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,
1997 1996 1995 1994 1993
--------- --------- --------- --------- ---------
OPERATING REVENUES $ 943,109 $ 910,408 $ 854,674 $ 801,303 $ 801,487
--------- --------- --------- --------- ---------
OPERATING EXPENSES 728,644 733,664 686,183 655,805 624,025
Interest portion
of rentals (A) 6,151 5,367 5,186 5,315 4,932
--------- --------- --------- --------- ---------
Net expense 722,493 728,297 680,997 650,490 619,093
--------- --------- --------- --------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds
used during
construction 1,100 1,245 2,430 3,847 2,919
Other income/
(expense), net 3,371 1,220 129,660 (98,953) (5,581)
--------- --------- --------- --------- ---------
Total other income
and deductions 4,471 2,465 132,090 (95,106) (2,662)
--------- --------- --------- --------- ---------
EARNINGS AVAILABLE FOR FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS
(excluding taxes
based on income) $ 225,087 $ 184,576 $ 305,767 $ 55,707 $ 179,732
========= ========= ========= ========= =========
FIXED CHARGES:
Interest on funded
indebtedness $ 43,885 $ 45,373 $ 45,844 $ 43,270 $ 42,887
Other interest (B) 15,765 14,436 14,147 15,137 6,990
Interest portion
of rentals (A) 6,151 5,367 5,186 5,315 4,932
--------- --------- --------- --------- ---------
Total fixed
charges $ 65,801 $ 65,176 $ 65,177 $ 63,722 $ 54,809
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO FIXED CHARGES 3.42 2.83 4.69 0.87 3.28
========= ========= ========= ========= =========
Preferred stock
dividend requirement 483 944 944 2,960 6,960
Ratio of income before
provision for
income taxes to
net income (C) 170.3% 172.9% 162.0% 174.8% 160.4%
Preferred stock
dividend requirement
on a pretax basis 823 1,632 1,529 5,174 11,164
Fixed charges, as above 65,801 65,176 65,177 63,722 54,809
--------- --------- --------- --------- ---------
Total fixed charges
and preferred
stock dividends $ 66,624 $ 66,808 $ 66,706 $ 68,896 $ 65,973
========= ========= ========= ========= =========
RATIO OF EARNINGS
TO COMBINED FIXED
CHARGES AND PREFERRED
STOCK DIVIDENDS 3.38 2.76 4.58 0.81 2.72
========= ========= ========= ========= =========
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)
<FN>
Notes:
(A) The Company 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 dividends on company-obligated mandatorily redeemable
preferred securities of $9,000, $9,000, $9,000 and $3,200 for the
years 1997, 1996, 1995 and 1994, respectively.
(C) Represents income before provision for income taxes divided by net
income as follows:
</FN>
Twelve Months Ended December 31,
1997 1996 1995 1994* 1993
-------- -------- -------- ----- --------
Income before provision
for income taxes $159,286 $119,400 $240,590 $-- $124,923
Net Income 93,517 69,067 148,540 -- 77,875
* For the twelve months ended December 31, 1994, the ratio was based on the
composite income tax rate for 1994.