EXHIBIT 12.1
Page 1
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
---------------------------------------------
1994 1995 1996 1997 1998
---- ---- ---- ---- ----
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $303,531 $317,241 $315,170 $293,194 $301,320
Interest and other charges, before reduction
for amounts capitalized 283,849 273,719 255,572 250,920 235,317
Provision for income taxes 188,886 199,307 201,295 187,805 191,261
Interest element of rentals charged
to income (a) 108,463 111,534 114,093 117,409 115,310
-------- -------- -------- -------- --------
Earnings as defined $884,729 $901,801 $886,130 $849,328 $843,208
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt $259,554 $243,570 $211,935 $204,285 $173,781
Other interest expense 18,931 22,944 28,211 31,209 46,110
Subsidiaries' preferred stock dividend
requirements 5,364 7,205 15,426 15,426 15,426
Adjustment to subsidiaries' preferred stock
dividends to state on a pre-income tax basis 3,294 2,956 2,910 2,918 2,892
Interest element of rentals charged
to income (a) 108,463 111,534 114,093 117,409 115,310
-------- -------- -------- -------- --------
Fixed charges as defined $395,606 $388,209 $372,575 $371,247 $353,519
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES (b) 2.24 2.32 2.38 2.29 2.39
==== ==== ==== ==== ====
<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 $7,424,000, $6,315,000, $5,093,000, $3,828,000 and $2,209,000 for each of
the five years ended December 31, 1998, 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,
-----------------------------------------------
1994 1995 1996 1997 1998
---- ---- ---- ---- ----
(Dollars in Thousands)
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items $303,531 $317,241 $315,170 $293,194 $301,320
Interest and other charges, before
reduction for amounts capitalized 283,849 273,719 255,572 250,920 235,317
Provision for income taxes 188,886 199,307 201,295 187,805 191,261
Interest element of rentals charged to
income (a) 108,463 111,534 114,093 117,409 115,310
-------- -------- -------- -------- --------
Earnings as defined $884,729 $901,801 $886,130 $849,328 $843,208
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED
AND PREFERENCE STOCK DIVIDEND REQUIREMENTS
(PRE-INCOME TAX BASIS):
Interest on long-term debt $259,554 $243,570 $211,935 $204,285 $173,781
Other interest expense 18,931 22,944 28,211 31,209 46,110
Preferred and preference stock dividend
requirements 27,043 29,699 27,923 27,817 27,395
Adjustment to preferred and preference
stock dividends to state on a pre-income
tax basis 16,444 16,745 10,542 10,503 10,140
Interest element of rentals charged to
income (a) 108,463 111,534 114,093 117,409 115,310
-------- -------- -------- -------- --------
Fixed charges as defined plus preferred
and preference stock dividend require-
ments (pre-income tax basis) $430,435 $424,492 $392,704 $391,223 $372,736
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
PLUS PREFERRED AND PREFERENCE STOCK DIVIDEND
REQUIREMENTS (PRE-INCOME TAX BASIS) (b) 2.06 2.12 2.26 2.17 2.26
==== ==== ==== === ====
<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 $7,424,000, $6,315,000, $5,093,000, $3,828,000 and $2,209,000 for each of the five
years ended December 31, 1998, respectively.
</TABLE