EX-12.7 51 ex12-7.htm ME - FIXED CHARGE RATIO Unassociated Document

EXHIBIT 12.7
Page 1
 
METROPOLITAN EDISON 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
  
$
81,895
  
$
62,381
  
$
14,617
  
$
63,224
  
$
60,953
  
$
66,955
  
Interest and other charges, before reduction for
amounts capitalized
    
55,181
    
48,568
    
8,461
    
50,969
    
46,277
    
45,057
  
Provision for income taxes
    
44,088
    
39,449
    
10,905
    
44,372
    
44,006
    
38,217
  
Interest element of rentals charged to income (a)
    
1,543
    
284
    
(693
)
  
515
    
437
    
1,401
  
Earnings as defined
  
$
182,707
  
$
150,682
  
$
33,290
  
$
159,080
  
$
151,673
  
$
151,630
  
                                       
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                      
Interest on long-term debt
  
$
37,886
  
$
33,101
  
$
5,615
  
$
40,774
  
$
36,657
  
$
40,630
  
Other interest expense
    
10,639
    
9,219
    
1,744
    
2,636
    
5,841
    
4,427
  
Subsidiary's preferred stock dividend requirements
    
6,656
    
6,248
    
1,102
    
7,559
    
3,779
    
--
  
Interest element of rentals charged to income (a)
    
1,543
    
284
    
(693
)
  
515
    
437
    
1,401
  
Fixed charges as defined
  
$
56,724
  
$
48,852
  
$
7,768
  
$
51,484
  
$
46,714
  
$
46,458
  
                                       
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
    
3.22
    
3.08
    
4.29
    
3.09
    
3.25
    
3.26
  

 
___________________

(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 12.7
Page 2
 
METROPOLITAN EDISON 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
  
$
81,895
  
$
62,381
  
$
14,617
  
$
63,224
  
$
60,953
  
$
66,955
  
Interest and other charges, before reduction for
amounts capitalized
    
55,181
    
48,568
    
8,461
    
50,969
    
46,277
    
45,057
  
Provision for income taxes
    
44,088
    
39,449
    
10,905
    
44,372
    
44,006
    
38,217
  
Interest element of rentals charged to income
   
1,543
    
284
    
(693
)
  
515
    
437
    
1,401
  
Earnings as defined
  
$
182,707
  
$
150,682
  
$
33,290
  
$
159,080
  
$
151,673
  
$
151,630
  
                                       
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
                                      
Interest on long-term debt
  
$
37,886
  
$
33,101
  
$
5,615
  
$
40,774
  
$
36,657
  
$
40,630
  
Other interest expense
    
10,639
    
9,219
    
1,744
    
2,636
    
5,841
    
4,427
  
Preferred stock dividend requirements
    
6,656
    
6,248
    
1,102
    
7,559
    
3,779
    
--
  
Adjustments to preferred stock dividends to state on a
pre-income tax basis
    
--
    
--
    
--
    
--
    
--
    
--
  
Interest element of rentals charged to income (a)
    
1,543
    
284
    
(693
)
  
515
    
437
    
1,401
  
Fixed charges as defined plus preferred stock
                                      
dividend requirements (pre-income tax basis)
  
$
56,724
  
$
48,852
  
$
7,768
  
$
51,484
  
$
46,714
  
$
46,458
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)
    
3.22
    
3.08
    
4.29
    
3.09
    
3.25
    
3.26
  

 
___________________

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