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 December 31,
1999 2000 Nov. 6, 2001 Dec. 31, 2001 2002 2003
--------- -------- ------------ ------------- --------- ---------
(Dollars in thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items.............. $ 95,123 $ 81,895 $ 62,381 | $14,617 $ 63,224 $ 60,953
Interest and other charges, before |
reduction for amounts capitalized............ 61,842 55,181 48,568 | 8,461 50,969 46,281
Provision for income taxes..................... 61,396 44,088 39,449 | 10,905 44,372 44,006
Interest element of rentals charged |
to income (a)................................ 4,381 1,543 284 | (693) 515 437
-------- -------- -------- | ------- -------- --------
Earnings as defined.......................... $222,742 $182,707 $150,682 | $33,290 $159,080 $151,677
======== ======== ======== | ======= ======== ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt..................... $ 45,996 $ 37,886 $ 33,101 | $ 5,615 $ 40,774 $ 36,661
Other interest expense......................... 2,527 10,639 9,219 | 1,744 2,636 5,841
Subsidiary's preferred stock dividend |
requirements................................. 13,319 6,656 6,248 | 1,102 7,559 3,779
Interest element of rentals charged |
to income (a)................................ 4,381 1,543 284 | (693) 515 437
-------- -------- -------- | ------- -------- --------
Fixed charges as defined....................... $ 66,223 $ 56,724 $ 48,852 | $ 7,768 $ 51,484 $ 46,718
======== ========= ======== | ======= ======== ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED |
CHARGES........................................ 3.36 3.22 3.08 | 4.29 3.09 3.25
==== ==== ==== | ==== ==== ====
- -------------------------
<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>
101
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 December 31,
1999 2000 Nov. 6, 2001 Dec. 31, 2001 2002 2003
---------- -------- ------------ ------------- --------- --------
(Dollars in thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items................ $ 95,123 $ 81,895 $ 62,381 | $14,617 $ 63,224 $ 60,953
Interest and other charges, before |
reduction for amounts capitalized.............. 61,842 55,181 48,568 | 8,461 50,969 46,281
Provision for income taxes....................... 61,396 44,088 39,449 | 10,905 44,372 44,006
Interest element of rentals charged |
to income (a).................................. 4,381 1,543 284 | (693) 515 437
-------- -------- -------- | ------- -------- --------
Earnings as defined............................ $222,742 $182,707 $150,682 | $33,290 $159,080 $151,677
======== ======== ======== | ======= ======== ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS |
PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS): |
Interest on long-term debt....................... $ 45,996 $ 37,886 $ 33,101 | $ 5,615 $ 40,774 $ 36,661
Other interest expense........................... 2,527 10,639 9,219 | 1,744 2,636 5,841
Preferred stock dividend requirements............ 13,319 6,656 6,248 | 1,102 7,559 3,779
Adjustments to preferred stock dividends |
to state on a pre-income tax basis............ 43 -- -- | -- -- --
Interest element of rentals charged |
to income (a).................................. 4,381 1,543 284 | (693) 515 437
-------- -------- -------- | ---------- -------- --------
Fixed charges as defined plus preferred stock |
dividend requirements (pre-income |
tax basis)................................... $ 66,266 $ 56,724 $ 48,852 | $ 7,768 $ 51,484 $ 46,718
======== ======== ======== | ======= ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS)........................... 3.36 3.22 3.08 | 4.29 3.09 3.25
==== ==== ==== | ==== ==== ====
- -------------------------
<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>
102