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 -------- -------- -------- -------- -------- -------- (THOUSANDS OF DOLLARS EXCEPT RATIOS) Net income for the Period.... $294,219 $321,512 $302,748 $297,160 $320,757 $299,398 -------- -------- -------- -------- -------- -------- Add: Taxes Based on income...... 191,532 218,954 197,009 182,716 203,827 188,984 -------- -------- -------- -------- -------- -------- 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 -------- -------- -------- -------- -------- -------- Total Fixed Charges........ 188,698 168,380 136,227 130,914 142,411 145,248 -------- -------- -------- -------- -------- -------- Earnings Available for Fixed Charges..................... $674,449 $708,846 $635,984 $610,790 $666,995 $633,630 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges..................... 3.57 4.21 4.66 4.66 4.68 4.36 ======== ======== ======== ======== ======== ======== -------- (*) 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.