EX-12.6 11 dex126.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.6

Illinois Power 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,  
     2005    2006    2007     2008     2009  

Net income from continuing operations

   $ 97,039    $ 56,659    $ 25,780      $ 4,970      $ 79,520   

Add- Taxes based on income

     65,171      37,246      15,341        4,746        53,070   
                                      

Net income before income taxes

     162,210      93,905      41,121        9,716        132,590   

Add- fixed charges:

            

Interest on short-term and long-term debt

     41,028      46,167      69,085  (1)      91,143  (1)      95,535  (1) 

Estimated interest cost within rental expense

     1,290      205      234        701        1,615   

Amortization of net debt premium, discount, and expenses

     2,315      3,537      8,454        8,922        4,209   
                                      

Total fixed charges

     44,633      49,909      77,773        100,766        101,359   
                                      

Earnings available for fixed charges

     206,843      143,814      118,894        110,482        233,949   
                                      

Ratio of earnings to fixed charges

     4.63      2.88      1.52        1.09        2.30   
                                      

Earnings required for combined fixed charges and preferred stock dividends:

            

Preferred stock dividends

     2,294      2,294      2,294        2,294        2,294   

Adjustment to pretax basis

     1,542      1,508      1,365        2,191        1,531   
                                      
     3,836      3,802      3,659        4,485        3,825   
                                      

Combined fixed charges and preferred stock dividend requirements

   $ 48,469    $ 53,711    $ 81,432      $ 105,251      $ 105,184   
                                      

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

     4.26      2.67      1.46        1.04        2.22   
                                      

 

(1)

Includes FIN 48 interest expense