EX-12.1 3 aee-exhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES AEE-2012-12.31-10K-Exhibit 12.1


Exhibit 12.1
Ameren Corporation
Computation of Ratio of Earnings to Fixed Charges
(Thousands of Dollars, Except Ratios)



 
 
 
Year Ended December 31,
 
 
 
 
2008
 
2009
 
2010
(a) 
2011
(b) 
2012
 
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Ameren Corporation
 
 
$
605,189

 
$
612,313

 
$
138,678

 
$
518,945

 
$
(974,014
)
 
Net income (loss) attributable to noncontrolling interest
 
 
28,422

 
2,007

 
3,366

 
1,061

 
(6,898
)
 
Tax expense (benefit) based on income (loss)
 
 
326,736

 
332,128

 
325,320

 
310,110

 
(680,072
)
 
Fixed charges excluding capitalized interest and preferred stock dividends tax adjustment (c)
 
 
477,090

 
552,547

 
542,676

 
492,058

 
478,998

 
Amortization of capitalized interest
 
 
2,912

 
3,301

 
3,484

 
3,544

 
3,435

 
Earnings available for fixed charges, as defined
 
 
$
1,440,349

 
$
1,502,296

 
$
1,013,524

 
$
1,325,718

 
$
(1,178,551
)
 
Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on short-term and long-term debt  (c)
 
 
$
440,507

 
$
509,407

 
$
502,032

 
$
456,724

 
$
440,590

 
Capitalized interest  (d)
 
 
19,796

 
12,798

 
5,852

 
2,920

 
13,069

 
Estimated interest cost within rental expense
 
 
6,510

 
8,341

 
8,593

 
8,196

 
8,039

 
Amortization of net debt premium, discount,
and expenses
 
 
19,716

 
24,925

 
23,773

 
21,110

 
23,926

 
Subsidiary preferred stock dividends
 
 
10,357

 
9,874

 
8,278

 
6,028

 
6,443

 
Adjust preferred stock dividends to pretax
basis
 
 
5,497

 
5,271

 
4,753

 
3,561

 
4,529

 
Total fixed charges, as defined
 
 
$
502,383

 
$
570,616

 
$
553,281

 
$
498,539

 
$
496,596

 
Consolidated ratio of earnings to fixed charges
 
 
2.87

 
2.63

 
1.83

 
2.66

 
—

(e) 


(a)
In 2010, Ameren Corporation recorded a goodwill and other impairment charge of $589 million. See Note 17 - Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information.
(b)
In 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 - 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)
Excludes allowance for funds used during construction.
(e)
Earnings are inadequate to cover fixed charges by $1,179 million for the twelve months ended December 31, 2012. In 2012, Ameren Corporation recorded an asset impairment charge of $2,578 million. Ameren recorded impairments of Merchant Generation's long-lived assets resulting from Ameren's determination in December 2012 that it intends to, and it is probable that it will, exit its Merchant Generation Segment before the end of the previously useful lives of that business segment's long-lived assets, coupled with a sharp decline in the market price for power in the first quarter of 2012. See Note 17 - Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information.