EXHIBIT 12(b)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
12
MONTHS
YEAR ENDED DECEMBER 31, ENDED
-------------------------------------------- JUNE 30,
1990 1991 1992 1993 1994 1995
-------- -------- -------- -------- -------- --------
(THOUSANDS OF DOLLARS EXCEPT RATIOS)
Net income for the peri-
od..................... $294,219 $321,512 $302,748 $297,160 $320,757 $299,398
Add:
Taxes based on in-
come............... 191,532 218,954 197,009 182,716 203,827 188,984
Fixed charges (see
below)............. 188,698 168,380 136,227 130,914 142,411 145,248
-------- -------- -------- -------- -------- --------
Earnings available for
fixed charges and pre-
ferred stock dividend
requirements of Compa-
ny..................... $674,449 $708,846 $635,984 $610,790 $666,995 $633,630
======== ======== ======== ======== ======== ========
Fixed charges:
Interest on debt...... $183,215 $163,061 $125,798 $124,430 $135,608 $137,495
Amortization of pre-
mium 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
Preferred stock dividend
requirements of Company
*(Adjusted for income
tax effect)............ 22,901 22,213 21,852 21,537 20,514 20,466
======== ======== ======== ======== ======== ========
Total fixed charges and
preferred stock
dividend requirements.. $211,599 $190,593 $158,079 $152,451 $162,925 $165,714
======== ======== ======== ======== ======== ========
Ratio of earnings to
fixed charges and
preferred dividends.... 3.19 3.72 4.02 4.01 4.09 3.82
======== ======== ======== ======== ======== ========
--------
Note: Represents the interest factor applicable to rentals.
* See following page for supporting computation.
EXHIBIT 12(b)
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)
Computation of preferred
stock dividend
requirements of
Company, adjusted for
income tax effect*
Preferred stock
dividend requirements
of Company, as shown
on statement of
earnings............. $ 14,693 $ 14,059 $ 14,058 $ 14,087 $ 13,252 $ 13,251
Less deductible pre-
ferred stock divi-
dends**................ 2,085 2,085 2,085 1,973 1,816 1,816
-------- -------- -------- -------- -------- --------
Non-deductible preferred
stock dividends........ $ 12,608 $ 11,974 $ 11,973 $ 12,114 $ 11,436 $ 11,435
======== ======== ======== ======== ======== ========
Excess of net income be-
fore income taxes over
net income (percentage)
See note below......... 65.1% 68.1% 65.1% 61.5% 63.5% 63.1%
-------- -------- -------- -------- -------- --------
Income tax effect on
non-deductible pre-
ferred stock divi-
dends*................. $ 8,208 $ 8,154 $ 7,794 $ 7,450 $ 7,262 $ 7,215
Add:
Deductible preferred
stock dividends
(above).............. 2,085 2,085 2,085 1,973 1,816 1,816
Non-deductible pre-
ferred stock divi-
dends (above)........ 12,608 11,974 11,973 12,114 11,436 11,435
-------- -------- -------- -------- -------- --------
Preferred stock dividend
requirements of
Company, adjusted for
income tax effect...... $ 22,901 $ 22,213 $ 21,852 $ 21,537 $ 20,514 $ 20,466
======== ======== ======== ======== ======== ========
Note: Calculated as fol-
lows--
Net income before in-
come taxes........... $485,751 $540,466 $499,757 $479,876 $524,584 $488,382
Less net income....... 294,219 321,512 302,748 297,160 320,757 299,398
-------- -------- -------- -------- -------- --------
Excess--Taxes based on
income............... $191,532 $218,954 $197,009 $182,716 $203,827 $188,984
======== ======== ======== ======== ======== ========
-- Percentage of net
income............... 65.1% 68.1% 65.1% 61.5% 63.5% 63.1%
======== ======== ======== ======== ======== ========
--------
* Income tax adjustment to reflect pretax earnings required to meet preferred
stock dividend.
** Dividends deductible on federal income tax return.