EX-12 3 l02707aexv12.txt EX-12 JERSEY CENTRAL CONSOLIDATED RATIO - EARNINGS EXHIBIT 12 PAGE 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
SIX MONTHS ENDED JUNE 30, ----------------------- 2003 2002 -------- --------- (IN THOUSANDS) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items ........................................ $ 10,238 $ 97,359 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income ..................... 51,272 49,055 Provision for income taxes ............................................. 9,407 70,502 Interest element of rentals charged to income (a) ...................... 1,582 1,620 -------- --------- Earnings as defined .................................................. 72,499 $ 218,536 ======== ========= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt ............................................... $ 45,979 $ 45,485 Other interest expense ................................................... (55) (1,777) Subsidiary's preferred stock dividend requirements ....................... 5,348 5,347 Interest element of rentals charged to income (a) ........................ 1,582 1,620 -------- --------- Fixed charges as defined ............................................. $ 52,854 $ 50,675 ======== ========= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES ............................. 1.37 4.31 ======== =========
------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. 152 EXHIBIT 12 PAGE 2 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
SIX MONTHS ENDED JUNE 30, --------------------------- 2003 2002 --------- --------- (IN THOUSANDS) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 10,238 $ 97,359 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 51,272 49,055 Provision for income taxes.............................................. 9,407 70,502 Interest element of rentals charged to income (a)....................... 1,582 1,620 --------- --------- Earnings as defined................................................... $ 72,499 $ 218,536 ========= ========= FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest on long-term debt................................................ $ 45,979 $ 45,485 Other interest expense.................................................... (55) (1,777) Preferred stock dividend requirements..................................... 4,985 6,531 Adjustment to preferred stock dividends to state on a pre-income tax basis...................................... (333) 857 Interest element of rentals charged to income (a)......................... 1,582 1,620 --------- --------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis).............................................. $ 52,158 $ 52,716 ========= ========= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS).................................................... 1.39 4.15 ========= =========
------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. 153 EXHIBIT 12 PAGE 1 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
SIX MONTHS ENDED JUNE 30, --------------------------- 2003 2002 --------- --------- (IN THOUSANDS) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 29,672 $ 42,573 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 24,525 25,632 Provision for income taxes.............................................. 19,832 30,088 Interest element of rentals charged to income (a)....................... 328 259 --------- --------- Earnings as defined................................................... $ 74,357 $ 98,552 ========= ========= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $ 19,881 $ 20,682 Other interest expense.................................................... 865 1,171 Subsidiary's preferred stock dividend requirements........................ 3,779 3,779 Interest element of rentals charged to income (a)......................... 328 259 --------- --------- Fixed charges as defined.............................................. $ 24,853 $ 25,891 ========= ========= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.99 3.81 ========= =========
------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. 154 EXHIBIT 12 PAGE 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
SIX MONTHS ENDED JUNE 30, --------------------------- 2003 2002 --------- --------- (IN THOUSANDS) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 12,498 $ 25,694 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 18,731 21,544 Provision for income taxes.............................................. 9,326 18,074 Interest element of rentals charged to income (a)....................... 280 943 --------- --------- Earnings as defined................................................... $ 40,835 $ 66,255 ========= ========= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $ 14,692 $ 16,328 Other interest expense.................................................... 262 1,439 Subsidiary's preferred stock dividend requirements........................ 3,777 3,777 Interest element of rentals charged to income (a)......................... 280 943 --------- --------- Fixed charges as defined.............................................. $ 19,011 $ 22,487 ========= ========= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.15 2.95 ========= =========
------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. 155