EXHIBIT 12(a)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12
MONTHS
YEAR ENDED DECEMBER 31, ENDED
-------------------------------------------- JUNE 30,
1990 1991 1992 1993 1994 1995
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(THOUSANDS OF DOLLARS EXCEPT RATIOS)
Net income for the Period.... $294,219 $321,512 $302,748 $297,160 $320,757 $299,398
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Add:
Taxes Based on income...... 191,532 218,954 197,009 182,716 203,827 188,984
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Fixed Charges:
Interest on Debt......... 183,215 163,061 125,798 124,430 135,608 137,495(*)
Amortization of Premium and
Discount, Less Expense on
Debt; and Bond Defeasance
Cost...................... 4,369 4,148 9,521 5,170 5,504 5,504
Rentals (See note)......... 1,114 1,171 908 1,314 1,299 2,249
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Total Fixed Charges........ 188,698 168,380 136,227 130,914 142,411 145,248
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Earnings Available for Fixed
Charges..................... $674,449 $708,846 $635,984 $610,790 $666,995 $633,630
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Ratio of Earnings to Fixed
Charges..................... 3.57 4.21 4.66 4.66 4.68 4.36
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(*) Total annual interest charges on all bonds for the twelve months ended June
30, 1995 was $115,192,381.
Note: Represents the interest factor applicable to rentals.