EX-12 5 ex_12.htm FIXED CHARGE RATIOS Unassociated Document


 

             
EXHIBIT 12
               
FIRSTENERGY CORP.
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
               
     
Three Months Ended
 
     
March 31,
 
     
2007
   
2006
 
     
(Dollars in thousands)
 
EARNINGS AS DEFINED IN REGULATION S-K:
             
Income before extraordinary items
 
$
290,110
 
$
218,944
 
Interest and other charges, before reduction for amounts capitalized
   
184,624
   
167,855
 
Provision for income taxes
   
200,341
   
135,203
 
Interest element of rentals charged to income (a)
   
54,985
   
56,796
 
               
Earnings as defined
 
$
730,060
 
$
578,798
 
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
             
Interest expense
 
$
184,624
 
$
165,640
 
Subsidiaries’ preferred stock dividend requirements
   
-
   
2,215
 
Adjustments to subsidiaries’ preferred stock dividends
             
to state on a pre-income tax basis
 
 
-
   
1,368
 
Interest element of rentals charged to income (a)
   
54,985
   
56,796
 
               
Fixed charges as defined
 
$
239,609
 
$
226,019
 
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
3.05
   
2.56
 
 
 
           
               
               
               
 
             
               
 a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
       element can be determined.
 
 
 
1

 



           
EXHIBIT 12
           
Page 1
OHIO EDISON COMPANY    
             
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES    
             
   
 Three Months Ended  
 
   
 March 31,  
 
   
 2007
 
 2006
 
   
 (Dollars in thousands)  
 
EARNINGS AS DEFINED IN REGULATION S-K:
           
Income before extraordinary items
 
$
54,035
 
$
63,830
 
Interest and other charges, before reduction for amounts capitalized
   
21,022
   
18,387
 
Provision for income taxes
   
17,426
   
38,320
 
Interest element of rentals charged to income (a)
   
21,402
   
22,662
 
               
Earnings as defined
 
$
113,885
 
$
143,199
 
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
             
Interest on long-term debt
 
$
17,971
 
$
13,083
 
Other interest expense
   
3,051
   
5,149
 
Subsidiaries’ preferred stock dividend requirements
   
-
   
156
 
Adjustments to subsidiaries’ preferred stock dividends
             
to state on a pre-income tax basis
   
18
   
101
 
Interest element of rentals charged to income (a)
   
21,402
   
22,662
 
               
Fixed charges as defined
 
$
42,442
 
$
41,151
 
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
2.68
   
3.48
 
 
             
               
               
               
               
 
             
               
 (a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
        element can be determined.
 
 
 
2

 

          
EXHIBIT 12
          
Page 2
OHIO EDISON COMPANY  
            
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES  
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)  
            
   
Three Months Ended  
 
   
March 31,  
 
   
2007
 
 2006
 
   
(Dollars in thousands)  
 
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
 
$
54,035
 
$
63,830
 
Interest and other charges, before reduction for amounts capitalized
   
21,022
   
18,387
 
Provision for income taxes
   
17,426
   
38,320
 
Interest element of rentals charged to income (a)
   
21,402
   
22,662
 
               
Earnings as defined 
 
$
113,885
 
$
143,199
 
               
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
             
PREFERRED STOCK DIVIDEND REQUIREMENTS 
             
(PRE-INCOME TAX BASIS): 
             
Interest on long-term debt
 
$
17,971
 
$
13,083
 
Other interest expense
   
3,051
   
5,149
 
Preferred stock dividend requirements
   
-
   
815
 
Adjustments to preferred stock dividends
             
to state on a pre-income tax basis 
   
(5
)
 
455
 
Interest element of rentals charged to income (a)
   
21,402
   
22,662
 
               
Fixed charges as defined plus preferred stock
             
dividend requirements (pre-income tax basis) 
 
$
42,419
 
$
42,164
 
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
2.68
   
3.40
 
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS 
             
(PRE-INCOME TAX BASIS) 
             
               
               
               
               
 
             
               
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest 
     element can be determined. 
 
