EXHIBIT 12.3
Page 1
OHIO EDISON COMPANY | ||||||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 331,214 | $ | 212,384 | $ | 197,830 | $ | 212,359 | $ | 122,434 | ||||||||||
Interest and other charges, before reduction for amounts capitalized | ||||||||||||||||||||
and deferred | 77,077 | 90,952 | 83,343 | 75,058 | 90,669 | |||||||||||||||
Provision for income taxes | 309,995 | 123,343 | 101,273 | 98,584 | 66,186 | |||||||||||||||
Interest element of rentals charged to income (a) | 101,862 | 89,354 | 79,954 | 74,962 | 69,597 | |||||||||||||||
Earnings as defined | $ | 820,148 | $ | 516,033 | $ | 462,400 | $ | 460,963 | $ | 348,886 | ||||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 75,388 | $ | 90,356 | $ | 83,343 | $ | 75,058 | $ | 90,669 | ||||||||||
Subsidiaries’ preferred stock dividend requirements | 1,689 | 597 | - | - | - | |||||||||||||||
Adjustments to subsidiaries’ preferred stock dividends | ||||||||||||||||||||
to state on a pre-income tax basis | 1,351 | 651 | - | - | - | |||||||||||||||
Interest element of rentals charged to income (a) | 101,862 | 89,354 | 79,954 | 74,962 | 69,597 | |||||||||||||||
Fixed charges as defined | $ | 180,290 | $ | 180,958 | $ | 163,297 | $ | 150,020 | $ | 160,266 | ||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 4.55 | 2.85 | 2.83 | 3.07 | 2.18 | |||||||||||||||
(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 12.3
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, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 331,214 | $ | 212,384 | $ | 197,830 | $ | 212,359 | $ | 122,434 | ||||||||||
Interest and other charges, before reduction for amounts capitalized | ||||||||||||||||||||
and deferred | 77,077 | 90,952 | 83,343 | 75,058 | 90,669 | |||||||||||||||
Provision for income taxes | 309,995 | 123,343 | 101,273 | 98,584 | 66,186 | |||||||||||||||
Interest element of rentals charged to income (a) | 101,862 | 89,354 | 79,954 | 74,962 | 69,597 | |||||||||||||||
Earnings as defined | $ | 820,148 | $ | 516,033 | $ | 462,400 | $ | 460,963 | $ | 348,886 | ||||||||||
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 | $ | 75,388 | $ | 90,356 | $ | 83,343 | $ | 75,058 | $ | 90,669 | ||||||||||
Preferred stock dividend requirements | 4,324 | 5,149 | - | - | - | |||||||||||||||
Adjustments to preferred stock dividends | ||||||||||||||||||||
to state on a pre-income tax basis | 3,758 | 3,263 | - | - | - | |||||||||||||||
Interest element of rentals charged to income (a) | 101,862 | 89,354 | 79,954 | 74,962 | 69,597 | |||||||||||||||
Fixed charges as defined plus preferred stock | ||||||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 185,332 | $ | 188,122 | $ | 163,297 | $ | 150,020 | $ | 160,266 | ||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||||||
(PRE-INCOME TAX BASIS) | 4.43 | 2.74 | 2.83 | 3.07 | 2.18 | |||||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |