EX-12 18 oe_ex12-2.txt OE FIXED CHARGE RATIO EXHIBIT 12.2 Page 1 OHIO EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ----------------------------------------------------- 1999 2000 2001 2002 2003 -------- ------- ------- ------- ------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................... $297,689 $336,456 $350,212 $356,159 $292,925 Interest and other charges, before reduction for amounts capitalized..................................... 225,358 211,364 187,890 144,170 116,868 Provision for income taxes................................ 191,835 212,580 239,135 255,915 241,173 Interest element of rentals charged to income (a)......... 113,804 109,497 104,507 102,469 107,611 -------- -------- --------- --------- --------- Earnings as defined..................................... $828,686 $869,897 $881,744 $858,713 $758,577 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................ $178,217 $165,409 $150,632 $119,123 $ 91,068 Other interest expense.................................... 31,971 31,451 22,754 14,598 22,069 Subsidiaries' preferred stock dividend requirements....... 15,170 14,504 14,504 10,449 3,731 Adjustments to subsidiaries' preferred stock dividends to state on a pre-income tax basis...................... 2,770 2,296 2,481 2,661 3,014 Interest element of rentals charged to income (a)......... 113,804 109,497 104,507 102,469 107,611 -------- -------- -------- -------- -------- Fixed charges as defined................................ $341,932 $323,157 $294,878 $249,300 $227,493 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES .................................................. 2.42 2.69 2.99 3.44 3.33 ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 91
EXHIBIT 12.2 Page 2 OHIO EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31, ------------------------------------------------------------- 1999 2000 2001 2002 2003 -------- -------- -------- -------- ------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items........................... $297,689 $336,456 $350,212 $356,159 $292,925 Interest and other charges, before reduction for amounts capitalized....................................... 225,358 211,364 187,890 144,170 116,868 Provision for income taxes.................................. 191,835 212,580 239,135 255,915 241,173 Interest element of rentals charged to income (a)........... 113,804 109,497 104,507 102,469 107,611 -------- -------- -------- -------- -------- Earnings as defined....................................... $828,686 $869,897 $881,744 $858,713 $758,577 ======== ======== ======== ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest on long-term debt.................................. $178,217 $165,409 $150,632 $119,123 $ 91,068 Other interest expense...................................... 31,971 31,451 22,754 14,598 22,069 Preferred stock dividend requirements....................... 26,717 25,628 25,206 16,959 6,463 Adjustments to preferred stock dividends to state on a pre-income tax basis........................ 9,859 8,976 9,412 7,034 5,264 Interest element of rentals charged to income (a)........... 113,804 109,497 104,507 102,469 107,611 -------- -------- -------- -------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)............ $360,568 $340,961 $312,511 $260,183 $232,475 ======== ======== ======== ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) ..................................... 2.30 2.55 2.82 3.30 3.26 ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
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