EXHIBIT 12.2 | ||||||||||||||||
Page 1 | ||||||||||||||||
OHIO EDISON COMPANY | ||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Income before extraordinary items | $ | 356,159 | $ | 292,925 | $ | 342,766 | $ | 330,398 | $ | 211,639 | ||||||
Interest and other charges, before reduction for amounts capitalized | 144,170 | 116,868 | 74,051 | 77,077 | 90,952 | |||||||||||
Provision for income taxes | 255,915 | 241,173 | 278,303 | 309,995 | 123,343 | |||||||||||
Interest element of rentals charged to income (a) | 102,469 | 107,611 | 104,239 | 101,862 | 89,354 | |||||||||||
Earnings as defined | $ | 858,713 | $ | 758,577 | $ | 799,359 | $ | 819,332 | $ | 515,288 | ||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Interest on long-term debt | $ | 119,123 | $ | 91,068 | $ | 59,465 | $ | 58,709 | $ | 71,524 | ||||||
Other interest expense | 14,598 | 22,069 | 12,026 | 16,679 | 18,832 | |||||||||||
Subsidiaries’ preferred stock dividend requirements | 10,449 | 3,731 | 2,560 | 1,689 | 597 | |||||||||||
Adjustments to subsidiaries’ preferred stock dividends | ||||||||||||||||
to state on a pre-income tax basis | 2,661 | 3,014 | 1,975 | 1,351 | 651 | |||||||||||
Interest element of rentals charged to income (a) | 102,469 | 107,611 | 104,239 | 101,862 | 89,354 | |||||||||||
Fixed charges as defined | $ | 249,300 | $ | 227,493 | $ | 180,265 | $ | 180,290 | $ | 180,958 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.44 | 3.33 | 4.43 | 4.54 | 2.85 | |||||||||||
(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 12.2 | ||||||||||||||||
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, | ||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Income before extraordinary items | $ | 356,159 | $ | 292,925 | $ | 342,766 | $ | 330,398 | $ | 211,639 | ||||||
Interest and other charges, before reduction for amounts capitalized | 144,170 | 116,868 | 74,051 | 77,077 | 90,952 | |||||||||||
Provision for income taxes | 255,915 | 241,173 | 278,303 | 309,995 | 123,343 | |||||||||||
Interest element of rentals charged to income (a) | 102,469 | 107,611 | 104,239 | 101,862 | 89,354 | |||||||||||
Earnings as defined | $ | 858,713 | $ | 758,577 | $ | 799,359 | $ | 819,332 | $ | 515,288 | ||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | ||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS): | ||||||||||||||||
Interest on long-term debt | $ | 119,123 | $ | 91,068 | $ | 59,465 | $ | 58,709 | $ | 71,524 | ||||||
Other interest expense | 14,598 | 22,069 | 12,026 | 16,679 | 18,832 | |||||||||||
Preferred stock dividend requirements | 16,959 | 6,463 | 5,062 | 4,324 | 5,149 | |||||||||||
Adjustments to preferred stock dividends | ||||||||||||||||
to state on a pre-income tax basis | 7,034 | 5,264 | 4,072 | 3,758 | 3,263 | |||||||||||
Interest element of rentals charged to income (a) | 102,469 | 107,611 | 104,239 | 101,862 | 89,354 | |||||||||||
Fixed charges as defined plus preferred stock | ||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 260,183 | $ | 232,475 | $ | 184,864 | $ | 185,332 | $ | 188,122 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS) | 3.30 | 3.26 | 4.32 | 4.42 | 2.74 | |||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |