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
Six Months Ended
----------------------------
June 30, June 30,
2001 2000
------------ -----------
OPERATING REVENUES $2,648,310 $2,456,818
--------- ---------
OPERATING EXPENSES: 2,211,347 2,258,508
Interest portion of rentals (A) 9,559 11,917
Fixed charges of service company
subsidiaries (B) 2,343 2,548
--------- ---------
Net expense 2,199,445 2,244,043
--------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 845 2,127
Equity in undistributed earnings/(losses)
of affiliates, net (6,180) 5,772
Other income, net 83,026 50,210
Minority interest net income (1,766) (1,086)
--------- ---------
Total other income and deductions 75,925 57,023
--------- ---------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 524,790 $ 269,798
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 228,292 $ 269,101
Other interest (C) 16,647 15,687
Preferred stock dividends of
subsidiary on a pretax basis (E) 4,746 1,465
Interest portion of rentals (A) 9,559 11,917
--------- ---------
Total fixed charges $ 259,244 $ 298,170
========= =========
RATIO OF EARNINGS TO FIXED CHARGES (F) 2.02 0.90
==== ====
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (D) 2.02 0.90
==== ====
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. 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 $5,350 and $5,350 for the six month periods ended June 30,
2001 and 2000, respectively, and amount for subsidiary-obligated trust
preferred securities of $7,345 and $7,345 for the six month periods ended
June 30, 2001 and 2000, 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:
Six Months Ended
----------------------------
June 30, June 30,
2001 2000
--------- ----------
Income/(loss) before provision for income taxes
and preferred stock dividends of subsidiaries $270,292 $(26,907)
Income/(loss) before preferred stock dividends
of subsidiaries 158,428 (75,693)
Pretax earnings ratio 170.6% 35.5%
Preferred stock dividends of subsidiaries 2,782 4,122
Preferred stock dividends of subsidiaries on
a pretax basis 4,746 1,465
(F) For the six month period ended June 30, 2000, GPU, Inc.'s pre-tax earnings
were inadequate to cover its fixed charges for the same period. The amount
of such earnings deficiency for June 30, 2000 was $28.4 million pre-tax.
Exhibit 12B
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)
---------------------------------------------------------------------------
UNAUDITED
Six Months Ended
---------------------------
June 30, June 30,
2001 2000
----------- ----------
OPERATING REVENUES $982,736 $942,895
------- -------
OPERATING EXPENSES 780,614 747,347
Interest portion of rentals (A) 1,928 4,519
------- -------
Net expense 778,686 742,828
------- -------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 375 1,332
Other income, net 17,707 12,731
------- -------
Total other income and deductions 18,082 14,063
------- -------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $222,132 $214,130
======= =======
FIXED CHARGES:
Interest on funded indebtedness $ 49,221 $ 45,822
Other interest (B) 6,530 5,710
Interest portion of rentals (A) 1,928 4,519
------- -------
Total fixed charges $ 57,679 $ 56,051
======= =======
RATIO OF EARNINGS TO FIXED CHARGES 3.85 3.82
==== ====
Preferred stock dividend requirement $ 2,782 $ 4,122
Ratio of income before provision for
income taxes to net income (C) 168.8% 165.9%
------- -------
Preferred stock dividend requirement
on a pretax basis 4,696 6,838
Fixed charges, as above 57,679 56,051
------- -------
Total fixed charges and
preferred stock dividends $ 62,375 $ 62,889
======= =======
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.56 3.40
==== ====
Exhibit 12B
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)
---------------------------------------------------------------------------
UNAUDITED
- -------------------------
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 $5,350 and $5,350 for the six month periods ended June 30,
2001 and 2000, respectively.
(C) Represents income before provision for income taxes of $164,453 and
$149,279 for the six month periods ended June 30, 2001 and 2000,
respectively, divided by net income of $97,436 and $90,004, respectively
for the same periods.
Exhibit 12C
Page 1 of 2
METROPOLITAN EDISON COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
---------------------------------------------------------------------------
UNAUDITED
Six Months Ended
---------------------------
June 30, June 30,
2001 2000
----------- ----------
OPERATING REVENUES $443,556 $400,870
------- -------
OPERATING EXPENSES 380,904 326,338
Interest portion of rentals (A) 534 513
------- -------
Net expense 380,370 325,825
------- -------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 186 296
Other income, net 17,385 11,020
------- -------
Total other income and deductions 17,571 11,316
------- -------
EARNINGS AVAILABLE FOR FIXED CHARGES
(excluding taxes based on income) $ 80,757 $ 86,361
======= =======
FIXED CHARGES:
Interest on funded indebtedness $ 22,451 $ 23,340
Other interest (B) 4,906 4,761
Interest portion of rentals (A) 534 513
------- -------
Total fixed charges $ 27,891 $ 28,614
======= =======
RATIO OF EARNINGS TO FIXED CHARGES 2.90 3.02
==== ====
Exhibit 12C
Page 2 of 2
METROPOLITAN EDISON COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
---------------------------------------------------------------------------
UNAUDITED
- -------------------------
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 trust preferred securities of $3,675
and $3,675 for the six month periods ended June 30, 2001 and 2000,
respectively.
Exhibit 12D
Page 1 of 2
PENNSYLVANIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
---------------------------------------------------------------------------
UNAUDITED
Six Months Ended
---------------------------
June 30, June 30,
2001 2000
----------- -----------
OPERATING REVENUES $474,427 $426,894
------- -------
OPERATING EXPENSES 445,935 358,584
Interest portion of rentals (A) 216 1,463
------- -------
Net expense 445,719 357,121
------- -------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 284 499
Other income, net 3,719 4,705
------- --------
Total other income and deductions 4,003 5,204
------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES
(excluding taxes based on income) $ 32,711 $ 74,977
======= =======
FIXED CHARGES:
Interest on funded indebtedness $ 19,661 $ 16,401
Other interest (B) 4,747 4,277
Interest portion of rentals (A) 216 1,463
------- -------
Total fixed charges $ 24,624 $ 22,141
======= =======
RATIO OF EARNINGS TO FIXED CHARGES 1.33 3.39
==== ====
Exhibit 12D
Page 2 of 2
PENNSYLVANIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
BASED ON SEC REGULATION S-K, ITEM 503
(In Thousands)
---------------------------------------------------------------------------
UNAUDITED
- -------------------------
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 trust preferred securities of $3,670
and $3,670 for the six month periods ended June 30, 2001 and 2000,
respectively.