EXHIBIT 12.6
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Jan. 1- | Nov. 7- | Year Ended December 31, | ||||||||||||||||||
Nov. 6, 2001 | Dec. 31, 2001 | 2002 | 2003 | 2004 | ||||||||||||||||
Restated | Restated | Restated | Restated | Restated | 2005 | |||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Income before extraordinary items | $ | 31,560 | $ | 29,525 | $ | 248,357 | $ | 64,277 | $ | 107,626 | $ | 182,986 | ||||||||
Interest and other charges, before reduction for | ||||||||||||||||||||
amounts capitalized | 96,836 | 17,116 | 101,647 | 96,290 | 86,111 | 85,519 | ||||||||||||||
Provision for income taxes | 1,850 | 20,420 | 184,111 | 48,609 | 97,205 | 135,846 | ||||||||||||||
Interest element of rentals charged to income (a) | 3,913 | 124 | 3,239 | 5,374 | 7,589 | 7,091 | ||||||||||||||
Earnings as defined | $ | 134,159 | $ | 67,185 | $ | 537,354 | $ | 214,550 | $ | 298,531 | $ | 411,442 | ||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||||||||||||||
Interest on long-term debt | $ | 77,205 | $ | 14,234 | $ | 92,314 | $ | 87,681 | $ | 80,840 | $ | 74,929 | ||||||||
Other interest expense | 10,536 | 1,277 | (1,361 | ) | 3,262 | 5,271 | 10,590 | |||||||||||||
Subsidiary’s preferred stock dividend requirements | 9,095 | 1,605 | 10,694 | 5,347 | - | - | ||||||||||||||
Interest element of rentals charged to income (a) | 3,913 | 124 | 3,239 | 5,374 | 7,589 | 7,091 | ||||||||||||||
Fixed charges as defined | $ | 100,749 | $ | 17,240 | $ | 104,886 | $ | 101,664 | $ | 93,700 | $ | 92,610 | ||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | ||||||||||||||||||||
CHARGES | 1.33 | 3.90 | 5.12 | 2.11 | 3.19 | 4.44 |
(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 12.6
Page 2
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Jan. 1- | Nov. 7- | Year Ended December 31, | |||||||||||||||||
Nov. 6, 2001 | Dec. 31, 2001 | 2002 | 2003 | 2004 | |||||||||||||||
Restated | Restated | Restated | Restated | Restated | 2005 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||||
Income before extraordinary items | $ | 31,560 | $ | 29,525 | $ | 248,357 | $ | 64,277 | $ | 107,626 | $ | 182,986 | |||||||
Interest and other charges, before reduction for | |||||||||||||||||||
amounts capitalized | 96,836 | 17,116 | 101,647 | 96,290 | 86,111 | 85,519 | |||||||||||||
Provision for income taxes | 1,850 | 20,420 | 184,111 | 48,609 | 97,205 | 135,846 | |||||||||||||
Interest element of rentals charged to income (a) | 3,913 | 124 | 3,239 | 5,374 | 7,589 | 7,091 | |||||||||||||
Earnings as defined | $ | 134,159 | $ | 67,185 | $ | 537,354 | $ | 214,550 | $ | 298,531 | $ | 411,442 | |||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||||||||||||
(PRE-INCOME TAX BASIS): | |||||||||||||||||||
Interest on long-term debt | $ | 77,205 | $ | 14,234 | $ | 92,314 | $ | 87,681 | $ | 80,840 | $ | 74,929 | |||||||
Other interest expense | 10,536 | 1,277 | (1,361 | ) | 3,262 | 5,271 | 10,590 | ||||||||||||
Preferred stock dividend requirements | 13,642 | 2,303 | 9,230 | 5,235 | 500 | 500 | |||||||||||||
Adjustments to preferred stock dividends to state on a | |||||||||||||||||||
pre-income tax basis | 272 | 483 | (1,085 | ) | (85 | ) | 452 | 371 | |||||||||||
Interest element of rentals charged to income (a) | 3,913 | 124 | 3,239 | 5,374 | 7,589 | 7,091 | |||||||||||||
Fixed charges as defined plus preferred stock | |||||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 105,568 | $ | 18,421 | $ | 102,337 | $ | 101,467 | $ | 94,652 | $ | 93,481 | |||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||||||||||||
(PRE-INCOME TAX BASIS) | 1.27 | 3.65 | 5.25 | 2.11 | 3.15 | 4.40 |
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.