1 EXHIBIT 12(a) UNION ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 12 Months Ended Year Ended December 31, March 31, -------------------------------------------------------------- --------- 1990 1991 1992 1993 1994 1995 -------- -------- -------- -------- -------- ---- (Thousands of Dollars Except Ratios) Net Income for the Period . . . . $294,219 $321,512 $302,748 $297,160 $320,757 $320,755 -------- -------- -------- -------- -------- -------- Add: Taxes Based on Income . . . . . . 191,532 218,954 197,009 182,716 203,827 202,214 --------- --------- --------- --------- --------- -------- Fixed Charges: Interest on Debt . . . . . . . 183,215 163,061 125,798 124,430 135,608 136,658 (*) Amortization of Premium and Discount, Less Expense, on Debt; and Bond Defeasance Cost . . . 4,369 4,148 9,521 5,170 5,504 5,505 Rentals (See Note) . . . . . . 1,114 1,171 908 1,314 1,299 1,747 --------- --------- --------- --------- ---------- ---------- Total Fixed Charges . . . 188,698 168,380 136,227 130,914 142,411 143,910 --------- --------- --------- --------- ---------- ---------- Earnings Available for Fixed Charges . . . . . . . . . . . . $674,449 $708,846 $635,984 $610,790 $666,995 $666,879 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges . . . . . . . . . . . . 3.57 4.21 4.66 4.66 4.68 4.63 ======== ======== ======== ======== ======== ======== (*) Total annual interest charges on all bonds for the twelve months ended March 31, 1995 was $114,508,000. Note: Represents the interest factor applicable to rentals.