EX-12.1 9 ex12-1.txt RATIOS - FE EXHIBIT 12.1 FIRSTENERGY CORP. CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ------------------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- -------- -------- -------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items $315,170 $318,166 $ 441,396 $ 568,299 $ 598,970 Interest and other charges, before reduction for amounts capitalized 255,572 299,606 608,618 585,648 556,194 Provision for income taxes 201,295 207,985 321,699 394,827 376,802 Interest element of rentals charged to income (a) 114,093 142,363 283,869 279,519 271,471 -------- -------- ---------- ---------- ---------- Earnings as defined $886,130 $968,120 $1,655,582 $1,828,293 $1,803,437 ======== ======== ========== ========== ========== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense $240,146 $284,180 $ 542,819 $ 509,169 493,473 Subsidiaries' preferred stock dividend requirements 15,426 15,426 65,299 76,479 62,721 Adjustments to subsidiaries' preferred stock dividends to state on a pre-income tax basis 2,910 2,918 43,370 44,829 32,098 Interest element of rentals charged to income (a) 114,093 142,363 283,869 279,519 271,471 -------- -------- ---------- ---------- ---------- Fixed charges as defined $372,575 $444,887 $ 935,357 $ 909,996 $ 859,763 ======== ======== ========== ========== ========== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (b) 2.38 2.18 1.77 2.01 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.