EX-12 2 ex_12.htm EXHIBIT 12 - CONSOLITATED RATIO OF EARNINGS TO FIXED CHARGES Unassociated Document
EXHIBIT 12

 
FIRSTENERGY CORP.

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

   
Six Months Ended
  
   
June 30,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
 
$
524,916
  
$
319,795
  
Interest and other charges, before reduction for
              
amounts capitalized
    
347,830
    
336,644
  
Provision for income taxes
    
350,598
    
362,550
  
Interest element of rentals charged to income (a)
    
112,798
    
121,457
  
Earnings as defined
  
$
1,336,142
  
$
1,140,446
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest expense
  
$
343,515
  
$
326,358
  
Subsidiaries’ preferred stock dividend requirements
    
4,315
    
10,286
  
Adjustments to subsidiaries’ preferred stock dividends
              
to state on a pre-income tax basis
    
2,882
    
11,661
  
Interest element of rentals charged to income (a)
    
112,798
    
121,457
  
Fixed charges as defined
  
$
463,510
  
$
469,762
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED
              
CHARGES
   
2.88
    
2.43
  
               



_____________________

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





EXHIBIT 12
Page 1

OHIO EDISON COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

   
Six Months Ended
  
   
June 30,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
123,039
  
$
103,853
  
Interest and other charges, before reduction for
              
amounts capitalized
    
35,909
    
40,983
  
Provision for income taxes
    
73,337
    
148,073
  
Interest element of rentals charged to income (a)
    
44,831
    
50,744
  
Earnings as defined
  
$
277,116
  
$
343,653
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
26,564
  
$
31,340
  
Other interest expense
    
9,034
    
8,265
  
Subsidiaries’ preferred stock dividend requirements
    
311
    
1,378
  
Adjustments to subsidiaries’ preferred stock dividends
              
to state on a pre-income tax basis
    
194
    
1,080
  
Interest element of rentals charged to income (a)
    
44,831
    
50,744
  
Fixed charges as defined
  
$
80,934
  
$
92,807
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED
              
CHARGES
   
3.42
    
3.70
  




___________________

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


EXHIBIT 12
Page 2

OHIO EDISON COMPANY

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

   
Six Months Ended
  
   
June 30,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
123,039
  
$
103,853
  
Interest and other charges, before reduction for amounts capitalized
    
35,909
    
40,983
  
Provision for income taxes
    
73,337
    
148,073
  
Interest element of rentals charged to income (a)
    
44,831
    
50,744
  
Earnings as defined
  
$
277,116
  
$
343,653
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
              
Interest on long-term debt
  
$
26,564
  
$
31,340
  
Other interest expense
    
9,034
    
8,265
  
Preferred stock dividend requirements
    
4,557
    
2,695
  
Adjustments to preferred stock dividends
              
to state on a pre-income tax basis
    
2,682
    
2,858
  
Interest element of rentals charged to income (a)
    
44,831
    
50,744
  
Fixed charges as defined plus preferred stock
              
dividend requirements (pre-income tax basis)
  
$
87,668
  
$
95,902
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
              
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
              
(PRE-INCOME TAX BASIS)
   
3.16
    
3.58
  



___________________

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



EXHIBIT 12
Page 1

JERSEY CENTRAL POWER & LIGHT COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Six Months Ended
  
   
June 30,
  
   
2006
  
2005
  
       
Restated
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
73,986
  
$
67,752
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized 
    
45,585
    
42,829
  
Provision for income taxes
    
62,190
    
55,939
  
Interest element of rentals charged to income (a)
    
3,474
    
3,665
  
               
Earnings as defined
  
$
185,235
  
$
170,185
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
36,467
  
$
38,681
  
Other interest expense
    
9,118
    
4,148
  
Interest element of rentals charged to income (a)
    
3,474
    
3,665
  
               
Fixed charges as defined
  
$
49,059
  
$
46,494
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
3.78
    
3.66
  



_________________________



(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


   
Six Months Ended
  
   
June 30,
  
   
2006
  
2005
  
       
Restated
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
              
Income before extraordinary items
  
$
73,986
  
$
67,752
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized 
    
45,585
    
42,829
  
Provision for income taxes
    
62,190
    
55,939
  
Interest element of rentals charged to income (a)
    
3,474
    
3,665
  
               
Earnings as defined
  
$
185,235
  
$
170,185
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
              
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
              
Interest on long-term debt
  
$
36,467
  
$
38,681
  
Other interest expense
    
9,118
    
4,148
  
Preferred stock dividend requirements
    
250
    
250
  
Adjustment to preferred stock dividends
              
to state on a pre-income tax basis
    
210
    
206
  
Interest element of rentals charged to income (a)
    
3,474
    
3,665
  
               
Fixed charges as defined plus preferred stock dividend requirements
              
(pre-income tax basis)
  
$
49,519
  
$
46,950
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
              
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
              
(PRE-INCOME TAX BASIS)
    
3.74
    
3.62
  



_________________________

(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



METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

   
Six Months Ended
  
   
June 30,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
57,991
  
$
32,139
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized 
    
23,255
    
22,621
  
Provision for income taxes
    
40,759
    
21,325
  
Interest element of rentals charged to income (a)
    
725
    
938
  
               
Earnings as defined
  
$
122,730
  
$
77,023
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
17,470
  
$
18,945
  
Other interest expense
    
5,785
    
3,676
  
Interest element of rentals charged to income (a)
    
725
    
938
  
               
Fixed charges as defined
  
$
23,980
  
$
23,559
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
5.12
    
3.27
  



 

(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
 

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES


   
Six Months Ended
  
   
June 30,
  
   
2006
  
2005
  
   
(Dollars in thousands)
  
           
EARNINGS AS DEFINED IN REGULATION S-K:
          
Income before extraordinary items
  
$
38,606
  
$
27,221
  
Add-
              
Interest and other charges, before reduction for
              
amounts capitalized 
    
22,135
    
19,738
  
Provision for income taxes
    
28,518
    
18,940
  
Interest element of rentals charged to income (a)
    
1,567
    
1,672
  
               
Earnings as defined
  
$
90,826
  
$
67,571
  
               
FIXED CHARGES AS DEFINED IN REGULATION S-K:
              
Interest on long-term debt
  
$
13,916
  
$
14,882
  
Other interest expense
    
8,219
    
4,856
  
Interest element of rentals charged to income (a)
    
1,567
    
1,672
  
               
Fixed charges as defined
  
$
23,702
  
$
21,410
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
    
3.83
    
3.16
  



_________________________

(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.