EX-12 9 l10407aexv12.htm EX-12 RATIO OF EARNINGS EX-12
 

EXHIBIT 12
Page 1

JERSEY CENTRAL POWER & LIGHT COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

                 
    Nine Months Ended
    September 30,
    2004
   2003
            Restated
            (See Note 2)
    (In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
                
Income before extraordinary items
  $ 102,565     $ 79,708  
Add-
                
Interest and other charges, before reduction for amounts capitalized and deferred interest income
    64,199       73,291  
Provision for income taxes
    74,066       58,350  
Interest element of rentals charged to income (a)
    5,318       2,373  
 
    
 		      
 		  
Earnings as defined
  $ 246,148     $ 213,722  
 
    
 		      
 		  
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                
Interest on long-term debt
  $ 62,241     $ 66,867  
Other interest expense
    1,958       1,076  
Subsidiary’s preferred stock dividend requirements
    —       5,348  
Interest element of rentals charged to income (a)
    5,318       2,373  
 
    
 		      
 		  
Fixed charges as defined
  $ 69,517     $ 75,664  
 
    
 		      
 		  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    3.54       2.82  
 
    
 		      
 		  

(a)   Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.

167

 

EXHIBIT 12
Page 2

JERSEY CENTRAL POWER & LIGHT COMPANY

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

                 
    Nine Months Ended
    September 30,
    2004
   2003
            Restated
            (See Note 2)
    (In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
                
Income before extraordinary items
  $ 102,565     $ 79,708  
Add-
                
Interest and other charges, before reduction for amounts capitalized and deferred interest income
    64,199       73,291  
Provision for income taxes
    74,066       58,350  
Interest element of rentals charged to income (a)
    5,318       2,373  
 
    
 		      
 		  
Earnings as defined
  $ 246,148     $ 213,722  
 
    
 		      
 		  
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
                
Interest on long-term debt
  $ 62,241     $ 66,867  
Other interest expense
    1,958       1,076  
Preferred stock dividend requirements
    375       5,111  
Adjustment to preferred stock dividends to state on a pre-income tax basis
    271       (174 )
Interest element of rentals charged to income (a)
    5,318       2,373  
 
    
 		      
 		  
Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)
  $ 70,163     $ 75,253  
 
    
 		      
 		  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
    3.51       2.84  
 
    
 		      
 		  

(a)   Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.

168

 

EXHIBIT 12
Page 1

METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

                 
    Nine Months Ended
    September 30,
    2004
   2003
    (In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
                
Income before extraordinary items
  $ 41,786     $ 43,354  
Add-
                
Interest and other charges, before reduction for amounts capitalized and deferred interest income
    34,054       35,543  
Provision for income taxes
    27,641       28,124  
Interest element of rentals charged to income (a)
    1,061       (184 )
 
    
 		      
 		  
Earnings as defined
  $ 104,542     $ 106,837  
 
    
 		      
 		  
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                
Interest on long-term debt
  $ 31,208     $ 28,378  
Other interest expense
    2,846       3,386  
Subsidiary’s preferred stock dividend requirements
    —       3,779  
Interest element of rentals charged to income (a)
    1,061       (184 )
 
    
 		      
 		  
Fixed charges as defined
  $ 35,115     $ 35,359  
 
    
 		      
 		  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    2.98       3.02  
 
    
 		      
 		  

(a)   Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.

169

 

EXHIBIT 12
Page 1

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

                 
    Nine Months Ended
    September 30,
    2004
   2003
            Restated
            (See Note 2)
    (In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
                
Income before extraordinary items
  $ 26,944     $ 18,050  
Add-
                
Interest and other charges, before reduction for amounts capitalized and deferred interest income
    30,591       28,233  
Provision for income taxes
    15,658       11,968  
Interest element of rentals charged to income (a)
    1,999       313  
 
    
 		      
 		  
Earnings as defined
  $ 75,192     $ 58,564  
 
    
 		      
 		  
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                
Interest on long-term debt
  $ 22,528     $ 22,123  
Other interest expense
    8,063       2,333  
Subsidiary’s preferred stock dividend requirements
    —       3,777  
Interest element of rentals charged to income (a)
    1,999       313  
 
    
 		      
 		  
Fixed charges as defined
  $ 32,590     $ 28,546  
 
    
 		      
 		  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    2.31       2.05  
 
    
 		      
 		  

(a)   Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.

170