EX-12.3 4 c11256exv12w3.htm EXHIBIT 12.3 Exhibit 12.3
EXHIBIT 12.3

Page 1
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                         
    Year Ended December 31,  
    2006     2007     2008     2009     2010  
    (Dollars in thousands)  
EARNINGS AS DEFINED IN REGULATION S-K:
                                        
Income before extraordinary items
   $ 212,384     $ 197,830     $ 212,359     $ 122,434     $ 157,240  
Interest and other charges, before reduction for amounts capitalized and deferred
     90,952       83,343       75,058       90,669       88,588  
Provision for income taxes
     123,343       101,273       98,584       66,186       81,972  
Interest element of rentals charged to income (a)
     89,354       79,954       74,962       69,597       63,133  
 
                              
 
                                        
Earnings as defined
   $ 516,033     $ 462,400     $ 460,963     $ 348,886     $ 390,933  
 
                              
 
                                        
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                        
Interest before reduction for amounts capitalized and deferred
   $ 90,356     $ 83,343     $ 75,058     $ 90,669     $ 88,588  
Subsidiaries’ preferred stock dividend requirements
     597       —       —       —       —  
Adjustments to subsidiaries’ preferred stock dividends to state on a pre-income tax basis
     651       —       —       —       —  
Interest element of rentals charged to income (a)
     89,354       79,954       74,962       69,597       63,133  
 
                              
 
                                        
Fixed charges as defined
   $ 180,958     $ 163,297     $ 150,020     $ 160,266     $ 151,721  
 
                              
 
                                        
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
     2.85       2.83       3.07       2.18       2.58  
 
                              
 
     
(a)  
Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.

 

 

 

EXHIBIT 12.3

Page 2
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
                                         
    Year Ended December 31,  
    2006     2007     2008     2009     2010  
    (Dollars in thousands)  
EARNINGS AS DEFINED IN REGULATION S-K:
                                        
Income before extraordinary items
   $ 212,384     $ 197,830     $ 212,359     $ 122,434     $ 157,240  
Interest and other charges, before reduction for amounts capitalized and deferred
     90,952       83,343       75,058       90,669       88,588  
Provision for income taxes
     123,343       101,273       98,584       66,186       81,972  
Interest element of rentals charged to income (a)
     89,354       79,954       74,962       69,597       63,133  
 
                              
 
                                        
Earnings as defined
   $ 516,033     $ 462,400     $ 460,963     $ 348,886     $ 390,933  
 
                              
 
                                        
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
                                        
Interest before reduction for amounts capitalized and deferred
   $ 90,356     $ 83,343     $ 75,058     $ 90,669     $ 88,588  
Preferred stock dividend requirements
     5,149       —       —       —       —  
Adjustments to preferred stock dividends to state on a pre-income tax basis
     3,263       —       —       —       —  
Interest element of rentals charged to income (a)
     89,354       79,954       74,962       69,597       63,133  
 
                              
 
                                        
Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)
   $ 188,122     $ 163,297     $ 150,020     $ 160,266     $ 151,721  
 
                              
 
                                        
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
     2.74       2.83       3.07       2.18       2.58  
 
                              
 
     
(a)  
Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.