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,
1999 1998
----------- ------------
OPERATING REVENUES $1,578,159 $1,598,853
--------- ---------
OPERATING EXPENSES 1,258,901 1,218,704
Interest portion of rentals (A) 10,899 7,573
--------- -----------
Net expense 1,248,002 1,211,131
--------- ---------
OTHER INCOME:
Allowance for funds used
during construction 1,442 1,988
Other income, net 9,175 7,232
--------- ---------
Total other income 10,617 9,220
--------- ---------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 340,774 $ 396,942
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 65,404 $ 65,455
Other interest (B) 15,651 16,670
Interest portion of rentals (A) 10,899 7,573
--------- ---------
Total fixed charges $ 91,954 $ 89,698
========= =========
RATIO OF EARNINGS TO FIXED CHARGES 3.71 4.43
==== ====
Preferred stock dividend requirement $ 7,140 $ 7,633
Ratio of income before provision for
income taxes to net income (C) 165.1% 66.3%
--------- --------
Preferred stock dividend requirement
on a pretax basis 11,788 12,694
Fixed charges, as above 91,954 89,698
--------- ---------
Total fixed charges and
preferred stock dividends $ 103,742 $ 102,392
========= =========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.28 3.88
==== ====
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, 1999
and 1998, respectively.
(C) Represents income before provision for income taxes of $248,820 and
$307,244 for the nine month periods ended September 30, 1999 and 1998,
respectively, divided by net income of $150,745 and $184,708,
respectively for the same periods.