EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | |||||||
March 31, | |||||||
2005 | 2004 | ||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 14,519 | $ | 13,398 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 21,229 | 21,118 | |||||
Provision for income taxes | 12,724 | 10,050 | |||||
Interest element of rentals charged to income (a) | 1,905 | 1,573 | |||||
Earnings as defined | $ | 50,377 | $ | 46,139 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest on long-term debt | $ | 19,405 | $ | 20,728 | |||
Other interest expense | 1,824 | 390 | |||||
Interest element of rentals charged to income (a) | 1,905 | 1,573 | |||||
Fixed charges as defined | $ | 23,134 | $ | 22,691 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.18 | 2.03 |
_________________________
(a) | Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. |
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EXHIBIT 12
Page 2
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS
Three Months Ended | |||||||
March 31, | |||||||
2005 | 2004 | ||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 14,519 | $ | 13,398 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 21,229 | 21,118 | |||||
Provision for income taxes | 12,724 | 10,050 | |||||
Interest element of rentals charged to income (a) | 1,905 | 1,573 | |||||
Earnings as defined | $ | 50,377 | $ | 46,139 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED | |||||||
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): | |||||||
Interest on long-term debt | $ | 19,405 | $ | 20,728 | |||
Other interest expense | 1,824 | 390 | |||||
Preferred stock dividend requirements | 125 | 125 | |||||
Adjustment to preferred stock dividends | |||||||
to state on a pre-income tax basis | 110 | 94 | |||||
Interest element of rentals charged to income (a) | 1,905 | 1,573 | |||||
Fixed charges as defined plus preferred stock dividend requirements | |||||||
(pre-income tax basis) | $ | 23,369 | $ | 22,910 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||
(PRE-INCOME TAX BASIS) | 2.16 | 2.01 |
_________________________
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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EXHIBIT 12
Page 1
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | |||||||
March 31, | |||||||
2005 | 2004 | ||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 16,476 | $ | 18,044 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 11,223 | 10,836 | |||||
Provision for income taxes | 10,451 | 12,209 | |||||
Interest element of rentals charged to income (a) | 446 | 298 | |||||
Earnings as defined | $ | 38,596 | $ | 41,387 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest on long-term debt | $ | 9,560 | $ | 10,147 | |||
Other interest expense | 1,663 | 689 | |||||
Interest element of rentals charged to income (a) | 446 | 298 | |||||
Fixed charges as defined | $ | 11,669 | $ | 11,134 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.31 | 3.72 |
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
132
EXHIBIT 12
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | |||||||
March 31, | |||||||
2005 | 2004 | ||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 21,384 | $ | 5,659 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 9,647 | 9,684 | |||||
Provision for income taxes | 15,386 | 2,938 | |||||
Interest element of rentals charged to income (a) | 752 | 624 | |||||
Earnings as defined | $ | 47,169 | $ | 18,905 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest on long-term debt | $ | 7,459 | $ | 7,447 | |||
Other interest expense | 2,188 | 2,237 | |||||
Interest element of rentals charged to income (a) | 752 | 624 | |||||
Fixed charges as defined | $ | 10,399 | $ | 10,308 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 4.54 | 1.83 |
_________________________
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
133