EX-12.2 8 aee-exhibit122.htm RATIO OF EARNINGS TO FIXED CHARGES AEE 2014 10-K-Exhibit 12.2


Exhibit 12.2
Union Electric Company
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
(Thousands of Dollars, Except Ratios)


 
 
 
 
 
 
 
 
 
 
 
2010
 
2011
(a) 
2012
 
2013
 
2014
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Net income
$
368,702

 
$
290,227

 
$
419,950

 
$
398,523

 
$
393,676

Tax expense based on income
199,085

 
160,085

 
251,736

 
241,657

 
228,480

Fixed charges (b)
242,590

 
237,120

 
241,529

 
229,720

 
232,293

Earnings available for fixed charges, as defined
$
810,377

 
$
687,432

 
$
913,215

 
$
869,900

 
$
854,449

Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Interest expense on short-term and long-term debt  (b)
$
235,277

 
$
227,165

 
$
231,679

 
$
218,725

 
$
220,648

Estimated interest cost within rental expense
3,689

 
3,608

 
3,445

 
3,534

 
4,806

Amortization of net debt premium, discount, and expenses
3,624

 
6,347

 
6,405

 
7,461

 
6,839

Total fixed charges, as defined
$
242,590

 
$
237,120

 
$
241,529

 
$
229,720

 
$
232,293

Ratio of earnings to fixed charges
3.34

 
2.90

 
3.78

 
3.79

 
3.68

Earnings required for combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
Preferred stock dividends
$
4,716

 
$
3,420

 
$
3,420

 
$
3,420

 
$
3,420

Adjustment to pretax basis
2,546

 
1,887

 
2,050

 
2,074

 
1,985

 
$
7,262

 
$
5,307

 
$
5,470

 
$
5,494

 
$
5,405

 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividend requirements
$
249,852

 
$
242,427

 
$
246,999

 
$
235,214

 
$
237,698

Ratio of earnings to combined fixed charges and preferred stock dividend requirements
3.24

 
2.84

 
3.70

 
3.70

 
3.59



(a)
Includes regulatory disallowance associated with the Taum Sauk incident of $89 million recorded for the year ended December 31, 2011.
(b)
Includes net interest related to uncertain tax positions.