EX-99 3 ex_12.txt EXHIBIT 12 EXHIBIT 12 Page 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, --------------------------- 2004 2003 --------- -------- Restated (See Note 2) (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 13,398 $ 54,017 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 21,118 25,827 Provision for income taxes.............................................. 10,050 38,553 Interest element of rentals charged to income (a)....................... 1,573 791 -------- -------- Earnings as defined................................................... $ 46,139 $119,188 ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $ 20,728 $ 23,312 Other interest expense.................................................... 390 (159) Subsidiary's preferred stock dividend requirements........................ -- 2,674 Interest element of rentals charged to income (a)......................... 1,573 791 -------- -------- Fixed charges as defined.............................................. $ 22,691 $ 26,618 ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.03 4.48 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
EXHIBIT 12 Page 2 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Three Months Ended March 31, --------------------------- 2004 2003 --------- -------- Restated (See Note 2) (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $13,398 $ 54,017 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 21,118 25,827 Provision for income taxes.............................................. 10,050 38,553 Interest element of rentals charged to income (a)....................... 1,573 791 ------- -------- Earnings as defined................................................... $46,139 $119,188 ======= ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest on long-term debt................................................ $20,728 $ 23,312 Other interest expense.................................................... 390 (159) Preferred stock dividend requirements..................................... 125 2,799 Adjustment to preferred stock dividends to state on a pre-income tax basis...................................... 94 89 Interest element of rentals charged to income (a)......................... 1,573 791 ------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis).............................................. $22,910 $ 26,832 ======= ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS).................................................... 2.01 4.44 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
EXHIBIT 12 Page 1 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, --------------------------- 2004 2003 --------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $18,044 $16,800 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 10,836 12,892 Provision for income taxes.............................................. 12,209 11,426 Interest element of rentals charged to income (a)....................... 298 123 ------- ------- Earnings as defined................................................... $41,387 $41,241 ======= ======= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $10,147 $10,539 Other interest expense.................................................... 689 463 Subsidiary's preferred stock dividend requirements........................ -- 1,890 Interest element of rentals charged to income (a)......................... 298 123 ------- ------- Fixed charges as defined.............................................. $11,134 $13,015 ======= ======= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 3.72 3.17 ==== ==== (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
EXHIBIT 12 Page 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, --------------------------- 2004 2003 --------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items......................................... $ 5,659 $ 4,194 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest income...................... 9,684 9,370 Provision for income taxes.............................................. 2,938 3,773 Interest element of rentals charged to income (a)....................... 624 456 ------- ------- Earnings as defined................................................... $18,905 $17,793 ======= ======= FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt................................................ $ 7,447 $ 7,339 Other interest expense.................................................... 2,237 143 Subsidiary's preferred stock dividend requirements........................ -- 1,888 Interest element of rentals charged to income (a)......................... 624 456 ------- ------- Fixed charges as defined.............................................. $10,308 $ 9,826 ======= ======= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 1.83 1.81 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.