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EXHIBIT 12(a)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months
Year Ended December 31, Ended
------------------------------------------------------------- September 30,
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 $305,530
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Add:
Taxes Based on income 191,532 218,954 197,009 182,716 203,827 196,875
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Fixed Charges:
Interest on Debt 183,215 163,061 125,798 124,430 135,608 129,605(*)
Amortization of Premium and
Discount, Less Expense on Debt;
and Bond Defeasance Cost 4,369 4,148 9,521 5,170 5,504 5,503
Rentals (See note) 1,114 1,171 908 1,314 1,299 2,846
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Total Fixed Charges 188,698 168,380 136,227 130,914 142,411 137,954
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Earnings Available for Fixed Charges $674,449 $708,846 $635,984 $610,790 $666,995 $640,359
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Ratio of Earnings to Fixed Charges 3.57 4.21 4.66 4.66 4.68 4.64
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(*) Total annual interest charges on all bonds for the twelve months ended
September 30, 1995 was $115,334,000.
Note: Represents the interest factor applicable to rentals.