EX-12.6 7 dex126.htm CILCO'S STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CILCO's Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.6

Central Illinois Light Company

Computation of Ratios of Earnings to Fixed Charges and Combined

Fixed Charges and Preferred Stock Dividend Requirements

(Thousands of Dollars, Except Ratios)

 

     Year Ended December 31,  
     2001    2002    2003    2004    2005  

Net income from continuing operations

   $ 14,638    $ 50,128    $ 44,883    $ 32,384    $ 25,296  

Less- Change in accounting principle

     -      -      24,080      -      (2,497 )

Add- Taxes based on income

     7,789      26,472      11,905      5,450      16,357  
                                    

Net income before income taxes and change in accounting principle

     22,427      76,600      32,708      37,834      44,150  

Add- fixed charges:

              

Interest on long term debt

     28,011      27,196      16,358      15,179      13,918  

Estimated interest cost within rental expense

     857      1,619      1,468      395      390  

Amortization of net debt premium, discount, and expenses

     414      544      708      611      473  
                                    

Total fixed charges

     29,282      29,359      18,534      16,185      14,781  
                                    

Earnings available for fixed charges

     51,709      105,959      51,242      54,019      58,931  
                                    

Ratio of earnings to fixed charges

     1.76      3.60      2.76      3.33      3.98  
                                    

Earnings required for combined fixed charges and preferred stock dividends:

              

Preferred stock dividends

     2,159      2,159      2,127      2,062      1,998  

Adjustment to pre-tax basis

     1,149      1,140      1,217      346      1,293  
                                    
     3,308      3,299      3,344      2,408      3,291  
                                    

Combined fixed charges and preferred stock dividend requirements

   $ 32,590    $ 32,658    $ 21,878    $ 18,593    $ 18,072  
                                    

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

     1.58      3.24      2.34      2.90      3.26