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)
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UNAUDITED
Three Months Ended
March 31, March 31,
1999 1998
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OPERATING REVENUES $516,889 $472,334
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OPERATING EXPENSES 403,762 362,016
Interest portion of rentals (A) 2,464 2,764
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Net expense 401,298 359,252
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OTHER INCOME:
Allowance for funds used
during construction 286 758
Other income, net 3,019 2,265
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Total other income 3,305 3,023
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EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $118,896 $116,105
======= =======
FIXED CHARGES:
Interest on funded indebtedness $ 21,806 $ 21,792
Other interest (B) 4,254 5,204
Interest portion of rentals (A) 2,464 2,764
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Total fixed charges $ 28,524 $ 29,760
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RATIO OF EARNINGS TO FIXED CHARGES 4.17 3.90
==== ====
Preferred stock dividend requirement $ 2,432 $ 2,738
Ratio of income before provision for
income taxes to net income (C) 168.3% 163.5%
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Preferred stock dividend requirement
on a pretax basis 4,093 4,477
Fixed charges, as above 28,524 29,760
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Total fixed charges and
preferred stock dividends $ 32,617 $ 34,237
======= =======
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.65 3.39
==== ====
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 $2,675 for the three month periods ended March 31, 1999
and 1998, respectively.
(C) Represents income before provision for income taxes of $90,372 and
$86,345 for the three month periods ended March 31, 1999 and 1998,
respectively, divided by net income of $53,697 and $52,816, respectively
for the same periods.