UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year Ended December 31,
1994 1995 1996 1997 1998
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Thousands of Dollars Except Ratios
Net Income $320,757 $314,107 $304,876 $301,655 $320,070
Add- Extraordinary items net of tax - - - 26,967 -
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Net Income from continuing operations 320,757 314,107 304,876 328,622 320,070
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Taxes based on income 203,827 207,734 196,210 199,763 212,554
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Net income before income taxes 524,584 521,841 501,086 528,385 532,624
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Add-fixed charges:
Interest on long term debt 117,838 121,738 120,547 125,705 124,766
Other interest 17,770 7,501 7,828 9,299 1,660
Rentals 1,299 3,330 3,458 3,727 3,416
Amortization of net debt premium, discount,
expenses and losses 5,504 5,502 4,269 3,672 3,522
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Total fixed charges 142,411 138,071 136,102 142,403 133,364
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Earnings available for fixed charges 666,995 659,912 637,188 670,788 665,988
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Ratio of earnings to fixed charges 4.68 4.78 4.68 4.71 4.99
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Earnings required for preferred dividends:
Preferred stock dividends 13,252 13,250 13,249 8,817 8,817
Adjustment to pre-tax basis 7,262 7,558 7,363 4,257 4,649
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20,514 20,808 20,612 13,074 13,466
Fixed charges plus preferred stock dividend
requirements 162,925 158,879 156,714 155,477 146,830
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Ratio of earnings to fixed charges plus
preferred stock dividend requirements 4.09 4.15 4.06 4.31 4.53
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