Exhibit 12C
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)
- --------------------------------------------------------------------------------
UNAUDITED
Three Months Ended
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March 31, March 31,
1999 1998
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OPERATING REVENUES $229,157 $234,748
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OPERATING EXPENSES 152,905 176,874
Interest portion of rentals (A) 1,466 2,050
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Net expense 151,439 174,824
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OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 187 248
Other income, net 1,133 284
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Total other income and deductions 1,320 532
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EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 79,038 $ 60,456
======= =======
FIXED CHARGES:
Interest on funded indebtedness $ 10,623 $ 10,623
Other interest (B) 4,137 5,003
Interest portion of rentals (A) 1,466 2,050
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Total fixed charges $ 16,226 $ 17,676
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RATIO OF EARNINGS TO FIXED CHARGES 4.87 3.42
==== ====
Preferred stock dividend requirement $ 66 $ 121
Ratio of income before provision for
income taxes to net income (C) 191.3% 173.0%
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Preferred stock dividend requirement
on a pretax basis 126 209
Fixed charges, as above 16,226 17,676
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Total fixed charges and
preferred stock dividends $ 16,352 $ 17,885
======= =======
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 4.83 3.38
==== ====
Exhibit 12C
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)
- --------------------------------------------------------------------------------
UNAUDITED
NOTES:
(A) Met-Ed 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 $2,250 for the three month periods ended March 31, 1999
and 1998, respectively.
(C) Represents income before provision for income taxes of $62,812 and
$42,780 for the three month periods ended March 31, 1999 and 1998,
respectively, divided by net income of $32,832 and $24,730, respectively
for the same periods.