EXHIBIT 12 | |||||||||
FIRSTENERGY CORP. | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 979,339 | $ | 651,627 | |||||
Interest and other charges, before reduction for amounts capitalized | 535,875 | 501,374 | |||||||
Provision for income taxes | 622,489 | 599,261 | |||||||
Interest element of rentals charged to income (a) | 170,065 | 182,237 | |||||||
Earnings as defined | $ | 2,307,768 | $ | 1,934,499 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||
Interest expense | $ | 528,088 | $ | 488,462 | |||||
Subsidiaries’ preferred stock dividend requirements | 5,787 | 12,912 | |||||||
Adjustments to subsidiaries’ preferred stock dividends | |||||||||
to state on a pre-income tax basis | 3,678 | 11,874 | |||||||
Interest element of rentals charged to income (a) | 170,065 | 182,237 | |||||||
Fixed charges as defined | $ | 707,618 | $ | 695,485 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | 3.26 | 2.78 | |||||||
CHARGES | |||||||||
(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 | |||||||||
Page 1 | |||||||||
OHIO EDISON COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 166,536 | $ | 235,251 | |||||
Interest and other charges, before reduction for amounts capitalized | 60,662 | 58,321 | |||||||
Provision for income taxes | 91,239 | 253,410 | |||||||
Interest element of rentals charged to income (a) | 67,064 | 76,871 | |||||||
Earnings as defined | $ | 385,501 | $ | 623,853 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||
Interest on long-term debt | $ | 49,280 | $ | 44,330 | |||||
Other interest expense | 10,914 | 12,457 | |||||||
Subsidiaries’ preferred stock dividend requirements | 467 | 1,534 | |||||||
Adjustments to subsidiaries’ preferred stock dividends | |||||||||
to state on a pre-income tax basis | 291 | 1,169 | |||||||
Interest element of rentals charged to income (a) | 67,064 | 76,871 | |||||||
Fixed charges as defined | $ | 128,016 | $ | 136,361 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | 3.01 | 4.58 | |||||||
CHARGES | |||||||||
(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 | |||||||||
Page 2 | |||||||||
OHIO EDISON COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 166,536 | $ | 235,251 | |||||
Interest and other charges, before reduction for amounts capitalized | 60,662 | 58,321 | |||||||
Provision for income taxes | 91,239 | 253,410 | |||||||
Interest element of rentals charged to income (a) | 67,064 | 76,871 | |||||||
Earnings as defined | $ | 385,501 | $ | 623,853 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS): | |||||||||
Interest on long-term debt | $ | 49,280 | $ | 44,330 | |||||
Other interest expense | 10,914 | 12,457 | |||||||
Preferred stock dividend requirements | 4,764 | 3,510 | |||||||
Adjustments to preferred stock dividends | |||||||||
to state on a pre-income tax basis | 2,607 | 3,222 | |||||||
Interest element of rentals charged to income (a) | 67,064 | 76,871 | |||||||
Fixed charges as defined plus preferred stock | |||||||||
dividend requirements (pre-income tax basis) | $ | 134,629 | $ | 140,390 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.86 | 4.44 | |||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS) | |||||||||
(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 | |||||||||
Page 1 | |||||||||
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 246,927 | $ | 164,578 | |||||
Interest and other charges, before reduction for amounts capitalized | 104,139 | 96,404 | |||||||
Provision for income taxes | 150,730 | 114,678 | |||||||
Interest element of rentals charged to income (a) | 34,504 | 35,906 | |||||||
Earnings as defined | $ | 536,300 | $ | 411,566 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||
Interest on long-term debt | $ | 104,139 | $ | 96,404 | |||||
Interest element of rentals charged to income (a) | 34,504 | 35,906 | |||||||
Fixed charges as defined | $ | 138,643 | $ | 132,310 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | 3.87 | 3.11 | |||||||
CHARGES | |||||||||
(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 | |||||||||
Page 2 | |||||||||
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 246,927 | $ | 164,578 | |||||
Interest and other charges, before reduction for amounts capitalized | 104,139 | 96,404 | |||||||
Provision for income taxes | 150,730 | 114,678 | |||||||
Interest element of rentals charged to income (a) | 34,504 | 35,906 | |||||||
Earnings as defined | $ | 536,300 | $ | 411,566 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS): | |||||||||
Interest on long-term debt | $ | 104,139 | $ | 96,404 | |||||
Preferred stock dividend requirements | - | 2,918 | |||||||
Adjustments to preferred stock dividends | |||||||||
to state on a pre-income tax basis | - | 2,033 | |||||||
Interest element of rentals charged to income (a) | 34,504 | 35,906 | |||||||
Fixed charges as defined plus preferred stock | |||||||||
dividend requirements (pre-income tax basis) | $ | 138,643 | $ | 137,261 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.87 | 3.00 | |||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS) | |||||||||
(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 | |||||||||
Page 1 | |||||||||
THE TOLEDO EDISON COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 90,556 | $ | 50,268 | |||||
Interest and other charges, before reduction for amounts capitalized | 13,614 | 16,847 | |||||||
Provision for income taxes | 54,834 | 57,056 | |||||||
Interest element of rentals charged to income (a) | 58,151 | 60,282 | |||||||
