EX-12 3 ex12.txt
EXHIBIT 12 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (Unaudited) Year Ended Nov. 7 - Jan. 1 - Dec. 31, 2002 Dec. 31, 2001 Nov. 6, 2001 ------------- ------------- ------------ (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items....................... $ 63,224 $14,617 | $ 62,381 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income.... 50,969 8,461 | 48,568 Provision for income taxes............................ 44,372 10,905 | 39,449 Interest element of rentals charged to income (a)..... 515 (693) | 284 -------- ------- | -------- Earnings as defined................................. $159,080 $33,290 | $150,682 ======== ======= | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt.............................. $ 40,774 $ 5,615 | $ 33,101 Other interest expense.................................. 2,636 1,744 | 9,219 Subsidiary's preferred stock dividend requirements...... 7,559 1,102 | 6,248 Interest element of rentals charged to income (a)....... 515 (693) | 284 -------- ------- | -------- Fixed charges as defined............................ $ 51,484 $ 7,768 | $ 48,852 ======== ======= | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES............ 3.09 4.29 | 3.08 ==== ==== | ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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