EXHIBIT 12.7
Page 1
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
-------------------------------- Jan. 1- Nov. 7- Year Ended
1998 1999 2000 Nov. 6, 2001 Dec. 31, 2001 Dec. 31, 2002
---------- --------- -------- ------------ ------------- -------------
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items................... $ 57,720 $ 95,123 $ 81,895 $ 62,381 | $14,617 $ 63,224
Interest and other charges, before reduction for |
amounts capitalized............................... 59,687 61,842 55,181 48,568 | 8,461 50,969
Provision for income taxes.......................... 37,423 61,396 44,088 39,449 | 10,905 44,372
Interest element of rentals charged to income (a)... 9,784 4,381 1,543 284 | (693) 515
-------- -------- -------- -------- | ------- --------
Earnings as defined............................... $164,614 $222,742 $182,707 $150,682 | $33,290 $159,080
======== ======== ======== ======== | ======= ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt.......................... $ 42,493 $ 45,996 $ 37,886 $ 33,101 | $ 5,615 $ 40,774
Other interest expense.............................. 8,194 2,527 10,639 9,219 | 1,744 2,636
Subsidiary's preferred stock dividend requirements.. 9,000 13,319 6,656 6,248 | 1,102 7,559
Interest element of rentals charged to income (a)... 9,784 4,381 1,543 284 | (693) 515
-------- -------- -------- -------- | ------- --------
Fixed charges as defined.......................... $ 69,471 $ 66,223 $ 56,724 $ 48,852 | $ 7,768 $ 51,484
======== ======== ======== ======== | ======= ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED |
CHARGES............................................. 2.37 3.36 3.22 3.08 | 4.29 3.09
==== ==== ==== ==== | ==== ====
- -------------------------
<FN>
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
element can be determined.
</FN>
EXHIBIT 12.7
Page 2
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31,
-------------------------------- Jan. 1- Nov. 7- Year Ended
1998 1999 2000 Nov. 6, 2001 Dec. 31, 2001 Dec. 31, 2002
---------- --------- -------- ------------ ------------- -------------
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items.................. $ 57,720 $ 95,123 $ 81,895 $ 62,381 $14,617 $ 63,224
Interest and other charges, before reduction
for amounts capitalized.......................... 59,687 61,842 55,181 48,568 8,461 50,969
Provision for income taxes......................... 37,423 61,396 44,088 39,449 10,905 44,372
Interest element of rentals charged to income (a).. 9,784 4,381 1,543 284 (693) 515
-------- -------- -------- -------- -------- --------
Earnings as defined.............................. $164,614 $222,742 $182,707 $150,682 $33,290 $159,080
======== ======== ======== ======== ======= ========
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest on long-term debt......................... $ 42,493 $ 45,996 $ 37,886 $ 33,101 $ 5,615 $ 40,774
Other interest expense............................. 8,194 2,527 10,639 9,219 1,744 2,636
Preferred stock dividend requirements.............. 9,483 13,319 6,656 6,248 1,102 7,559
Adjustments to preferred stock dividends to
state on a pre-income tax basis.................. 313 43 -- -- -- --
Interest element of rentals charged to income (a).. 9,784 4,381 1,543 284 (693) 515
-------- -------- -------- -------- -------- --------
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)... $ 70,267 $ 66,266 $ 56,724 $ 48,852 $ 7,768 $ 51,484
======== ======== ======== ======== ======= ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)............................. 2.34 3.36 3.22 3.08 4.29 3.09
==== ==== ==== ==== ==== ====
- -------------------------
<FN>
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest
element can be determined.
</FN>