EX-12.7 38 ex12-7.htm EXHIBIT 12-7 FIXED CHARGE RATIO - MET-ED Unassociated Document
EXHIBIT 12.7
Page 1
METROPOLITAN EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


 
  
Jan. 1-
  
Nov. 7-
  
Year Ended December 31,
  
 
  
Nov. 6, 2001
  
Dec. 31, 2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
62,381
  
$
14,617
  
$
63,224
  
$
60,953
  
$
66,955
  
$
45,919
  
Interest and other charges, before reduction for
amounts capitalized
    
48,568
    
8,461
    
50,969
    
46,277
    
45,057
    
44,655
  
Provision for income taxes
    
39,449
    
10,905
    
44,372
    
44,006
    
38,217
    
30,084
  
Interest element of rentals charged to income (a)
    
284
    
(693
)
  
515
    
437
    
1,401
    
1,597
  
Earnings as defined
  
$
150,682
  
$
33,290
  
$
159,080
  
$
151,673
  
$
151,630
  
$
122,255
  
 
                            
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                            
Interest on long-term debt
  
$
33,101
  
$
5,615
  
$
40,774
  
$
36,657
  
$
40,630
  
$
36,804
  
Other interest expense
    
9,219
    
1,744
    
2,636
    
5,841
    
4,427
    
7,851
  
Subsidiary’s preferred stock dividend requirements
    
6,248
    
1,102
    
7,559
    
3,779
    
-
    
-
  
Interest element of rentals charged to income (a)
    
284
    
(693
)
  
515
    
437
    
1,401
    
1,597
  
Fixed charges as defined
  
$
48,852
  
$
7,768
  
$
51,484
  
$
46,714
  
$
46,458
  
$
46,252
  
 
                            
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
    
3.08
    
4.29
    
3.09
    
3.25
    
3.26
    
2.64
  

 


(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
 

EXHIBIT 12.7
Page 2
METROPOLITAN EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)


 
  
Jan. 1-
  
Nov. 7-
  
Year Ended December 31,
  
 
  
Nov. 6, 2001
  
Dec. 31, 2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
62,381
  
$
14,617
  
$
63,224
  
$
60,953
  
$
66,955
  
$
45,919
  
Interest and other charges, before reduction for
amounts capitalized
    
48,568
    
8,461
    
50,969
    
46,277
    
45,057
    
44,655
  
Provision for income taxes
    
39,449
    
10,905
    
44,372
    
44,006
    
38,217
    
30,084
  
Interest element of rentals charged to income
   
284
    
(693
)
  
515
    
437
    
1,401
    
1,597
  
Earnings as defined
  
$
150,682
  
$
33,290
  
$
159,080
  
$
151,673
  
$
151,630
  
$
122,255
  
 
                            
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS  PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
                            
Interest on long-term debt
  
$
33,101
  
$
5,615
  
$
40,774
  
$
36,657
  
$
40,630
  
$
36,804
  
Other interest expense
    
9,219
    
1,744
    
2,636
    
5,841
    
4,427
    
7,851
  
Preferred stock dividend requirements
    
6,248
    
1,102
    
7,559
    
3,779
    
-
    
-
  
Adjustments to preferred stock dividends to state on a
pre-income tax basis
    
-
    
-
    
-
    
-
    
-
    
-
  
Interest element of rentals charged to income (a)
    
284
    
(693
)
  
515
    
437
    
1,401
    
1,597
  
Fixed charges as defined plus preferred stock
                            
dividend requirements (pre-income tax basis)
  
$
48,852
  
$
7,768
  
$
51,484
  
$
46,714
  
$
46,458
  
$
46,252
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES  PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS  (PRE-INCOME TAX BASIS)
    
3.08
    
4.29
    
3.09
    
3.25
    
3.26
    
2.64
  



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

 
105