EX-12.8 54 ex12-8.htm PE - FIXED CHARGE RATIO Unassociated Document

EXHIBIT 12.8
Page 1

PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
   
 
Year Ended
December 31,
  
 
 
Jan. 1-
  
 
 
Nov. 7-
  
 
 
Year Ended December 31,
  
   
   
2000
  
Nov. 6, 2001
  
Dec. 31, 2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                          
Income before extraordinary items
  
$
39,250
  
$
23,718
  
$
10,795
  
$
50,910
  
$
20,237
  
$
36,030
  
Interest and other charges, before reduction for
amounts capitalized
    
48,544
    
40,998
    
7,052
    
42,373
    
37,660
    
40,022
  
Provision for income taxes
    
29,754
    
19,402
    
8,231
    
34,248
    
24,836
    
30,001
  
Interest element of rentals charged to income(a)
    
3,020
    
891
    
311
    
1,849
    
3,076
    
3,016
  
Earnings as defined
  
$
120,568
  
$
85,009
  
$
26,389
  
$
129,380
  
$
85,809
  
$
109,069
  
                                       
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                      
Interest on long-term debt
  
$
29,964
  
$
28,751
  
$
3,972
  
$
31,758
  
$
29,565
  
$
30,029
  
Other interest expense
    
11,546
    
6,008
    
1,979
    
3,061
    
4,318
    
9,993
  
Subsidiary's preferred stock dividend requirements
    
7,034
    
6,239
    
1,101
    
7,554
    
3,777
    
--
  
Interest element of rentals charged to income (a)
    
3,020
    
891
    
311
    
1,849
    
3,076
    
3,016
  
Fixed charges as defined
  
$
51,564
  
$
41,889
  
$
7,363
  
$
44,222
  
$
40,736
  
$
43,038
  
                                       
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES
    
2.34
    
2.03
    
3.58
    
2.93
    
2.11
    
2.53
  
 
__________________

(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.


EXHIBIT 12.8
Page 2
PENNSYLVANIA ELECTRIC COMPANY

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
 
   
Year Ended
                      
   
December 31,
  
Jan. 1-
  
Nov. 7-
  
Year Ended December 31,
  
   
2000
  
Nov. 6, 2001
  
Dec. 31, 2001
  
2002
  
2003
  
2004
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                                      
Income before extraordinary items
  
$
39,250
  
$
23,718
  
$
10,795
  
$
50,910
  
$
20,237
  
$
36,030
  
Interest and other charges, before reduction for
                                      
amounts capitalized
    
48,544
    
40,998
    
7,052
    
42,373
    
37,660
    
40,022
  
Provision for income taxes
    
29,754
    
19,402
    
8,231
    
34,248
    
24,836
    
30,001
  
Interest element of rentals charged to income (a)
    
3,020
    
891
    
311
    
1,849
    
3,076
    
3,016
  
Earnings as defined
  
$
120,568
  
$
85,009
  
$
26,389
  
$
129,380
  
$
85,809
  
$
109,069
  
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                                      
PREFERRED STOCK DIVIDEND REQUIREMENTS
                                      
(PRE-INCOME TAX BASIS):
                                      
Interest on long-term debt
  
$
29,964
  
$
28,751
  
$
3,972
  
$
31,758
  
$
29,565
  
$
30,029
  
Other interest expense
    
11,546
    
6,008
    
1,979
    
3,061
    
4,318
    
9,993
  
Preferred stock dividend requirements
    
7,034
    
6,239
    
1,101
    
7,554
    
3,777
    
--
  
Adjustments to preferred stock dividends to state on a
                                     
pre-income tax basis
    
--
    
--
    
--
    
--
    
--
    
--
  
Interest element of rentals charged to income (a)
    
3,020
    
891
    
311
    
1,849
    
3,076
    
3,016
  
Fixed charges as defined plus preferred stock
                                      
dividend requirements (pre-income tax basis)
  
$
51,564
  
$
41,889
  
$
7,363
  
$
44,222
  
$
40,736
  
$
43,038
  
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                      
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                                      
(PRE-INCOME TAX BASIS)
    
2.34
    
2.03
    
3.58
    
2.93
    
2.11
    
2.53
  
 

____________________

(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.