CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
12 Months
Year Ended December 31, Ended
---------------------------------------------------------- September 30,
1993 1994 1995 1996 1997 1998
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Thousands of Dollars Except Ratios
Net Income $84,011 $81,913 $70,631 $77,393 $38,620 $50,807
Add- Extraordinary items net of tax - - - - 24,853 24,853
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Net Income from continuing operations $84,011 $81,913 $70,631 $77,393 $63,473 $75,660
Add- Federal and state income taxes:
Current 50,441 38,097 41,276 53,847 38,660 55,305
Deferred (net) 1,674 13,190 5,627 (2,805) (1,665) (11,000)
Deferred investment tax credits, net (3,366) (3,367) (3,361) (3,349) (3,334) (3,335)
Income tax applicable to
nonoperating income 631 603 941 (407) 261 (1,394)
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49,380 48,523 44,483 47,286 33,922 39,576
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Net income before income taxes 133,391 130,436 115,114 124,679 97,395 115,236
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Add- fixed charges:
Interest on long term debt 32,823 31,164 31,168 31,409 32,271 35,572
Other interest 479 358 853 4,636 2,875 1,728
Amortization of net debt premium,
discount, expenses and losses 1,598 1,678 1,703 1,709 1,643 1,170
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34,900 33,200 33,724 37,754 36,789 38,470
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Earnings as defined 168,291 163,636 148,838 162,433 134,184 153,706
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Ratio of earnings to fixed charges 4.82 4.92 4.41 4.30 3.64 3.99
Earnings required for preferred dividends:
Preferred stock dividends 3,718 3,510 3,850 3,721 3,715 3,734
Adjustment to pre-tax basis 2,185 2,079 2,425 2,273 1,985 1,953
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5,903 5,589 6,275 5,994 5,700 5,687
Fixed charges plus preferred stock
dividend requirements 40,803 38,789 39,999 43,748 42,489 44,157
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Ratio of earnings to fixed charges
plus preferred stock dividend
requirements 4.12 4.21 3.72 3.71 3.15 3.48
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