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,
1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- -------
OPERATING REVENUES $2,093,972 $2,057,918 $2,035,928 $1,952,425 $1,935,909
---------- ---------- ---------- ---------- ----------
OPERATING EXPENSES 1,658,382 1,729,532 1,653,387 1,622,399 1,600,984
Interest portion
of rentals (A) 10,614 10,666 12,354 10,187 10,944
---------- ---------- ---------- ---------- ----------
Net expense 1,647,768 1,718,866 1,641,033 1,612,212 1,590,040
---------- ---------- ---------- ---------- ----------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 2,319 6,647 7,824 4,143 4,756
Other income, net 1,919 7,202 14,889 21,995 6,281
---------- ---------- ---------- ---------- ----------
Total other income
and deductions 4,238 13,849 22,713 26,138 11,037
---------- ---------- ---------- ---------- ----------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 450,442 $ 352,901 $ 417,608 $ 366,351 $ 356,906
========== ========== ========== ========== ==========
FIXED CHARGES:
Interest on funded
indebtedness $ 89,869 $ 89,648 $ 92,602 $ 93,477 $ 100,246
Other interest (B) 25,829 21,847 16,337 14,726 6,530
Interest portion
of rentals (A) 10,614 10,666 12,354 10,187 10,944
---------- ---------- ---------- ---------- ----------
Total fixed
charges $ 126,312 $ 122,161 $ 121,293 $ 118,390 $ 117,720
========== ========== ========== ========== ==========
RATIO OF EARNINGS
TO FIXED CHARGES 3.57 2.89 3.44 3.09 3.03
========== ========== ========== ========== ==========
Preferred stock
dividend requirement 11,376 13,072 14,457 14,795 16,810
Ratio of income before
provision for
income taxes to
net income (C) 152.9% 147.6% 148.8% 152.3% 151.1%
Preferred stock
dividend requirement
on a pretax basis 17,394 19,294 21,512 22,529 25,400
Fixed charges, as above 126,312 122,161 121,293 118,390 117,720
---------- ---------- ---------- ---------- ----------
Total fixed charges
and preferred
stock dividends $ 143,706 $ 141,455 $ 142,805 $ 140,919 $ 143,120
========== ========== ========== ========== ==========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 3.13 2.50 2.92 2.60 2.49
========== ========== ========== ========== ==========
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)
<FN>
Notes:
(A) The Company 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 dividends on company-obligated mandatorily redeemable
preferred securities of $10,700, $10,700 and $6,628 for the years
1997, 1996 and 1995, respectively.
(C) Represents income before provision for income taxes divided by net
income as follows:
</FN>
Twelve Months Ended December 31,
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Income before provision
for income taxes $324,130 $230,740 $296,315 $247,961 $239,187
Net Income 212,014 156,303 199,089 162,841 158,344