EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
--------------------------
2002 2001
-------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items......................................... $ 97,359 | $ 97,436
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income...................... 49,055 | 55,751
Provision for income taxes.............................................. 70,502 | 67,017
Interest element of rentals charged to income (a)....................... 1,620 | 1,928
-------- | --------
|
Earnings as defined................................................... $218,536 | $222,132
======== | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt................................................ $ 45,485 | $ 44,030
Other interest expense.................................................... (1,777) | 6,371
Subsidiary's preferred stock dividend requirements........................ 5,347 | 5,350
Interest element of rentals charged to income (a)......................... 1,620 | 1,928
-------- | --------
|
Fixed charges as defined.............................................. $ 50,675 | $ 57,679
======== | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 4.31 | 3.85
======== | ========
<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>
91
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)
Six Months Ended
June 30,
--------------------------
2002 2001
-------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items......................................... $ 97,359 | $ 97,436
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income...................... 49,055 | 55,751
Provision for income taxes.............................................. 70,502 | 67,017
Interest element of rentals charged to income (a)....................... 1,620 | 1,928
-------- | --------
|
Earnings as defined................................................... $218,536 | $222,132
======== | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED |
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): |
Interest on long-term debt................................................ $ 45,485 | $ 44,030
Other interest expense.................................................... (1,777) | 6,371
Preferred stock dividend requirements..................................... 6,531 | 8,132
Adjustment to preferred stock dividends |
to state on a pre-income tax basis...................................... 857 | 1,913
Interest element of rentals charged to income (a)......................... 1,620 | 1,928
-------- | --------
|
Fixed charges as defined plus preferred stock dividend requirements |
(pre-income tax basis).............................................. $ 52,716 | $ 62,374
======== | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS).................................................... 4.15 | 3.56
======== | ========
<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>
92
EXHIBIT 12
Page 1
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
--------------------------
2002 2001
-------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items......................................... $ 38,785 | $ 31,909
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income...................... 25,632 | 27,357
Provision for income taxes.............................................. 27,402 | 20,957
Interest element of rentals charged to income (a)....................... 259 | 534
-------- | --------
|
Earnings as defined................................................... $ 92,078 | $ 80,757
======== | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt................................................ $ 20,682 | $ 18,309
Other interest expense.................................................... 1,171 | 5,373
Subsidiary's preferred stock dividend requirements........................ 3,779 | 3,675
Interest element of rentals charged to income (a)......................... 259 | 534
-------- | --------
|
Fixed charges as defined.............................................. $ 25,891 | $ 27,891
======== | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 3.56 | 2.90
======== | ========
<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>
93
EXHIBIT 12
Page 1
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
--------------------------
2002 2001
-------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income/(Loss) before extraordinary items.................................. $25,392 | $ 5,085
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income...................... 21,544 | 24,408
Provision for income taxes.............................................. 17,861 | 3,002
Interest element of rentals charged to income (a)....................... 943 | 216
------- | -------
|
Earnings as defined................................................... $65,740 | $32,711
======= | =======
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt................................................ $16,328 | $16,419
Other interest expense.................................................... 1,439 | 4,319
Subsidiary's preferred stock dividend requirements........................ 3,777 | 3,670
Interest element of rentals charged to income (a)......................... 943 | 216
------- | -------
|
Fixed charges as defined.............................................. $22,487 | $24,624
======= | =======
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.92 | 1.33
======= | =======
<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>
94