1 EXHIBIT 12(a) UNION ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, 12 Months ------------------------------------------------------------- Ended September 30, 1991 1992 1993 1994 1995 1996 ---- ---- ---- ---- ---- ---- (Thousands of Dollars Except Ratios) Net income for the Period $321,512 $302,748 $297,160 $320,757 $314,107 $316,294 -------- -------- -------- -------- -------- -------- Add: Taxes Based on income 218,954 197,009 182,716 203,827 207,734 210,972 -------- -------- -------- -------- -------- -------- Fixed Charges: Interest on Debt 163,061 125,798 124,430 135,608 129,239 128,828 (*) Amortization of Premium and Discount, Less Expense on Debt; and Bond Defeasance Cost 4,148 9,521 5,170 5,504 5,502 4,731 Rentals (See note) 1,171 908 1,314 1,299 3,330 3,303 -------- -------- -------- -------- -------- -------- Total Fixed Charges 168,380 136,227 130,914 142,411 138,071 136,862 -------- -------- -------- -------- -------- -------- Earnings Available for Fixed Charges $708,846 $635,984 $610,790 $666,995 $659,912 $664,128 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 4.21 4.66 4.66 4.68 4.78 4.85 ==== ==== ==== ==== ==== ==== (*) Total annual interest charges on all bonds for the twelve months ended September 30, 1996 was $112,951,000. Note: Represents the interest factor applicable to rentals.