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
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Six Months Ended
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June 30, June 30,
1999 1998
------------ ------------
OPERATING REVENUES $1,971,462 $2,058,196
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OPERATING EXPENSES 1,540,802 1,582,940
Interest portion of rentals (A) 16,954 13,956
Fixed charges of service company
subsidiaries (B) 2,529 1,325
--------- ---------
Net expense 1,521,319 1,567,659
--------- ---------
OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 1,809 2,896
Equity in undistributed earnings
of affiliates, net 76,499 30,844
Other income, net 68,234 40,912
Minority interest net income (2,348) (749)
--------- --------
Total other income and deductions 144,194 73,903
--------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 594,337 $ 564,440
========= =========
FIXED CHARGES:
Interest on funded indebtedness $ 159,431 $ 162,614
Other interest (C) 29,392 32,932
Preferred stock dividends of
subsidiaries on a pretax basis (E) 10,007 9,521
Interest portion of rentals (A) 16,954 13,956
--------- ---------
Total fixed charges $ 215,784 $ 219,023
========= =========
RATIO OF EARNINGS TO FIXED CHARGES 2.75 2.58
==== ====
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (D) 2.75 2.58
==== ====
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 amount for subsidiary-obligated mandatorily redeemable preferred
securities of $14,444 for the six month periods ended June 30, 1999 and
1998, respectively, and amount for trust preferred securities of $1,000
for the six month period ended June 30, 1999.
(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:
Six Months Ended
------------------------------
June 30, June 30,
1999 1998
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Income before provision for income taxes and
preferred stock dividends of subsidiaries $388,560 $354,938
Income before extraordinary item in 1998 and
preferred stock dividends of subsidiaries 244,271 219,609
Pretax earnings ratio 159.1% 161.6%
Preferred stock dividends of subsidiaries 6,290 5,892
Preferred stock dividends of subsidiaries on
a pretax basis 10,007 9,521