Exhibit 12-A
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)
For the Years Ended December 31,
--------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- --------- ---------
OPERATING REVENUES $5,196,256 $4,757,124 $4,248,792 $4,143,379 $3,970,711
--------- --------- --------- ---------- ---------
OPERATING EXPENSES 4,411,609 3,748,294 3,352,713 3,272,644 3,292,796
Interest portion
of rentals (A) 23,439 34,171 30,594 26,108 26,093
Fixed charges of
service company
subsidiaries (B) 5,331 5,323 2,424 3,121 3,695
--------- --------- --------- ------- --------
Net expense 4,382,839 3,708,800 3,319,695 3,243,415 3,263,008
--------- --------- --------- --------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 3,253 4,329 5,264 5,583 10,672
Equity in undistributed
earnings/(losses) of
affiliates, net 28,456 89,746 72,012 (27,100) 33,981
Other income, net 149,635 85,616 48,366 5,585 23,490
Minority interest
net income (2,871) (3,490) (2,171) (1,337) (2,701)
--------- --------- --------- -------- ---------
Total other income
and deductions 178,473 176,201 123,471 (17,269) 65,442
--------- --------- --------- -------- --------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 991,890 $1,224,525 $1,052,568 $882,695 $ 773,145
======= ========= ========= ======= =========
FIXED CHARGES:
Interest on funded
indebtedness $ 515,026 $ 436,391 $ 346,513 $277,387 $ 216,352
Other interest (C) 36,176 44,320 38,248 38,039 59,398
Preferred stock dividends
of subsidiaries on a
pretax basis (E) 11,978 16,619 18,045 19,500 24,008
Interest portion
of rentals (A) 23,439 34,171 30,594 26,108 26,093
--------- --------- --------- ------- ---------
Total fixed
charges $ 586,619 $ 531,501 $ 433,400 $361,034 $ 325,851
========= ========= ========= ======= =========
RATIO OF EARNINGS
TO FIXED CHARGES 1.69 2.30 2.43 2.44 2.37
==== ==== ==== ==== ====
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS (D) 1.69 2.30 2.43 2.44 2.37
==== ==== ==== ==== ====
Exhibit 12-A
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)
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 $10,700, $24,627, $28,888, $28,888 and $28,888 for the years
2000, 1999, 1998, 1997 and 1996, respectively, and amount for
subsidiary-obligated trust preferred securities of $13,690 and $8,345 for
the years 2000 and 1999, respectively.
(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:
For the Years Ended December 31,
----------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- --------- ---------
Income before provision
for income taxes and
preferred stock dividends
of subsidiaries and
gain on preferred
stock reacquisition $417,249 $709,643 $637,213 $541,161 $471,302
Income before extraordinary
item in 1998 and preferred
stock dividends of
subsidiaries (incl. gain/
loss on preferred stock
reacquisition) 240,442 470,020 397,124 347,625 304,583
Pretax earnings ratio 173.5% 151.0% 160.5% 155.7% 154.7%
Preferred stock dividends
of subsidiaries 6,904 11,006 11,243 12,524 15,519
Preferred stock dividends
of subsidiaries on
a pretax basis 11,978 16,619 18,045 19,500 24,008
Exhibit 12-B
Page 1 of 2
JERSEY CENTRAL POWER & LIGHT COMPANY AND SUBSIDIARY COMPANY
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)
For the Years Ended December 31,
-----------------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- --------- ----------
OPERATING REVENUES $1,979,297 $2,018,209 $2,069,648 $2,093,972 $2,057,918
--------- --------- --------- --------- ---------
OPERATING EXPENSES 1,572,051 1,652,420 1,607,589 1,658,382 1,729,532
Interest portion
of rentals (A) 6,229 14,920 11,838 10,614 10,666
--------- --------- --------- --------- ---------
Net expense 1,565,822 1,637,500 1,595,751 1,647,768 1,718,866
--------- --------- --------- --------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 2,006 1,775 2,424 2,319 6,647
Other income, net 27,234 12,461 13,227 1,919 7,202
--------- --------- --------- --------- ---------
Total other income
and deductions 29,240 14,236 15,651 4,238 13,849
--------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 442,715 $ 394,945 $ 489,548 $ 450,442 $ 352,901
========= ========= ========= ========= =========
FIXED CHARGES:
Interest on funded
indebtedness $ 93,888 $ 95,325 $ 95,361 $ 100,706 $ 89,648
Other interest (B) 11,911 11,350 14,829 14,992 21,847
Interest portion
of rentals (A) 6,229 14,920 11,838 10,614 10,666
--------- --------- --------- --------- ---------
Total fixed
charges $ 112,028 $ 121,595 $ 122,028 $ 126,312 $ 122,161
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO FIXED CHARGES 3.95 3.25 4.01 3.57 2.89
==== ==== ==== ==== ====
Preferred stock
dividend requirement 6,904 8,670 10,065 11,376 13,072
Ratio of income before
provision for
income taxes to
net income (C) 156.9% 158.6% 165.2% 152.9% 147.6%
Preferred stock
dividend requirement
on a pretax basis 10,832 13,751 16,627 17,394 19,294
Fixed charges, as above 112,028 121,595 122,028 126,312 122,161
--------- --------- --------- --------- ---------
Total fixed charges
and preferred
stock dividends $ 122,860 $ 135,346 $ 138,655 $ 143,706 $ 141,455
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 3.60 2.92 3.53 3.13 2.50
==== ==== ==== ==== ====
Exhibit 12-B
Page 2 of 2
JERSEY CENTRAL POWER & LIGHT COMPANY AND SUBSIDIARY COMPANY
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) JCP&L 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 $10,700, $10,700, $10,700, $10,700 and $10,700 for the years
2000, 1999, 1998, 1997 and 1996, respectively.
