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
JUNE 30,
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 $301,727
Add:
Taxes based on income................... 181,793 191,532 218,954 197,009 182,716 195,274
Fixed charges (see below)............... 177,611 188,698 168,380 136,227 130,914 130,568
-------- -------- -------- -------- -------- --------
Earnings available for fixed
charges and preferred stock
dividend requirements of Company......... $645,009 $674,449 $708,846 $635,984 $610,790 $627,569
======== ======== ======== ======== ======== ========
Fixed charges:
Interest on debt........................ $172,288 $183,215 $163,061 $125,798 $124,430 $123,686
Amortization of premium and
discount, less expense, on
debt; and bond defeasance
cost................................... 4,283 4,369 4,148 9,521 5,170 5,491
Rentals (see note)...................... 1,040 1,114 1,171 908 1,314 1,391
-------- -------- -------- -------- -------- --------
Total fixed charges.................... $177,611 $188,698 $168,380 $136,227 $130,914 $130,568
Preferred stock dividend requirements
of Company *(Adjusted for income
tax effect).............................. 29,994 22,901 22,213 21,852 21,537 21,203
-------- -------- -------- -------- -------- --------
Total fixed charges and preferred
stock dividend requirements.............. $207,605 $211,599 $190,593 $158,079 $152,451 $151,771
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges
and preferred stock dividends............ 3.11 3.19 3.72 4.02 4.01 4.13
======== ======== ======== ======== ======== ========
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
12 Months
YEAR ENDED DECEMBER 31, Ended
------------------------------------------------ June 30,
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 $ 13,587
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 $ 11,771
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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% 64.7%
-------- -------- -------- -------- -------- --------
Income tax effect on non-deductible
preferred stock dividends*............... $ 10,860 $ 8,208 $ 8,154 $ 7,794 $ 7,450 $ 7,616
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 11,771
-------- -------- -------- -------- -------- --------
Preferred stock dividend requirements
of Company, adjusted for income
tax effect............................... $ 29,994 $ 22,901 $ 22,213 $ 21,852 $ 21,537 $ 21,203
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Note: Calculated as follows -
Net income before income
taxes.................................. $467,398 $485,751 $540,466 $499,757 $479,876 $497,001
Less net income......................... 285,605 294,219 321,512 302,748 297,160 301,727
-------- -------- -------- -------- -------- --------
Excess - Taxes based on
income................................. $181,793 $191,532 $218,954 $197,009 $182,716 $195,274
======== ======== ======== ======== ======== ========
- Percentage of net income............. 63.7% 65.1% 68.1% 65.1% 61.5% 64.7%
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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.