Exhibit 12-C
Page 1 of 2
METROPOLITAN EDISON COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
Twelve Months Ended December 31,
-----------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- -------
OPERATING REVENUES $902,827 $919,594 $943,109 $910,408 $854,674
------- ------- ------- ------- -------
OPERATING EXPENSES 689,579 752,168 728,644 733,664 686,183
Interest portion
of rentals (A) 4,381 9,784 6,151 5,367 5,186
------- ------- ------- ------- -------
Net expense 685,198 742,384 722,493 728,297 680,997
------- ------- ------- ------- -------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 1,212 943 1,100 1,245 2,430
Other income/
(expense), net 3,901 (13,539) 3,371 1,220 129,660
----- ------- ------- ------ -------
Total other income
and deductions 5,113 (12,596) 4,471 2,465 132,090
----- ------- ------- ------ -------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $222,742 $164,614 $225,087 $184,576 $305,767
======= ======= ======= ======= =======
FIXED CHARGES:
Interest on funded
indebtedness $ 45,996 $ 47,557 $ 48,789 $ 45,373 $ 45,844
Other interest (B) 15,846 12,130 10,861 14,436 14,147
Interest portion
of rentals (A) 4,381 9,784 6,151 5,367 5,186
------- ------- ------- ------- -------
Total fixed
charges $ 66,223 $ 69,471 $ 65,801 $ 65,176 $ 65,177
======= ======= ======= ======= =======
RATIO OF EARNINGS
TO FIXED CHARGES 3.36 2.37 3.42 2.83 4.69
==== ==== ==== ==== ====
Preferred stock
dividend requirement 66 483 483 944 944
Ratio of income before
provision for
income taxes to
net income (C) 164.5% 164.8% 170.3% 172.9% 162.0%
Preferred stock
dividend requirement
on a pretax basis 109 796 823 1,632 1,529
Fixed charges, as above 66,223 69,471 65,801 65,176 65,177
------- ------- ------- ------- -------
Total fixed charges
and preferred
stock dividends $ 66,332 $ 70,267 $ 66,624 $ 66,808 $ 66,706
======= ======= ======= ======= =======
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 3.36 2.34 3.38 2.76 4.58
==== ==== ==== ==== ====
Exhibit 12-C
Page 2 of 2
METROPOLITAN EDISON COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
Notes:
(A) Met-Ed has included the equivalent of the interest portion of all rentals
charged to income as fixed charges for this statement and has excluded
such components from Operating Expenses.
(B) Includes amount for company-obligated mandatorily redeemable preferred
securities of $8,950, $9,000, $9,000, $9,000 and $9,000 for the years
1999, 1998, 1997, 1996 and 1995, respectively, and amount for trust
preferred securities of $4,369 for the year ended 1999.
(C) Represents income before provision for income taxes divided by income
before extraordinary item/net income as follows:
Twelve Months Ended December 31,
-----------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- -------
Income before provision
for income taxes $156,519 $ 95,143 $159,286 $119,400 $240,590
Income before extraordinary
item/Net Income 95,123 57,720 93,517 69,067 148,540