EX-12.3 10 ex12-3.htm EXHIBIT 12 - CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES - OE ex12-3.htm
EXHIBIT 12.3
Page 1
OHIO EDISON COMPANY
  
                               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
  
                               
   
Year Ended December 31,
  
   
2005
    
2006
    
2007
    
2008
    
2009
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                              
Income before extraordinary items
   $ 331,214     $ 212,384     $ 197,830     $ 212,359     $ 122,434  
Interest and other charges, before reduction for amounts capitalized
                                        
and deferred
     77,077       90,952       83,343       75,058       90,669  
Provision for income taxes
     309,995       123,343       101,273       98,584       66,186  
Interest element of rentals charged to income (a)
     101,862       89,354       79,954       74,962       69,597  
                                         
Earnings as defined
   $ 820,148     $ 516,033     $ 462,400     $ 460,963     $ 348,886  
                                         
FIXED CHARGES AS DEFINED IN REGULATION S-K:
                                        
Interest before reduction for amounts capitalized and deferred
   $ 75,388     $ 90,356     $ 83,343     $ 75,058     $ 90,669  
Subsidiaries’ preferred stock dividend requirements
     1,689       597       -       -       -  
Adjustments to subsidiaries’ preferred stock dividends
                                        
to state on a pre-income tax basis
     1,351       651       -       -       -  
Interest element of rentals charged to income (a)
     101,862       89,354       79,954       74,962       69,597  
                                         
Fixed charges as defined
   $ 180,290     $ 180,958     $ 163,297     $ 150,020     $ 160,266  
                                         
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
     4.55       2.85       2.83       3.07       2.18  
                                         
                                         
                                         
 
                                        
                                         
(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 12.3
Page 2
OHIO EDISON COMPANY
  
                               
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS
  
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS)
  
                               
   
Year Ended December 31,
  
   
2005
    
2006
    
2007
    
2008
    
2009
  
   
(Dollars in thousands)
  
EARNINGS AS DEFINED IN REGULATION S-K:
                              
Income before extraordinary items
   $ 331,214     $ 212,384     $ 197,830     $ 212,359     $ 122,434  
Interest and other charges, before reduction for amounts capitalized
                                        
and deferred
     77,077       90,952       83,343       75,058       90,669  
Provision for income taxes
     309,995       123,343       101,273       98,584       66,186  
Interest element of rentals charged to income (a)
     101,862       89,354       79,954       74,962       69,597  
                                         
Earnings as defined
   $ 820,148     $ 516,033     $ 462,400     $ 460,963     $ 348,886  
                                         
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS
                                        
PREFERRED STOCK DIVIDEND REQUIREMENTS
                                        
(PRE-INCOME TAX BASIS):
                                        
Interest before reduction for amounts capitalized and deferred
   $ 75,388     $ 90,356     $ 83,343     $ 75,058     $ 90,669  
Preferred stock dividend requirements
     4,324       5,149       -       -       -  
Adjustments to preferred stock dividends
                                        
to state on a pre-income tax basis
     3,758       3,263       -       -       -  
Interest element of rentals charged to income (a)
     101,862       89,354       79,954       74,962       69,597  
                                         
Fixed charges as defined plus preferred stock
                                        
dividend requirements (pre-income tax basis)
   $ 185,332     $ 188,122     $ 163,297     $ 150,020     $ 160,266  
                                         
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
                                        
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS
                                        
(PRE-INCOME TAX BASIS)
     4.43       2.74       2.83       3.07       2.18  
                                         
                                         
 
                                        
                                         
(a)  Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined.