EX-12 3 ex12.txt
EXHIBIT 12 Page 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, ------------------------- 2002 2001 ------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items............................. $39,979 | $ 51,382 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income.......... 24,148 | 26,770 Provision for income taxes.................................. 29,149 | 33,317 Interest element of rentals charged to income (a)........... 778 | 1,462 ------- | -------- | Earnings as defined....................................... $94,054 | $112,931 ======= | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt.................................... $22,717 | $ 21,209 Other interest expense........................................ (1,244) | 2,886 Subsidiary's preferred stock dividend requirements............ 2,675 | 2,675 Interest element of rentals charged to income (a)............. 778 | 1,462 ------- | -------- | Fixed charges as defined.................................. $24,926 | $ 28,232 ======= | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.................. 3.77 | 4.00 ======= | ======== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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) Three Months Ended March 31, -------------------------- 2002 2001 --------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items........................................ $39,979 | $ 51,382 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income..................... 24,148 | 26,770 Provision for income taxes............................................. 29,149 | 33,317 Interest element of rentals charged to income (a)...................... 778 | 1,462 ------- | -------- | Earnings as defined.................................................. $94,054 | $112,931 ======= | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND | REQUIREMENTS (PRE-INCOME TAX BASIS): | Interest on long-term debt............................................... $22,717 | $ 21,209 Other interest expense................................................... (1,244) | 2,886 Preferred stock dividend requirements.................................... 3,428 | 4,066 Adjustment to preferred stock dividends | to state on a pre-income tax basis..................................... 549 | 902 Interest element of rentals charged to income (a)........................ 778 | 1,462 ------- | -------- | Fixed charges as defined plus preferred stock dividend requirements | (pre-income tax basis)............................................. $26,228 | $ 30,525 ======= | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS)................................................... 3.59 | 3.70 ======= | ======== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
EXHIBIT 12 Page 1 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, --------------------------- 2002 2001 --------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items.............................. $19,118 | $16,017 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income........... 12,566 | 13,228 Provision for income taxes................................... 13,576 | 9,914 Interest element of rentals charged to income (a)............ 58 | 258 ------- | ------- | Earnings as defined........................................ $45,318 | $39,417 ======= | ======= | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt..................................... $10,455 | $ 9,154 Other interest expense......................................... 273 | 2,236 Subsidiary's preferred stock dividend requirements............. 1,838 | 1,838 Interest element of rentals charged to income (a).............. 58 | 258 ------- | ------- | Fixed charges as defined................................... $12,624 | $13,486 ======= | ======= | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES................... 3.59 | 2.92 ======= | ======= ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
EXHIBIT 12 Page 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, --------------------------- 2002 2001 --------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income/(Loss) before extraordinary items....................... $14,147 | $(2,105) Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income........... 10,861 | 11,651 Provision for income taxes................................... 10,136 | (2,756) Interest element of rentals charged to income (a)............ 318 | 769 ------- | ------- | Earnings as defined........................................ $35,462 | $ 7,559 ======= | ======= | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt..................................... $ 8,421 | $ 8,241 Other interest expense......................................... 605 | 1,575 Subsidiary's preferred stock dividend requirements............. 1,835 | 1,835 Interest element of rentals charged to income (a).............. 318 | 769 ------- | ------- | Fixed charges as defined................................... $11,179 | $12,420 ======= | ======= | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (b)............... 3.17 | 0.61 ======= | ======= ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. (b) For the three month period ended March 31, 2001, Penelec's pre-tax earnings were inadequate to cover its fixed charges for the same period. The amount of such earnings deficiency for March 31, 2001 was $4.9 million pre-tax.