EXHIBIT 12.2
PAGE 1
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
1998 1999 2000 2001 2002
---- ---- ---- ---- ----
(DOLLARS IN THOUSANDS) RESTATED
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items ........................ $301,320 $297,689 $336,456 $350,212 $356,159
Interest and other charges, before reduction for
amounts capitalized .................................... 235,317 225,358 211,364 187,890 144,170
Provision for income taxes ............................... 191,261 191,835 212,580 239,135 255,915
Interest element of rentals charged to income (a) ........ 115,310 113,804 109,497 104,507 102,469
-------- -------- -------- -------- --------
Earnings as defined $843,208 $828,686 $869,897 $881,744 $858,713
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt ............................... $184,915 $178,217 $165,409 $150,632 $119,123
Other interest expense ................................... 34,976 31,971 31,451 22,754 14,598
Subsidiaries' preferred stock dividend requirements ...... 15,426 15,170 14,504 14,504 10,449
Adjustments to subsidiaries' preferred stock dividends
to state on a pre-income tax basis ..................... 2,892 2,770 2,296 2,481 2,661
Interest element of rentals charged to income (a) ........ 115,310 113,804 109,497 104,507 102,469
-------- -------- -------- -------- --------
Fixed charges as defined ............................... $353,519 $341,932 $323,157 $294,878 $249,300
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES (B) .............................................. 2.39 2.42 2.69 2.99 3.44
======== ======== ======== ======== ========
- ----------
(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.
51
EXHIBIT 12.2
PAGE 2
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
YEAR ENDED DECEMBER 31,
------------------------------------------------------
1998 1999 2000 2001 2002
---- ---- ---- ---- ----
(DOLLARS IN THOUSANDS) RESTATED
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items ................................... $301,320 $297,689 $336,456 $350,212 $356,159
Interest and other charges, before reduction for amounts capitalized 235,317 225,358 211,364 187,890 144,170
Provision for income taxes .......................................... 191,261 191,835 212,580 239,135 255,915
Interest element of rentals charged to income (a) ................... 115,310 113,804 109,497 104,507 102,469
-------- -------- -------- -------- --------
Earnings as defined ............................................... $843,208 $828,686 $869,897 $881,744 $858,713
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest on long-term debt .......................................... $184,915 $178,217 $165,409 $150,632 $119,123
Other interest expense .............................................. 34,976 31,971 31,451 22,754 14,598
Preferred stock dividend requirements ............................... 27,395 26,717 25,628 25,206 16,959
Adjustments to preferred stock dividends
to state on a pre-income tax basis ................................ 10,140 9,859 8,976 9,412 7,034
Interest element of rentals charged to income (a) ................... 115,310 113,804 109,497 104,507 102,469
-------- -------- -------- -------- --------
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis) .................... $372,736 $360,568 $340,961 $312,511 $260,183
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS) (B) .......................................... 2.26 2.30 2.55 2.82 3.30
======== ======== ======== ======== ========
- ----------
(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.
52