EX-12 3 ex12.txt
EXHIBIT 12 Page 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June 30, -------------------------- 2002 2001 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items......................................... $ 97,359 | $ 97,436 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income...................... 49,055 | 55,751 Provision for income taxes.............................................. 70,502 | 67,017 Interest element of rentals charged to income (a)....................... 1,620 | 1,928 -------- | -------- | Earnings as defined................................................... $218,536 | $222,132 ======== | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt................................................ $ 45,485 | $ 44,030 Other interest expense.................................................... (1,777) | 6,371 Subsidiary's preferred stock dividend requirements........................ 5,347 | 5,350 Interest element of rentals charged to income (a)......................... 1,620 | 1,928 -------- | -------- | Fixed charges as defined.............................................. $ 50,675 | $ 57,679 ======== | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 4.31 | 3.85 ======== | ======== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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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, -------------------------- 2002 2001 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items......................................... $ 97,359 | $ 97,436 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income...................... 49,055 | 55,751 Provision for income taxes.............................................. 70,502 | 67,017 Interest element of rentals charged to income (a)....................... 1,620 | 1,928 -------- | -------- | Earnings as defined................................................... $218,536 | $222,132 ======== | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED | STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): | Interest on long-term debt................................................ $ 45,485 | $ 44,030 Other interest expense.................................................... (1,777) | 6,371 Preferred stock dividend requirements..................................... 6,531 | 8,132 Adjustment to preferred stock dividends | to state on a pre-income tax basis...................................... 857 | 1,913 Interest element of rentals charged to income (a)......................... 1,620 | 1,928 -------- | -------- | Fixed charges as defined plus preferred stock dividend requirements | (pre-income tax basis).............................................. $ 52,716 | $ 62,374 ======== | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS).................................................... 4.15 | 3.56 ======== | ======== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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EXHIBIT 12 Page 1 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June 30, -------------------------- 2002 2001 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items......................................... $ 38,785 | $ 31,909 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income...................... 25,632 | 27,357 Provision for income taxes.............................................. 27,402 | 20,957 Interest element of rentals charged to income (a)....................... 259 | 534 -------- | -------- | Earnings as defined................................................... $ 92,078 | $ 80,757 ======== | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt................................................ $ 20,682 | $ 18,309 Other interest expense.................................................... 1,171 | 5,373 Subsidiary's preferred stock dividend requirements........................ 3,779 | 3,675 Interest element of rentals charged to income (a)......................... 259 | 534 -------- | -------- | Fixed charges as defined.............................................. $ 25,891 | $ 27,891 ======== | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 3.56 | 2.90 ======== | ======== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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EXHIBIT 12 Page 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Six Months Ended June 30, -------------------------- 2002 2001 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income/(Loss) before extraordinary items.................................. $25,392 | $ 5,085 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income...................... 21,544 | 24,408 Provision for income taxes.............................................. 17,861 | 3,002 Interest element of rentals charged to income (a)....................... 943 | 216 ------- | ------- | Earnings as defined................................................... $65,740 | $32,711 ======= | ======= | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt................................................ $16,328 | $16,419 Other interest expense.................................................... 1,439 | 4,319 Subsidiary's preferred stock dividend requirements........................ 3,777 | 3,670 Interest element of rentals charged to income (a)......................... 943 | 216 ------- | ------- | Fixed charges as defined.............................................. $22,487 | $24,624 ======= | ======= | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.92 | 1.33 ======= | ======= ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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