EX-12 4 ex12.htm JCP&L, MET-ED AND PENNSYLVANIA ELECTRIC RATIO EARNINGS TO FIXED CHARGES JCP&L, Met-Ed and Pennsylvania Electric Ratio Earnings to Fixed Charges

 
 
 
 
 
 
EXHIBIT 12
 
               
 
 
 
 
 
 
Page 1
 
               
JERSEY CENTRAL POWER & LIGHT COMPANY
  
               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
  
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
September 30,
 
 
 
 
 
2005
 
2004
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
Income before extraordinary items
 
$
145,008
 
$
102,565
 
 
 
 
Add -
 
 
 
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
 
 
 
amounts capitalized and deferred interest income
 
 
62,105
 
 
64,199
 
 
 
 
Provision for income taxes
 
 
112,510
 
 
74,066
 
 
 
 
Interest element of rentals charged to income (a)
 
 
5,420
 
 
5,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined
 
$
325,043
 
$
246,148
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
$
56,843
 
$
62,241
 
 
 
 
Other interest expense
 
 
5,262
 
 
1,958
 
 
 
 
Interest element of rentals charged to income (a)
 
 
5,420
 
 
5,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges as defined
 
$
67,525
 
$
69,517
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
4.81
 
 
3.54
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)  Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest
 
 
 
       element can be determined.
 
 
 
 
 
 
 
 
 
 
 
 
 
171
 
 
 
 
 
 
 
 
 
EXHIBIT 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page 2
 
 
 
 
 
 
 
 
 
 
 
JERSEY CENTRAL POWER & LIGHT COMPANY
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
 
 
PREFERRED STOCK DIVIDEND REQUIREMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
September 30,
 
 
 
 
 
 
 
2005
 
2004
 
 
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
Income before extraordinary items
 
 
 
 
$
145,008
 
$
102,565
 
 
 
 
Add -
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
 
 
 
 
 
 
amounts capitalized and deferred interest income
 
 
 
 
 
62,105
 
 
64,199
 
 
 
 
Provision for income taxes
 
 
 
 
 
112,510
 
 
74,066
 
 
 
 
Interest element of rentals charged to income (a)
 
 
 
 
 
5,420
 
 
5,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined
 
 
 
 
$
325,043
 
$
246,148
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS PREFERRED  
 
 
 
 
 
 
 
STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
 
 
 
$
56,843
 
$
62,241
 
 
 
 
Other interest expense
 
 
 
 
 
5,262
 
 
1,958
 
 
 
 
Preferred stock dividend requirements
 
 
 
 
 
375
 
 
375
 
 
 
 
Adjustment to preferred stock dividends to
 
 
 
 
 
 
 
 
 
 
 
 
 
state on a pre-income tax basis
 
 
 
 
 
291
 
 
271
 
 
 
 
Interest element of rentals charged to income (a)
 
 
 
 
 
5,420
 
 
5,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges as defined plus preferred stock dividend
 
 
 
 
 
 
 
 
 
 
 
 
 
requirements (pre-income tax basis) 
 
 
 
 
$
68,191
 
$
70,163
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
(PRE-INCOME TAX BASIS)
 
 
 
 
 
4.77
 
 
3.51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)   Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest
element can be determined.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172
 
 
 
 
 
 
 
 
 
EXHIBIT 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
METROPOLITAN EDISON COMPANY
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
               
 
 
 
 
Nine Months Ended
 
  
 
 
 
 
 
September 30,
 
  
 
 
 
 
 
2005
 
2004
 
  
 
 
 
 
 
  
 
 
 
 
 
 
 
(in thousands)
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
Income before extraordinary items
 
 
 
 
$
33,144
 
$
41,786
 
 
  
 
Add -
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
 
 
 
 
 
 
amounts capitalized and deferred interest income 
 
 
 
 
 
33,513
 
 
34,054
 
 
  
 
Provision for income taxes
 
 
 
 
 
24,159
 
 
27,641
 
 
  
 
Interest element of rentals charged to income (a)
 
 
 
 
 
1,279
 
 
1,061
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as defined 
 
 
 
 
$
92,095
 
$
104,542
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term debt
 
 
 
 
$
27,887
 
$
31,208
 
    
 
Other interest expense
 
 
 
 
 
5,626
 
 
2,846
 
 
  
 
Interest element of rentals charged to income (a)
 
 
 
 
 
1,279
 
 
1,061
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Fixed charges as defined 
 
 
 
 
$
34,792
 
$
35,115
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
2.65
 
 
2.98
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)   Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest element can be
 
determined
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
173
 
 
 
 
 
EXHIBIT 12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PENNSYLVANIA ELECTRIC COMPANY
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
September 30,
 
 
 
2005
 
2004
 
 
 
(In thousands)
 
 
 
 
 
 
 
EARNINGS AS DEFINED IN REGULATION S-K:
 
 
 
 
 
Income before extraordinary items
 
$
24,852
 
$
26,944
 
Add -
 
 
 
 
 
 
 
Interest and other charges, before reduction for
 
 
 
 
 
 
 
amounts capitalized and deferred interest income
 
 
29,579
 
 
30,591
 
Provision for income taxes
 
 
16,870
 
 
15,658
 
Interest element of rentals charged to income (a)
 
 
2,479
 
 
1,999
 
 
 
 
 
 
 
 
 
Earnings as defined
 
$
73,780
 
$
75,192
 
 
 
 
 
 
 
 
 
FIXED CHARGES AS DEFINED IN REGULATION S-K:
 
 
 
 
 
 
 
Interest on long-term debt
 
$
22,187
 
$
22,528
 
Other interest expense
 
 
7,392
 
 
8,063
 
Interest element of rentals charged to income (a)
 
 
2,479
 
 
1,999
 
 
 
 
 
 
 
 
 
Fixed charges as defined
 
$
32,058
 
$
32,590
 
 
 
 
 
 
 
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED
 
 
2.30
 
 
2.31
 
CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)  Includes the interest element of rentals calculated at 1/3 of rental expense as no readily defined interest
       element can be determined.
 
 
 
 
 
 
 

174