Earnings as defined | $ | 217,155 | $ | 184,453 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||
Interest on long-term debt | $ | 13,614 | $ | 16,847 | |||||
Interest element of rentals charged to income (a) | 58,151 | 60,282 | |||||||
Fixed charges as defined | $ | 71,765 | $ | 77,129 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | 3.03 | 2.39 | |||||||
CHARGES | |||||||||
(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 | |||||||||
Page 2 | |||||||||
THE TOLEDO EDISON COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 90,556 | $ | 50,268 | |||||
Interest and other charges, before reduction for amounts capitalized | 13,614 | 16,847 | |||||||
Provision for income taxes | 54,834 | 57,056 | |||||||
Interest element of rentals charged to income (a) | 58,151 | 60,282 | |||||||
Earnings as defined | $ | 217,155 | $ | 184,453 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS): | |||||||||
Interest on long-term debt | $ | 13,614 | $ | 16,847 | |||||
Preferred stock dividend requirements | 3,597 | 6,109 | |||||||
Adjustments to preferred stock dividends | |||||||||
to state on a pre-income tax basis | 2,178 | 6,934 | |||||||
Interest element of rentals charged to income (a) | 58,151 | 60,282 | |||||||
Fixed charges as defined plus preferred stock | |||||||||
dividend requirements (pre-income tax basis) | $ | 77,540 | $ | 90,172 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.80 | 2.05 | |||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS) | |||||||||
(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 | |||||||||
Page 1 | |||||||||
JERSEY CENTRAL POWER & LIGHT COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
Restated | |||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 153,355 | $ | 141,628 | |||||
Interest and other charges, before reduction for amounts capitalized | 70,092 | 63,859 | |||||||
Provision for income taxes | 120,506 | 114,136 | |||||||
Interest element of rentals charged to income (a) | 6,635 | 5,420 | |||||||
Earnings as defined | $ | 350,588 | $ | 325,043 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||
Interest on long-term debt | 56,612 | 56,843 | |||||||
Other interest expense | 13,480 | 7,016 | |||||||
Interest element of rentals charged to income (a) | 6,635 | 5,420 | |||||||
Fixed charges as defined | $ | 76,727 | $ | 69,279 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 4.57 | 4.69 | |||||||
(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 | |||||||||
Page 2 | |||||||||
JERSEY CENTRAL POWER & LIGHT COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
Restated | |||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 153,355 | $ | 141,628 | |||||
Interest and other charges, before reduction for amounts capitalized | 70,092 | 63,859 | |||||||
Provision for income taxes | 120,506 | 114,136 | |||||||
Interest element of rentals charged to income (a) | 6,635 | 5,420 | |||||||
Earnings as defined | $ | 350,588 | $ | 325,043 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS): | |||||||||
Interest on long-term debt | $ | 56,612 | $ | 56,843 | |||||
Other interest expense | 13,480 | 7,016 | |||||||
Preferred stock dividend requirements | 1,167 | 375 | |||||||
Adjustments to preferred stock dividends | |||||||||
to state on a pre-income tax basis | 917 | 302 | |||||||
Interest element of rentals charged to income (a) | 6,635 | 5,420 | |||||||
Fixed charges as defined plus preferred stock | |||||||||
dividend requirements (pre-income tax basis) | $ | 78,811 | $ | 69,956 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 4.45 | 4.65 | |||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||||
(PRE-INCOME TAX BASIS) | |||||||||
(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 | |||||||||
METROPOLITAN EDISON COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 82,981 | $ | 33,144 | |||||
Interest and other charges, before reduction for amounts capitalized | 35,546 | 33,513 | |||||||
Provision for income taxes | 55,390 | 24,159 | |||||||
Interest element of rentals charged to income (a) | 1,324 | 1,279 | |||||||
Earnings as defined | $ | 175,241 | $ | 92,095 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||
Interest on long-term debt | 25,987 | 27,887 | |||||||
Other interest expense | 9,559 | 5,626 | |||||||
Interest element of rentals charged to income (a) | 1,324 | 1,279 | |||||||
Fixed charges as defined | $ | 36,870 | $ | 34,792 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 4.75 | 2.65 | |||||||
(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 | |||||||||
PENNSYLVANIA ELECTRIC COMPANY | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2006 | 2005 | ||||||||
(Dollars in thousands) | |||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||
Income before extraordinary items | $ | 56,666 | $ | 24,852 | |||||
Interest and other charges, before reduction for amounts capitalized | 33,974 | 29,579 | |||||||
Provision for income taxes | 39,251 | 16,870 | |||||||
Interest element of rentals charged to income (a) | 2,387 | 2,479 | |||||||
Earnings as defined | $ | 132,278 | $ | 73,780 | |||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||
Interest on long-term debt | $ | 20,937 | $ | 22,187 | |||||
Other interest expense | 13,037 | 7,392 | |||||||
Interest element of rentals charged to income (a) | 2,387 | 2,479 | |||||||
Fixed charges as defined | $ | 36,361 | $ | 32,058 | |||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.64 | 2.30 | |||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest | |||||||||
element can be determined. | |||||||||