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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
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(Thousands of Dollars Except Ratios)
Net income for the Period $302,748 $297,160 $320,757 $314,107 $304,876 $296,366
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Add:
Taxes Based on income 197,009 182,716 203,827 207,734 196,210 189,991
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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
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Total Fixed Charges 136,227 130,914 142,411 138,071 136,102 137,683
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Earnings Available for Fixed Charges $635,984 $610,790 $666,995 $659,912 $637,188 $624,040
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Ratio of Earnings to Fixed Charges 4.66 4.66 4.68 4.78 4.68 4.53
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(*) 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.