EX-12 11 exhibit_12.htm EXHIBIT 12 FIXED CHARGE RATIOS Exhibit 12 Fixed Charge Ratios
EXHIBIT 12
FIRSTENERGY CORP.

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

           
   
Three Months Ended March 31,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
 
$
220,800
  
$
141,030
  
Interest and other charges, before reduction for
              
amounts capitalized
    
168,078
    
171,198
  
Provision for income taxes
    
133,666
    
121,275
  
Interest element of rentals charged to income (a)
    
56,789
    
60,993
  
Earnings as defined
  
$
579,333
  
$
494,496
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest expense
  
$
165,863
  
$
164,645
  
Subsidiaries’ preferred stock dividend requirements
    
2,215
    
6,553
  
Adjustments to subsidiaries’ preferred stock dividends
              
to state on a pre-income tax basis
    
1,341
    
5,635
  
Interest element of rentals charged to income (a)
    
56,789
    
60,993
  
Fixed charges as defined
  
$
226,208
  
$
237,826
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED
              
CHARGES
   
2.56
    
2.08
  



_____________________

(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
 
 
160
 
EXHIBIT 12
Page 1

OHIO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

   
Three Months Ended March 31,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
63,830
  
$
56,757
  
Interest and other charges, before reduction for
              
amounts capitalized
    
18,387
    
18,843
  
Provision for income taxes
    
38,320
    
53,420
  
Interest element of rentals charged to income (a)
    
22,662
    
25,510
  
Earnings as defined
  
$
143,199
  
$
154,530
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
13,082
  
$
15,609
  
Other interest expense
    
5,149
    
2,594
  
Subsidiaries’ preferred stock dividend requirements
    
156
    
640
  
Adjustments to subsidiaries’ preferred stock dividends
              
to state on a pre-income tax basis
    
101
    
457
  
Interest element of rentals charged to income (a)
    
22,662
    
25,510
  
Fixed charges as defined
  
$
41,150
  
$
44,810
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED
              
CHARGES
   
3.48
    
3.45
  
 


___________________

(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
 
 
161
 
EXHIBIT 12
Page 2

OHIO EDISON COMPANY

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

   
Three Months Ended March 31,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
63,830
  
$
56,757
  
Interest and other charges, before reduction for amounts capitalized
    
18,387
    
18,843
  
Provision for income taxes
    
38,320
    
53,420
  
Interest element of rentals charged to income (a)
    
22,662
    
25,510
  
Earnings as defined
  
$
143,199
  
$
154,530
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS  
              
    PREFERRED STOCK DIVIDEND REQUIREMENTS              
(PRE-INCOME TAX BASIS):
              
Interest on long-term debt
  
$
13,082
  
$
15,609
  
Other interest expense
    
5,149
    
2,594
  
Preferred stock dividend requirements
    
815
    
1,299
  
Adjustments to preferred stock dividends
              
      to state on a pre-income tax basis
    
455
    
1,011
  
Interest element of rentals charged to income (a)
    
22,662
    
25,510
  
Fixed charges as defined plus preferred stock              
      dividend requirements (pre-income tax basis)
  
$
42,163
  
$
46,023
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
              
   PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS              
    (PRE-INCOME TAX BASIS)
    
3.40
    
3.36
  



___________________

(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
 
 
162
 
 EXHIBIT 12
Page 1

JERSEY CENTRAL POWER & LIGHT COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Three Months Ended
  
   
March 31,
  
   
2006
  
2005
  
       
Restated
  
   
(In thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
33,710
  
$
13,449
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
22,016
    
21,814
  
Provision for income taxes
    
23,558
    
13,209
  
Interest element of rentals charged to income (a)
    
1,692
    
1,905
  
               
Earnings as defined
  
$
80,976
  
$
50,377
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
18,059
  
$
19,405
  
Other interest expense
    
3,957
    
2,409
  
Interest element of rentals charged to income (a)
    
1,692
    
1,905
  
               
Fixed charges as defined
  
$
23,708
  
$
23,719
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
3.42
    
2.12
  
 

_________________________

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


163

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,
  
   
2006
  
2005
  
       
Restated
  
   
(In thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
33,710
  
$
13,449
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
22,016
    
21,814
  
Provision for income taxes
    
23,558
    
13,209
  
Interest element of rentals charged to income (a)
    
1,692
    
1,905
  
               
Earnings as defined
  
$
80,976
  
$
50,377
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
              
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
              
Interest on long-term debt
  
$
18,059
  
$
19,405
  
Other interest expense
    
3,957
    
2,409
  
Preferred stock dividend requirements
    
125
    
125
  
Adjustment to preferred stock dividends
              
to state on a pre-income tax basis
    
87
    
123
  
Interest element of rentals charged to income (a)
    
1,692
    
1,905
  
               
Fixed charges as defined plus preferred stock dividend requirements
              
(pre-income tax basis)
  
$
23,920
  
$
23,967
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
              
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
              
(PRE-INCOME TAX BASIS)
    
3.39
    
2.10
  



_________________________

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


164

EXHIBIT 12


METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

   
Three Months Ended
  
   
March 31,
  
   
2006
  
2005
  
   
(In thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
17,914
  
$
16,476
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
11,184
    
11,223
  
Provision for income taxes
    
11,204
    
10,451
  
Interest element of rentals charged to income (a)
    
268
    
446
  
               
Earnings as defined
  
$
40,570
  
$
38,596
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
8,717
  
$
9,560
  
Other interest expense
    
2,467
    
1,663
  
Interest element of rentals charged to income (a)
    
268
    
446
  
               
Fixed charges as defined
  
$
11,452
  
$
11,669
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
3.54
    
3.31
  


 

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


165

EXHIBIT 12
 

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Three Months Ended
  
   
March 31,
  
   
2006
  
2005
  
   
(In thousands)
  
           
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
23,149
  
$
21,384
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized and deferred interest income
    
10,536
    
9,647
  
Provision for income taxes
    
13,954
    
15,386
  
Interest element of rentals charged to income (a)
    
768
    
752
  
               
Earnings as defined
  
$
48,407
  
$
47,169
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
6,934
  
$
7,459
  
Other interest expense
    
3,602
    
2,188
  
Interest element of rentals charged to income (a)
    
768
    
752
  
               
Fixed charges as defined
  
$
11,304
  
$
10,399
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
4.28
    
4.54
  


_________________________

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


166