EX-12 7 a2059691zex-12.txt EXHIBIT 12 Exhibit 12 FIRSTENERGY CORP. CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31, Twelve -------------------------------------------------------------- Months Ended 1996 1997 1998 1999 2000 June 2001 ---- ---- ---- ---- ---- --------- EARNINGS AS DEFINED IN REGULATION S-K: (Dollars in Thousands) (Unaudited) Income before extraordinary items ........... $ 315,170 $ 318,166 $ 441,396 $ 568,299 $ 598,970 $ 575,674 Interest and other charges, before reduction for amounts capitalized ..................... 255,572 299,606 608,618 585,648 556,194 542,109 Provision for income taxes .................. 201,295 207,985 321,699 394,827 376,802 387,969 Interest element of rentals charged to income (a) .................................. 114,093 142,363 283,869 279,519 271,471 267,341 ---------- ---------- ---------- ---------- ---------- ---------- Earnings as defined ................... $ 886,130 $ 968,120 $1,655,582 $1,828,293 $1,803,437 $1,773,093 ========== ========== ========== ========== ========== ========== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense ............................ $ 240,146 $ 284,180 $ 542,819 $ 509,169 $ 493,473 $ 480,948 Subsidiaries' preferred stock dividend requirements ................................ 15,426 15,426 65,299 76,479 62,721 61,161 Adjustments to subsidiaries' preferred stock dividends to state on a pre-income tax basis 2,910 2,918 43,370 44,829 32,098 33,524 Interest element of rentals charged to income (a) .................................. 114,093 142,363 283,869 279,519 271,471 267,341 ---------- ---------- ---------- ---------- ---------- ---------- Fixed charges as defined .............. $ 372,575 $ 444,887 $ 935,357 $ 909,996 $ 859,763 $ 842,974 ========== ========== ========== ========== ========== ========== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (b) ................................. 2.38 2.18 1.77 2.01 2.10 2.10 ========== ========== ========== ========== ========== ==========
--------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. (b) These ratios exclude fixed charges applicable to the guarantee of the debt of a coal supplier aggregating $5,093,000, $3,828,000 and $2,209,000 for each of the three years ended December 31, 1998, respectively. The guarantee and related coal supply contract debt expired December 31, 1999.