EX-12.1 2 gen-exhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES Genco-2012 12-31 10-K Exhibit 12.1


Ameren Energy Generating Company
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars, Except Ratios)



 
 
 
Year Ended December 31,
 
 
 
 
2008
 
2009
 
2010
(a) 
2011
 
2012
 
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Ameren Energy Generating Company
 
 
$
286,467

 
$
159,869

 
$
(38,573
)
 
$
44,153

 
$
(32,941
)
 
Net income (loss) attributable to noncontrolling interest
 
 
28,424

 
2,007

 
3,366

 
1,061

 
(6,898
)
 
Tax expense (benefit) based on income (loss)
 
 
182,116

 
101,148

 
19,422

 
32,285

 
(29,104
)
 
Fixed charges excluding capitalized interest(b)
 
 
55,312

 
61,218

 
77,642

 
61,975

 
52,311

 
Amortization of capitalized interest
 
 
664

 
949

 
1,099

 
1,153

 
1,476

 
Earnings available for fixed charges, as defined
 
 
$
552,983

 
$
325,191

 
$
62,956

 
$
140,627

 
$
(15,156
)
 
Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on short-term and long-term debt(b)
 
 
$
54,320

 
$
58,887

 
$
74,290

 
$
59,033

 
$
49,457

 
Capitalized interest
 
 
10,263

 
11,631

 
5,672

 
2,886

 
13,469

 
Estimated interest cost within rental expense
 
 
232

 
307

 
295

 
284

 
279

 
Amortization of net debt premium, discount,
and expenses
 
 
760

 
2,024

 
3,057

 
2,658

 
2,575

 
Total fixed charges, as defined
 
 
$
65,575

 
$
72,849

 
$
83,314

 
$
64,861

 
$
65,780

 
Consolidated ratio of earnings to fixed charges
 
 
8.43

 
4.46

 
—

(c) 
2.17

 
—

(d) 
(a)
Effective January 1, 2010, Ameren Energy Generating Company (Genco) acquired an 80% ownership interest in Electric Energy Inc. (EEI) from an Ameren Corporation subsidiary as a result of an internal reorganization. In accordance with authoritative guidance, periods presented reflect the combined Genco and EEI results.
(b)
Includes interest expense related to uncertain tax positions.    
(c)
Earnings were inadequate to cover fixed charges by $20 million for the year ended December 31, 2010. In the third quarter of 2010, Genco recorded an impairment charge of $170 million related to long-lived assets, goodwill and intangible assets. See Note 11 - Impairment and Other Charges under Part II, Item 8, of this Form 10-K for additional information.
(d)
Earnings were inadequate to cover fixed charges by $81 million for the year ended December 31, 2012. In 2012, Genco recorded an asset impairment charge of $70 million to reduce the carrying value of the Elgin energy center to its estimated fair value. See Note 11 - Impairment and Other Charges under Part II, Item 8, of this Form 10-K for additional information.