EXHIBIT 12.1
FIRSTENERGY CORP.
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
------------------------------------------------------------
1998 1999 2000 2001 2002
---- ---- ---- ---- ----
(Dollars in Thousands) Revised
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items and cumulative effect of
accounting changes.......................................... $ 441,396 $ 568,299 $ 598,970 $ 654,946 $ 629,280
Interest and other charges, before reduction for
amounts capitalized......................................... 608,618 585,648 556,194 591,192 990,056
Provision for income taxes.................................... 321,699 394,827 376,802 474,457 563,076
Interest element of rentals charged to income (a)............. 283,869 279,519 271,471 258,561 246,416
---------- ---------- ---------- ---------- ----------
Earnings as defined......................................... $1,655,582 $1,828,293 $1,803,437 $1,979,156 $2,428,828
========== ========== ========== ========== ==========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest expense.............................................. $ 542,819 $ 509,169 $ 493,473 $ 519,131 $ 911,109
Subsidiaries' preferred stock dividend requirements........... 65,299 76,479 62,721 72,061 78,947
Adjustments to subsidiaries' preferred stock dividends
to state on a pre-income tax basis.......................... 43,370 44,829 32,098 43,931 54,059
Interest element of rentals charged to income (a)............. 283,869 279,519 271,471 258,561 246,416
---------- ---------- ---------- ---------- ----------
Fixed charges as defined.................................... $ 935,357 $ 909,996 $ 859,763 $ 893,684 $1,290,531
========== ========== ========== ========== ==========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES (b)................................................... 1.77 2.01 2.10 2.21 1.88
==== ==== ==== ==== ====
- -------------------------
(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.