EX-12 42 pn_ex12-8.txt EX 12-8 PENELEC FIXED CHARGE RATIO EXHIBIT 12.8 Page 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, Jan. 1- Nov. 7- Year Ended December 31, 1999 2000 Nov. 6, 2001 Dec. 31, 2001 2002 2003 -------- -------- ------------ ------------- --------- --------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............... $152,491 $ 39,250 $23,718 | $10,795 $ 50,910 $ 20,237 Interest and other charges, before | reduction for amounts capitalized.... ........ 45,149 48,544 40,998 | 7,052 42,373 37,660 Provision for income taxes...................... 54,383 29,754 19,402 | 8,231 34,248 24,836 Interest element of rentals charged | to income (a)................................. 4,306 3,020 891 | 311 1,849 3,076 -------- -------- ------- | ------- -------- -------- Earnings as defined........................... $256,329 $120,568 $85,009 | $26,389 $129,380 $ 85,809 ======== ======== ======= | ======= ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt...................... $ 31,837 $ 29,964 $28,751 | $ 3,972 31,758 $ 29,565 Other interest expense.......................... 4,359 11,546 6,008 | 1,979 3,061 4,318 Subsidiary's preferred stock | dividend requirements......................... 8,953 7,034 6,239 | 1,101 7,554 3,777 Interest element of rentals charged | to income (a)................................. 4,306 3,020 891 | 311 1,849 3,076 -------- -------- ------- | ------- -------- -------- Fixed charges as defined...................... $ 49,455 $ 51,564 $41,889 | $ 7,363 $ 44,222 $ 40,736 ======== ======== ======= | ====== ======== ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED | CHARGES......................................... 5.18 2.34 2.03 | 3.58 2.93 2.11 ==== ==== ==== | ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 103
EXHIBIT 12.8 Page 2 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31, Jan. 1- Nov. 7- Year Ended December 31, 1999 2000 Nov. 6, 2001 Dec. 31, 2001 2002 2003 --------- -------- ------------ ------------- --------- --------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............... $152,491 $ 39,250 $23,718 | $10,795 $ 50,910 $ 20,237 Interest and other charges, before | reduction for amounts capitalized............. 45,149 48,544 40,998 | 7,052 42,373 37,660 Provision for income taxes...................... 54,383 29,754 19,402 | 8,231 34,248 24,836 Interest element of rentals charged | to income (a)................................ 4,306 3,020 891 | 311 1,849 3,076 -------- -------- ------- | ------- -------- -------- Earnings as defined........................... $256,329 $120,568 $85,009 | $26,389 $129,380 $ 85,809 ======== ======== ======= | ======= ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS): | Interest on long-term debt...................... $ 31,837 $ 29,964 $28,751 | $ 3,972 $ 31,758 $ 29,565 Other interest expense.......................... 4,359 11,546 6,008 | 1,979 3,061 4,318 Preferred stock dividend requirements........... 9,107 7,034 6,239 | 1,101 7,554 3,777 Adjustments to preferred stock dividends | to state on a pre-income tax basis............ 55 -- -- | -- -- -- Interest element of rentals charged | to income (a)................................. 4,306 3,020 891 | 311 1,849 3,076 -------- -------- ------- | ------- -------- -------- Fixed charges as defined plus preferred | stock dividend requirements | (pre-income tax basis)...................... $ 49,664 $ 51,564 $41,889 | $ 7,363 $ 44,222 $ 40,736 ======== ======== ======= | ======= ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS)........................ 5.16 2.34 2.03 | 3.58 2.93 2.11 ==== ==== ==== | ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 104