EX-12.2 14 ex12_2.htm FIXED CHARGE RATIO - OE Unassociated Document
                       
 EXHIBIT 12.2
  
                       
 Page 1
  
OHIO EDISON COMPANY          
  
                            
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES          
  
                            
   
Year Ended December 31,
  
   
 2002
  
 2003
  
 2004
  
 2005
  
 2006
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                           
Income before extraordinary items
 
$
356,159
 
$
292,925
 
$
342,766
 
$
330,398
 
$
211,639
 
Interest and other charges, before reduction for amounts capitalized
    
144,170
   
116,868
   
74,051
   
77,077
   
90,952
 
Provision for income taxes
    
255,915
   
241,173
   
278,303
   
309,995
   
123,343
 
Interest element of rentals charged to income (a)
    
102,469
   
107,611
   
104,239
   
101,862
   
89,354
 
                                 
Earnings as defined
  
$
858,713
 
$
758,577
 
$
799,359
 
$
819,332
 
$
515,288
 
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                
Interest on long-term debt
  
$
119,123
 
$
91,068
 
$
59,465
 
$
58,709
 
$
71,524
 
Other interest expense
    
14,598
   
22,069
   
12,026
   
16,679
   
18,832
 
Subsidiaries’ preferred stock dividend requirements
    
10,449
   
3,731
   
2,560
   
1,689
   
597
 
Adjustments to subsidiaries’ preferred stock dividends
                                
to state on a pre-income tax basis
    
2,661
   
3,014
   
1,975
   
1,351
   
651
 
Interest element of rentals charged to income (a)
    
102,469
   
107,611
   
104,239
   
101,862
   
89,354
 
                                 
Fixed charges as defined
  
$
249,300
 
$
227,493
 
$
180,265
 
$
180,290
 
$
180,958
 
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
3.44
    
3.33
    
4.43
    
4.54
    
2.85
  
                                 
                                 
                                 
                                 
 
                                
                                 
(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,
  
   
 2002
  
 2003
  
 2004
  
 2005
  
 2006
  
   
            (Dollars in thousands)         
  
EARNINGS AS DEFINED IN REGULATION S-K:
                           
Income before extraordinary items
 
$
356,159
 
$
292,925
 
$
342,766
 
$
330,398
 
$
211,639
 
Interest and other charges, before reduction for amounts capitalized
    
144,170
   
116,868
   
74,051
   
77,077
   
90,952
 
Provision for income taxes
    
255,915
   
241,173
   
278,303
   
309,995
   
123,343
 
Interest element of rentals charged to income (a)
    
102,469
   
107,611
   
104,239
   
101,862
   
89,354
 
                                 
Earnings as defined
  
$
858,713
 
$
758,577
 
$
799,359
 
$
819,332
 
$
515,288
 
                                 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                                
PREFERRED STOCK DIVIDEND REQUIREMENTS
                                
(PRE-INCOME TAX BASIS):
                                
Interest on long-term debt
  
$
119,123
 
$
91,068
 
$
59,465
 
$
58,709
 
$
71,524
 
Other interest expense
    
14,598
   
22,069
   
12,026
   
16,679
   
18,832
 
Preferred stock dividend requirements
    
16,959
   
6,463
   
5,062
   
4,324
   
5,149
 
Adjustments to preferred stock dividends
                                
to state on a pre-income tax basis
    
7,034
   
5,264
   
4,072
   
3,758
   
3,263
 
Interest element of rentals charged to income (a)
    
102,469
   
107,611
   
104,239
   
101,862
   
89,354
 
                                 
Fixed charges as defined plus preferred stock
                                
dividend requirements (pre-income tax basis)
  
$
260,183
 
$
232,475
 
$
184,864
 
$
185,332
 
$
188,122
 
                                 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                                
(PRE-INCOME TAX BASIS)
    
3.30
    
3.26
    
4.32
    
4.42
    
2.74
  
                                 
                                 
 
                                
                                 
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.