EX-12.2 19 ex12-2.htm EXHIBIT 12-2 FIXED CHARGE RATIO - OE Unassociated Document
EXHIBIT 12.2
Page 1

OHIO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

 
  
Year Ended December 31,
  
 
  
2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
 
  
 
  
 
  
 
  
 
  
 
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
350,212
  
$
356,159
  
$
292,925
  
$
342,766
  
$
330,398
  
Interest and other charges, before reduction for
amounts capitalized
    
187,890
    
144,170
    
116,868
    
74,051
    
77,077
  
Provision for income taxes
    
239,135
    
255,915
    
241,173
    
278,303
    
309,995
  
Interest element of rentals charged to income (a)
    
104,507
    
102,469
    
107,611
    
104,239
    
101,862
  
Earnings as defined
  
$
881,744
  
$
858,713
  
$
758,577
  
$
799,359
  
$
819,332
  
 
                        
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                        
Interest on long-term debt
  
$
150,632
  
$
119,123
  
$
91,068
  
$
59,465
  
$
58,709
  
Other interest expense
    
22,754
    
14,598
    
22,069
    
12,026
    
16,679
  
Subsidiaries’ preferred stock dividend requirements
    
14,504
    
10,449
    
3,731
    
2,560
    
1,689
  
Adjustments to subsidiaries’ preferred stock dividends
to state on a pre-income tax basis
    
2,481
    
2,661
    
3,014
    
1,975
    
1,351
  
Interest element of rentals charged to income (a)
    
104,507
    
102,469
    
107,611
    
104,239
    
101,862
  
Fixed charges as defined
  
$
294,878
  
$
249,300
  
$
227,493
  
$
180,265
  
$
180,290
  
 
                        
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
   
2.99
    
3.44
    
3.33
    
4.43
    
4.54
  

 
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
 
 
 
94
 
EXHIBIT 12.2
Page 2
OHIO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)



 
  
Year Ended December 31,
  
 
  
2001
  
2002
  
2003
  
2004
  
2005
  
 
  
(Dollars in thousands)
  
 
  
 
  
 
  
 
  
 
  
 
  
EARNINGS AS DEFINED IN REGULATION S-K:
  
 
  
 
  
 
  
 
  
 
  
Income before extraordinary items
  
$
350,212
  
$
356,159
  
$
292,925
  
$
342,766
  
$
330,398
  
Interest and other charges, before reduction for amounts capitalized
    
187,890
    
144,170
    
116,868
    
74,051
    
77,077
  
Provision for income taxes
    
239,135
    
255,915
    
241,173
    
278,303
    
309,995
  
Interest element of rentals charged to income (a)
    
104,507
    
102,469
    
107,611
    
104,239
    
101,862
  
Earnings as defined
  
$
881,744
  
$
858,713
  
$
758,577
  
$
799,359
  
$
819,332
  
 
                        
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
                        
Interest on long-term debt
  
$
150,632
  
$
119,123
  
$
91,068
  
$
59,465
  
$
58,709
  
Other interest expense
    
22,754
    
14,598
    
22,069
    
12,026
    
16,679
  
Preferred stock dividend requirements
    
25,206
    
16,959
    
6,463
    
5,062
    
4,324
  
Adjustments to preferred stock dividends
to state on a pre-income tax basis
    
9,412
    
7,034
    
5,264
    
4,072
    
3,758
  
Interest element of rentals charged to income (a)
    
104,507
    
102,469
    
107,611
    
104,239
    
101,862
  
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)
  
$
312,511
  
$
260,183
  
$
232,475
  
$
184,864
  
$
185,332
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)
   
2.82
    
3.30
    
3.26
    
4.32
    
4.42
  




(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
 
 
 
 
95