EXHIBIT 12.7 | ||||||||||||||||
Page 1 | ||||||||||||||||
PENNSYLVANIA ELECTRIC 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 | $ | 50,910 | $ | 20,237 | $ | 36,030 | $ | 27,553 | $ | 84,182 | ||||||
Interest and other charges, before reduction for amounts capitalized | 42,373 | 37,660 | 40,022 | 39,900 | 45,278 | |||||||||||
Provision for income taxes | 34,248 | 24,836 | 30,001 | 16,613 | 56,539 | |||||||||||
Interest element of rentals charged to income (a) | 1,849 | 3,076 | 3,016 | 3,225 | 3,247 | |||||||||||
Earnings as defined | $ | 129,380 | $ | 85,809 | $ | 109,069 | $ | 87,291 | $ | 189,246 | ||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||
Interest on long-term debt | $ | 31,758 | $ | 29,565 | $ | 30,029 | $ | 29,540 | $ | 27,942 | ||||||
Other interest expense | 3,061 | 4,318 | 9,993 | 10,360 | 17,336 | |||||||||||
Subsidiary's preferred stock dividend requirements | 7,554 | 3,777 | - | - | - | |||||||||||
Interest element of rentals charged to income (a) | 1,849 | 3,076 | 3,016 | 3,225 | 3,247 | |||||||||||
Fixed charges as defined | $ | 44,222 | $ | 40,736 | $ | 43,038 | $ | 43,125 | $ | 48,525 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.93 | 2.11 | 2.53 | 2.02 | 3.90 | |||||||||||
(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 12.7 | ||||||||||||||||
Page 2 | ||||||||||||||||
PENNSYLVANIA ELECTRIC 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 | $ | 50,910 | $ | 20,237 | $ | 36,030 | $ | 27,553 | $ | 84,182 | ||||||
Interest and other charges, before reduction for amounts capitalized | 42,373 | 37,660 | 40,022 | 39,900 | 45,278 | |||||||||||
Provision for income taxes | 34,248 | 24,836 | 30,001 | 16,613 | 56,539 | |||||||||||
Interest element of rentals charged to income (a) | 1,849 | 3,076 | 3,016 | 3,225 | 3,247 | |||||||||||
Earnings as defined | $ | 129,380 | $ | 85,809 | $ | 109,069 | $ | 87,291 | $ | 189,246 | ||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | ||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS): | ||||||||||||||||
Interest on long-term debt | $ | 31,758 | $ | 29,565 | $ | 30,029 | $ | 29,540 | $ | 27,942 | ||||||
Other interest expense | 3,061 | 4,318 | 9,993 | 10,360 | 17,336 | |||||||||||
Preferred stock dividend requirements | 7,554 | 3,777 | - | - | - | |||||||||||
Adjustments to preferred stock dividends | ||||||||||||||||
to state on a pre-income tax basis | - | - | - | - | - | |||||||||||
Interest element of rentals charged to income (a) | 1,849 | 3,076 | 3,016 | 3,225 | 3,247 | |||||||||||
Fixed charges as defined plus preferred stock | ||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 44,222 | $ | 40,736 | $ | 43,038 | $ | 43,125 | $ | 48,525 | ||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||
(PRE-INCOME TAX BASIS) | 2.93 | 2.11 | 2.53 | 2.02 | 3.90 | |||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |