1
EXHIBIT 12(b)
PAGE 1 of 2
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
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 (see below) . . . . 188,698 168,380 136,227 130,914 142,411 143,910
-------- -------- -------- -------- -------- --------
Earnings available for fixed
charges and preferred stock
dividend requirements of Company . . $674,449 $708,846 $635,984 $610,790 $666,995 $666,879
======== ======== ======== ======== ======== ========
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
Preferred stock dividend requirements
of Company *(Adjusted for income
tax effect) . . . . . . . . . . . . 22,901 22,213 21,852 21,537 20,514 20,457
--------- --------- --------- --------- --------- ---------
Total fixed charges and preferred
stock dividend requirements . . . . $211,599 $190,593 $158,079 $152,451 $162,925 $164,367
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges
and preferred stock dividends . . .
3.19 3.72 4.02 4.01 4.09 4.06
========== ========== ========== ========== ========== ==========
Note: Represents the interest factor applicable to rentals.
* See following page for supporting computation.
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EXHIBIT 12(b)
PAGE 2 of 2
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
12 Months
YEAR ENDED DECEMBER 31, Ended
---------------------------------------------------- March 31,
1990 1991 1992 1993 1994 1995
---- ---- ---- ---- ---- ----
(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 . . . . . $14,693 $14,059 $14,058 $14,087 $13,252 $13,252
Less deductible preferred stock
dividends** . . . . . . . . . . 2,085 2,085 2,085 1,973 1,816 1,816
--------- --------- --------- --------- --------- ---------
Non-deductible preferred stock
dividends . . . . . . . . . . . . $ 12,608 $ 11,974 $ 11,973 $ 12,114 $ 11,436 $ 11,436
======== ======== ======== ======== ======== ========
Excess of net income before income
taxes over net income (percentage) -
See note below . . . . . . . 65.1% 68.1% 65.1% 61.5% 63.5% 63.0%
------ ------ ------ ------ ------ ------
Income tax effect on non-deductible
preferred stock dividends* . . . $8,208 $8,154 $7,794 $7,450 $7,262 $7,205
Add:
Deductible preferred stock
dividends (above) . . . . . . . 2,085 2,085 2,085 1,973 1,816 1,816
Non-deductible preferred stock
dividends (above) . . . . . . . 12,608 11,974 11,973 12,114 11,436 11,436
-------- -------- -------- -------- -------- --------
Preferred stock dividend requirements
of Company, adjusted for income
tax effect . . . . . . . . . . . $ 22,901 $ 22,213 $ 21,852 $ 21,537 $ 20,514 $ 20,457
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Note: Calculated as follows -
Net income before income
taxes . . . . . . . . . . . . $485,751 $540,466 $499,757 $479,876 $524,584 $522,969
Less net income . . . . . . . . 294,219 321,512 302,748 297,160 320,757 320,755
-------- -------- -------- -------- -------- --------
Excess - Taxes based on
income . . . . . . . . . . . $191,532 $218,954 $197,009 $182,716 $203,827 $202,214
======== ======== ======== ======== ======== ========
- Percentage of net income . 65.1% 68.1% 65.1% 61.5% 63.5% 63.0%
======== ======== ======== ======== ======== ========
* Income tax adjustment to reflect pre-tax earnings required to meet
preferred stock dividend.
** Dividends deductible on federal income tax return.