EX-12 3 ex12_jcpl.txt JCP&L EXHIBIT 12 Page 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended September 30, ------------------- 2003 2002 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items...................... $ 74,401 $198,134 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest expense.. 73,291 74,912 Provision for income taxes........................... 54,685 141,441 Interest element of rentals charged to income (a).... 2,373 2,455 -------- -------- Earnings as defined................................ $204,750 $416,942 ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest on long-term debt............................. $ 66,867 $ 69,206 Other interest expense................................. 1,076 (2,315) Subsidiary's preferred stock dividend requirements..... 5,348 8,021 Interest element of rentals charged to income (a)...... 2,373 2,455 -------- -------- Fixed charges as defined........................... $ 75,664 $ 77,367 ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.......... 2.71 5.39 ==== ==== ------------------------- (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) Nine Months Ended September 30, 2003 2002 -------- -------- (In thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items....................... $ 74,401 $198,134 Add- Interest and other charges, before reduction for amounts capitalized and deferred interest expense... 73,291 74,912 Provision for income taxes............................ 54,685 141,441 Interest element of rentals charged to income (a)..... 2,373 2,455 -------- -------- Earnings as defined................................ $204,750 $416,942 ======== ======== FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): Interest on long-term debt............................. $ 66,867 $ 69,206 Other interest expense................................. 1,076 (2,315) Preferred stock dividend requirements.................. 5,111 9,367 Adjustment to preferred stock dividends to state on a pre-income tax basis................... (174) 961 Interest element of rentals charged to income (a)...... 2,373 2,455 -------- -------- Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis)....... $ 75,253 $ 79,674 ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)................................ 2.72 5.23 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.