ ------------ ------------ ------------ -------------
Excess - Taxes based on
income.................... $182,716 $203,827 $207,734 $196,210 $199,763
============ ============ ============ ============ =============
- Percentage of net income.. 61.5% 63.5% 66.1% 64.4% 60.8%
==== ==== ==== ==== ====
* Income tax adjustment to reflect pre-tax earnings required to meet preferred stock dividend.
** Dividends deductible on federal income tax return.