EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30,
-------------------
2003 2002
-------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items...................... $ 74,401 $198,134
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest expense.. 73,291 74,912
Provision for income taxes........................... 54,685 141,441
Interest element of rentals charged to income (a).... 2,373 2,455
-------- --------
Earnings as defined................................ $204,750 $416,942
======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt............................. $ 66,867 $ 69,206
Other interest expense................................. 1,076 (2,315)
Subsidiary's preferred stock dividend requirements..... 5,348 8,021
Interest element of rentals charged to income (a)...... 2,373 2,455
-------- --------
Fixed charges as defined........................... $ 75,664 $ 77,367
======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.......... 2.71 5.39
==== ====
- -------------------------
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
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,
2003 2002
-------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items....................... $ 74,401 $198,134
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest expense... 73,291 74,912
Provision for income taxes............................ 54,685 141,441
Interest element of rentals charged to income (a)..... 2,373 2,455
-------- --------
Earnings as defined................................ $204,750 $416,942
======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
Interest on long-term debt............................. $ 66,867 $ 69,206
Other interest expense................................. 1,076 (2,315)
Preferred stock dividend requirements.................. 5,111 9,367
Adjustment to preferred stock dividends
to state on a pre-income tax basis................... (174) 961
Interest element of rentals charged to income (a)...... 2,373 2,455
-------- --------
Fixed charges as defined plus preferred stock
dividend requirements (pre-income tax basis)....... $ 75,253 $ 79,674
======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS)................................ 2.72 5.23
==== ====
- -------------------------
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.