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
Nine Months Ended
-----------------------------
September 30, September 30,
1998 1997
---- ----
OPERATING REVENUES $1,598,853 $1,591,569
--------- ---------
OPERATING EXPENSES 1,218,704 1,250,453
Interest portion of rentals (A) 7,573 8,039
--------- ---------
Net expense 1,211,131 1,242,414
--------- ---------
OTHER INCOME:
Allowance for funds used
during construction 1,988 1,823
Other income, net 7,232 2,122
--------- ---------
Total other income 9,220 3,945
--------- ---------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 396,942 $ 353,100
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 65,455 $ 67,779
Other interest (B) 16,670 19,705
Interest portion of rentals (A) 7,573 8,039
--------- ---------
Total fixed charges $ 89,698 $ 95,523
========= =========
RATIO OF EARNINGS TO FIXED CHARGES 4.43 3.70
==== ====
Preferred stock dividend requirement $ 7,633 $ 8,638
Ratio of income before provision for
income taxes to net income (C) 166.3% 150.7%
--------- ---------
Preferred stock dividend requirement
on a pretax basis 12,694 13,017
Fixed charges, as above 89,698 95,523
--------- ---------
Total fixed charges and
preferred stock dividends $ 102,392 $ 108,540
========= =========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.88 3.25
==== ====
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 amount for company-obligated mandatorily redeemable preferred
securities of $8,025 for the nine month periods ended September 30, 1998
and 1997, respectively.
(C) Represents income before provision for income taxes of $307,244 and
$257,577 for the nine month periods ended September 30, 1998 and 1997,
respectively, divided by net income of $184,708 and $170,867, respectively
for the same periods.