EX-12.1.1 12 d359417dex1211.htm EX-12.1.1 EX-12.1.1

Exhibit 12.1.1

Ameren Corporation

Computation of Ratio of Earnings to Fixed Charges

(Thousands of Dollars, Except Ratios)

 

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

Earnings available for fixed charges:

               

Net income from continuing operations attributable to Ameren Corporation

    $ 617,804       $ 605,189       $ 612,313       $ 138,678       $ 518,945   

Net income attributable to noncontrolling interest

      27,266         28,422         2,007         3,366         1,061   

Taxes based on income

      330,141         326,736         332,128         325,320         310,110   

Fixed charges excluding capitalized interest and preferred stock dividends tax adjustment

      455,935         477,090         552,547         542,676         492,058   

Amortization of capitalized interest

      2,300         2,912         3,301         3,484         3,544   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings available for fixed charges

    $ 1,433,446       $ 1,440,349       $ 1,502,296       $ 1,013,524       $ 1,325,718   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges:

               

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

      421,406         440,507         518,149         511,468         464,522   

Capitalized interest(d)

      13,947         19,796         12,798         5,852         2,920   

Estimated interest cost within rental expense

      5,020         6,510         8,341         8,593         8,196   

Amortization of net debt premium, discount, and expenses

      18,638         19,716         16,183         14,337         13,312   

Subsidiary preferred stock dividends

      10,871         10,357         9,874         8,278         6,028   

Adjust preferred stock dividends to pretax basis

      5,709         5,497         5,271         4,753         3,561   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

    $ 475,591       $ 502,383       $ 570,616       $ 553,281       $ 498,539   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Consolidated ratio of earnings to fixed charges

      3.01         2.87         2.63         1.83         2.66   

 

  (a)

In the third quarter of 2010, Ameren Corporation recorded a goodwill and other impairment charge of $589 million. See Note 17—Goodwill, Impairment and Other Charges under Part II, Item 8 of the 2011 Form 10-K for additional information.

  (b)

During 2011, Ameren Corporation recorded a charge to earnings of $125 million related to a loss on regulatory disallowance, charges related to the closure of two energy centers and asset impairments. See Note 17—Goodwill, Impairment and Other Charges under Part II, Item 8 of the 2011 Form 10-K for additional information.

  (c) 

Includes interest expense related to uncertain tax positions.

  (d) 

Excludes allowance for funds used during construction.