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,
--------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- ---------- -----------
OPERATING REVENUES $2,069,648 $2,093,972 $2,057,918 $2,035,928 $1,952,425
--------- --------- --------- --------- ---------
OPERATING EXPENSES 1,607,589 1,658,382 1,729,532 1,653,387 1,622,399
Interest portion
of rentals (A) 11,838 10,614 10,666 12,354 10,187
--------- --------- --------- --------- ---------
Net expense 1,595,751 1,647,768 1,718,866 1,641,033 1,612,212
--------- --------- --------- --------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 2,424 2,319 6,647 7,824 4,143
Other income, net 13,227 1,919 7,202 14,889 21,995
--------- --------- --------- --------- ---------
Total other income
and deductions 15,651 4,238 13,849 22,713 26,138
--------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 489,548 $ 450,442 $ 352,901 $ 417,608 $ 366,351
========= ========= ========= ========= =========
FIXED CHARGES:
Interest on funded
indebtedness $ 87,261 $ 89,869 $ 89,648 $ 92,602 $ 93,477
Other interest (B) 22,929 25,829 21,847 16,337 14,726
Interest portion
of rentals (A) 11,838 10,614 10,666 12,354 10,187
--------- --------- --------- --------- ---------
Total fixed
charges $ 122,028 $ 126,312 $ 122,161 $ 121,293 $ 118,390
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO FIXED CHARGES 4.01 3.57 2.89 3.44 3.09
==== ==== ==== ==== ====
Preferred stock
dividend requirement 10,065 11,376 13,072 14,457 14,795
Ratio of income before
provision for
income taxes to
net income (C) 165.2% 152.9% 147.6% 148.8% 152.3%
Preferred stock
dividend requirement
on a pretax basis 16,627 17,394 19,294 21,512 22,529
Fixed charges, as above 122,028 126,312 122,161 121,293 118,390
--------- --------- --------- --------- ---------
Total fixed charges
and preferred
stock dividends $ 138,655 $ 143,706 $ 141,455 $ 142,805 $ 140,919
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 3.53 3.13 2.50 2.92 2.60
==== ==== ==== ==== ====
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 $10,700 for the years 1998, 1997 and
1996, respectively.
(C) Represents income before provision for income taxes divided by net income
as follows:
</FN>
Twelve Months Ended December 31,
--------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- ---------- -----------
Income before provision
for income taxes $367,520 $324,130 $230,740 $296,315 $247,961
Net Income 222,442 212,014 156,303 199,089 162,841