EX-12 5 ex12-2.txt EXHIBIT 12.2 UE'S COMPUTATION OF RATIO
Exhibit 12.2 Union Electric Company Computation Of Ratio Of Earnings To Fixed Charges And Preferred Stock Dividend Requirements (Thousands of Dollars, Except Ratios) Year Ended December 31, --------------------------------------------------------------------------- 1999 2000 2001 2002 2003 ---- ---- ---- ---- ---- Net Income $349,252 $353,011 $373,836 $343,742 $446,475 Add- Extraordinary items net of tax - - 4,848 - - ------------ ------------ ------------ ------------ ------------ Net income from continuing operations 349,252 353,011 378,684 343,742 446,475 Taxes based on income 226,696 224,149 229,599 193,330 250,669 ------------ ------------ ------------ ------------ ------------ Net income before income taxes 575,948 577,160 608,283 537,072 697,144 Add- fixed charges: Interest on long term debt 117,899 121,763 108,768 97,788 92,821 Other interest (1,342) 4,219 4,017 7,084 11,878 Rentals 3,899 3,928 3,576 2,852 2,771 Amortization of net debt premium, discount, expenses and losses 3,421 3,300 3,282 3,530 4,170 ------------ ------------ ------------ ------------ ------------ Total fixed charges 123,877 133,210 119,643 111,254 111,640 ------------ ------------ ------------ ------------ ------------ Earnings available for fixed charges 699,825 710,370 727,926 648,326 808,784 ============ ============ ============ ============ ============ Ratio of earnings to fixed charges 5.64 5.33 6.08 5.82 7.24 ============ ============ ============ ============ ============ Earnings required for preferred dividends: Preferred stock dividends 8,817 8,817 8,817 7,683 5,941 Adjustment to pre-tax basis 4,544 4,439 4,299 3,297 2,959 ------------ ------------ ------------ ------------ ------------ 13,361 13,256 13,116 10,980 8,900 Fixed charges plus preferred stock dividend requirements 137,238 146,466 132,759 122,234 120,540 ============ ============ ============ ============ ============ Ratio of earnings to fixed charges plus preferred stock dividend requirements 5.09 4.85 5.48 5.30 6.70 ============ ============ ============ ============ ============