Exhibit 12A
Page 1 of 2
GPU, INC. 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)
----------------------------------------------
UNAUDITED
Three Months Ended
-------------------------
March 31, March 31,
2000 1999
--------- -----------
OPERATING REVENUES $1,176,444 $1,073,733
--------- ---------
OPERATING EXPENSES 836,132 775,100
Interest portion of rentals (A) 5,754 7,739
Fixed charges of service company
subsidiaries (B) 1,216 1,143
--------- --------
Net expense 829,162 766,218
--------- --------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 1,075 673
Equity in undistributed earnings
of affiliates, net 3,652 53,252
Other income, net 19,178 49,081
Minority interest net income (477) (823)
--------- --------
Total other income and deductions 23,428 102,183
--------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 370,710 $ 409,698
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 133,919 $ 82,821
Other interest (C) 8,629 8,233
Preferred stock dividends of
subsidiaries on a pretax basis (E) 4,100 6,260
Interest portion of rentals (A) 5,754 7,739
--------- ---------
Total fixed charges $ 152,402 $ 105,053
========= =========
RATIO OF EARNINGS TO FIXED CHARGES 2.43 3.90
==== ====
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (D) 2.43 3.90
==== ====
Exhibit 12A
Page 2 of 2
GPU, INC. 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)
----------------------------------------------
UNAUDITED
- --------------------------
NOTES:
(A) GPU 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) Represents fixed charges of GPU Service, Inc. and GPU Nuclear, Inc. which
are accounted for as operating expenses in GPU's consolidated income
statement. GPU has removed the fixed charges from operating expenses and
included such amounts in fixed charges as interest on funded indebtedness
and other interest for this statement.
(C) Includes amount for subsidiary-obligated mandatorily redeemable preferred
securities of $2,675 and $7,222 for the three month periods ended March
31, 2000 and 1999, respectively, and amount for trust preferred securities
of $3,673 for the three month period ended March 31, 2000.
(D) GPU, Inc., the parent holding company, does not have any preferred stock
outstanding, therefore, the ratio of earnings to combined fixed charges
and preferred stock dividends is the same as the ratio of earnings to
fixed charges.
(E) Calculation of preferred stock dividends of subsidiaries on a pretax basis
is as follows:
Three Months Ended
----------------------------
March 31, March 31,
2000 1999
-------- --------
Income before provision for income taxes and
preferred stock dividends of subsidiaries $222,408 $310,905
Income before preferred stock dividends of
subsidiaries 133,459 194,639
Pretax earnings ratio 166.6% 159.7%
Preferred stock dividends of subsidiaries 2,461 3,920
Preferred stock dividends of subsidiaries on
a pretax basis 4,100 6,260