EX-12.1 12 a2234026zex-12_1.htm EX-12.1
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EXHIBIT 12.1

Ameren Corporation
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)

 
   Year Ended December 31,   Nine
Months Ended
September 30,
2017 		 
 
   2012   2013   2014   2015(a)   2016  

Earnings available for fixed charges, as defined:

                                      

Net income from continuing operations attributable to Ameren Corporation

   $ 516   $ 512   $ 587   $ 579   $ 653   $ 583  

Loss from equity investee

     —     —     —     —     4     1  

Distributed income from equity investee

     —     —     1     —     —     —  

Tax expense based on income

     307     311     377     363     382     376  

Fixed charges excluding capitalized interest and subsidiary preferred stock dividends tax adjustment(b)(c)

     474     449     379     381     407     312  

Amortization of capitalized interest(c)

     3     1     —     —     —     —  
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Earnings available for fixed charges, as defined

   $ 1,300   $ 1,273   $ 1,344   $ 1,323   $ 1,446   $ 1,272  
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Fixed charges, as defined:

                                      

Interest expense on short-term and long-term debt(b)

   $ 441   $ 415   $ 348   $ 350   $ 375     288  

Capitalized interest(c)(d)

     13     17     —     —     —     —  

Estimated interest cost within rental expense

     3     4     3     3     4     3  

Amortization of net debt premium, discount, and expenses

     24     24     22     22     22     16  

Subsidiary preferred stock dividends

     6     6     6     6     6     5  

Adjust preferred stock dividends to pretax basis              

     4     4     4     4     4     3  
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Total fixed charges, as defined

   $ 491   $ 470   $ 383   $ 385   $ 411     315  
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Consolidated ratio of earnings to fixed charges

     2.6     2.7     3.5     3.4     3.5     4.0  
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(a)
Includes a $69 million provision for the Callaway construction and operating license. See Note 2—Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for the year ended December 31, 2016, for additional information.

(b)
Includes net interest related to uncertain tax positions.

(c)
All capitalized interest is associated with discontinued operations.

(d)
Excludes allowance for funds used during construction.



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Ameren Corporation Computation of Ratio of Earnings to Fixed Charges (in millions, except ratios)