EXHIBIT 12
FIRSTENERGY CORP.
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, | |||||||
2006 | 2005 | ||||||
(Dollars in thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 220,800 | $ | 141,030 | |||
Interest and other charges, before reduction for | |||||||
amounts capitalized | 168,078 | 171,198 | |||||
Provision for income taxes | 133,666 | 121,275 | |||||
Interest element of rentals charged to income (a) | 56,789 | 60,993 | |||||
Earnings as defined | $ | 579,333 | $ | 494,496 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest expense | $ | 165,863 | $ | 164,645 | |||
Subsidiaries’ preferred stock dividend requirements | 2,215 | 6,553 | |||||
Adjustments to subsidiaries’ preferred stock dividends | |||||||
to state on a pre-income tax basis | 1,341 | 5,635 | |||||
Interest element of rentals charged to income (a) | 56,789 | 60,993 | |||||
Fixed charges as defined | $ | 226,208 | $ | 237,826 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | |||||||
CHARGES | 2.56 | 2.08 |
_____________________
(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
Page 1
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, | |||||||
2006 | 2005 | ||||||
(Dollars in thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 63,830 | $ | 56,757 | |||
Interest and other charges, before reduction for | |||||||
amounts capitalized | 18,387 | 18,843 | |||||
Provision for income taxes | 38,320 | 53,420 | |||||
Interest element of rentals charged to income (a) | 22,662 | 25,510 | |||||
Earnings as defined | $ | 143,199 | $ | 154,530 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest on long-term debt | $ | 13,082 | $ | 15,609 | |||
Other interest expense | 5,149 | 2,594 | |||||
Subsidiaries’ preferred stock dividend requirements | 156 | 640 | |||||
Adjustments to subsidiaries’ preferred stock dividends | |||||||
to state on a pre-income tax basis | 101 | 457 | |||||
Interest element of rentals charged to income (a) | 22,662 | 25,510 | |||||
Fixed charges as defined | $ | 41,150 | $ | 44,810 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED | |||||||
CHARGES | 3.48 | 3.45 |
___________________
(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
Page 2
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Three Months Ended March 31, | |||||||
2006 | 2005 | ||||||
(Dollars in thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 63,830 | $ | 56,757 | |||
Interest and other charges, before reduction for amounts capitalized | 18,387 | 18,843 | |||||
Provision for income taxes | 38,320 | 53,420 | |||||
Interest element of rentals charged to income (a) | 22,662 | 25,510 | |||||
Earnings as defined | $ | 143,199 | $ | 154,530 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | |||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||
(PRE-INCOME TAX BASIS): | |||||||
Interest on long-term debt | $ | 13,082 | $ | 15,609 | |||
Other interest expense | 5,149 | 2,594 | |||||
Preferred stock dividend requirements | 815 | 1,299 | |||||
Adjustments to preferred stock dividends | |||||||
to state on a pre-income tax basis | 455 | 1,011 | |||||
Interest element of rentals charged to income (a) | 22,662 | 25,510 | |||||
Fixed charges as defined plus preferred stock | |||||||
dividend requirements (pre-income tax basis) | $ | 42,163 | $ | 46,023 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||
(PRE-INCOME TAX BASIS) | 3.40 | 3.36 |
___________________
(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
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | |||||||
March 31, | |||||||
2006 | 2005 | ||||||
Restated | |||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 33,710 | $ | 13,449 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 22,016 | 21,814 | |||||
Provision for income taxes | 23,558 | 13,209 | |||||
Interest element of rentals charged to income (a) | 1,692 | 1,905 | |||||
Earnings as defined | $ | 80,976 | $ | 50,377 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest on long-term debt | $ | 18,059 | $ | 19,405 | |||
Other interest expense | 3,957 | 2,409 | |||||
Interest element of rentals charged to income (a) | 1,692 | 1,905 | |||||
Fixed charges as defined | $ | 23,708 | $ | 23,719 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.42 | 2.12 |
_________________________
(a) | Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. |
163
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, | |||||||
2006 | 2005 | ||||||
Restated | |||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 33,710 | $ | 13,449 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 22,016 | 21,814 | |||||
Provision for income taxes | 23,558 | 13,209 | |||||
Interest element of rentals charged to income (a) | 1,692 | 1,905 | |||||
Earnings as defined | $ | 80,976 | $ | 50,377 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED | |||||||
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): | |||||||
Interest on long-term debt | $ | 18,059 | $ | 19,405 | |||
Other interest expense | 3,957 | 2,409 | |||||
Preferred stock dividend requirements | 125 | 125 | |||||
Adjustment to preferred stock dividends | |||||||
to state on a pre-income tax basis | 87 | 123 | |||||
Interest element of rentals charged to income (a) | 1,692 | 1,905 | |||||
Fixed charges as defined plus preferred stock dividend requirements | |||||||
(pre-income tax basis) | $ | 23,920 | $ | 23,967 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | |||||||
(PRE-INCOME TAX BASIS) | 3.39 | 2.10 |
_________________________
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
164
EXHIBIT 12
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | |||||||
March 31, | |||||||
2006 | 2005 | ||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 17,914 | $ | 16,476 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 11,184 | 11,223 | |||||
Provision for income taxes | 11,204 | 10,451 | |||||
Interest element of rentals charged to income (a) | 268 | 446 | |||||
Earnings as defined | $ | 40,570 | $ | 38,596 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest on long-term debt | $ | 8,717 | $ | 9,560 | |||
Other interest expense | 2,467 | 1,663 | |||||
Interest element of rentals charged to income (a) | 268 | 446 | |||||
Fixed charges as defined | $ | 11,452 | $ | 11,669 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.54 | 3.31 |
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
165
EXHIBIT 12
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | |||||||
March 31, | |||||||
2006 | 2005 | ||||||
(In thousands) | |||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||
Income before extraordinary items | $ | 23,149 | $ | 21,384 | |||
Add- | |||||||
Interest and other charges, before reduction for | |||||||
amounts capitalized and deferred interest income | 10,536 | 9,647 | |||||
Provision for income taxes | 13,954 | 15,386 | |||||
Interest element of rentals charged to income (a) | 768 | 752 | |||||
Earnings as defined | $ | 48,407 | $ | 47,169 | |||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||
Interest on long-term debt | $ | 6,934 | $ | 7,459 | |||
Other interest expense | 3,602 | 2,188 | |||||
Interest element of rentals charged to income (a) | 768 | 752 | |||||
Fixed charges as defined | $ | 11,304 | $ | 10,399 | |||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 4.28 | 4.54 |
_________________________
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
166