EX-12 3 ex12.txt
EXHIBIT 12 Page 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, --------------------------- 2002 2001 --------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items............................ $198,134 | $188,582 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income......... 74,912 | 84,429 Provision for income taxes................................. 141,441 | 125,231 Interest element of rentals charged to income (a).......... 2,455 | 3,003 -------- | -------- | Earnings as defined...................................... $416,942 | $401,245 ======== | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt................................... $ 69,206 | $ 67,754 Other interest expense (credit).............................. (2,315) | 8,650 Subsidiary's preferred stock dividend requirements........... 8,021 | 8,025 Interest element of rentals charged to income (a)............ 2,455 | 3,003 -------- | -------- | Fixed charges as defined................................. $ 77,367 | $ 87,432 ======== | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES................. 5.39 | 4.59 ======== | ======== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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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, --------------------------- 2002 2001 --------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items................................. $198,134 | $188,582 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income.............. 74,912 | 84,429 Provision for income taxes...................................... 141,441 | 125,231 Interest element of rentals charged to income (a)............... 2,455 | 3,003 -------- | -------- | Earnings as defined........................................... $416,942 | $401,245 ======== | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED | STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): | Interest on long-term debt........................................ $ 69,206 | $ 67,754 Other interest expense (credit)................................... (2,315) | 8,650 Preferred stock dividend requirements............................. 9,367 | 12,106 Adjustment to preferred stock dividends | to state on a pre-income tax basis.............................. 961 | 2,710 Interest element of rentals charged to income (a)................. 2,455 | 3,003 -------- | -------- | Fixed charges as defined plus preferred stock dividend | requirements (pre-income tax basis)......................... $ 79,674 | $ 94,223 ======== | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS)............................................ 5.23 | 4.26 ==== | ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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EXHIBIT 12 Page 1 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, --------------------------- 2002 2001 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items......................................... $ 49,661 | $ 56,433 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income...................... 38,430 | 41,649 Provision for income taxes.............................................. 35,212 | 39,247 Interest element of rentals charged to income (a)....................... 407 | 462 -------- | -------- | Earnings as defined................................................... $123,710 | $137,791 ======== | ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt................................................ $ 30,736 | $ 28,867 Other interest expense.................................................... 2,025 | 7,270 Subsidiary's preferred stock dividend requirements........................ 5,669 | 5,512 Interest element of rentals charged to income (a)......................... 407 | 462 -------- | -------- | Fixed charges as defined.............................................. $ 38,837 | $ 42,111 ======== | ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 3.19 | 3.27 ==== | ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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EXHIBIT 12 Page 1 PENNSYLVANIA ELECTRIC COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, ------------------------- 2002 2001 ------- ------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: | Income before extraordinary items......................................... $30,140 | $19,462 Add- | Interest and other charges, before reduction for | amounts capitalized and deferred interest income...................... 31,912 | 35,934 Provision for income taxes.............................................. 20,970 | 17,627 Interest element of rentals charged to income (a)....................... 1,434 | 721 ------- | ------- | Earnings as defined................................................... $84,456 | $73,744 ======= | ======= | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt................................................ $24,124 | $25,154 Other interest expense.................................................... 2,123 | 5,275 Subsidiary's preferred stock dividend requirements........................ 5,665 | 5,505 Interest element of rentals charged to income (a)......................... 1,434 | 721 ------- | ------- | Fixed charges as defined.............................................. $33,346 | $36,655 ======= | ======= | CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.53 | 2.01 ==== | ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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