EX-12 2 ex12.htm EXHIBIT 12 (JCP&L, ME, PE) Unassociated Document

 EXHIBIT 12

Page 1

JERSEY CENTRAL POWER & LIGHT COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Three Months Ended
  
   
March 31,
  
   
2005
  
2004
  
   
(In thousands)
  
           
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
14,519
  
$
13,398
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
21,229
    
21,118
  
Provision for income taxes
    
12,724
    
10,050
  
Interest element of rentals charged to income (a)
    
1,905
    
1,573
  
               
Earnings as defined
  
$
50,377
  
$
46,139
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
19,405
  
$
20,728
  
Other interest expense
    
1,824
    
390
  
Interest element of rentals charged to income (a)
    
1,905
    
1,573
  
               
Fixed charges as defined
  
$
23,134
  
$
22,691
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
2.18
    
2.03
  




_________________________

(a)  
Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.


130

EXHIBIT 12

Page 2

JERSEY CENTRAL POWER & LIGHT COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS


   
Three Months Ended
  
   
March 31,
  
   
2005
  
2004
  
   
(In thousands)
  
           
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
14,519
  
$
13,398
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
21,229
    
21,118
  
Provision for income taxes
    
12,724
    
10,050
  
Interest element of rentals charged to income (a)
    
1,905
    
1,573
  
               
Earnings as defined
  
$
50,377
  
$
46,139
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
              
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
              
Interest on long-term debt
  
$
19,405
  
$
20,728
  
Other interest expense
    
1,824
    
390
  
Preferred stock dividend requirements
    
125
    
125
  
Adjustment to preferred stock dividends
              
to state on a pre-income tax basis
    
110
    
94
  
Interest element of rentals charged to income (a)
    
1,905
    
1,573
  
               
Fixed charges as defined plus preferred stock dividend requirements
              
(pre-income tax basis)
  
$
23,369
  
$
22,910
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
              
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
              
(PRE-INCOME TAX BASIS)
    
2.16
    
2.01
  



_________________________

(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.


131

EXHIBIT 12
Page 1


METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

   
Three Months Ended
  
   
March 31,
  
   
2005
  
2004
  
   
(In thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
16,476
  
$
18,044
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
11,223
    
10,836
  
Provision for income taxes
    
10,451
    
12,209
  
Interest element of rentals charged to income (a)
    
446
    
298
  
               
Earnings as defined
  
$
38,596
  
$
41,387
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
9,560
  
$
10,147
  
Other interest expense
    
1,663
    
689
  
Interest element of rentals charged to income (a)
    
446
    
298
  
               
Fixed charges as defined
  
$
11,669
  
$
11,134
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
3.31
    
3.72
  


(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.


132

EXHIBIT 12

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Three Months Ended
  
   
March 31,
  
   
2005
  
2004
  
   
(In thousands)
  
           
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
21,384
  
$
5,659
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
9,647
    
9,684
  
Provision for income taxes
    
15,386
    
2,938
  
Interest element of rentals charged to income (a)
    
752
    
624
  
               
Earnings as defined
  
$
47,169
  
$
18,905
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
7,459
  
$
7,447
  
Other interest expense
    
2,188
    
2,237
  
Interest element of rentals charged to income (a)
    
752
    
624
  
               
Fixed charges as defined
  
$
10,399
  
$
10,308
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
4.54
    
1.83
  


_________________________

(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.




133