EX-12.8 41 ex12-8.htm EXHIBIT 12-8 FIXED CHARGE RATIO - PENELEC Unassociated Document
EXHIBIT 12.8
Page 1

PENNSYLVANIA ELECTRIC 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
  
$
23,718
  
$
10,795
  
$
50,910
  
$
20,237
  
$
36,030
  
$
27,553
  
Interest and other charges, before reduction for
amounts capitalized
    
40,998
    
7,052
    
42,373
    
37,660
    
40,022
    
39,900
  
Provision for income taxes
    
19,402
    
8,231
    
34,248
    
24,836
    
30,001
    
16,613
  
Interest element of rentals charged to income(a)
    
891
    
311
    
1,849
    
3,076
    
3,016
    
3,225
  
Earnings as defined
  
$
85,009
  
$
26,389
  
$
129,380
  
$
85,809
  
$
109,069
  
$
87,291
  
 
                            
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                            
Interest on long-term debt
  
$
28,751
  
$
3,972
  
$
31,758
  
$
29,565
  
$
30,029
  
$
29,540
  
Other interest expense
    
6,008
    
1,979
    
3,061
    
4,318
    
9,993
    
10,360
  
Subsidiary’s preferred stock dividend requirements
    
6,239
    
1,101
    
7,554
    
3,777
    
-
    
-
  
Interest element of rentals charged to income (a)
    
891
    
311
    
1,849
    
3,076
    
3,016
    
3,225
  
Fixed charges as defined
  
$
41,889
  
$
7,363
  
$
44,222
  
$
40,736
  
$
43,038
  
$
43,125
  
 
                            
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
2.03
    
3.58
    
2.93
    
2.11
    
2.53
    
2.02
  

 

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

106

EXHIBIT 12.8
Page 2
PENNSYLVANIA ELECTRIC 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
  
$
23,718
  
$
10,795
  
$
50,910
  
$
20,237
  
$
36,030
  
$
27,553
  
Interest and other charges, before reduction for
                            
amounts capitalized
    
40,998
    
7,052
    
42,373
    
37,660
    
40,022
    
39,900
  
Provision for income taxes
    
19,402
    
8,231
    
34,248
    
24,836
    
30,001
    
16,613
  
Interest element of rentals charged to income (a)
    
891
    
311
    
1,849
    
3,076
    
3,016
    
3,225
  
Earnings as defined
  
$
85,009
  
$
26,389
  
$
129,380
  
$
85,809
  
$
109,069
  
$
87,291
  
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                            
PREFERRED STOCK DIVIDEND REQUIREMENTS
                            
(PRE-INCOME TAX BASIS):
                            
Interest on long-term debt
  
$
28,751
  
$
3,972
  
$
31,758
  
$
29,565
  
$
30,029
  
$
29,540
  
Other interest expense
    
6,008
    
1,979
    
3,061
    
4,318
    
9,993
    
10,360
  
Preferred stock dividend requirements
    
6,239
    
1,101
    
7,554
    
3,777
    
-
    
-
  
Adjustments to preferred stock dividends to state on a
                           
pre-income tax basis
    
-
    
-
    
-
    
-
    
-
    
-
  
Interest element of rentals charged to income (a)
    
891
    
311
    
1,849
    
3,076
    
3,016
    
3,225
  
Fixed charges as defined plus preferred stock
                            
dividend requirements (pre-income tax basis)
  
$
41,889
  
$
7,363
  
$
44,222
  
$
40,736
  
$
43,038
  
$
43,125
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                            
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                            
(PRE-INCOME TAX BASIS)
    
2.03
    
3.58
    
2.93
    
2.11
    
2.53
    
2.02
  




(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
 
 
107