EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
---------------------------
2002 2001
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items............................ $198,134 | $188,582
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income......... 74,912 | 84,429
Provision for income taxes................................. 141,441 | 125,231
Interest element of rentals charged to income (a).......... 2,455 | 3,003
-------- | --------
|
Earnings as defined...................................... $416,942 | $401,245
======== | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt................................... $ 69,206 | $ 67,754
Other interest expense (credit).............................. (2,315) | 8,650
Subsidiary's preferred stock dividend requirements........... 8,021 | 8,025
Interest element of rentals charged to income (a)............ 2,455 | 3,003
-------- | --------
|
Fixed charges as defined................................. $ 77,367 | $ 87,432
======== | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES................. 5.39 | 4.59
======== | ========
<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>
110
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)
Nine Months Ended
September 30,
---------------------------
2002 2001
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items................................. $198,134 | $188,582
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income.............. 74,912 | 84,429
Provision for income taxes...................................... 141,441 | 125,231
Interest element of rentals charged to income (a)............... 2,455 | 3,003
-------- | --------
|
Earnings as defined........................................... $416,942 | $401,245
======== | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED |
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS): |
Interest on long-term debt........................................ $ 69,206 | $ 67,754
Other interest expense (credit)................................... (2,315) | 8,650
Preferred stock dividend requirements............................. 9,367 | 12,106
Adjustment to preferred stock dividends |
to state on a pre-income tax basis.............................. 961 | 2,710
Interest element of rentals charged to income (a)................. 2,455 | 3,003
-------- | --------
|
Fixed charges as defined plus preferred stock dividend |
requirements (pre-income tax basis)......................... $ 79,674 | $ 94,223
======== | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS)............................................ 5.23 | 4.26
==== | ====
<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>
111
EXHIBIT 12
Page 1
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
---------------------------
2002 2001
-------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items......................................... $ 49,661 | $ 56,433
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income...................... 38,430 | 41,649
Provision for income taxes.............................................. 35,212 | 39,247
Interest element of rentals charged to income (a)....................... 407 | 462
-------- | --------
|
Earnings as defined................................................... $123,710 | $137,791
======== | ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt................................................ $ 30,736 | $ 28,867
Other interest expense.................................................... 2,025 | 7,270
Subsidiary's preferred stock dividend requirements........................ 5,669 | 5,512
Interest element of rentals charged to income (a)......................... 407 | 462
-------- | --------
|
Fixed charges as defined.............................................. $ 38,837 | $ 42,111
======== | ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 3.19 | 3.27
==== | ====
<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>
112
EXHIBIT 12
Page 1
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
-------------------------
2002 2001
------- -------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K: |
Income before extraordinary items......................................... $30,140 | $19,462
Add- |
Interest and other charges, before reduction for |
amounts capitalized and deferred interest income...................... 31,912 | 35,934
Provision for income taxes.............................................. 20,970 | 17,627
Interest element of rentals charged to income (a)....................... 1,434 | 721
------- | -------
|
Earnings as defined................................................... $84,456 | $73,744
======= | =======
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt................................................ $24,124 | $25,154
Other interest expense.................................................... 2,123 | 5,275
Subsidiary's preferred stock dividend requirements........................ 5,665 | 5,505
Interest element of rentals charged to income (a)......................... 1,434 | 721
------- | -------
|
Fixed charges as defined.............................................. $33,346 | $36,655
======= | =======
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.53 | 2.01
==== | ====
<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>
113