EX-12 4 fe_ex12-1.txt FE FIXED CHARGE RATIO EXHIBIT 12.1 FIRSTENERGY CORP. CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ------------------------------------------------------------------- 1999 2000 2001 2002 2003 ---------- ---------- ---------- ---------- ---------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items ......................... $ 568,299 $ 598,970 $ 654,946 $ 632,667 $ 421,996 Interest and other charges, before reduction for amounts capitalized...................................... 585,648 556,194 591,192 982,617 843,553 Provision for income taxes................................. 394,827 376,802 474,457 524,059 405,959 Interest element of rentals charged to income (a).......... 279,519 271,471 258,561 246,416 247,222 ---------- ---------- ---------- ---------- ---------- Earnings as defined...................................... $1,828,293 $1,803,437 $1,979,156 $2,385,759 $1,918,730 ========== ========== ========== ========== ========== FIXED CHARGES AS DEFINED IN REGULATION S-K: Interest expense........................................... $ 509,169 $ 493,473 $ 519,131 $ 906,970 $ 801,184 Subsidiaries' preferred stock dividend requirements........ 76,479 62,721 72,061 75,647 42,369 Adjustments to subsidiaries' preferred stock dividends to state on a pre-income tax basis....................... 44,829 32,098 41,349 28,321 22,552 Interest element of rentals charged to income (a).......... 279,519 271,471 258,561 246,416 247,222 ---------- ---------- ---------- ---------- ---------- Fixed charges as defined................................. $ 909,996 $ 859,763 $ 891,102 $1,257,354 $1,113,327 ========== ========== ========== ========== ========== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES ................................................... 2.01 2.10 2.22 1.90 1.72 ==== ==== ==== ==== ==== -------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rntal expense where no readily defined interest element can be determined. 90