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,
1998 1997
------------ --------
OPERATING REVENUES $1,043,109 $1,051,012
--------- ---------
OPERATING EXPENSES 783,475 770,831
Interest portion of rentals (A) 6,889 5,958
Fixed charges of service company
subsidiaries (B) 531 690
--------- --------
Net expense 776,055 764,183
--------- --------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 1,391 1,533
Equity in undistributed earnings
of affiliates, net 17,651 32,227
Other income, net 44,562 5,713
Minority interest net income (501) (147)
--------- --------
Total other income and deductions 63,103 39,326
--------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 330,157 $ 326,155
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 84,396 $ 57,623
Other interest (C) 16,393 14,743
Preferred stock dividends of
subsidiaries on a pretax basis (E) 4,840 5,360
Interest portion of rentals (A) 6,889 5,958
--------- ---------
Total fixed charges $ 112,518 $ 83,684
========= =========
RATIO OF EARNINGS TO FIXED CHARGES 2.93 3.90
==== ====
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (D) 2.93 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 dividends on subsidiary-obligated mandatorily redeemable
preferred securities of $7,222 for the three month periods ended March
31, 1998 and 1997, 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:
Three Months Ended
------------------
March 31, March 31,
1998 1997
--------- -------
Income before provision for income taxes and
preferred stock dividends of subsidiaries $222,479 $247,831
Income before preferred stock dividends of
subsidiaries 136,755 158,465
Pretax earnings ratio 162.7% 156.4%
Preferred stock dividends of subsidiaries 2,975 3,427
Preferred stock dividends of subsidiaries on
a pretax basis 4,840 5,360