EX-12.2 4 aee-exhibit122.htm RATIO OF EARNINGS TO FIXED CHARGES AEE-2012-12.31-10K-Exhibit 12.2


Exhibit 12.2
Union Electric Company
Computation of Ratio of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
(Thousands of Dollars, Except Ratios)


 
 
 
Year Ended December 31,
 
 
 
2008
 
2009
 
2010
 
2011
(a) 
2012
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
$
250,998

 
$
265,020

 
$
368,702

 
$
290,227

 
$
419,950

Income from equity investee
 
 
(10,948
)
 
—

 
—

 
—

 
—

Tax expense based on income
 
 
133,514

 
127,982

 
199,085

 
160,085

 
251,736

Fixed charges (b)
 
 
215,073

 
255,500

 
242,590

 
237,120

 
241,529

Earnings available for fixed charges, as defined
 
 
$
588,637

 
$
648,502

 
$
810,377

 
$
687,432

 
$
913,215

Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
Interest expense on short-term and long-term debt  (b)
 
 
$
205,314

 
$
242,152

 
$
235,277

 
$
227,165

 
$
231,679

Estimated interest cost within rental expense
 
 
3,533

 
3,542

 
3,689

 
3,608

 
3,445

Amortization of net debt premium, discount, and expenses
 
 
6,226

 
9,806

 
3,624

 
6,347

 
6,405

Total fixed charges, as defined
 
 
$
215,073

 
$
255,500

 
$
242,590

 
$
237,120

 
$
241,529

Ratio of earnings to fixed charges
 
 
2.73

 
2.53

 
3.34

 
2.90

 
3.78

Earnings required for combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
 
 
$
5,941

 
$
5,941

 
$
4,716

 
$
3,420

 
$
3,420

Adjustment to pretax basis
 
 
3,160

 
2,869

 
2,546

 
1,887

 
2,050

 
 
 
$
9,101

 
$
8,810

 
$
7,262

 
$
5,307

 
$
5,470

 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividend requirements
 
 
$
224,174

 
$
264,310

 
$
249,852

 
$
242,427

 
$
246,999

Ratio of earnings to combined fixed charges and preferred stock dividend requirements
 
 
2.62

 
2.45

 
3.24

 
2.84

 
3.70



(a)
In 2011, Union Electric Company recorded a loss from regulatory disallowance of $89 million. See Note 17 - Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information.                                        
(b)
Includes interest expense related to uncertain tax positions.