AEE 2014 10-K-Exhibit 12.1



	Year Ended December 31,
	2010		2011^(a)		2012		2013			2014
Earnings available for fixed charges, as defined:
Net income from continuing operations attributable to Ameren Corporation	$	513,579	$	431,213	$	515,491	$	512,055		$	587,313
Income from equity investee	—		—		—		(57		)	(498		)
Distributed income from equity investee	—		—		—		—			1,020
Tax expense based on income	294,037		254,269		307,319		311,288			376,448
Fixed charges excluding capitalized interest and preferred stock dividends tax adjustment ^(b)(c)	542,676		492,058		478,998		455,574			385,326
Amortization of capitalized interest ^(c)	3,484		3,544		3,435		1,477			—
Earnings available for fixed charges, as defined	$	1,353,776	$	1,181,084	$	1,305,243	$	1,280,337		$	1,349,609
Fixed charges, as defined:
Interest expense on short-term and long-term debt ^(b)	$	502,032	$	456,724	$	440,590	$	415,465		$	348,470
Capitalized interest ^(c)(d)	5,852		2,920		13,069		17,076			—
Estimated interest cost within rental expense	8,593		8,196		8,039		8,189			9,079
Amortization of net debt premium, discount, and expenses	23,773		21,110		23,926		25,477			21,334
Subsidiary preferred stock dividends	8,278		6,028		6,443		6,443			6,443
Adjust preferred stock dividends to pretax basis	4,753		3,561		4,529		4,116			4,102
Total fixed charges, as defined	$	553,281	$	498,539	$	496,596	$	476,766		$	389,428
Consolidated ratio of earnings to fixed charges	2.45		2.37		2.63		2.69			3.47


(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.


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


(d)	Excludes allowance for funds used during construction.