EX-12.4 7 d260990dex124.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.4

Ameren Energy Generating Company

Computation of Ratio of Earnings to Fixed Charges

(Thousands of Dollars, Except Ratios)

 

     Year Ended December 31,  
     2007      2008      2009      2010(a)     2011(b)  

Net income (loss) from continuing operations attributable to Ameren Energy Generating Company

    $ 230,238       $ 286,467       $ 159,869       $ (38,573 )    $ 44,153   

Add- Net income attributable to noncontrolling interest

      27,272         28,424         2,007         3,366        1,061   

Add- Taxes based on income

      154,910         182,116         101,148         19,422        32,285   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Net income before income taxes and noncontrolling interest

      412,420         497,007         263,024         (15,785 )      77,499   

Add- fixed charges:

              

Interest on short-term and long-term debt (c)

      55,930         54,320         60,045         76,321        61,020   

Estimated interest cost within rental expense

      169         232         307         295        284   

Amortization of net debt premium, discount, and expenses

      586         760         866         1,026        671   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total fixed charges

      56,685         55,312         61,218         77,642        61,975   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Earnings available for fixed charges

    $ 469,105       $ 552,319       $ 324,242       $ 61,857      $ 139,474   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges

      8.27         9.98         5.29         - (d)      2.25   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

(a)

Effective January 1, 2010, Ameren Energy Generating Company (Genco) acquired an 80% ownership interest in Electric Energy Inc. (EEI) from an Ameren subsidiary as a result of an internal re-organization. In accordance with authoritative guidance, periods presented reflect the combined Genco and EEI results. See Note 1 - Summary of Significant Accounting Policies of this Form 10-K for additional information.

(b)

During 2011, Genco recorded a charge to earnings of $35 million related to the closure of two energy centers and an asset impairment. See Note 17 - Goodwill, Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information.

(c)

Includes interest expense related to uncertain tax positions

(d)

Earnings are inadequate to cover fixed charges by $15.8 million for the year ended December 31, 2010. In the third quarter of 2010, Genco recorded a goodwill and other impairment charge of $170 million. See Note 17 - Goodwill, Impairment and Other Charges of this Form 10-K for additional information.