EXHIBIT 12
Page 1
JERSEY CENTRAL POWER & LIGHT COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended
June 30,
2004 2003
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $ 50,234 $12,136
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 41,384 51,272
Provision for income taxes.............................................. 37,356 10,718
Interest element of rentals charged to income (a)....................... 3,364 1,582
-------- -------
Earnings as defined................................................... $132,338 75,708
======== =======
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt................................................ $ 40,531 $45,979
Other interest expense.................................................... 853 (55)
Subsidiary's preferred stock dividend requirements........................ -- 5,348
Interest element of rentals charged to income (a)......................... 3,364 1,582
-------- -------
Fixed charges as defined.............................................. $ 44,748 $52,854
======== =======
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.96 1.43
==== ====
- -------------------------
<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)
Six Months Ended
June 30,
2004 2003
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $ 50,234 $12,136
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 41,384 51,272
Provision for income taxes.............................................. 37,356 10,718
Interest element of rentals charged to income (a)....................... 3,364 1,582
-------- -------
Earnings as defined................................................... $132,338 $75,708
======== =======
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS):
Interest on long-term debt................................................ $ 40,531 $45,979
Other interest expense.................................................... 853 (55)
Preferred stock dividend requirements..................................... 250 4,985
Adjustment to preferred stock dividends
to state on a pre-income tax basis...................................... 186 (320)
Interest element of rentals charged to income (a)......................... 3,364 1,582
-------- -------
Fixed charges as defined plus preferred stock dividend requirements
(pre-income tax basis).............................................. $ 45,184 $52,171
======== =======
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS).................................................... 2.93 1.45
==== ====
- -------------------------
<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
Six Months Ended
June 30,
2004 2003
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $24,709 $29,672
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 23,905 24,525
Provision for income taxes.............................................. 16,211 19,832
Interest element of rentals charged to income (a)....................... 651 328
------- -------
Earnings as defined................................................... $65,476 $74,357
======= =======
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt................................................ $22,385 $19,881
Other interest expense.................................................... 1,520 865
Subsidiary's preferred stock dividend requirements........................ -- 3,779
Interest element of rentals charged to income (a)......................... 651 328
------- -------
Fixed charges as defined.............................................. $24,556 $24,853
======= =======
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 2.67 2.99
==== ====
- ----------------------
<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
Six Months Ended
June 30,
2004 2003
--------- --------
(In thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items......................................... $ 8,708 $12,904
Add-
Interest and other charges, before reduction for
amounts capitalized and deferred interest income...................... 20,020 18,730
Provision for income taxes.............................................. 4,229 9,614
Interest element of rentals charged to income (a)....................... 1,286 280
------- -------
Earnings as defined................................................... $34,243 $41,528
======= =======
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt................................................ $15,015 $14,691
Other interest expense.................................................... 5,005 262
Subsidiary's preferred stock dividend requirements........................ -- 3,777
Interest element of rentals charged to income (a)......................... 1,286 280
------- -------
Fixed charges as defined.............................................. $21,306 $19,010
======= =======
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES.............................. 1.61 2.18
==== ====
- -------------------------
<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>