EX-12.5 29 ex12-5.htm EXHIBIT 12-5 FIXED CHARGE RATIO - PENN Unassociated Document
EXHIBIT 12.5
Page 1
PENNSYLVANIA POWER COMPANY

RATIO OF EARNINGS TO FIXED CHARGES


 
  
Year Ended December 31,
  
 
  
2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
 
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
41,041
  
$
47,717
  
$
37,833
  
$
59,076
  
$
65,865
  
Interest before reduction for amounts capitalized
    
18,172
    
16,674
    
15,526
    
9,731
    
9,890
  
Provision for income taxes
    
39,921
    
43,044
    
35,959
    
49,752
    
54,943
  
Interest element of rentals charged to income (a)
    
1,316
    
326
    
167
    
285
    
452
  
Earnings as defined
  
$
100,450
  
$
107,761
  
$
89,485
  
$
118,844
  
$
131,150
  
 
                        
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                        
Interest on long-term debt
  
$
16,971
  
$
15,521
  
$
14,228
  
$
8,250
  
$
8,144
  
Interest on nuclear fuel obligations
    
141
    
8
    
-
    
-
    
-
  
Other interest expense
    
1,060
    
1,145
    
1,298
    
1,481
    
1,746
  
Interest element of rentals charged to income (a)
    
1,316
    
326
    
167
    
285
    
452
  
Fixed charges as defined
  
$
19,488
  
$
17,000
  
$
15,693
  
$
10,016
  
$
10,342
  
 
                        
RATIO OF EARNINGS TO FIXED CHARGES
   
5.15
    
6.34
    
5.70
    
11.87
    
12.68
  





(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

 
 
 

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,
  
 
  
2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
 
  
 
  
 
  
 
  
 
  
 
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
41,041
  
$
47,717
  
$
37,833
  
$
59,076
  
$
65,865
  
Interest before reduction for amounts capitalized
    
18,172
    
16,674
    
15,526
    
9,731
    
9,890
  
Provision for income taxes
    
39,921
    
43,044
    
35,959
    
49,752
    
54,943
  
Interest element of rentals charged to income (a)
    
1,316
    
326
    
167
    
285
    
452
  
Earnings as defined
  
$
100,450
  
$
107,761
  
$
89,485
  
$
118,844
  
$
131,150
  
 
                        
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest on long-term debt
  
$
16,971
  
$
15,521
  
$
14,228
  
$
8,250
  
$
8,144
  
Interest on nuclear fuel obligations
    
141
    
8
    
-
    
-
    
-
  
Other interest expense
    
1,060
    
1,145
    
1,298
    
1,481
    
1,746
  
Preferred stock dividend requirements
    
3,703
    
3,699
    
3,731
    
2,560
    
1,689
  
Adjustment to preferred stock dividends to state on a pre-income tax basis
    
3,534
    
3,274
    
3,469
    
2,097
    
1,351
  
Interest element of rentals charged to income (a)
    
1,316
    
326
    
167
    
285
    
452
  
Fixed charges as defined plus preferred stock dividend requirements
(pre-income tax basis)
  
$
26,725
  
$
23,973
  
$
22,893
  
$
14,673
  
$
13,382
  
 
                        
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
    
3.76
    
4.50
    
3.91
    
8.10
    
9.80
  






(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.