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EXHIBIT 12
FIRSTENERGY CORP.
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31 | |||||||||||||||||||||
2013 | 2014 | 2015 | 2016 (2) | 2017 (2) | |||||||||||||||||
(in millions) | |||||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 375 | $ | 213 | $ | 578 | $ | (6,177 | ) | $ | (1,724 | ) | |||||||||
Interest and other charges, before reduction for amounts capitalized and deferred | 1,016 | 1,073 | 1,132 | 1,157 | 1,178 | ||||||||||||||||
Capitalized interest | (75 | ) | (69 | ) | (68 | ) | (66 | ) | (44 | ) | |||||||||||
Provision for income taxes (benefits) | 195 | (42 | ) | 315 | (3,055 | ) | 895 | ||||||||||||||
Interest element of rentals charged to income (1) | 96 | 83 | 78 | 89 | 76 | ||||||||||||||||
Earnings as defined | $ | 1,607 | $ | 1,258 | $ | 2,035 | $ | (8,052 | ) | $ | 381 | ||||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 1,016 | $ | 1,073 | $ | 1,132 | $ | 1,157 | $ | 1,178 | |||||||||||
Interest element of rentals charged to income (1) | 96 | 83 | 78 | 89 | 76 | ||||||||||||||||
Fixed charges as defined | $ | 1,112 | $ | 1,156 | $ | 1,210 | $ | 1,246 | $ | 1,254 | |||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 1.45 | 1.09 | 1.68 | N/A | N/A |
(1) | Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. |
(2) | The ratio of earnings to fixed charges was less than one-to-one for the years ended December 31, 2017 and 2016 resulting from pre-tax impairment charges of $2,406 and $10,665 million, respectively. Additional earnings of $873 million and $9,298 million would be required to have a one-to-one ratio of earnings to fixed charges for years ended December 31, 2017 and 2016, respectively. |
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