EX-12.2 29 ex12-2.htm OE - FIXED CHARGE RATIO Unassociated Document

EXHIBIT 12.2
Page 1
 
OHIO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

 
   
Year Ended December 31,
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
                                 
EARNINGS AS DEFINED IN REGULATION S-K:
                                
Income before extraordinary items
  
$
336,456
  
$
350,212
  
$
356,159
  
$
292,925
  
$
342,766
  
Interest and other charges, before reduction for
amounts capitalized
    
211,364
    
187,890
    
144,170
    
116,868
    
74,051
  
Provision for income taxes
    
212,580
    
239,135
    
255,915
    
241,173
    
278,303
  
Interest element of rentals charged to income (a)
    
109,497
    
104,507
    
102,469
    
107,611
    
104,239
  
Earnings as defined
  
$
869,897
  
$
881,744
  
$
858,713
  
$
758,577
  
$
799,359
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                
Interest on long-term debt
  
$
165,409
  
$
150,632
  
$
119,123
  
$
91,068
  
$
59,465
  
Other interest expense
    
31,451
    
22,754
    
14,598
    
22,069
    
12,026
  
Subsidiaries’ preferred stock dividend requirements
    
14,504
    
14,504
    
10,449
    
3,731
    
2,560
  
Adjustments to subsidiaries’ preferred stock dividends
to state on a pre-income tax basis
    
2,296
    
2,481
    
2,661
    
3,014
    
1,975
  
Interest element of rentals charged to income (a)
    
109,497
    
104,507
    
102,469
    
107,611
    
104,239
  
Fixed charges as defined
  
$
323,157
  
$
294,878
  
$
249,300
  
$
227,493
  
$
180,265
  
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
   
2.69
    
2.99
    
3.44
    
3.33
    
4.43
  

 ____________________

(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 12.2
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,
  
   
2000
  
2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
                                 
EARNINGS AS DEFINED IN REGULATION S-K:
                                
Income before extraordinary items
  
$
336,456
  
$
350,212
  
$
356,159
  
$
292,925
  
$
342,766
  
Interest and other charges, before reduction for amounts capitalized
    
211,364
    
187,890
    
144,170
    
116,868
    
74,051
  
Provision for income taxes
    
212,580
    
239,135
    
255,915
    
241,173
    
278,303
  
Interest element of rentals charged to income (a)
    
109,497
    
104,507
    
102,469
    
107,611
    
104,239
  
Earnings as defined
  
$
869,897
  
$
881,744
  
$
858,713
  
$
758,577
  
$
799,359
  
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
                                
Interest on long-term debt
  
$
165,409
  
$
150,632
  
$
119,123
  
$
91,068
  
$
59,465
  
Other interest expense
    
31,451
    
22,754
    
14,598
    
22,069
    
12,026
  
Preferred stock dividend requirements
    
25,628
    
25,206
    
16,959
    
6,463
    
5,062
  
Adjustments to preferred stock dividends
to state on a pre-income tax basis
    
8,976
    
9,412
    
7,034
    
5,264
    
4,072
  
Interest element of rentals charged to income (a)
    
109,497
    
104,507
    
102,469
    
107,611
    
104,239
  
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)
  
$
340,961
  
$
312,511
  
$
260,183
  
$
232,475
  
$
184,864
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)
   
2.55
    
2.82
    
3.30
    
3.26
    
4.32
  
 
_______________

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