EX-12.3 5 aee-exhibit123.htm RATIO OF EARNINGS TO FIXED CHARGES AEE-2012-12.31-10K-Exhibit 12.3


Exhibit 12.3
Ameren Illinois 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
(a) 
2011
 
2012
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
Net income from continuing operations
 
 
$
40,713

 
$
133,360

 
$
212,547

 
$
195,731

 
$
143,626

Tax expense based on income
 
 
15,866

 
78,970

 
136,614

 
126,821

 
94,166

Fixed charges (b)
 
 
153,237

 
173,945

 
161,816

 
141,308

 
134,191

Earnings available for fixed charges, as defined
 
 
$
209,816

 
$
386,275

 
$
510,977

 
$
463,860

 
$
371,983

Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
Interest expense on short-term and long-term debt (b)
 
 
$
140,289

 
$
160,647

 
$
147,366

 
$
129,300

 
$
119,248

Estimated interest cost within rental expense
 
 
1,890

 
3,797

 
3,899

 
3,581

 
3,577

Amortization of net debt premium, discount, and expenses
 
 
11,058

 
9,501

 
10,551

 
8,427

 
11,366

Total fixed charges, as defined
 
 
$
153,237

 
$
173,945

 
$
161,816

 
$
141,308

 
$
134,191

Ratio of earnings to fixed charges
 
 
1.36

 
2.22

 
3.15

 
3.28

 
2.77

Earnings required for combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
 
 
$
6,160

 
$
5,678

 
$
4,435

 
$
3,045

 
$
3,023

Adjustment to pretax basis
 
 
2,401

 
3,362

 
2,396

 
1,973

 
1,982

 
 
 
$
8,561

 
$
9,040

 
$
6,831

 
$
5,018

 
$
5,005

 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividend requirements
 
 
$
161,798

 
$
182,985

 
$
168,647

 
$
146,326

 
$
139,196

Ratio of earnings to combined fixed charges and preferred stock dividend requirements
 
 
1.29

 
2.11

 
3.02

 
3.17

 
2.67



(a)
Effective October 1, 2010, Central Illinois Light Company and Illinois Power Company merged with and into Central Illinois Public Service Company, with the surviving corporation renamed Ameren Illinois Company. In accordance with authoritative guidance, periods presented reflect the combined results for continuing operations. See Note 1 - Summary of Significant Accounting Policies and Note 16 - 2010 Corporate Reorganization under Part II, Item 8 of this Form 10-K for additional information.                                            
(b)
Includes interest expense related to uncertain tax positions.