EX-12.2 3 dex122.htm UE'S STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UE's Statement of Computation of Ratio of Earnings to Fixed Charges

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)

 

     Nine Months Ended
September 30,
2009		    Year Ended
December 31,
2008

Net income from continuing operations

    $ 227,270    $ 250,998

Less- Income from equity investee

      -      10,948

Add- Taxes based on income

      123,305      133,514
             

Net income before income taxes and income from equity investee

      350,575      373,564

Add- fixed charges:

      

Interest on short-term and long-term debt (1)

      181,905      205,314

Estimated interest cost within rental expense

      2,634      3,533

Amortization of net debt premium, discount, and expenses

      5,004      6,226
             

Total fixed charges

      189,543      215,073
             

Earnings available for fixed charges

      540,118      588,637
             

Ratio of earnings to fixed charges

      2.84      2.73
             

Earnings required for combined fixed charges and preferred stock dividends:

      

Preferred stock dividends

      4,456      5,941

Adjustment to pretax basis

      2,418      3,160
             
     6,874      9,101
             

Combined fixed charges and preferred stock dividend requirements

    $ 196,417    $ 224,174
             

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

      2.74      2.62
             

 

(1)

Includes FIN 48 interest expense