EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended | ||||||||
September 30, | ||||||||
2004 | 2003 | |||||||
Restated | ||||||||
(See Note 2) | ||||||||
(In thousands) | ||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||
Income before extraordinary items | $ | 102,565 | $ | 79,708 | ||||
Add- | ||||||||
Interest and other charges, before reduction for amounts capitalized and deferred interest income | 64,199 | 73,291 | ||||||
Provision for income taxes | 74,066 | 58,350 | ||||||
Interest element of rentals charged to income (a) | 5,318 | 2,373 | ||||||
Earnings as defined | $ | 246,148 | $ | 213,722 | ||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||
Interest on long-term debt | $ | 62,241 | $ | 66,867 | ||||
Other interest expense | 1,958 | 1,076 | ||||||
Subsidiary’s preferred stock dividend requirements | — | 5,348 | ||||||
Interest element of rentals charged to income (a) | 5,318 | 2,373 | ||||||
Fixed charges as defined | $ | 69,517 | $ | 75,664 | ||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 3.54 | 2.82 | ||||||
(a) | Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. |
167
EXHIBIT 12
Page 2
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Nine Months Ended | ||||||||
September 30, | ||||||||
2004 | 2003 | |||||||
Restated | ||||||||
(See Note 2) | ||||||||
(In thousands) | ||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||
Income before extraordinary items | $ | 102,565 | $ | 79,708 | ||||
Add- | ||||||||
Interest and other charges, before reduction for amounts capitalized and deferred interest income | 64,199 | 73,291 | ||||||
Provision for income taxes | 74,066 | 58,350 | ||||||
Interest element of rentals charged to income (a) | 5,318 | 2,373 | ||||||
Earnings as defined | $ | 246,148 | $ | 213,722 | ||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): | ||||||||
Interest on long-term debt | $ | 62,241 | $ | 66,867 | ||||
Other interest expense | 1,958 | 1,076 | ||||||
Preferred stock dividend requirements | 375 | 5,111 | ||||||
Adjustment to preferred stock dividends to state on a pre-income tax basis | 271 | (174 | ) | |||||
Interest element of rentals charged to income (a) | 5,318 | 2,373 | ||||||
Fixed charges as defined plus preferred stock dividend requirements (pre-income tax basis) | $ | 70,163 | $ | 75,253 | ||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | 3.51 | 2.84 | ||||||
(a) | Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. |
168
EXHIBIT 12
Page 1
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended | ||||||||
September 30, | ||||||||
2004 | 2003 | |||||||
(In thousands) | ||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||
Income before extraordinary items | $ | 41,786 | $ | 43,354 | ||||
Add- | ||||||||
Interest and other charges, before reduction for amounts capitalized and deferred interest income | 34,054 | 35,543 | ||||||
Provision for income taxes | 27,641 | 28,124 | ||||||
Interest element of rentals charged to income (a) | 1,061 | (184 | ) | |||||
Earnings as defined | $ | 104,542 | $ | 106,837 | ||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||
Interest on long-term debt | $ | 31,208 | $ | 28,378 | ||||
Other interest expense | 2,846 | 3,386 | ||||||
Subsidiary’s preferred stock dividend requirements | — | 3,779 | ||||||
Interest element of rentals charged to income (a) | 1,061 | (184 | ) | |||||
Fixed charges as defined | $ | 35,115 | $ | 35,359 | ||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.98 | 3.02 | ||||||
(a) | Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. |
169
EXHIBIT 12
Page 1
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended | ||||||||
September 30, | ||||||||
2004 | 2003 | |||||||
Restated | ||||||||
(See Note 2) | ||||||||
(In thousands) | ||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||
Income before extraordinary items | $ | 26,944 | $ | 18,050 | ||||
Add- | ||||||||
Interest and other charges, before reduction for amounts capitalized and deferred interest income | 30,591 | 28,233 | ||||||
Provision for income taxes | 15,658 | 11,968 | ||||||
Interest element of rentals charged to income (a) | 1,999 | 313 | ||||||
Earnings as defined | $ | 75,192 | $ | 58,564 | ||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | ||||||||
Interest on long-term debt | $ | 22,528 | $ | 22,123 | ||||
Other interest expense | 8,063 | 2,333 | ||||||
Subsidiary’s preferred stock dividend requirements | — | 3,777 | ||||||
Interest element of rentals charged to income (a) | 1,999 | 313 | ||||||
Fixed charges as defined | $ | 32,590 | $ | 28,546 | ||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.31 | 2.05 | ||||||
(a) | Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined. |
170