1 EXHIBIT 12(a) UNION ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, 12 Months ------------------------------------------------------------- Ended March 31, 1992 1993 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- (Thousands of Dollars Except Ratios) Net income for the Period $302,748 $297,160 $320,757 $314,107 $304,876 $296,366 -------- -------- -------- -------- -------- -------- Add: Taxes Based on income 197,009 182,716 203,827 207,734 196,210 189,991 -------- -------- -------- -------- -------- -------- Fixed Charges: Interest on Debt 125,798 124,430 135,608 129,239 128,375 130,156 (*) Amortization of Premium and Discount, Less Expense on Debt; and Bond Defeasance Cost 9,521 5,170 5,504 5,502 4,269 3,811 Rentals (See note) 908 1,314 1,299 3,330 3,458 3,716 -------- -------- -------- -------- -------- -------- Total Fixed Charges 136,227 130,914 142,411 138,071 136,102 137,683 -------- -------- -------- -------- -------- -------- Earnings Available for Fixed Charges $635,984 $610,790 $666,995 $659,912 $637,188 $624,040 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 4.66 4.66 4.68 4.78 4.68 4.53 ==== ==== ==== ==== ==== ==== (*) Total annual interest charges on all bonds for the twelve months ended March 31, 1997 was $112,905,000. Note: Represents the interest factor applicable to rentals.