(C) Represents income before provision for income taxes divided by net income
as follows:
For the Years Ended December 31,
-----------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
Income before provision
for income taxes $330,687 $273,350 $367,520 $324,130 $230,740
Net income 210,812 172,380 222,442 212,014 156,303
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)
For the Years Ended December 31,
-------------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- --------- ---------
OPERATING REVENUES $842,333 $902,827 $919,594 $943,109 $910,408
------- ------- ------- -------
OPERATING EXPENSES 673,844 689,579 752,168 728,644 733,664
Interest portion
of rentals (A) 1,543 4,381 9,784 6,151 5,367
------- ------- ------- ------- -------
Net expense 672,301 685,198 742,384 722,493 728,297
------- ------- ------- ------- -------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 505 1,212 943 1,100 1,245
Other income/
(expense), net 12,169 3,901 (13,539) 3,371 1,220
------- ----- ------- ------- -------
Total other income
and deductions 12,674 5,113 (12,596) 4,471 2,465
------- ----- ------- ------- -------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $182,706 $222,742 $164,614 $225,087 $184,576
======= ======= ======= ======= =======
FIXED CHARGES:
Interest on funded
indebtedness $ 45,866 $ 45,996 $ 47,557 $ 48,789 $ 45,373
Other interest (B) 9,314 15,846 12,130 10,861 14,436
Interest portion
of rentals (A) 1,543 4,381 9,784 6,151 5,367
------- ------- ------- ------- -------
Total fixed
charges $ 56,723 $ 66,223 $ 69,471 $ 65,801 65,176
======= ======= ======= ======= =======
RATIO OF EARNINGS
TO FIXED CHARGES 3.22 3.36 2.37 3.42 2.83
==== ==== ==== ==== ====
Preferred stock
dividend requirement - 66 483 483 944
Ratio of income before
provision for
income taxes to
net income (C) 153.8% 164.5% 164.8% 170.3% 172.9%
Preferred stock
dividend requirement
on a pretax basis - 109 796 823 1,632
Fixed charges, as above 56,723 66,223 69,471 65,801 65,176
------- ------- ------- ------- -------
Total fixed charges
and preferred
stock dividends $ 56,723 $ 66,332 $ 70,267 $ 66,624 $ 66,808
======= ======= ======= ======= =======
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 3.22 3.36 2.34 3.38 2.76
==== ==== ==== ==== ====
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 and $9,000 for the years 1999, 1998,
1997 and 1996, respectively, and amount for company-obligated trust
preferred securities of $6,656 and $4,369 for the years 2000 and 1999,
respectively.
(C) Represents income before provision for income taxes divided by income
before extraordinary item/net income as follows:
For the Years Ended December 31,
-----------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
Income before provision
for income taxes $125,983 $156,519 $ 95,143 $159,286 $119,400
Income before extraordinary
item/Net income 81,895 95,123 57,720 93,517 69,067
Exhibit 12-D
Page 1 of 2
PENNSYLVANIA ELECTRIC 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)
For the Years Ended December 31,
------------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
OPERATING REVENUES $ 901,881 $ 921,965 $1,032,226 $1,052,936 $1,019,645
--------- --------- --------- --------- ---------
OPERATING EXPENSES 796,210 730,365 861,453 824,596 840,288
Interest portion
of rentals (A) 3,020 4,306 4,970 4,236 4,490
--------- --------- --------- --------- ---------
Net expense 793,190 726,059 856,483 820,360 835,798
--------- --------- --------- --------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 742 1,342 1,897 2,164 2,780
Other income/
(expense), net 11,135 59,081 (6,429) 2,469 (825)
--------- --------- --------- --------- ---------
Total other income
and deductions 11,877 60,423 (4,532) 4,633 1,955
--------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 120,568 $ 256,329 $ 171,211 $ 237,209 $ 185,802
========= ========= ========= ========= =========
FIXED CHARGES:
Interest on funded
indebtedness $ 36,839 $ 34,588 $ 54,907 $ 56,095 $ 49,654
Other interest (B) 11,705 10,561 10,207 10,556 16,300
Interest portion
of rentals (A) 3,020 4,306 4,970 4,236 4,490
--------- --------- --------- --------- ---------
Total fixed
charges $ 51,564 $ 49,455 $ 70,084 $ 70,887 $ 70,444
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO FIXED CHARGES 2.34 5.18 2.44 3.35 2.64
==== ==== ==== ==== ====
Preferred stock
dividend requirement - 154 695 665 1,503
Ratio of income before
provision for
income taxes to
net income (C) 175.8% 135.7% 172.6% 175.0% 165.2%
Preferred stock
dividend requirement
on a pretax basis - 209 1,200 1,164 2,483
Fixed charges, as above 51,564 49,455 70,084 70,887 70,444
--------- --------- --------- --------- ----------
Total fixed charges
and preferred
stock dividends $ 51,564 $ 49,664 $ 71,284 $ 72,051 $ 72,927
========= ========= ========= ========= ==========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 2.34 5.16 2.40 3.29 2.55
==== ==== ==== ==== ====
Exhibit 12-D
Page 2 of 2
PENNSYLVANIA ELECTRIC 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) Penelec 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 $4,977, $9,188, $9,188 and $9,188 for the years 1999, 1998,
1997 and 1996, respectively, and amount for company-obligated trust
preferred securities of $7,034 and $3,976 for the years 2000 and 1999,
respectively.
(C) Represents income before provision for income taxes divided by income
before extraordinary item/net income as follows:
For the Years Ended December 31,
--------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ---------
Income before provision
for income taxes $ 69,004 $206,874 $101,127 $166,322 $115,358
Income before extraordinary
item/Net income 39,250 152,491 58,590 95,023 69,809