EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
-------------------------
2002 2001
------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items............................. $39,979 | $ 51,382
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income.......... 24,148 | 26,770
Provision for income taxes.................................. 29,149 | 33,317
Interest element of rentals charged to income (a)........... 778 | 1,462
------- | --------
|
Earnings as defined....................................... $94,054 | $112,931
======= | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt.................................... $22,717 | $ 21,209
Other interest expense........................................ (1,244) | 2,886
Subsidiary's preferred stock dividend requirements............ 2,675 | 2,675
Interest element of rentals charged to income (a)............. 778 | 1,462
------- | --------
|
Fixed charges as defined.................................. $24,926 | $ 28,232
======= | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.................. 3.77 | 4.00
======= | ========
<FN>
- -------------------------
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
</FN>
EXHIBIT 12
Page 2
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Three Months Ended
March 31,
--------------------------
2002 2001
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items........................................ $39,979 | $ 51,382
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income..................... 24,148 | 26,770
Provision for income taxes............................................. 29,149 | 33,317
Interest element of rentals charged to income (a)...................... 778 | 1,462
------- | --------
|
Earnings as defined.................................................. $94,054 | $112,931
======= | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND |
REQUIREMENTS (PRE-INCOME TAX BASIS): |
Interest on long-term debt............................................... $22,717 | $ 21,209
Other interest expense................................................... (1,244) | 2,886
Preferred stock dividend requirements.................................... 3,428 | 4,066
Adjustment to preferred stock dividends |
to state on a pre-income tax basis..................................... 549 | 902
Interest element of rentals charged to income (a)........................ 778 | 1,462
------- | --------
|
Fixed charges as defined plus preferred stock dividend requirements |
(pre-income tax basis)............................................. $26,228 | $ 30,525
======= | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS)................................................... 3.59 | 3.70
======= | ========
<FN>
- -------------------------
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
</FN>
EXHIBIT 12
Page 1
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
---------------------------
2002 2001
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items.............................. $19,118 | $16,017
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income........... 12,566 | 13,228
Provision for income taxes................................... 13,576 | 9,914
Interest element of rentals charged to income (a)............ 58 | 258
------- | -------
|
Earnings as defined........................................ $45,318 | $39,417
======= | =======
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt..................................... $10,455 | $ 9,154
Other interest expense......................................... 273 | 2,236
Subsidiary's preferred stock dividend requirements............. 1,838 | 1,838
Interest element of rentals charged to income (a).............. 58 | 258
------- | -------
|
Fixed charges as defined................................... $12,624 | $13,486
======= | =======
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES................... 3.59 | 2.92
======= | =======
<FN>
- -------------------------
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
</FN>
EXHIBIT 12
Page 1
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
---------------------------
2002 2001
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income/(Loss) before extraordinary items....................... $14,147 | $(2,105)
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income........... 10,861 | 11,651
Provision for income taxes................................... 10,136 | (2,756)
Interest element of rentals charged to income (a)............ 318 | 769
------- | -------
|
Earnings as defined........................................ $35,462 | $ 7,559
======= | =======
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt..................................... $ 8,421 | $ 8,241
Other interest expense......................................... 605 | 1,575
Subsidiary's preferred stock dividend requirements............. 1,835 | 1,835
Interest element of rentals charged to income (a).............. 318 | 769
------- | -------
|
Fixed charges as defined................................... $11,179 | $12,420
======= | =======
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES (b)............... 3.17 | 0.61
======= | =======
<FN>
- -------------------------
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
(b) For the three month period ended March 31, 2001, Penelec's pre-tax earnings
were inadequate to cover its fixed charges for the same period. The amount
of such earnings deficiency for March 31, 2001 was $4.9 million pre-tax.
</FN>