EX-12.1 13 ex12-1.htm FE - FIXED CHARGE RATIO FE - Fixed Charge Ratio


EXHIBIT 12.1
 
FIRSTENERGY CORP.

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

 
   
Year Ended December 31,
 
   
2000
 
2001
 
2002
 
2003
 
2004
 
   
(Dollars in thousands)
 
                       
EARNINGS AS DEFINED IN REGULATION S-K:
                     
Income before extraordinary items
 
$
598,970
 
$
654,946
 
$
618,385
 
$
424,249
 
$
873,779
 
Interest and other charges, before reduction for
amounts capitalized
   
556,194
   
591,192
   
980,344
   
841,280
   
692,358
 
Provision for income taxes
   
376,802
   
474,457
   
514,134
   
407,524
   
670,922
 
Interest element of rentals charged to income (a)
   
271,471
   
258,561
   
246,416
   
247,222
   
248,499
 
Earnings as defined
 
$
1,803,437
 
$
1,979,156
 
$
2,359,279
 
$
1,920,275
 
$
2,485,558
 
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                               
Interest expense
 
$
493,473
 
$
519,131
 
$
904,697
 
$
798,911
 
$
670,945
 
Subsidiaries’ preferred stock dividend requirements
   
62,721
   
72,061
   
75,647
   
42,369
   
21,413
 
Adjustments to subsidiaries’ preferred stock dividends
to state on a pre-income tax basis
   
32,098
   
41,349
   
28,426
   
22,519
   
16,442
 
Interest element of rentals charged to income (a)
   
271,471
   
258,561
   
246,416
   
247,222
   
248,499
 
Fixed charges as defined
 
$
859,763
 
$
891,102
 
$
1,255,186
 
$
1,111,021
 
$
957,299
 
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
   
2.10
   
2.22
   
1.88
   
1.73
   
2.60
 
 
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(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.