EX-12 2 gpu_10q-1stqtr2001x12.txt EXHIBIT 12
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, 2001 2000 ---------- ----------- OPERATING REVENUES $1,300,439 $1,176,444 --------- ------- OPERATING EXPENSES: 1,083,910 836,132 Interest portion of rentals (A) 5,088 5,754 Fixed charges of service company subsidiaries (B) 1,315 1,216 --------- ------- Net expense 1,077,507 829,162 --------- ------- OTHER INCOME AND DEDUCTIONS: Allowance for funds used during construction 788 1,075 Equity in undistributed earnings of affiliates, net 3,414 3,652 Other income, net 19,786 19,178 Minority interest net income (1,162) (477) --------- ------- Total other income and deductions 22,826 23,428 --------- ------- EARNINGS AVAILABLE FOR FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (excluding taxes based on income) $ 245,758 $ 370,710 --------- ------- FIXED CHARGES: Interest on funded indebtedness $ 113,085 $ 133,919 Other interest (C) 8,525 8,629 Preferred stock dividends of subsidiary on a pretax basis (E) 2,356 4,100 Interest portion of rentals (A) 5,088 5,754 --------- ------- Total fixed charges $ 129,054 $ 152,402 ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 1.90 2.43 ==== ==== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (D) 1.90 2.43 ==== ====
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. 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 $2,675 and $2,675 for the three month periods ended March 31, 2001 and 2000, respectively, and amount for subsidiary-obligated trust preferred securities of $3,673 and $3,673 for the three month periods ended March 31, 2001 and 2000, 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, 2001 2000 ---------- ----------- Income before provision for income taxes and preferred stock dividends of subsidiaries $119,060 $222,408 Income before preferred stock dividends of subsidiaries 70,286 133,459 Pretax earnings ratio 169.4% 166.6% Preferred stock dividends of subsidiaries 1,391 2,461 Preferred stock dividends of subsidiaries on a pretax basis 2,356 4,100
Exhibit 12B Page 1 of 2 JERSEY CENTRAL POWER & LIGHT COMPANY AND SUBSIDIARY COMPANY 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, 2001 2000 ---------- --------- OPERATING REVENUES $461,682 $452,745 ------- ------- OPERATING EXPENSES 357,970 356,750 Interest portion of rentals (A) 1,462 2,222 ------- ------- Net expense 356,508 354,528 ------- ------- OTHER INCOME: Allowance for funds used during construction 485 562 Other income, net 7,272 5,432 ------- ------- Total other income 7,757 5,994 ------- ------- EARNINGS AVAILABLE FOR FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (excluding taxes based on income) $112,931 $104,211 ======= ======= FIXED CHARGES: Interest on funded indebtedness $ 23,178 $ 23,262 Other interest (B) 3,592 2,827 Interest portion of rentals (A) 1,462 2,222 ------- ------- Total fixed charges $ 28,232 $ 28,311 ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 4.00 3.68 ==== ==== Preferred stock dividend requirement $ 1,391 $ 2,461 Ratio of income before provision for income taxes to net income (C) 164.8% 166.6% ------- ------- Preferred stock dividend requirement on a pretax basis 2,292 4,100 Fixed charges, as above 28,232 28,311 ------- ------- Total fixed charges and preferred stock dividends $ 30,524 $ 32,411 ======= ======= RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 3.70 3.22 ==== ====
Exhibit 12B Page 2 of 2 JERSEY CENTRAL POWER & LIGHT COMPANY AND SUBSIDIARY COMPANY 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) JCP&L 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 $2,675 and $2,675 for the three month periods ended March 31, 2001 and 2000, respectively. (C) Represents income before provision for income taxes of $84,699 and $75,900 for the three month periods ended March 31, 2001 and 2000, respectively, divided by net income of $51,382 and $45,570, respectively for the same periods.
Exhibit 12C Page 1 of 2 METROPOLITAN EDISON COMPANY AND SUBSIDIARY COMPANIES STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES BASED ON SEC REGULATION S-K, ITEM 503 (In Thousands) UNAUDITED Three Months Ended --------------------------------- March 31, March 31, 2001 2000 --------- --------- OPERATING REVENUES $221,020 $203,056 ------- ------- OPERATING EXPENSES 190,206 147,737 Interest portion of rentals (A) 258 255 ------- ------- Net expense 189,948 147,482 ------- ------- OTHER INCOME AND DEDUCTIONS: Allowance for funds used during construction 159 213 Other income, net 8,186 2,771 ------- ------- Total other income and deductions 8,345 2,984 ------- ------- EARNINGS AVAILABLE FOR FIXED CHARGES (excluding taxes based on income) $ 39,417 $ 58,558 ======= ======= FIXED CHARGES: Interest on funded indebtedness $ 10,690 $ 11,935 Other interest (B) 2,538 2,364 Interest portion of rentals (A) 258 255 ------- ------- Total fixed charges $ 13,486 $ 14,554 ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 2.92 4.02 ==== ====
Exhibit 12C Page 2 of 2 METROPOLITAN EDISON COMPANY AND SUBSIDIARY COMPANIES STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 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 amount for Company-obligated trust preferred securities of $1,838 and $1,838 for the three month periods ended March 31, 2001 and 2000, respectively.
Exhibit 12D Page 1 of 2 PENNSYLVANIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES BASED ON SEC REGULATION S-K, ITEM 503 (In Thousands) UNAUDITED Three Months Ended --------------------------------- March 31, March 31, 2001 2000 ---------- --------- OPERATING REVENUES $243,827 $220,105 ------- ------- OPERATING EXPENSES 238,366 166,473 Interest portion of rentals (A) 769 699 ------- ------- Net expense 237,597 165,774 ------- ------- OTHER INCOME AND DEDUCTIONS: Allowance for funds used during construction 144 300 Other income, net 1,185 847 ------- ------- Total other income and deductions 1,329 1,147 ------- ------- EARNINGS AVAILABLE FOR FIXED CHARGES (excluding taxes based on income) $ 7,559 $ 55,478 ======= ======= FIXED CHARGES: Interest on funded indebtedness $ 9,410 $ 7,277 Other interest (B) 2,241 2,131 Interest portion of rentals (A) 769 699 ------- ------- Total fixed charges $ 12,420 $ 10,107 ======= ======= RATIO OF EARNINGS TO FIXED CHARGES (C) 0.61 5.49 ==== ====
Exhibit 12D Page 2 of 2 PENNSYLVANIA ELECTRIC COMPANY AND SUBSIDIARY COMPANIES STATEMENTS SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 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 trust preferred securities of $1,835 and $1,835 for the three month periods ended March 31, 2001 and 2000, respectively. (C) For the three month period ended March 31, 2001, Penelec's pre-tax earnings were inadequate to cover its fixed charges for the same period. The amount of such earnings deficiency for March 31, 2001 was $4.9 million pre-tax.