EXHIBIT 12.8
Page 1
PENNSYLVANIA ELECTRIC 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 | 2005 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||||
Income before extraordinary items | $ | 23,718 | $ | 10,795 | $ | 50,910 | $ | 20,237 | $ | 36,030 | $ | 27,553 | |||||||
Interest and other charges, before reduction for amounts capitalized | 40,998 | 7,052 | 42,373 | 37,660 | 40,022 | 39,900 | |||||||||||||
Provision for income taxes | 19,402 | 8,231 | 34,248 | 24,836 | 30,001 | 16,613 | |||||||||||||
Interest element of rentals charged to income(a) | 891 | 311 | 1,849 | 3,076 | 3,016 | 3,225 | |||||||||||||
Earnings as defined | $ | 85,009 | $ | 26,389 | $ | 129,380 | $ | 85,809 | $ | 109,069 | $ | 87,291 | |||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||||||||
Interest on long-term debt | $ | 28,751 | $ | 3,972 | $ | 31,758 | $ | 29,565 | $ | 30,029 | $ | 29,540 | |||||||
Other interest expense | 6,008 | 1,979 | 3,061 | 4,318 | 9,993 | 10,360 | |||||||||||||
Subsidiary’s preferred stock dividend requirements | 6,239 | 1,101 | 7,554 | 3,777 | - | - | |||||||||||||
Interest element of rentals charged to income (a) | 891 | 311 | 1,849 | 3,076 | 3,016 | 3,225 | |||||||||||||
Fixed charges as defined | $ | 41,889 | $ | 7,363 | $ | 44,222 | $ | 40,736 | $ | 43,038 | $ | 43,125 | |||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.03 | 3.58 | 2.93 | 2.11 | 2.53 | 2.02 |
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
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EXHIBIT 12.8
Page 2
PENNSYLVANIA ELECTRIC 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 | 2005 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||||
Income before extraordinary items | $ | 23,718 | $ | 10,795 | $ | 50,910 | $ | 20,237 | $ | 36,030 | $ | 27,553 | |||||||
Interest and other charges, before reduction for | |||||||||||||||||||
amounts capitalized | 40,998 | 7,052 | 42,373 | 37,660 | 40,022 | 39,900 | |||||||||||||
Provision for income taxes | 19,402 | 8,231 | 34,248 | 24,836 | 30,001 | 16,613 | |||||||||||||
Interest element of rentals charged to income (a) | 891 | 311 | 1,849 | 3,076 | 3,016 | 3,225 | |||||||||||||
Earnings as defined | $ | 85,009 | $ | 26,389 | $ | 129,380 | $ | 85,809 | $ | 109,069 | $ | 87,291 | |||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||||||||||||
(PRE-INCOME TAX BASIS): | |||||||||||||||||||
Interest on long-term debt | $ | 28,751 | $ | 3,972 | $ | 31,758 | $ | 29,565 | $ | 30,029 | $ | 29,540 | |||||||
Other interest expense | 6,008 | 1,979 | 3,061 | 4,318 | 9,993 | 10,360 | |||||||||||||
Preferred stock dividend requirements | 6,239 | 1,101 | 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) | 891 | 311 | 1,849 | 3,076 | 3,016 | 3,225 | |||||||||||||
Fixed charges as defined plus preferred stock | |||||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 41,889 | $ | 7,363 | $ | 44,222 | $ | 40,736 | $ | 43,038 | $ | 43,125 | |||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||||||||||||
(PRE-INCOME TAX BASIS) | 2.03 | 3.58 | 2.93 | 2.11 | 2.53 | 2.02 |
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.
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