EXHIBIT 12(b)
PAGE 1 of 2
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
YEAR ENDED DECEMBER 31,
------------------------------------------------
12 Months
Ended
March 31,
1989 1990 1991 1992 1993 1994
-------- -------- -------- -------- -------- ---------
(Thousands of Dollars Except Ratios)
Net income for the period...................................... $285,605 $294,219 $321,512 $302,748 $297,160 $291,181
Add:
Taxes based on income........................................ 181,793 191,532 218,954 197,009 182,716 185,243
Fixed charges (see below).................................... 177,611 188,698 168,380 136,227 130,914 129,541
-------- -------- -------- -------- -------- --------
Earnings available for fixed
charges and preferred stock
dividend requirements of Company.............................. $645,009 $674,449 $708,846 $635,984 $610,790 $605,965
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Fixed charges:
Interest on debt............................................. $172,288 $183,215 $163,061 $125,798 $124,430 $122,753
Amortization of premium and
discount, less expense, on
debt; and bond defeasance
cost........................................................ 4,283 4,369 4,148 9,521 5,170 5,428
Rentals (see note)........................................... 1,040 1,114 1,171 908 1,314 1,360
-------- -------- -------- -------- -------- --------
Total fixed charges......................................... $177,611 $188,698 $168,380 $136,227 $130,914 $129,541
Preferred stock dividend requirements
of Company *(Adjusted for income
tax effect)................................................... 29,994 22,901 22,213 21,852 21,537 21,289
-------- -------- -------- -------- -------- --------
Total fixed charges and preferred
stock dividend requirements................................... $207,605 $211,599 $190,593 $158,079 $152,451 $150,830
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Ratio of earnings to fixed charges
and preferred stock dividends................................. 3.11 3.19 3.72 4.02 4.01 4.02
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Note: Represents the interest factor applicable to rentals.
* See following page for supporting computation.
EXHIBIT 12(b)
PAGE 2 of 2
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
YEAR ENDED DECEMBER 31, 12 Months
----------------------------------------------------- Ended
March 31,
1989 1990 1991 1992 1993 1994
--------- --------- --------- --------- --------- ---------
(Thousands of Dollars Except Ratios)
Computation of preferred stock
dividend requirements of Company,
adjusted for income tax effect*
Preferred stock dividend require-
ments of Company, as shown on
statement of earnings....................................... $ 19,134 $ 14,693 $ 14,059 $ 14,058 $ 14,087 $ 13,719
Less deductible preferred stock
dividends**.................................................. 2,085 2,085 2,085 2,085 1,973 1,816
-------- -------- -------- -------- -------- --------
Non-deductible preferred stock
dividends.................................................... $ 17,049 $ 12,608 $ 11,974 $ 11,973 $ 12,114 $ 11,903
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Excess of net income before income
taxes over net income (percentage) -
See note below............................................... 63.7% 65.1% 68.1% 65.1% 61.5% 63.6%
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Income tax effect on non-deductible
preferred stock dividends*................................... $ 10,860 $ 8,208 $ 8,154 $ 7,794 $ 7,450 $ 7,570
Add:
Deductible preferred stock
dividends (above)........................................... 2,085 2,085 2,085 2,085 1,973 1,816
Non-deductible preferred stock
dividends (above)........................................... 17,049 12,608 11,974 11,973 12,114 11,903
-------- -------- -------- -------- -------- --------
Preferred stock dividend requirements
of Company, adjusted for income
tax effect................................................... $ 29,994 $ 22,901 $ 22,213 $ 21,852 $ 21,537 $ 21,289
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Note: Calculated as follows -
Net income before income
taxes....................................................... $467,398 $485,751 $540,466 $499,757 $479,876 $476,424
Less net income............................................. 285,605 294,219 321,512 302,748 297,160 291,181
-------- -------- -------- -------- -------- --------
Excess - Taxes based on
income..................................................... $181,793 $191,532 $218,954 $197,009 $182,716 $185,243
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- Percentage of net income................................. 63.7% 65.1% 68.1% 65.1% 61.5% 63.6%
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* Income tax adjustment to reflect pre-tax earnings required to meet preferred
stock dividend.
** Dividends deductible on federal income tax return.