UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
12 Months
Year Ended December 31, Ended
-------------------------------------------------------------- March 31,
1993 1994 1995 1996 1997 1998
---- ---- ---- ---- ---- ----
Thousands of Dollars Except Ratios
Net Income $ 297,160 $ 320,757 $ 314,107 $ 304,876 $ 301,655 $ 300,327
Add- Extraordinary items net of tax -- -- -- -- 26,967 26,967
--------- --------- --------- --------- --------- ---------
Net Income from continuing operations $ 297,160 $ 320,757 $ 314,107 $ 304,876 $ 328,622 $ 327,294
Add- Federal and state income taxes:
Current 146,900 232,497 222,072 198,405 234,846 238,740
Deferred (net) 40,039 (20,208) (6,770) 4,160 (33,926) (35,514)
Deferred investment tax credits, net (7,626) (6,182) (6,181) (6,182) (10,451) (10,282)
Income tax applicable to nonoperating income 3,403 (2,280) (1,387) (173) 9,294 9,057
--------- --------- --------- --------- --------- ---------
182,716 203,827 207,734 196,210 199,763 202,001
--------- --------- --------- --------- --------- ---------
Net income before income taxes 479,876 524,584 521,841 501,086 528,385 529,295
--------- --------- --------- --------- --------- ---------
Add- fixed charges:
Interest on long term debt 124,430 135,608 129,239 128,375 135,004 134,018
Rentals 1,314 1,299 3,330 3,458 3,727 3,587
Amortization of net debt premium, discount,
expenses and losses 5,170 5,504 5,502 4,269 3,672 3,638
--------- --------- --------- --------- --------- ---------
130,914 142,411 138,071 136,102 142,403 141,243
--------- --------- --------- --------- --------- ---------
Earnings as defined 610,790 666,995 659,912 637,188 670,788 670,538
========= ========= ========= ========= ========= =========
Ratio of earnings to fixed charges 4.66 4.68 4.78 4.68 4.71 4.74
Earnings required for preferred dividends:
Preferred stock dividends 14,087 13,252 13,250 13,249 8,817 8,817
Adjustment to pre-tax basis 7,450 7,262 7,558 7,363 4,509 4,320
--------- --------- --------- --------- --------- ---------
21,537 20,514 20,808 20,612 13,326 13,137
Fixed charges plus preferred stock dividend
requirements 152,451 162,925 158,879 156,714 155,729 154,380
========= ========= ========= ========= ========= =========
Ratio of earnings to fixed charges plus
preferred stock dividend requirements 4.00 4.09 4.15 4.06 4.30 4.34
========= ========= ========= ========= ========= =========