EX-12.2 9 aee-exhibit122.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


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)


 
 
 
 
 
 
 
 
 
 
 
2011(a)
 
2012
 
2013
 
2014
 
2015(b)
Earnings available for fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Net income
$
290,227

 
$
419,950

 
$
398,523

 
$
393,676

 
$
355,736

Tax expense based on income
160,085

 
251,736

 
241,657

 
228,480

 
208,740

Fixed charges (b)
237,120

 
241,529

 
229,720

 
232,293

 
235,285

Earnings available for fixed charges, as defined
$
687,432

 
$
913,215

 
$
869,900

 
$
854,449

 
$
799,761

Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Interest expense on short-term and long-term debt  (c)
$
227,165

 
$
231,679

 
$
218,725

 
$
220,648

 
$
224,418

Estimated interest cost within rental expense
3,608

 
3,445

 
3,534

 
4,806

 
4,500

Amortization of net debt premium, discount, and expenses
6,347

 
6,405

 
7,461

 
6,839

 
6,367

Total fixed charges, as defined
$
237,120

 
$
241,529

 
$
229,720

 
$
232,293

 
$
235,285

Ratio of earnings to fixed charges
2.90

 
3.78

 
3.79

 
3.68

 
3.40

Earnings required for combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
Preferred stock dividends
$
3,420

 
$
3,420

 
$
3,420

 
$
3,420

 
$
3,420

Adjustment to pretax basis
1,887

 
2,050

 
2,074

 
1,985

 
2,007

 
$
5,307

 
$
5,470

 
$
5,494

 
$
5,405

 
$
5,427

 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividend requirements
$
242,427

 
$
246,999

 
$
235,214

 
$
237,698

 
$
240,712

Ratio of earnings to combined fixed charges and preferred stock dividend requirements
2.84

 
3.70

 
3.70

 
3.59

 
3.32



(a)
Includes an $89 million regulatory disallowance associated with the Taum Sauk breach.
(b)
Includes a $69 million provision for the Callaway construction and operating license. See Note 2 - Rate and Regulatory Matters under Part II, Item 8, of this Form 10-K for additional information.
(c)
Includes net interest related to uncertain tax positions.