EX-12 19 ex-12.htm PE, JCP&L & ME RATIO OF EARNINGS TO FIXED CHARGES Unassociated Document

 
 
 
 
 
 
EXHIBIT 12
 
               
 
 
 
 
 
 
Page 1
 
               
JERSEY CENTRAL POWER & LIGHT COMPANY
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
  
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
 
 
 
 
June 30,
 
 
 
 
 
2005
 
2004
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
Income before extraordinary items
 
$
69,842
 
$
50,234
 
 
 
 
Add -
 
 
 
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
 
 
 
amounts capitalized and deferred interest income
 
 
41,660
 
 
41,384
 
 
 
 
Provision for income taxes
 
 
55,019
 
 
37,356
 
 
 
 
Interest element of rentals charged to income (a)
 
 
3,665
 
 
3,364
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined
 
$
170,186
 
$
132,338
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
$
38,681
 
$
40,531
 
 
 
 
Other interest expense
 
 
2,979
 
 
853
 
 
 
 
Interest element of rentals charged to income (a)
 
 
3,665
 
 
3,364
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges as defined
 
$
45,325
 
$
44,748
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
3.75
 
 
2.96
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)  Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest
 
 
 
     element can be determined. 
 
 
 
 
 
 
 
 
 
 
 
 
156
 
 

 
 
 
 
 
 
 
 
EXHIBIT 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page 2
 
 
 
 
 
 
 
 
 
JERSEY CENTRAL POWER & LIGHT COMPANY
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
 
PREFERRED STOCK DIVIDEND REQUIREMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
 
 
 
 
 
June 30,
 
 
 
 
 
 
2005
 
2004
 
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
Income before extraordinary items
 
 
 
 
$
69,842
 
$
50,234
 
 
 
Add -
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
 
 
 
 
 
amounts capitalized and deferred interest income
 
 
 
 
 
41,660
 
 
41,384
 
 
 
Provision for income taxes
 
 
 
 
 
55,019
 
 
37,356
 
 
 
Interest element of rentals charged to income (a)
 
 
 
 
 
3,665
 
 
3,364
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined
 
 
 
 
$
170,186
 
$
132,338
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED  
 
 
 
 
 
 
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
 
 
 
$
38,681
 
$
40,531
 
 
 
Other interest expense
 
 
 
 
 
2,979
 
 
853
 
 
 
Preferred stock dividend requirements
 
 
 
 
 
250
 
 
250
 
 
 
Adjustment to preferred stock dividends to
 
 
 
 
 
 
 
 
 
 
 
 
state on a pre-income tax basis
 
 
 
 
 
197
 
 
186
 
 
 
Interest element of rentals charged to income (a)
 
 
 
 
 
3,665
 
 
3,364
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges as defined plus preferred stock dividend
 
 
 
 
 
 
 
 
 
 
 
 
requirements (pre-income tax basis) 
 
 
 
 
$
45,772
 
$
45,184
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
 
 
 
 
 
 
 
 
 
 
 
 
(PRE-INCOME TAX BASIS)
 
 
 
 
 
3.72
 
 
2.93
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest
     element can be determined.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
157
 
 

 
 
 
 
 
 
 
 
EXHIBIT 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
METROPOLITAN EDISON COMPANY
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
               
 
 
 
 
Six Months Ended
 
  
 
 
 
 
 
June 30,
 
  
 
 
 
 
 
2005
 
2004
 
  
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
Income before extraordinary items
 
 
 
 
$
32,139
 
$
24,709
 
 
  
 
Add -
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
 
 
 
 
 
 
amounts capitalized and deferred interest income 
 
 
 
 
 
22,621
 
 
23,905
 
 
  
 
Provision for income taxes
 
 
 
 
 
21,325
 
 
16,211
 
 
  
 
Interest element of rentals charged to income (a)
 
 
 
 
 
938
 
 
651
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined 
 
 
 
 
$
77,023
 
$
65,476
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
 
 
 
$
18,945
 
$
22,385
 
    
 
Other interest expense
 
 
 
 
 
3,676
 
 
1,520
 
 
  
 
Interest element of rentals charged to income (a)
 
 
 
 
 
938
 
 
651
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Fixed charges as defined 
 
 
 
 
$
23,559
 
$
24,556
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
3.27
 
 
2.67
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be
 
    determined
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
158
 


 
 
 
 
 
 
EXHIBIT 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PENNSYLVANIA ELECTRIC COMPANY
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
 
 
 
 
June 30,
 
 
 
 
 
2005
 
2004
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
Income before extraordinary items
 
$
27,221
 
$
8,708
 
 
 
 
Add -
 
 
 
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
 
 
 
amounts capitalized and deferred interest income
 
 
19,738
 
 
20,020
 
 
 
 
Provision for income taxes
 
 
18,940
 
 
4,229
 
 
 
 
Interest element of rentals charged to income (a)
 
 
1,672
 
 
1,286
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined
 
$
67,571
 
$
34,243
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
$
14,882
 
$
15,015
 
 
 
 
Other interest expense
 
 
4,856
 
 
5,005
 
 
 
 
Interest element of rentals charged to income (a)
 
 
1,672
 
 
1,286
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges as defined
 
$
21,410
 
$
21,306
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED
 
 
3.16
 
 
1.61
 
 
 
 
CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest
 
 
 
    element can be determined.
 
 
 
 
 
 
 
 
 
 
 
 
159