EX-12.6 33 ex12-6.htm EXHIBIT 12-6 FIXED CHARGE RATIO - JCP&L Unassociated Document

EXHIBIT 12.6
Page 1

JERSEY CENTRAL POWER & LIGHT COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
Jan. 1-
  
 
Nov. 7-
 
Year Ended December 31,
 
 
 
Nov. 6, 2001
  
 
Dec. 31, 2001
 
2002
 
2003
 
2004
 
 
 
 
 
Restated
  
 
Restated
 
Restated
 
Restated
 
Restated
 
2005
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Income before extraordinary items
 
$
31,560
  
 
$
29,525
 
$
248,357
 
$
64,277
 
$
107,626
 
$
182,986
 
Interest and other charges, before reduction for
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
amounts capitalized
 
 
96,836
  
 
 
17,116
 
 
101,647
 
 
96,290
 
 
86,111
 
 
85,519
 
Provision for income taxes
 
 
1,850
  
 
 
20,420
 
 
184,111
 
 
48,609
 
 
97,205
 
 
135,846
 
Interest element of rentals charged to income (a)
 
 
3,913
  
 
 
124
 
 
3,239
 
 
5,374
 
 
7,589
 
 
7,091
 
Earnings as defined
 
$
134,159
  
 
$
67,185
 
$
537,354
 
$
214,550
 
$
298,531
 
$
411,442
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
$
77,205
  
 
$
14,234
 
$
92,314
 
$
87,681
 
$
80,840
 
$
74,929
 
Other interest expense
 
 
10,536
  
 
 
1,277
 
 
(1,361
)
 
3,262
 
 
5,271
 
 
10,590
 
Subsidiary’s preferred stock dividend requirements
 
 
9,095
  
 
 
1,605
 
 
10,694
 
 
5,347
 
 
-
 
 
-
 
Interest element of rentals charged to income (a)
 
 
3,913
  
 
 
124
 
 
3,239
 
 
5,374
 
 
7,589
 
 
7,091
 
Fixed charges as defined
 
$
100,749
  
 
$
17,240
 
$
104,886
 
$
101,664
 
$
93,700
 
$
92,610
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      CHARGES
 
 
1.33
  
 
 
3.90
 
 
5.12
 
 
2.11
 
 
3.19
 
 
4.44
 
 
(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)

 

 
  
Jan. 1-
  
Nov. 7-
  
Year Ended December 31,
  
 
  
Nov. 6, 2001
  
Dec. 31, 2001
  
2002
  
2003
  
2004
  
 
  
 
  
Restated
  
Restated
  
Restated
  
Restated
  
Restated
  
2005
  
 
  
(Dollars in thousands)
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
31,560
  
$
29,525
  
$
248,357
  
$
64,277
  
$
107,626
  
$
182,986
  
Interest and other charges, before reduction for
                          
amounts capitalized
    
96,836
    
17,116
    
101,647
    
96,290
    
86,111
    
85,519
  
Provision for income taxes
    
1,850
    
20,420
    
184,111
    
48,609
    
97,205
    
135,846
  
Interest element of rentals charged to income (a)
    
3,913
    
124
    
3,239
    
5,374
    
7,589
    
7,091
  
Earnings as defined
  
$
134,159
  
$
67,185
  
$
537,354
  
$
214,550
  
$
298,531
  
$
411,442
  
 
                          
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                          
PREFERRED STOCK DIVIDEND REQUIREMENTS
                          
(PRE-INCOME TAX BASIS):
                          
Interest on long-term debt
  
$
77,205
  
$
14,234
  
$
92,314
  
$
87,681
  
$
80,840
  
$
74,929
  
Other interest expense
    
10,536
    
1,277
    
(1,361
)
  
3,262
    
5,271
    
10,590
  
Preferred stock dividend requirements
    
13,642
    
2,303
    
9,230
    
5,235
    
500
    
500
  
Adjustments to preferred stock dividends to state on a
                         
pre-income tax basis
    
272
    
483
    
(1,085
)
  
(85
)
  
452
    
371
  
Interest element of rentals charged to income (a)
    
3,913
    
124
    
3,239
    
5,374
    
7,589
    
7,091
  
Fixed charges as defined plus preferred stock
                         
dividend requirements (pre-income tax basis)
  
$
105,568
  
$
18,421
  
$
102,337
  
$
101,467
  
$
94,652
  
$
93,481
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                         
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                          
    (PRE-INCOME TAX BASIS)
    
1.27
    
3.65
    
5.25
    
2.11
    
3.15
    
4.40
  
 

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