EX-12 35 me_ex12-7.txt EX. 12-7 FIXED CHARGE RATIO - MET-ED EXHIBIT 12.7 Page 1 METROPOLITAN EDISON COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, -------------------------------- Jan. 1- Nov. 7- Year Ended 1998 1999 2000 Nov. 6, 2001 Dec. 31, 2001 Dec. 31, 2002 ---------- --------- -------- ------------ ------------- ------------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items................... $ 57,720 $ 95,123 $ 81,895 $ 62,381 | $14,617 $ 63,224 Interest and other charges, before reduction for | amounts capitalized............................... 59,687 61,842 55,181 48,568 | 8,461 50,969 Provision for income taxes.......................... 37,423 61,396 44,088 39,449 | 10,905 44,372 Interest element of rentals charged to income (a)... 9,784 4,381 1,543 284 | (693) 515 -------- -------- -------- -------- | ------- -------- Earnings as defined............................... $164,614 $222,742 $182,707 $150,682 | $33,290 $159,080 ======== ======== ======== ======== | ======= ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt.......................... $ 42,493 $ 45,996 $ 37,886 $ 33,101 | $ 5,615 $ 40,774 Other interest expense.............................. 8,194 2,527 10,639 9,219 | 1,744 2,636 Subsidiary's preferred stock dividend requirements.. 9,000 13,319 6,656 6,248 | 1,102 7,559 Interest element of rentals charged to income (a)... 9,784 4,381 1,543 284 | (693) 515 -------- -------- -------- -------- | ------- -------- Fixed charges as defined.......................... $ 69,471 $ 66,223 $ 56,724 $ 48,852 | $ 7,768 $ 51,484 ======== ======== ======== ======== | ======= ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED | CHARGES............................................. 2.37 3.36 3.22 3.08 | 4.29 3.09 ==== ==== ==== ==== | ==== ==== ------------------------- (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 12.7 Page 2 METROPOLITAN EDISON 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- Year Ended 1998 1999 2000 Nov. 6, 2001 Dec. 31, 2001 Dec. 31, 2002 ---------- --------- -------- ------------ ------------- ------------- (Dollars in Thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items.................. $ 57,720 $ 95,123 $ 81,895 $ 62,381 $14,617 $ 63,224 Interest and other charges, before reduction for amounts capitalized.......................... 59,687 61,842 55,181 48,568 8,461 50,969 Provision for income taxes......................... 37,423 61,396 44,088 39,449 10,905 44,372 Interest element of rentals charged to income (a).. 9,784 4,381 1,543 284 (693) 515 -------- -------- -------- -------- -------- -------- Earnings as defined.............................. $164,614 $222,742 $182,707 $150,682 $33,290 $159,080 ======== ======== ======== ======== ======= ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest on long-term debt......................... $ 42,493 $ 45,996 $ 37,886 $ 33,101 $ 5,615 $ 40,774 Other interest expense............................. 8,194 2,527 10,639 9,219 1,744 2,636 Preferred stock dividend requirements.............. 9,483 13,319 6,656 6,248 1,102 7,559 Adjustments to preferred stock dividends to state on a pre-income tax basis.................. 313 43 -- -- -- -- Interest element of rentals charged to income (a).. 9,784 4,381 1,543 284 (693) 515 -------- -------- -------- -------- -------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)... $ 70,267 $ 66,266 $ 56,724 $ 48,852 $ 7,768 $ 51,484 ======== ======== ======== ======== ======= ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)............................. 2.34 3.36 3.22 3.08 4.29 3.09 ==== ==== ==== ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.