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EXHIBIT 12.1
FIRSTENERGY CORP.
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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1998 1999 2000 2001 2002
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RESTATED
(DOLLARS IN THOUSANDS)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items and cumulative effect of
accounting changes .......................................... $ 441,396 $ 568,299 $ 598,970 $ 646,447 $ 552,804
Interest and other charges, before reduction for
amounts capitalized ......................................... 608,618 585,648 556,194 591,192 986,756
Provision for income taxes .................................... 321,699 394,827 376,802 474,457 528,694
Interest element of rentals charged to income (a) ............. 283,869 279,519 271,471 258,561 246,416
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Earnings as defined ......................................... $1,655,582 $1,828,293 $1,803,437 $1,970,657 $2,314,670
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FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest expense .............................................. $ 542,819 $ 509,169 $ 493,473 $ 519,131 $ 911,109
Subsidiaries' preferred stock dividend requirements ........... 65,299 76,479 62,721 72,061 75,647
Adjustments to subsidiaries' preferred stock dividends
to state on a pre-income tax basis .......................... 43,370 44,829 32,098 43,931 51,799
Interest element of rentals charged to income (a) ............. 283,869 279,519 271,471 258,561 246,416
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Fixed charges as defined .................................... $ 935,357 $ 909,996 $ 859,763 $ 893,684 $1,284,971
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CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES (b) ................................................... 1.77 2.01 2.10 2.21 1.80
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(a) Includes the interest element of rentals where determinable plus 1/3 of
rental expense where no readily defined interest element can be
determined.
(b) These ratios exclude fixed charges applicable to the guarantee of the debt
of a coal supplier aggregating $3,828,000 for the year ended December 31,
1998. The guarantee and related coal supply contract debt expired December
31, 1999.