<TABLE>
IES UTILITIES INC.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
<CAPTION>
Nine Months Ended
Twelve Months Ended December 31, September 30,
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1995 1996 1997 1998 1999 1999 2000
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(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Net income $59,278 $63,729 $58,793 $61,910 $66,446 $56,979 $60,017
Income taxes 41,095 43,092 42,216 41,494 49,385 41,349 43,285
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Net income before income taxes 100,373 106,821 101,009 103,404 115,831 98,328 103,302
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Interest expense 44,460 43,714 52,791 52,354 51,852 39,403 38,208
Estimated interest component of rent expense 4,637 4,091 4,318 4,173 3,895 2,890 3,711
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Fixed charges as defined 49,097 47,805 57,109 56,527 55,747 42,293 41,919
Preferred dividend requirements
(pre-tax basis) 1,548 1,532 1,570 1,527 1,593 1,184 1,181
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Fixed charges and preferred dividend
requirements 50,645 49,337 58,679 58,054 57,340 43,477 43,100
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Earnings as defined $149,470 $154,626 $158,118 $159,931 $171,578 $140,621 $145,221
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Ratio of Earnings to Combined Fixed Charges and
Preferred Dividend Requirements (Unaudited) 2.95 3.13 2.69 2.75 2.99 3.23 3.37
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