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
Six Months Ended
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June 30, June 30,
1999 1998
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OPERATING REVENUES $907,914 $951,228
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OPERATING EXPENSES 783,502 748,160
Interest portion of rentals (A) 7,537 5,099
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Net expense 775,965 743,061
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OTHER INCOME:
Allowance for funds used
during construction 809 1,386
Other income, net 7,482 4,918
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Total other income 8,291 6,304
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EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $140,240 $214,471
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FIXED CHARGES:
Interest on funded indebtedness $ 43,612 $ 43,641
Other interest (B) 9,864 10,937
Interest portion of rentals (A) 7,537 5,099
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Total fixed charges $ 61,013 $ 59,677
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RATIO OF EARNINGS TO FIXED CHARGES 2.30 3.59
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Preferred stock dividend requirement $ 4,802 $ 5,303
Ratio of income before provision for
income taxes to net income (C) 165.6% 166.3%
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Preferred stock dividend requirement
on a pretax basis 7,952 8,819
Fixed charges, as above 61,013 59,677
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Total fixed charges and
preferred stock dividends $ 68,965 $ 68,496
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 2.03 3.13
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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
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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 $5,350 for the six month periods ended June 30, 1999 and
1998, respectively.
(C) Represents income before provision for income taxes of $79,227 and
$154,794 for the six month periods ended June 30, 1999 and 1998,
respectively, divided by net income of $47,842 and $93,101, respectively
for the same periods.