EX-12 5 a2072712zex-12.txt EXHIBIT 12
Exhibit 12 ILLINOIS POWER COMPANY STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (THOUSANDS OF DOLLARS) Year Ended December 31, --------------------------------------------------------------------------- 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- Earnings Available for Fixed Charges: Net Income (Loss) ($44,173) ($1,552,435) $ 113,089 $ 134,935 $ 166,179 Add: Income Taxes: Current 72,680 7,556 47,639 (102,704) 15,859 Deferred - Net 36,963 (30,203) 8,083 111,935 25,619 Allocated income taxes (1,446) (3,506) 16,992 75,047 76,693 Investment tax credit - deferred (7,278) (8,256) (1,339) (982) (950) Income tax effect of FAS 71 write-off (117,998) - - - - Income tax effect of CPS impairment - (1,143,252) - - - Interest on long-term debt 109,595 106,879 124,261 115,329 104,861 Amortization of debt expense and premium-net, and other interest charges 26,260 28,107 24,190 23,795 18,638 One-third of all rentals (Estimated to be representative of the interest component) 4,229 4,054 3,836 3,285 2,250 Interest on in-core fuel 3,842 3,716 4,424 - - ---------- ------------ ----------- ----------- ---------- Earnings (loss) available for fixed charges $ 82,674 ($2,587,340) $ 341,175 $ 360,640 $ 409,149 ========== ============ =========== =========== ========== Fixed charges: Interest on long-term debt $ 109,595 $ 106,879 $ 124,261 $ 115,329 $ 104,861 Amortization of debt expense and premium-net, and other interest charges 31,204 35,829 29,830 23,795 18,638 One-third of all rentals (Estimated to be representative of the interest component) 4,229 4,054 3,836 3,285 2,250 ---------- ------------ ----------- ----------- ---------- Total Fixed Charges $ 145,028 $ 146,762 $ 157,927 $ 142,409 $ 125,749 ========== ============ =========== =========== ========== Ratio of earnings to fixed charges N/A * N/A * 2.16 2.53 3.25 ========== ============ =========== =========== ========== (1) (2)
* Earnings were inadequate to cover fixed charges. Additional earnings (thousands) of $62,354 for 1997 and $2,734,102 for 1998 were required to attain a one-to-one ratio of earnings to fixed charges. (1) The ratio of earnings to fixed charges would have been 2.73 if the write-off related to the discontinued application of provisions of SFAS 71, "Accounting for the Effects of Certain Types of Regulation" for the generation segment of the business was excluded from the above calculation. (2) The ratio of earnings to fixed charges would still be N/A if the write-off related to Clinton Impairment was excluded from the above calculation. 40