EX-12 38 pn_ex12-8.txt EX. 12-8 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 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................... $ 58,590 $152,491 $ 39,250 $23,718 | $10,795 $ 50,910 Interest and other charges, before reduction | for amounts capitalized........................... 65,114 45,149 48,544 40,998 | 7,052 42,373 Provision for income taxes.......................... 42,537 54,383 29,754 19,402 | 8,231 34,248 Interest element of rentals charged to income (a)... 4,970 4,306 3,020 891 | 311 1,849 -------- -------- -------- ------- | ------- -------- Earnings as defined............................... $171,211 $256,329 $120,568 $85,009 | $26,389 $129,380 ======== ======== ======== ======= | ======= ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt.......................... $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972 $ 31,758 Other interest expense.............................. 8,197 4,359 11,546 6,008 | 1,979 3,061 Subsidiary's preferred stock dividend requirements.. 9,188 8,953 7,034 6,239 | 1,101 7,554 Interest element of rentals charged to income (a)... 4,970 4,306 3,020 891 | 311 1,849 -------- -------- -------- ------- | ------- -------- Fixed charges as defined.......................... $ 70,084 $ 49,455 $ 51,564 $41,889 | $ 7,363 $ 44,222 ======== ======== ======== ======= | ======= ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED | CHARGES............................................. 2.44 5.18 2.34 2.03 | 3.58 2.93 ==== ==== ==== ==== | ==== ==== ------------------------- (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 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.................... $ 58,590 $152,491 $ 39,250 $23,718 | $10,795 $ 50,910 Interest and other charges, before reduction | for amounts capitalized............................ 65,114 45,149 48,544 40,998 | 7,052 42,373 Provision for income taxes........................... 42,537 54,383 29,754 19,402 | 8,231 34,248 Interest element of rentals charged to income (a).... 4,970 4,306 3,020 891 | 311 1,849 -------- -------- -------- ------- | ------- -------- Earnings as defined................................ $171,211 $256,329 $120,568 $85,009 | $26,389 $129,380 ======== ======== ======== ======= | ======= ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS): | Interest on long-term debt........................... $ 47,729 $ 31,837 $ 29,964 $28,751 | $ 3,972 $ 31,758 Other interest expense............................... 8,197 4,359 11,546 6,008 | 1,979 3,061 Preferred stock dividend requirements................ 9,883 9,107 7,034 6,239 | 1,101 7,554 Adjustments to preferred stock dividends to | state on a pre-income tax basis.................... 505 55 -- -- | -- -- Interest element of rentals charged to income (a).... 4,970 4,306 3,020 891 | 311 1,849 -------- -------- -------- ------- | ------- -------- Fixed charges as defined plus preferred stock | dividend requirements (pre-income tax basis)..... $ 71,284 $ 49,664 $ 51,564 $41,889 | $ 7,363 $ 44,222 ======== ======== ======== ======= | ======= ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS)............................. 2.40 5.16 2.34 2.03 | 3.58 2.93 ==== ==== ==== ==== | ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.