EXHIBIT 12.8
Page 1
PENNSYLVANIA ELECTRIC 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............... $152,491 $ 39,250 $23,718 | $10,795 $ 50,910 $ 20,237
Interest and other charges, before |
reduction for amounts capitalized.... ........ 45,149 48,544 40,998 | 7,052 42,373 37,660
Provision for income taxes...................... 54,383 29,754 19,402 | 8,231 34,248 24,836
Interest element of rentals charged |
to income (a)................................. 4,306 3,020 891 | 311 1,849 3,076
-------- -------- ------- | ------- -------- --------
Earnings as defined........................... $256,329 $120,568 $85,009 | $26,389 $129,380 $ 85,809
======== ======== ======= | ======= ======== ========
|
FIXED CHARGES AS DEFINED IN REGULATION S-K: |
Interest on long-term debt...................... $ 31,837 $ 29,964 $28,751 | $ 3,972 31,758 $ 29,565
Other interest expense.......................... 4,359 11,546 6,008 | 1,979 3,061 4,318
Subsidiary's preferred stock |
dividend requirements......................... 8,953 7,034 6,239 | 1,101 7,554 3,777
Interest element of rentals charged |
to income (a)................................. 4,306 3,020 891 | 311 1,849 3,076
-------- -------- ------- | ------- -------- --------
Fixed charges as defined...................... $ 49,455 $ 51,564 $41,889 | $ 7,363 $ 44,222 $ 40,736
======== ======== ======= | ====== ======== ========
|
CONSOLIDATED RATIO OF EARNINGS TO FIXED |
CHARGES......................................... 5.18 2.34 2.03 | 3.58 2.93 2.11
==== ==== ==== | ==== ==== ====
- -------------------------
<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>
103
EXHIBIT 12.8
Page 2
PENNSYLVANIA ELECTRIC 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............... $152,491 $ 39,250 $23,718 | $10,795 $ 50,910 $ 20,237
Interest and other charges, before |
reduction for amounts capitalized............. 45,149 48,544 40,998 | 7,052 42,373 37,660
Provision for income taxes...................... 54,383 29,754 19,402 | 8,231 34,248 24,836
Interest element of rentals charged |
to income (a)................................ 4,306 3,020 891 | 311 1,849 3,076
-------- -------- ------- | ------- -------- --------
Earnings as defined........................... $256,329 $120,568 $85,009 | $26,389 $129,380 $ 85,809
======== ======== ======= | ======= ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS |
PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS): |
Interest on long-term debt...................... $ 31,837 $ 29,964 $28,751 | $ 3,972 $ 31,758 $ 29,565
Other interest expense.......................... 4,359 11,546 6,008 | 1,979 3,061 4,318
Preferred stock dividend requirements........... 9,107 7,034 6,239 | 1,101 7,554 3,777
Adjustments to preferred stock dividends |
to state on a pre-income tax basis............ 55 -- -- | -- -- --
Interest element of rentals charged |
to income (a)................................. 4,306 3,020 891 | 311 1,849 3,076
-------- -------- ------- | ------- -------- --------
Fixed charges as defined plus preferred |
stock dividend requirements |
(pre-income tax basis)...................... $ 49,664 $ 51,564 $41,889 | $ 7,363 $ 44,222 $ 40,736
======== ======== ======= | ======= ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES |
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS |
(PRE-INCOME TAX BASIS)........................ 5.16 2.34 2.03 | 3.58 2.93 2.11
==== ==== ==== | ==== ==== ====
- -------------------------
<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>
104