EX-12 3 ex12.txt
EXHIBIT 12 Page 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, -------------------------- 2003 2002 --------- ------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 53,882 $39,979 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 25,827 24,148 Provision for income taxes.............................................. 38,460 29,149 Interest element of rentals charged to income (a)....................... 791 778 -------- ------- Earnings as defined................................................... $118,960 $94,054 ======== ======= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $ 23,312 $22,717 Other interest expense.................................................... (159) (1,244) Subsidiary's preferred stock dividend requirements........................ 2,674 2,675 Interest element of rentals charged to income (a)......................... 791 778 -------- ------- Fixed charges as defined.............................................. $ 26,618 $24,926 ======== ======= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 4.47 3.77 ======== ======= ------------------------- (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) Three Months Ended March 31, -------------------------- 2003 2002 --------- ------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 53,882 $39,979 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 25,827 24,148 Provision for income taxes.............................................. 38,460 29,149 Interest element of rentals charged to income (a)....................... 791 778 -------- ------- Earnings as defined................................................... $118,960 $94,054 ======== ======= FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest on long-term debt................................................ $ 23,312 $22,717 Other interest expense.................................................... (159) (1,244) Preferred stock dividend requirements..................................... 2,799 3,428 Adjustment to preferred stock dividends to state on a pre-income tax basis...................................... 89 549 Interest element of rentals charged to income (a)......................... 791 778 -------- ------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis).............................................. $ 26,832 $26,228 ======== ======= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS).................................................... 4.43 3.59 ======== ======= ------------------------- (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 Three Months Ended March 31, -------------------------- 2003 2002 --------- ------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $16,800 $26,612 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 12,892 12,566 Provision for income taxes.............................................. 11,426 18,891 Interest element of rentals charged to income (a)....................... 123 58 ------- ------- Earnings as defined................................................... $41,241 $58,127 ======= ======= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $10,539 $10,455 Other interest expense.................................................... 463 273 Subsidiary's preferred stock dividend requirements........................ 1,890 1,838 Interest element of rentals charged to income (a)......................... 123 58 ------- ------- Fixed charges as defined.............................................. $13,015 $12,624 ======= ======= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 3.17 4.60 ======= ======= (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 Three Months Ended March 31, -------------------------- 2003 2002 --------- ------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 4,194 $18,839 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 9,370 10,861 Provision for income taxes.............................................. 3,773 13,463 Interest element of rentals charged to income (a)....................... 456 318 ------- ------- Earnings as defined................................................... $17,793 $43,481 ======= ======= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $ 7,339 $ 8,421 Other interest expense.................................................... 143 605 Subsidiary's preferred stock dividend requirements........................ 1,888 1,835 Interest element of rentals charged to income (a)......................... 456 318 ------- ------- Fixed charges as defined.............................................. $ 9,826 $11,179 ======= ======= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 1.81 3.89 ======= ======= ------------------------- (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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