 
 
3

 

           
EXHIBIT 12
           
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY    
             
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES    
             
   
 Three Months Ended  
 
   
 March 31,  
 
   
2007
 
 2006
 
   
 (Dollars in thousands)  
 
             
EARNINGS AS DEFINED IN REGULATION S-K:
           
Income before extraordinary items
 
$
38,346
 
$
33,710
 
Interest and other charges, before reduction for amounts capitalized
   
25,024
   
22,015
 
Provision for income taxes
   
32,665
   
23,559
 
Interest element of rentals charged to income (a)
   
2,385
   
1,692
 
               
Earnings as defined
 
$
98,420
 
$
80,976
 
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
             
Interest on long-term debt
   
20,575
   
18,058
 
Other interest expense
   
4,449
   
3,957
 
Interest element of rentals charged to income (a)
   
2,385
   
1,692
 
               
Fixed charges as defined
 
$
27,409
 
$
23,707
 
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
3.59
   
3.42
 
               
               
               
               
 
             
               
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
       element can be determined.
 
 
 
4

 

           
EXHIBIT 12
           
Page 2
JERSEY CENTRAL POWER & LIGHT COMPANY    
             
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES    
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)    
             
   
 Three Months Ended  
 
   
 March 31,  
 
   
 2007
 
 2006
 
   
 (Dollars in thousands)  
 
             
EARNINGS AS DEFINED IN REGULATION S-K:
           
Income before extraordinary items
 
$
38,346
 
$
33,710
 
Interest and other charges, before reduction for amounts capitalized
   
25,024
   
22,015
 
Provision for income taxes
   
32,665
   
23,559
 
Interest element of rentals charged to income (a)
   
2,385
   
1,692
 
               
Earnings as defined
 
$
98,420
 
$
80,976
 
               
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
             
PREFERRED STOCK DIVIDEND REQUIREMENTS
             
(PRE-INCOME TAX BASIS):
             
Interest on long-term debt
 
$
20,575
 
$
18,058
 
Other interest expense
   
4,449
   
3,957
 
Preferred stock dividend requirements
   
-
   
125
 
Adjustments to preferred stock dividends
             
to state on a pre-income tax basis
   
-
   
87
 
Interest element of rentals charged to income (a)
   
2,385
   
1,692
 
               
Fixed charges as defined plus preferred stock
             
dividend requirements (pre-income tax basis)
 
$
27,409
 
$
23,919
 
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
3.59
   
3.39
 
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
             
(PRE-INCOME TAX BASIS)
             
               
               
               
               
 
             
               
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
       element can be determined.
 
 
 
5

 


           
EXHIBIT 12
             
METROPOLITAN EDISON COMPANY
             
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
             
   
Three Months Ended
 
   
March 31,
 
   
 2007
 
2006
 
   
 (Dollars in thousands)
 
EARNINGS AS DEFINED IN REGULATION S-K:
           
Income before extraordinary items
 
$
31,639
 
$
17,914
 
Interest and other charges, before reduction for amounts capitalized
   
11,756
   
11,184
 
Provision for income taxes
   
23,599
   
11,204
 
Interest element of rentals charged to income (a)
   
472
   
268
 
               
Earnings as defined
 
$
67,466
 
$
40,570
 
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
             
Interest on long-term debt
   
7,334
   
8,717
 
Other interest expense
   
4,422
   
2,467
 
Interest element of rentals charged to income (a)
   
472
   
268
 
               
Fixed charges as defined
 
$
12,228
 
$
11,452
 
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
5.52
   
3.54
 
               
               
               
               
               
               
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
       element can be determined.
 

 
6

 
 

           
EXHIBIT 12
             
PENNSYLVANIA ELECTRIC COMPANY
             
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
             
   
 Three Months Ended
 
   
March 31,
 
   
 2007
 
 2006
 
   
 (Dollars in thousands)
 
EARNINGS AS DEFINED IN REGULATION S-K:
           
Income before extraordinary items
 
$
31,744
 
$
23,149
 
Interest and other charges, before reduction for amounts capitalized
   
11,337
   
10,536
 
Provision for income taxes
   
24,263
   
13,954
 
Interest element of rentals charged to income (a)
   
829
   
768
 
               
Earnings as defined
 
$
68,173
 
$
48,407
 
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
             
Interest on long-term debt
 
$
7,012
 
$
6,934
 
Other interest expense
   
4,325
   
3,602
 
Interest element of rentals charged to income (a)
   
829
   
768
 
               
Fixed charges as defined
 
$
12,166
 
$
11,304
 
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
   
5.60
   
4.28
 
               
               
               
               
 
             
               
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
       element can be determined.
 
 
             
 
 
 
7