EX-12 5 ex12_pe.txt PENELEC EXHIBIT 12 Page 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, 2003 2002 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items..................... $ 16,473 $ 30,140 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest expense. 28,233 31,912 Provision for income taxes.......................... 10,850 20,970 Interest element of rentals charged to income (a)... 313 1,434 -------- -------- Earnings as defined............................... $ 55,869 $ 84,456 ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt............................ $ 22,123 $ 24,124 Other interest expense................................ 2,333 2,123 Subsidiary's preferred stock dividend requirements.... 3,777 5,665 Interest element of rentals charged to income (a)..... 313 1,434 -------- -------- Fixed charges as defined.......................... $ 28,546 $ 33,346 ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.......... 1.96 2.53 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.