Exhibit 12C
Page 1 of 2
PENNSYLVANIA ELECTRIC 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
Six Months Ended
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June 30, June 30,
2000 1999
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OPERATING REVENUES $426,894 $451,346
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OPERATING EXPENSES 358,584 333,695
Interest portion of rentals (A) 1,463 2,305
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Net expense 357,121 331,390
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OTHER INCOME AND DEDUCTIONS:
Allowance for funds used
during construction 499 500
Other income, net 4,705 7,849
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Total other income and deductions 5,204 8,349
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EARNINGS AVAILABLE FOR FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (excluding
taxes based on income) $ 74,977 $128,305
======= =======
FIXED CHARGES:
Interest on funded indebtedness $ 16,401 $ 20,797
Other interest (B) 4,277 5,439
Interest portion of rentals (A) 1,463 2,305
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Total fixed charges $ 22,141 $ 28,541
======= =======
RATIO OF EARNINGS TO FIXED CHARGES 3.39 4.50
==== ====
Preferred stock dividend requirement $ - $ 154
Ratio of income before provision for
income taxes to net income (C) 167.8% 161.5%
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Preferred stock dividend requirement
on a pretax basis - 249
Fixed charges, as above 22,141 28,541
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Total fixed charges and
preferred stock dividends $ 22,141 $ 28,790
======= =======
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 3.39 4.46
==== ====
<PAGE>
Exhibit 12C
Page 2 of 2
PENNSYLVANIA ELECTRIC 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) 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 trust preferred securities of $3,670 and $306 for the
six month periods ended June 30, 2000 and 1999, respectively, and amount
for company-obligated mandatorily redeemable preferred securities of
$4,594 for the six month period ended June 30, 1999.
(C) Represents income before provision for income taxes of $52,836 and
$138,016 for the six month periods ended June 30, 2000 and 1999,
respectively, divided by net income of $31,481 and $85,435, respectively,
for the same periods.
