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,
-----------------------------
1999 1998
------------ -------------
OPERATING REVENUES $1,073,733 $1,043,109
--------- ---------
OPERATING EXPENSES 775,100 783,475
Interest portion of rentals (A) 7,739 6,889
Fixed charges of service company
subsidiaries (B) 1,143 531
--------- --------
Net expense 766,218 776,055
--------- --------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 673 1,391
Equity in undistributed earnings
of affiliates, net 53,252 17,651
Other income, net 49,081 44,562
Minority interest net income (823) (501)
--------- --------
Total other income and deductions 102,183 63,103
--------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 409,698 $ 330,157
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 76,973 $ 84,396
Other interest (C) 14,081 16,393
Preferred stock dividends of
subsidiaries on a pretax basis (E) 6,260 4,840
Interest portion of rentals (A) 7,739 6,889
--------- ---------
Total fixed charges $ 105,053 $ 112,518
========= =========
RATIO OF EARNINGS TO FIXED CHARGES 3.90 2.93
==== ====
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (D) 3.90 2.93
==== ====
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, 1999 and 1998, 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,
1999 1998
--------- -----------
Income before provision for income taxes and
preferred stock dividends of subsidiaries $310,905 $222,479
Income before preferred stock dividends of
subsidiaries 194,639 136,755
Pretax earnings ratio 159.7% 162.7%
Preferred stock dividends of subsidiaries 3,920 2,975
Preferred stock dividends of subsidiaries on
a pretax basis 6,260 4,840