EX-12 5 ex12.htm STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12

EDISON INTERNATIONAL
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
2012
 
2013
 
2014
 
2015
 
2016
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
$
1,861

 
$
1,221

 
$
1,979

 
$
1,568

 
$
1,590

 
$
687

Less: Income from equity investees
 
1

 
—

 
—

 
—

 
—

 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
1,860

 
1,221

 
1,979

 
$
1,568

 
$
1,590

 
$
687

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
586

 
601

 
608

 
606

 
$
621

 
$
330

Amortization of capitalized interest
 
2

 
3

 
1

 
—

 
—

 
—

Distributed income of equity investees
 
—

 
—

 
—

 
—

 
—

 
—

Loss of equity investees for which charges arising from
 
 
 
 
 
 
 
 
 
 
 
 
guarantees are included in fixed charges
—

 
—

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(8
)
 
(6
)
 
(2
)
 
(1
)
 
(1
)
 
—

Preference security dividend requirements of
 
 
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
—

 
—

 
—

 
—

 
—

 
—

Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
—

 
—

 
3

 
16

 
9

 
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
 
$
2,440

 
$
1,819

 
$
2,589

 
$
2,189

 
$
2,219

 
$
1,018

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
$
521

 
$
544

 
$
560

 
$
555

 
$
581

 
$
311

Add: AFUDC
 
 
40

 
31

 
25

 
31

 
23

 
13

Interest expenses - net of capitalized interest
561

 
575

 
585

 
$
586

 
$
604

 
$
324

Interest capitalized (1)
 
8

 
6

 
2

 
1

 
1

 
—

Interest portion of rental expense (2)
17

 
20

 
21

 
19

 
16

 
6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
586

 
$
601

 
$
608

 
$
606

 
$
621

 
$
330

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio (3)
 
 
4.16

 
3.03

 
4.26

 
3.61

 
3.57

 
3.08

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes fixed charges associated with nuclear fuel.
 
 
(2) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals, except for amounts allocated to power purchase contracts that are classified as operating leases.
(3) As a result of Edison Mission Energy's ("EME") bankruptcy filling, the operations of EME prior to December 17, 2012 and for all prior years, were reflected as discontinued operations in the consolidated financial statements.