EXHIBIT 12.7 | |||||||||||||||||
Page 1 | |||||||||||||||||
METROPOLITAN EDISON COMPANY | |||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2003 | 2004 | 2005 | 2006 (b) | 2007 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||
Income before extraordinary items | $ | 60,953 | $ | 66,955 | $ | 45,919 | $ | (240,195) | $ | 95,463 | |||||||
Interest and other charges, before reduction for amounts capitalized | |||||||||||||||||
and deferred | 46,277 | 45,057 | 44,655 | 47,385 | 51,022 | ||||||||||||
Provision for income taxes | 44,006 | 38,217 | 30,084 | 77,326 | 68,270 | ||||||||||||
Interest element of rentals charged to income (a) | 437 | 1,401 | 1,597 | 1,616 | 2,160 | ||||||||||||
Earnings as defined | $ | 151,673 | $ | 151,630 | $ | 122,255 | $ | (113,868) | $ | 216,915 | |||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 42,498 | $ | 45,057 | $ | 44,655 | $ | 47,385 | $ | 51,022 | |||||||
Subsidiary's preferred stock dividend requirements | 3,779 | - | - | - | - | ||||||||||||
Interest element of rentals charged to income (a) | 437 | 1,401 | 1,597 | 1,616 | 2,160 | ||||||||||||
Fixed charges as defined | $ | 46,714 | $ | 46,458 | $ | 46,252 | $ | 49,001 | $ | 53,182 | |||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.25 | 3.26 | 2.64 | (2.32) | 4.08 | ||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. | |||||||||||||||||
(b) The earnings as defined in 2006 would need to increase $162,869,000 for the fixed charge ratios to be 1.0. | |||||||||||||||||
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, | |||||||||||||||||
2003 | 2004 | 2005 | 2006 (b) | 2007 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||
Income before extraordinary items | $ | 60,953 | $ | 66,955 | $ | 45,919 | $ | (240,195) | $ | 95,463 | |||||||
Interest and other charges, before reduction for amounts capitalized | |||||||||||||||||
and deferred | 46,277 | 45,057 | 44,655 | 47,385 | 51,022 | ||||||||||||
Provision for income taxes | 44,006 | 38,217 | 30,084 | 77,326 | 68,270 | ||||||||||||
Interest element of rentals charged to income (a) | 437 | 1,401 | 1,597 | 1,616 | 2,160 | ||||||||||||
Earnings as defined | $ | 151,673 | $ | 151,630 | $ | 122,255 | $ | (113,868) | $ | 216,915 | |||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||||||||||
(PRE-INCOME TAX BASIS): | |||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 42,498 | $ | 45,057 | $ | 44,655 | $ | 47,385 | $ | 51,022 | |||||||
Preferred stock dividend requirements | 3,779 | - | - | - | - | ||||||||||||
Adjustments to preferred stock dividends | |||||||||||||||||
to state on a pre-income tax basis | - | - | - | - | - | ||||||||||||
Interest element of rentals charged to income (a) | 437 | 1,401 | 1,597 | 1,616 | 2,160 | ||||||||||||
Fixed charges as defined plus preferred stock | |||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 46,714 | $ | 46,458 | $ | 46,252 | $ | 49,001 | $ | 53,182 | |||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||||||||||
(PRE-INCOME TAX BASIS) | 3.25 | 3.26 | 2.64 | (2.32) | 4.08 | ||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. | |||||||||||||||||
(b) The earnings as defined in 2006 would need to increase $162,869,000 for the fixed charge ratios to be 1.0. | |||||||||||||||||