1
EXHIBIT 12(b)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
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
Add:
Taxes based on income 191,532 218,954 197,009 182,716 203,827 196,875
Fixed charges (see below) 188,698 168,380 136,227 130,914 142,411 137,954
------- -------- -------- -------- -------- --------
Earnings available for fixed charges
and preferred stock dividend
requirements of Registrant $674,449 $708,846 $635,984 $610,790 $666,995 $640,359
======== ======== ======== ======== ======== ========
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
-------- -------- -------- -------- -------- --------
Total fixed charges $188,698 $168,380 $136,227 $130,914 $142,411 $137,954
Preferred stock dividend requirements
of Registrant *(Adjusted for income
tax effect) 22,901 22,213 21,852 21,537 20,514 20,613
-------- -------- -------- -------- -------- --------
Total fixed charges and preferred
stock dividend requirements $211,599 $190,593 $158,079 $152,451 $162,925 $158,567
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges
and preferred dividends 3.19 3.72 4.02 4.01 4.09 4.04
==== ==== ==== ==== ==== ====
Note: Represents the interest factor applicable to rentals.
* See following page for supporting computation.
2
EXHIBIT 12(b)
(continued)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
12 Months
Year Ended December 31, Ended
------------------------------------------------------------- September 30,
1990 1991 1992 1993 1994 1995
---- ---- ---- ---- ---- ----
(Thousands of Dollars Except Ratios)
Computation of preferred stock
dividend requirements of Registrant,
adjusted for income tax effect*
Preferred stock dividend
requirements of Registrant, as
shown on statement of earnings $14,693 $14,059 $14,058 $14,087 $13,252 $13,250
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 $11,434
======= ======= ======= ======= ======= =======
Excess of net income before income
taxes over net income (percentage)
See note below 65.1% 68.1% 65.1% 61.5% 63.5% 64.4%
----- ----- ----- ----- ----- -----
Income tax effect on non-deductible
preferred stock dividends* $8,208 $8,154 $7,794 $7,450 $7,262 $7,363
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 11,434
------ ------ ------ ------ ------ ------
Preferred stock dividend requirements
of Registrant. (Adjusted for income tax
effect) $22,901 $22,213 $21,852 $21,537 $20,514 $20,613
======= ======= ======= ======= ======= =======
Note: Calculated as follows -
Net income before income taxes $485,751 $540,466 $499,757 $479,876 $524,584 $502,405
Less net income 294,219 321,512 302,748 297,160 320,757 305,530
-------- -------- -------- -------- -------- --------
Excess - Taxed based on income $191,532 $218,954 $197,009 $182,716 $203,827 $196,875
======== ======== ======== ======== ======== ========
- Percentage of net income 65.1% 68.1% 65.1% 61.5% 63.5% 64.4%
===== ===== ===== ===== ===== =====
* Income tax adjustment to reflect pretax earnings required to meet preferred
stock dividend.
** Dividends deductible on federal income tax return.