EXHIBIT 12 | |||||||||||||||||||
Page 1 | |||||||||||||||||||
JERSEY CENTRAL POWER & LIGHT COMPANY | |||||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
Six Months Ended | |||||||||||||||||||
June 30, | |||||||||||||||||||
2005 | 2004 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||||
Income before extraordinary items | $ | 69,842 | $ | 50,234 | |||||||||||||||
Add - | |||||||||||||||||||
Interest and other charges, before reduction for | |||||||||||||||||||
amounts capitalized and deferred interest income | 41,660 | 41,384 | |||||||||||||||||
Provision for income taxes | 55,019 | 37,356 | |||||||||||||||||
Interest element of rentals charged to income (a) | 3,665 | 3,364 | |||||||||||||||||
Earnings as defined | $ | 170,186 | $ | 132,338 | |||||||||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||||||||
Interest on long-term debt | $ | 38,681 | $ | 40,531 | |||||||||||||||
Other interest expense | 2,979 | 853 | |||||||||||||||||
Interest element of rentals charged to income (a) | 3,665 | 3,364 | |||||||||||||||||
Fixed charges as defined | $ | 45,325 | $ | 44,748 | |||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.75 | 2.96 | |||||||||||||||||
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest | |||||||||||||||||||
element can be determined. |
156
EXHIBIT 12 | ||||||||||||
Page 2 | ||||||||||||
JERSEY CENTRAL POWER & LIGHT COMPANY | ||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS | ||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||
Six Months Ended | ||||||||||||
June 30, | ||||||||||||
2005 | 2004 | |||||||||||
(In thousands) | ||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||
Income before extraordinary items | $ | 69,842 | $ | 50,234 | ||||||||
Add - | ||||||||||||
Interest and other charges, before reduction for | ||||||||||||
amounts capitalized and deferred interest income | 41,660 | 41,384 | ||||||||||
Provision for income taxes | 55,019 | 37,356 | ||||||||||
Interest element of rentals charged to income (a) | 3,665 | 3,364 | ||||||||||
Earnings as defined | $ | 170,186 | $ | 132,338 | ||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED | ||||||||||||
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | ||||||||||||
Interest on long-term debt | $ | 38,681 | $ | 40,531 | ||||||||
Other interest expense | 2,979 | 853 | ||||||||||
Preferred stock dividend requirements | 250 | 250 | ||||||||||
Adjustment to preferred stock dividends to | ||||||||||||
state on a pre-income tax basis | 197 | 186 | ||||||||||
Interest element of rentals charged to income (a) | 3,665 | 3,364 | ||||||||||
Fixed charges as defined plus preferred stock dividend | ||||||||||||
requirements (pre-income tax basis) | $ | 45,772 | $ | 45,184 | ||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||
(PRE-INCOME TAX BASIS) | 3.72 | 2.93 | ||||||||||
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. | ||||||||||||
157
EXHIBIT 12 | |||||||||||||
METROPOLITAN EDISON COMPANY | |||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||
Six Months Ended | |||||||||||||
June 30, | |||||||||||||
2005 | 2004 | ||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||
Income before extraordinary items | $ | 32,139 | $ | 24,709 | |||||||||
Add - | |||||||||||||
Interest and other charges, before reduction for | |||||||||||||
amounts capitalized and deferred interest income | 22,621 | 23,905 | |||||||||||
Provision for income taxes | 21,325 | 16,211 | |||||||||||
Interest element of rentals charged to income (a) | 938 | 651 | |||||||||||
Earnings as defined | $ | 77,023 | $ | 65,476 | |||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||
Interest on long-term debt | $ | 18,945 | $ | 22,385 | |||||||||
Other interest expense | 3,676 | 1,520 | |||||||||||
Interest element of rentals charged to income (a) | 938 | 651 | |||||||||||
Fixed charges as defined | $ | 23,559 | $ | 24,556 | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.27 | 2.67 | |||||||||||
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be | |||||||||||||
determined | |||||||||||||
158
EXHIBIT 12 | |||||||||||||
PENNSYLVANIA ELECTRIC COMPANY | |||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||
Six Months Ended | |||||||||||||
June 30, | |||||||||||||
2005 | 2004 | ||||||||||||
(In thousands) | |||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||
Income before extraordinary items | $ | 27,221 | $ | 8,708 | |||||||||
Add - | |||||||||||||
Interest and other charges, before reduction for | |||||||||||||
amounts capitalized and deferred interest income | 19,738 | 20,020 | |||||||||||
Provision for income taxes | 18,940 | 4,229 | |||||||||||
Interest element of rentals charged to income (a) | 1,672 | 1,286 | |||||||||||
Earnings as defined | $ | 67,571 | $ | 34,243 | |||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||
Interest on long-term debt | $ | 14,882 | $ | 15,015 | |||||||||
Other interest expense | 4,856 | 5,005 | |||||||||||
Interest element of rentals charged to income (a) | 1,672 | 1,286 | |||||||||||
Fixed charges as defined | $ | 21,410 | $ | 21,306 | |||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | 3.16 | 1.61 | |||||||||||
CHARGES | |||||||||||||
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest | |||||||||||||
element can be determined. |
159