EXHIBIT 12.6 | ||||||||||||||||
Page 1 | ||||||||||||||||
METROPOLITAN EDISON COMPANY | ||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006(b) | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Income before extraordinary items | $ | 63,224 | $ | 60,953 | $ | 66,955 | $ | 45,919 | $ | (240,195 | ) | |||||
Interest and other charges, before reduction for amounts capitalized | 50,969 | 46,277 | 45,057 | 44,655 | 47,385 | |||||||||||
Provision for income taxes | 44,372 | 44,006 | 38,217 | 30,084 | 77,326 | |||||||||||
Interest element of rentals charged to income (a) | 515 | 437 | 1,401 | 1,597 | 1,616 | |||||||||||
Earnings as defined | $ | 159,080 | $ | 151,673 | $ | 151,630 | $ | 122,255 | $ | (113,868 | ) | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Interest on long-term debt | $ | 40,774 | $ | 36,657 | $ | 40,630 | $ | 36,804 | $ | 33,314 | ||||||
Other interest expense | 2,636 | 5,841 | 4,427 | 7,851 | 14,071 | |||||||||||
Subsidiary's preferred stock dividend requirements | 7,559 | 3,779 | - | - | - | |||||||||||
Interest element of rentals charged to income (a) | 515 | 437 | 1,401 | 1,597 | 1,616 | |||||||||||
Fixed charges as defined | $ | 51,484 | $ | 46,714 | $ | 46,458 | $ | 46,252 | $ | 49,001 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.09 | 3.25 | 3.26 | 2.64 | (2.32 | ) | ||||||||||
(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 12.6 | ||||||||||||||||
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, | ||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006(b) | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Income before extraordinary items | $ | 63,224 | $ | 60,953 | $ | 66,955 | $ | 45,919 | $ | (240,195 | ) | |||||
Interest and other charges, before reduction for amounts capitalized | 50,969 | 46,277 | 45,057 | 44,655 | 47,385 | |||||||||||
Provision for income taxes | 44,372 | 44,006 | 38,217 | 30,084 | 77,326 | |||||||||||
Interest element of rentals charged to income (a) | 515 | 437 | 1,401 | 1,597 | 1,616 | |||||||||||
Earnings as defined | $ | 159,080 | $ | 151,673 | $ | 151,630 | $ | 122,255 | $ | (113,868 | ) | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | ||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS): | ||||||||||||||||
Interest on long-term debt | $ | 40,774 | $ | 36,657 | $ | 40,630 | $ | 36,804 | $ | 33,314 | ||||||
Other interest expense | 2,636 | 5,841 | 4,427 | 7,851 | 14,071 | |||||||||||
Preferred stock dividend requirements | 7,559 | 3,779 | - | - | - | |||||||||||
Adjustments to preferred stock dividends | ||||||||||||||||
to state on a pre-income tax basis | - | - | - | - | - | |||||||||||
Interest element of rentals charged to income (a) | 515 | 437 | 1,401 | 1,597 | 1,616 | |||||||||||
Fixed charges as defined plus preferred stock | ||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 51,484 | $ | 46,714 | $ | 46,458 | $ | 46,252 | $ | 49,001 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS) | 3.09 | 3.25 | 3.26 | 2.64 | (2.32 | ) | ||||||||||
(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. |