EX-12 64 ex12-8pe.txt FIXED CHARGE RATIO - PENELEC
EXHIBIT 12.8 Page 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, ------------------------------------------------ Jan 1- Nov. 7- Nov. 6, Dec. 31, 1997 1998 1999 2000 2001 2001 ---- ---- ---- ---- ---- ---- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items.................. $ 95,023 $ 58,590 $152,491 $ 39,250 $23,718 | $10,795 Interest and other charges, before reduction | for amounts capitalized.......................... 66,651 65,114 45,149 48,544 40,998 | 7,052 Provision for income taxes......................... 71,299 42,537 54,383 29,754 19,402 | 8,231 Interest element of rentals charged to | income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311 -------- -------- -------- -------- ------- | ------- Earnings as defined............................ $237,209 $171,211 $256,329 $120,568 $85,009 | $26,389 ======== ======== ======== ======== ======= | ======= | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt......................... $ 49,125 $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972 Other interest expense............................. 8,338 8,197 4,359 11,546 6,008 | 1,979 Subsidiary's preferred stock dividend | requirements..................................... 9,188 9,188 8,953 7,034 6,239 | 1,101 Interest element of rentals charged to | income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311 -------- -------- -------- -------- ------- | ------- Fixed charges as defined......................... $ 70,887 $ 70,084 $ 49,455 $ 51,564 $41,889 | $ 7,363 ======== ======== ======== ======== ======= | ======= | CONSOLIDATED RATIO OF EARNINGS TO FIXED | CHARGES............................................ 3.35 2.44 5.18 2.34 2.03 | 3.58 ==== ==== ==== ==== ==== | ==== ------------------------- (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 12.8 Page 2 PENNSYLVANIA ELECTRIC 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- Nov. 6, Dec. 31, 1997 1998 1999 2000 2001 2001 ---- ---- ---- ---- ---- ---- (Dollars in Thousands) | EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items.................. $ 95,023 $ 58,590 $152,491 $ 39,250 $23,718 | $10,795 Interest and other charges, before | reduction for amounts capitalized................ 66,651 65,114 45,149 48,544 40,998 | 7,052 Provision for income taxes......................... 71,299 42,537 54,383 29,754 19,402 | 8,231 Interest element of rentals charged to | income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311 -------- -------- -------- -------- ------- | ------- Earnings as defined.............................. $237,209 $171,211 $256,329 $120,568 $85,009 | $26,389 ======== ======== ======== ======== ======= | ======= | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS): | Interest on long-term debt......................... $ 49,125 $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972 Other interest expense............................. 8,338 8,197 4,359 11,546 6,008 | 1,979 Preferred stock dividend requirements.............. 9,853 9,883 9,107 7,034 6,239 | 1,101 Adjustments to preferred stock dividends to | state on a pre-income tax basis.................. 499 505 55 -- -- | -- Interest element of rentals charged to | income (a)....................................... 4,236 4,970 4,306 3,020 891 | 311 -------- -------- -------- -------- ------- | ------- Fixed charges as defined plus preferred stock | dividend requirements (pre-income tax basis)... $ 72,051 $ 71,284 $ 49,664 $ 51,564 $41,889 | $ 7,363 ======== ======== ======== ======== ======= | ======= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS) .......................... 3.29 2.40 5.16 2.34 2.03 | 3.58 ==== ==== ==== ==== ==== | ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.