Exhibit 12-B
Page 1 of 2
JERSEY CENTRAL POWER & LIGHT COMPANY AND SUBSIDIARY COMPANY
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
Twelve Months Ended December 31,
-----------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- -------
OPERATING REVENUES $2,018,209 $2,069,648 $2,093,972 $2,057,918 $2,035,928
--------- --------- --------- --------- ---------
OPERATING EXPENSES 1,652,420 1,607,589 1,658,382 1,729,532 1,653,387
Interest portion
of rentals (A) 14,920 11,838 10,614 10,666 12,354
--------- --------- --------- --------- ---------
Net expense 1,637,500 1,595,751 1,647,768 1,718,866 1,641,033
--------- --------- --------- --------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 1,775 2,424 2,319 6,647 7,824
Other income, net 12,461 13,227 1,919 7,202 14,889
--------- --------- --------- --------- ---------
Total other income
and deductions 14,236 15,651 4,238 13,849 22,713
--------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 394,945 $ 489,548 $ 450,442 $ 352,901 $ 417,608
========= ========= ========= ========= =========
FIXED CHARGES:
Interest on funded
indebtedness $ 95,325 $ 95,361 $ 100,706 $ 89,648 $ 92,602
Other interest (B) 11,350 14,829 14,992 21,847 16,337
Interest portion
of rentals (A) 14,920 11,838 10,614 10,666 12,354
--------- --------- --------- --------- ---------
Total fixed
charges $ 121,595 $ 122,028 $ 126,312 $ 122,161 $ 121,293
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO FIXED CHARGES 3.25 4.01 3.57 2.89 3.44
==== ==== ==== ==== ====
Preferred stock
dividend requirement 8,670 10,065 11,376 13,072 14,457
Ratio of income before
provision for
income taxes to
net income (C) 158.6% 165.2% 152.9% 147.6% 148.8%
Preferred stock
dividend requirement
on a pretax basis 13,751 16,627 17,394 19,294 21,512
Fixed charges, as above 121,595 122,028 126,312 122,161 121,293
--------- --------- --------- --------- ---------
Total fixed charges
and preferred
stock dividends $ 135,346 $ 138,655 $ 143,706 $ 141,455 $ 142,805
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 2.92 3.53 3.13 2.50 2.92
==== ==== ==== ==== ====
Exhibit 12-B
Page 2 of 2
JERSEY CENTRAL POWER & LIGHT COMPANY AND SUBSIDIARY COMPANY
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
Notes:
(A) JCP&L has included the equivalent of the interest portion of all rentals
charged to income as fixed charges for this statement and has excluded
such components from Operating Expenses.
(B) Includes amount for company-obligated mandatorily redeemable preferred
securities of $10,700, $10,700, $10,700 and $10,700 for the years 1999,
1998, 1997 and 1996, respectively.
(C) Represents income before provision for income taxes divided by net income as
follows:
Twelve Months Ended December 31,
-----------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- -------
Income before provision
for income taxes $273,350 $367,520 $324,130 $230,740 $296,315
Net Income 172,380 222,442 212,014 156,303 199,089