EX-12 30 pp_ex12-5.txt EX 12-5 PENN FIXED CHARGE RATIO EXHIBIT 12.5 Page 1 PENNSYLVANIA POWER COMPANY 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.......................... $12,648 $22,847 $ 41,041 $ 47,717 $ 37,833 Interest before reduction for amounts capitalized.......... 21,317 20,437 18,172 16,674 15,526 Provision for income taxes................................. 18,834 26,121 39,921 43,044 35,959 Interest element of rentals charged to income (a).......... 1,887 2,791 1,316 326 167 ------- ------- --------- -------- -------- Earnings as defined...................................... $54,686 $72,196 $ 100,450 $107,761 $ 89,485 ======= ======= ========= ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................. $19,268 $18,651 $ 16,971 $ 15,521 $ 14,228 Interest on nuclear fuel obligations....................... 90 364 141 8 -- Other interest expense..................................... 1,959 1,422 1,060 1,145 1,298 Interest element of rentals charged to income (a).......... 1,887 2,791 1,316 326 167 -------- ------- --------- -------- -------- Fixed charges as defined................................. $23,204 $23,228 $ 19,488 $ 17,000 $ 15,693 ======= ======= ========= ======== ======== RATIO OF EARNINGS TO FIXED CHARGES ........................... 2.36 3.11 5.15 6.34 5.70 ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 97
EXHIBIT 12.5 Page 2 PENNSYLVANIA POWER COMPANY 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......................... $12,648 $22,847 $ 41,041 $ 47,717 $37,833 Interest before reduction for amounts capitalized......... 21,317 20,437 18,172 16,674 15,526 Provision for income taxes................................ 18,834 26,121 39,921 43,044 35,959 Interest element of rentals charged to income (a)......... 1,887 2,791 1,316 326 167 ------- ------- -------- -------- ------- Earnings as defined..................................... $54,686 $72,196 $100,450 $107,761 $89,485 ======= ======= ======== ======== ======= FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest on long-term debt................................ $19,268 $18,651 $ 16,971 $ 15,521 $14,228 Interest on nuclear fuel obligations...................... 90 364 141 8 -- Other interest expense.................................... 1,959 1,422 1,060 1,145 1,298 Preferred stock dividend requirements..................... 4,370 3,704 3,703 3,699 3,731 Adjustment to preferred stock dividends to state on a pre-income tax basis .............................. 6,403 4,018 3,534 3,274 3,469 Interest element of rentals charged to income (a)......... 1,887 2,791 1,316 326 167 ------- ------- -------- -------- ------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis).......... $33,977 $30,950 $ 26,725 $ 23,973 $22,893 ======= ======= ======== ======== ======= RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)........ 1.61 2.33 3.76 4.50 3.91 ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 98