EX-12.3 9 aee-exhibit123.htm RATIO OF EARNINGS TO FIXED CHARGES AEE 2014 10-K-Exhibit 12.3


Exhibit 12.3
Ameren Illinois Company
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
(Thousands of Dollars, Except Ratios)

 
 
 
 
 
 
 
 
 
 
 
2010(a)
 
2011
 
2012
 
2013
 
2014
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Net income from continuing operations
$
212,547

 
$
195,731

 
$
143,626

 
$
163,011

 
$
203,752

Tax expense based on income
136,614

 
126,821

 
94,166

 
110,115

 
142,701

Fixed charges (b)
161,816

 
141,308

 
134,191

 
135,424

 
128,315

Earnings available for fixed charges, as defined
$
510,977

 
$
463,860

 
$
371,983

 
$
408,550

 
$
474,768

Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Interest expense on short-term and long-term debt  (b)
$
147,366

 
$
129,300

 
$
119,248

 
$
117,327

 
$
111,205

Estimated interest cost within rental expense
3,899

 
3,581

 
3,577

 
3,731

 
4,237

Amortization of net debt premium, discount, and expenses
10,551

 
8,427

 
11,366

 
14,366

 
12,873

Total fixed charges, as defined
$
161,816

 
$
141,308

 
$
134,191

 
$
135,424

 
$
128,315

Ratio of earnings to fixed charges
3.15

 
3.28

 
2.77

 
3.02

 
3.70

Earnings required for combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
Preferred stock dividends
$
4,435

 
$
3,045

 
$
3,023

 
$
3,023

 
$
3,023

Adjustment to pretax basis
2,396

 
1,973

 
1,982

 
2,042

 
2,117

 
$
6,831

 
$
5,018

 
$
5,005

 
$
5,065

 
$
5,140

 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividend requirements
$
168,647

 
$
146,326

 
$
139,196

 
$
140,489

 
$
133,455

Ratio of earnings to combined fixed charges and preferred stock dividend requirements
3.02

 
3.17

 
2.67

 
2.91

 
3.56



(a)
In 2010, Central Illinois Light Company and Illinois Power Company merged with and into Central Illinois Public Service Company, with the surviving corporation renamed Ameren Illinois Company. The periods presented reflect the combined results of the three companies.
(b)
Includes net interest related to uncertain tax positions.