EX-12 33 jc_ex12-6.txt EX 12-6 JCP&L FIXED CHARGE RATIO EXHIBIT 12.6 Page 1 JERSEY CENTRAL POWER & LIGHT COMPANY CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, Jan. 1- Nov. 7- Year Ended December 31, 1999 2000 Nov. 6, 2001 Dec. 31, 2001 2002 2003 --------- --------- ------------ ------------- --------- --------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............... $172,380 $210,812 $ 34,467 | $30,041 $251,895 $ 68,017 Interest and other charges, before reduction | for amounts capitalized....................... 106,675 105,799 95,727 | 16,919 100,365 94,719 Provision for income taxes...................... 100,970 119,875 52 | 20,101 181,855 46,440 Interest element of rentals charged | to income (a)................................. 14,920 6,229 3,913 | 124 3,239 5,374 -------- -------- --------- | ------- -------- -------- Earnings as defined........................... $394,945 $442,715 $ 134,159 | $67,185 $537,354 $214,550 ======== ======== ========= | ======= ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt...................... $ 87,196 $ 85,220 $ 77,205 | $14,234 $ 92,314 $ 87,681 Other interest expense.......................... 8,779 9,879 9,427 | 1,080 (2,643) 1,690 Subsidiary's preferred stock | dividend requirements......................... 10,700 10,700 9,095 | 1,605 10,694 5,347 Interest element of rentals charged | to income (a)................................. 14,920 6,229 3,913 | 124 3,239 5,374 -------- -------- --------- | ------- -------- -------- Fixed charges as defined...................... $121,595 $112,028 $ 99,640 | $17,043 $103,604 $100,092 ======== ======== ========= | ======= ======== ======== | CONSOLIDATED RATIO OF EARNINGS TO | FIXED CHARGES................................... 3.25 3.95 1.35 | 3.94 5.19 2.14 ==== ==== ==== | ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 99
EXHIBIT 12.6 Page 2 JERSEY CENTRAL POWER & LIGHT 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 December 31, 1999 2000 Nov. 6, 2001 Dec. 31, 2001 2002 2003 --------- -------- ------------ ------------- --------- --------- (Dollars in thousands) EARNINGS AS DEFINED IN REGULATION S-K: Income before extraordinary items............... $ 172,380 $210,812 $ 34,467 | $30,041 $251,895 $ 68,017 Interest and other charges, before | reduction for amounts capitalized.. ......... 106,675 105,799 95,727 | 16,919 100,365 94,719 Provision for income taxes...................... 100,970 119,875 52 | 20,101 181,855 46,440 Interest element of rentals | charged to income (a)......................... 14,920 6,229 3,913 | 124 3,239 5,374 --------- -------- -------- | ------- -------- -------- Earnings as defined........................... $ 394,945 $442,715 $134,159 | $67,185 $537,354 $214,550 ========= ======== ======== | ======= ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS): | Interest on long-term debt...................... $ 87,196 85,220 $ 77,205 | $14,234 $ 92,314 $ 87,681 Other interest expense.......................... 8,779 9,879 9,427 | 1,080 (2,643) 1,690 Preferred stock dividend requirements........... 19,370 17,604 13,642 | 2,303 9,230 5,235 Adjustments to preferred stock dividends | to state on a pre-income tax basis............ 5,081 3,928 7 | 467 (1,057) (77) Interest element of rentals | charged to income (a)......................... 14,920 6,229 3,913 | 124 3,239 5,374 --------- -------- -------- | ------- -------- -------- Fixed charges as defined plus preferred | preferred stock dividend requirements | (pre-income tax basis)...................... $ 135,346 $122,860 $104,194 | $18,208 $101,083 $ 99,903 ========= ======== ======== | ======= ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS........................... 2.92 3.60 1.29 | 3.69 5.32 2.15 ==== ==== ==== | ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 100