EX-12.6 45 ex12-6.htm JCP&L - FIXED CHARGE RATIO Unassociated Document

EXHIBIT 12.6
Page 1
 
JERSEY CENTRAL POWER & LIGHT COMPANY
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Year Ended
                      
   
December 31,
  
Jan. 1-
  
Nov. 7-
  
Year Ended December 31,
  
   
2000
  
Nov. 6, 2001
  
Dec. 31, 2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                                      
Income before extraordinary items
  
$
210,812
  
$
34,467
  
$
30,041
  
$
251,895
  
$
68,017
  
$
111,639
  
Interest and other charges, before reduction for
                                      
amounts capitalized
    
105,799
    
95,727
    
16,919
    
100,365
    
94,719
    
84,191
  
Provision for income taxes
    
119,875
    
52
    
20,101
    
181,855
    
46,440
    
95,112
  
Interest element of rentals charged to income (a)
    
6,229
    
3,913
    
124
    
3,239
    
5,374
    
7,589
  
Earnings as defined
  
$
442,715
  
$
134,159
  
$
67,185
  
$
537,354
  
$
214,550
  
$
298,531
  
                                       
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                      
Interest on long-term debt
  
$
85,220
  
$
77,205
  
$
14,234
  
$
92,314
  
$
87,681
  
$
80,840
  
Other interest expense
    
9,879
    
9,427
    
1,080
    
(2,643
)
  
1,691
    
3,351
  
Subsidiary’s preferred stock dividend requirements
    
10,700
    
9,095
    
1,605
    
10,694
    
5,347
    
--
  
Interest element of rentals charged to income (a)
    
6,229
    
3,913
    
124
    
3,239
    
5,374
    
7,589
  
Fixed charges as defined
  
$
112,028
  
$
99,640
  
$
17,043
  
$
103,604
  
$
100,093
  
$
91,780
  
                                       
CONSOLIDATED RATIO OF EARNINGS TO FIXED
                                      
CHARGES
    
3.95
    
1.35
    
3.94
    
5.19
    
2.14
    
3.25
  

________________

(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 12.6
Page 2
JERSEY CENTRAL POWER & LIGHT COMPANY

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

   
 
Year Ended
December 31,
  
 
 
Jan. 1-
  
 
 
Nov. 7-
  
 
 
Year Ended December 31,
  
   
   
2000
  
Nov. 6, 2001
  
Dec. 31, 2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                          
Income before extraordinary items
  
$
210,812
  
$
34,467
  
$
30,041
  
$
251,895
  
$
68,017
  
$
111,639
  
Interest and other charges, before reduction for
                                      
amounts capitalized
    
105,799
    
95,727
    
16,919
    
100,365
    
94,719
    
84,191
  
Provision for income taxes
    
119,875
    
52
    
20,101
    
181,855
    
46,440
    
95,112
  
Interest element of rentals charged to income (a)
    
6,229
    
3,913
    
124
    
3,239
    
5,374
    
7,589
  
Earnings as defined
  
$
442,715
  
$
134,159
  
$
67,185
  
$
537,354
  
$
214,550
  
$
298,531
  
                                       
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                                      
PREFERRED STOCK DIVIDEND REQUIREMENTS
                                      
(PRE-INCOME TAX BASIS):
                                      
Interest on long-term debt
  
$
85,220
  
$
77,205
  
$
14,234
  
$
92,314
  
$
87,681
  
$
80,840
  
Other interest expense
    
9,879
    
9,427
    
1,080
    
(2,643
)
  
1,691
    
3,351
  
Preferred stock dividend requirements
    
17,604
    
13,642
    
2,303
    
9,230
    
5,235
    
500
  
Adjustments to preferred stock dividends to state on a
                                     
pre-income tax basis
    
3,928
    
7
    
467
    
(1,057
)
  
(77
)
  
426
  
Interest element of rentals charged to income (a)
    
6,229
    
3,913
    
124
    
3,239
    
5,374
    
7,589
  
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)
  
$
122,860
  
$
104,194
  
$
18,208
  
$
101,083
  
$
99,904
  
$
92,706
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS
    
3.60
    
1.29
    
3.69
    
5.32
    
2.15
    
3.22
  
 
_________________

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