EXHIBIT 12.1
Page 1
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
---------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $ 24,523 $303,531 $317,241 $315,170 $293,194
Interest and other charges, before
reduction for amounts capitalized 285,169 283,849 273,719 255,572 250,920
Provision for income taxes 32,431 188,886 199,307 201,295 187,805
Interest element of rentals
charged to income (a) 104,700 108,463 111,534 114,093 117,409
--------- -------- -------- -------- --------
Earnings as defined $446,823 $884,729 $901,801 $886,130 $849,328
========= ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN
REGULATION S-K:
Interest on long-term debt $262,861 $259,554 $243,570 $211,935 $204,285
Other interest expense 16,445 18,931 22,944 28,211 31,209
Subsidiaries' preferred
stock dividend requirements 5,863 5,364 7,205 15,426 15,426
Adjustment to subsidiaries'
preferred stock dividends
to state on a pre-income
tax basis 7,659 3,294 2,956 2,910 2,918
Interest element of rentals
charged to income (a) 104,700 108,463 111,534 114,093 117,409
-------- -------- -------- -------- --------
Fixed charges as defined $397,528 $395,606 $388,209 $372,575 $371,247
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES (b) 1.12 2.24 2.32 2.38 2.29
==== ==== ==== ==== ====
<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.
(b) These ratios exclude fixed charges applicable to the guarantee
of the debt of a coal supplier aggregating $8,565,000, $7,424,000,
$6,315,000, $5,093,000 and $3,828,000 for each of the five years
ended December 31, 1997, respectively.
EXHIBIT 12.1
Page 2
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED AND
PREFERENCE STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
Year Ended December 31,
---------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $ 24,523 $303,531 $317,241 $315,170 $293,194
Interest and other charges,
before reduction for amounts
capitalized 285,169 283,849 273,719 255,572 250,920
Provision for income taxes 32,431 188,886 199,307 201,295 187,805
Interest element of rentals
charged to income (a) 104,700 108,463 111,534 114,093 117,409
-------- -------- -------- -------- --------
Earnings as defined $446,823 $884,729 $901,801 $886,130 $849,328
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN
REGULATION S-K PLUS PREFERRED
AND PREFERENCE STOCK DIVIDEND
REQUIREMENTS(PRE-INCOME TAX BASIS):
Interest on long-term debt $262,861 $259,554 $243,570 $211,935 $204,285
Other interest expense 16,445 18,931 22,944 28,211 31,209
Preferred and preference stock
dividend requirements 29,570 27,043 29,699 27,923 27,817
Adjustment to preferred and
preference stock dividends
to state on a pre-income tax basis 38,265 16,444 16,745 10,542 10,503
Interest element of rentals
charged to income (a) 104,700 108,463 111,534 114,093 117,409
-------- -------- -------- -------- --------
Fixed charges as defined plus
preferred and preference
stock dividend requirements
(pre-income tax basis) $451,841 $430,435 $424,492 $392,704 $391,223
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO
FIXED CHARGES PLUS PREFERRED AND
PREFERENCE STOCK DIVIDEND REQUIREMENTS
PRE-INCOME TAX BASIS) (b) 0.99(c) 2.06 2.12 2.26 $2.17
==== ==== ==== ==== =====
<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.
(b) These ratios exclude fixed charges applicable to the guarantee
of the debt of a coal supplier aggregating $8,565,000, $7,424,000,
$6,315,000, $5,093,000 and $3,828,000 for each of the five years
ended December 31, 1997, respectively.
(c) Earnings as defined were deficient in 1993 by $5,018,000 to cover
fixed charges plus preferred stock dividend requirements (pre-
income tax basis).