EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
---------------------------
2004 2003
--------- --------
Restated
(See Note 2)
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $ 13,398 $ 54,017
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 21,118 25,827
Provision for income taxes.............................................. 10,050 38,553
Interest element of rentals charged to income (a)....................... 1,573 791
-------- --------
Earnings as defined................................................... $ 46,139 $119,188
======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt................................................ $ 20,728 $ 23,312
Other interest expense.................................................... 390 (159)
Subsidiary's preferred stock dividend requirements........................ -- 2,674
Interest element of rentals charged to income (a)......................... 1,573 791
-------- --------
Fixed charges as defined.............................................. $ 22,691 $ 26,618
======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.03 4.48
==== ====
- -------------------------
<FN>
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
</FN>
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)
Three Months Ended
March 31,
---------------------------
2004 2003
--------- --------
Restated
(See Note 2)
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $13,398 $ 54,017
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 21,118 25,827
Provision for income taxes.............................................. 10,050 38,553
Interest element of rentals charged to income (a)....................... 1,573 791
------- --------
Earnings as defined................................................... $46,139 $119,188
======= ========
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED STOCK DIVIDEND
REQUIREMENTS (PRE-INCOME TAX BASIS):
Interest on long-term debt................................................ $20,728 $ 23,312
Other interest expense.................................................... 390 (159)
Preferred stock dividend requirements..................................... 125 2,799
Adjustment to preferred stock dividends
to state on a pre-income tax basis...................................... 94 89
Interest element of rentals charged to income (a)......................... 1,573 791
------- --------
Fixed charges as defined plus preferred stock dividend requirements
(pre-income tax basis).............................................. $22,910 $ 26,832
======= ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS).................................................... 2.01 4.44
==== ====
- -------------------------
<FN>
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
</FN>
EXHIBIT 12
Page 1
METROPOLITAN EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
---------------------------
2004 2003
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $18,044 $16,800
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 10,836 12,892
Provision for income taxes.............................................. 12,209 11,426
Interest element of rentals charged to income (a)....................... 298 123
------- -------
Earnings as defined................................................... $41,387 $41,241
======= =======
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt................................................ $10,147 $10,539
Other interest expense.................................................... 689 463
Subsidiary's preferred stock dividend requirements........................ -- 1,890
Interest element of rentals charged to income (a)......................... 298 123
------- -------
Fixed charges as defined.............................................. $11,134 $13,015
======= =======
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 3.72 3.17
==== ====
<FN>
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
</FN>
EXHIBIT 12
Page 1
PENNSYLVANIA ELECTRIC COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
March 31,
---------------------------
2004 2003
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $ 5,659 $ 4,194
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 9,684 9,370
Provision for income taxes.............................................. 2,938 3,773
Interest element of rentals charged to income (a)....................... 624 456
------- -------
Earnings as defined................................................... $18,905 $17,793
======= =======
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt................................................ $ 7,447 $ 7,339
Other interest expense.................................................... 2,237 143
Subsidiary's preferred stock dividend requirements........................ -- 1,888
Interest element of rentals charged to income (a)......................... 624 456
------- -------
Fixed charges as defined.............................................. $10,308 $ 9,826
======= =======
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 1.83 1.81
==== ====
- -------------------------
<FN>
(a) Includes the interest element of rentals calculated at 1/3 of rental
expense as no readily defined interest element can be determined.
</FN>