Previously, the authors have described a method of dynamically stabilized noncontact electromagnetic suspension of rotating bodies. The method makes use of the dynamic interaction between stationary and rotating sets of conductors and permanent magnets. The validity of this method has been demonstrated by building and testing a prototype in which noncontact suspension of a 3.2 kg rotor was achieved when it rotates at speeds above 18 Hz. A stability condition for that method of suspension was obtained with certain simplifying assumptions. One of these assumptions was that the inductive component of the stationary conductors is negligible. Here, we present modified stability conditions which take the inductance of the stationary conductors into consideration. One of the predicted effects is that nonzero inductance may cause significant reduction of the minimum stable levitation speed. Consequently, careful choice of the electrical properties of the stationary coils may significantly enhance the performance of the suspension.