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)
- --------------------------------------------------------------------------------
UNAUDITED
Nine Months Ended
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September 30, September 30,
1998 1997
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OPERATING REVENUES $773,364 $795,184
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OPERATING EXPENSES 653,179 609,258
Interest portion of rentals (A) 3,729 3,120
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Net expense 649,450 606,138
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OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 1,621 1,627
Other income/(expense), net (4,312) 1,198
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Total other income and deductions (2,691) 2,825
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EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $121,223 $191,871
======= =======
FIXED CHARGES:
Interest on funded indebtedness $ 35,922 $ 36,672
Other interest (B) 13,542 13,095
Interest portion of rentals (A) 3,729 3,120
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Total fixed charges $ 53,193 $ 52,887
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RATIO OF EARNINGS TO FIXED CHARGES 2.28 3.63
==== ====
Preferred stock dividend requirement $ 521 $ 491
Ratio of income before provision for
income taxes to net income (C) 167.8% 171.4%
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Preferred stock dividend requirement
on a pretax basis 874 842
Fixed charges, as above 53,193 52,887
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Total fixed charges and
preferred stock dividends $ 54,067 $ 53,729
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 2.24 3.57
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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 amount for company-obligated mandatorily redeemable preferred
securities of $6,891 for the nine month periods ended September 30, 1998
and 1997, respectively.
(C) Represents income before provision for income taxes of $68,030 and
$138,984 for the nine month periods ended September 30, 1998 and 1997,
respectively, divided by income before extraordinary item of $40,536 and
net income of $81,104, respectively for the same periods.