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)
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UNAUDITED
Six Months Ended
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June 30, June 30,
1999 1998
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OPERATING REVENUES $427,167 $460,778
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OPERATING EXPENSES 306,292 349,200
Interest portion of rentals (A) 2,446 4,979
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Net expense 303,846 344,221
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OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 500 521
Other income/(expense), net 3,036 (9,381)
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Total other income and deductions 3,536 (8,860)
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EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $126,857 $107,697
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FIXED CHARGES:
Interest on funded indebtedness $ 21,247 $ 21,247
Other interest (B) 8,914 9,053
Interest portion of rentals (A) 2,446 4,979
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Total fixed charges $ 32,607 $ 35,279
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RATIO OF EARNINGS TO FIXED CHARGES 3.89 3.05
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Preferred stock dividend requirement $ 66 $ 242
Ratio of income before provision for
income taxes to net income (C) 181.3% 167.3%
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Preferred stock dividend requirement
on a pretax basis 120 405
Fixed charges, as above 32,607 35,279
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Total fixed charges and
preferred stock dividends $ 32,727 $ 35,684
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.88 3.02
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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
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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 amount for company-obligated mandatorily redeemable preferred
securities of $4,500 for the six month periods ended June 30, 1999 and
1998, respectively, and amount for trust preferred securities of $694 for
the six month period ended June 30, 1999.
(C) Represents income before provision for income taxes of $94,250 and $72,418
for the six month periods ended June 30, 1999 and 1998, respectively,
divided by net income of $51,974 and $43,278, respectively for the same
periods.