Exhibit 12D
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)
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UNAUDITED
Six Months Ended
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June 30, June 30,
1998 1997
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OPERATING REVENUES $514,010 $537,615
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OPERATING EXPENSES 405,584 401,360
Interest portion of rentals (A) 2,474 2,166
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Net expense 403,110 399,194
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OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 989 921
Other income, net 1,733 1,255
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Total other income and deductions 2,722 2,176
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EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $113,622 $140,597
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FIXED CHARGES:
Interest on funded indebtedness $ 23,974 $ 24,219
Other interest (B) 9,053 8,837
Interest portion of rentals (A) 2,474 2,166
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Total fixed charges $ 35,501 $ 35,222
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RATIO OF EARNINGS TO FIXED CHARGES 3.20 3.99
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Preferred stock dividend requirement $ 347 $ 318
Ratio of income before provision for
income taxes to net income (C) 168.4% 170.7%
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Preferred stock dividend requirement
on a pretax basis 584 543
Fixed charges, as above 35,501 35,222
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Total fixed charges and
preferred stock dividends $ 36,085 $ 35,765
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.15 3.93
==== ====
Exhibit 12D
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)
----------------------------------------------------------------------
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 dividends on company-obligated mandatorily redeemable preferred
securities of $4,594 for the six month periods ended June 30, 1998 and
1997, respectively.
(C) Represents income before provision for income taxes of $78,121 and
$105,375 for the six month periods ended June 30, 1998 and 1997,
respectively, divided by income before extraordinary item of $46,396 and
net income of $61,735, respectively for the same periods.