EX-12 2 ex12.txt 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 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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 ==== ==== ---------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.
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 ==== ==== ------------------------- (a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be determined.