Exhibit 12B
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)
----------------------------------------------------------------------
UNAUDITED
Six Months Ended
June 30, June 30,
1998 1997
------------ --------
OPERATING REVENUES $ 951,228 $ 988,669
--------- ---------
OPERATING EXPENSES 748,160 789,454
Interest portion of rentals (A) 5,099 5,381
--------- ---------
Net expense 743,061 784,073
--------- ---------
OTHER INCOME:
Allowance for funds used
during construction 1,386 1,471
Other income, net 4,918 147
--------- ---------
Total other income 6,304 1,618
--------- ---------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 214,471 $ 206,214
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 43,641 $ 45,345
Other interest (B) 10,937 13,008
Interest portion of rentals (A) 5,099 5,381
--------- ---------
Total fixed charges $ 59,677 $ 63,734
========= =========
RATIO OF EARNINGS TO FIXED CHARGES 3.59 3.24
==== ====
Preferred stock dividend requirement $ 5,303 $ 6,041
Ratio of income before provision for
income taxes to net income (C) 166.3% 152.3%
--------- ---------
Preferred stock dividend requirement
on a pretax basis 8,819 9,200
Fixed charges, as above 59,677 63,734
--------- ---------
Total fixed charges and
preferred stock dividends $ 68,496 $ 72,934
========= =========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.13 2.83
==== ====
Exhibit 12B
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)
----------------------------------------------------------------------
UNAUDITED
- -------------------------
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 dividends on company-obligated mandatorily redeemable preferred
securities of $5,350 for the six month periods ended June 30, 1998 and
1997, respectively.
(C) Represents income before provision for income taxes of $154,794 and
$142,480 for the six month periods ended June 30, 1998 and 1997,
respectively, divided by net income of $93,101 and $93,561, respectively
for the same periods.