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.