EX-12 39 me_ex12-7.txt EX 12-7 MET-ED FIXED CHARGE RATIO 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 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.............. $ 95,123 $ 81,895 $ 62,381 | $14,617 $ 63,224 $ 60,953 Interest and other charges, before | reduction for amounts capitalized............ 61,842 55,181 48,568 | 8,461 50,969 46,281 Provision for income taxes..................... 61,396 44,088 39,449 | 10,905 44,372 44,006 Interest element of rentals charged | to income (a)................................ 4,381 1,543 284 | (693) 515 437 -------- -------- -------- | ------- -------- -------- Earnings as defined.......................... $222,742 $182,707 $150,682 | $33,290 $159,080 $151,677 ======== ======== ======== | ======= ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K: | Interest on long-term debt..................... $ 45,996 $ 37,886 $ 33,101 | $ 5,615 $ 40,774 $ 36,661 Other interest expense......................... 2,527 10,639 9,219 | 1,744 2,636 5,841 Subsidiary's preferred stock dividend | requirements................................. 13,319 6,656 6,248 | 1,102 7,559 3,779 Interest element of rentals charged | to income (a)................................ 4,381 1,543 284 | (693) 515 437 -------- -------- -------- | ------- -------- -------- Fixed charges as defined....................... $ 66,223 $ 56,724 $ 48,852 | $ 7,768 $ 51,484 $ 46,718 ======== ========= ======== | ======= ======== ======== | CONSOLIDATED RATIO OF EARNINGS TO FIXED | CHARGES........................................ 3.36 3.22 3.08 | 4.29 3.09 3.25 ==== ==== ==== | ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 101
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 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................ $ 95,123 $ 81,895 $ 62,381 | $14,617 $ 63,224 $ 60,953 Interest and other charges, before | reduction for amounts capitalized.............. 61,842 55,181 48,568 | 8,461 50,969 46,281 Provision for income taxes....................... 61,396 44,088 39,449 | 10,905 44,372 44,006 Interest element of rentals charged | to income (a).................................. 4,381 1,543 284 | (693) 515 437 -------- -------- -------- | ------- -------- -------- Earnings as defined............................ $222,742 $182,707 $150,682 | $33,290 $159,080 $151,677 ======== ======== ======== | ======= ======== ======== | FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS): | Interest on long-term debt....................... $ 45,996 $ 37,886 $ 33,101 | $ 5,615 $ 40,774 $ 36,661 Other interest expense........................... 2,527 10,639 9,219 | 1,744 2,636 5,841 Preferred stock dividend requirements............ 13,319 6,656 6,248 | 1,102 7,559 3,779 Adjustments to preferred stock dividends | to state on a pre-income tax basis............ 43 -- -- | -- -- -- Interest element of rentals charged | to income (a).................................. 4,381 1,543 284 | (693) 515 437 -------- -------- -------- | ---------- -------- -------- Fixed charges as defined plus preferred stock | dividend requirements (pre-income | tax basis)................................... $ 66,266 $ 56,724 $ 48,852 | $ 7,768 $ 51,484 $ 46,718 ======== ======== ======== | ======= ======== ======== CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | (PRE-INCOME TAX BASIS)........................... 3.36 3.22 3.08 | 4.29 3.09 3.25 ==== ==== ==== | ==== ==== ==== ------------------------- (a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. 102