EX-12 23 a51166exv12.htm EX-12 exv12
Exhibit 12
EDISON INTERNATIONAL
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Thousands of Dollars)
                                         
    December 31,  
    2004     2005     2006     2007     2008  
EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES:
                                        
 
                                        
Income from continuing operations before fixed charges and taxes (1)
   $ 1,124,330     $ 2,396,513     $ 2,543,050     $ 2,420,512     $ 2,590,219  
Add:
                                        
Rentals (2)
     216,877       200,764       191,166       186,413       175,306  
Allocable portion of interest on long-term contracts for the purchase of power (3)
     1,515       1,457       1,393       1,322       1,245  
Amortization of previously capitalized fixed charges
     2,690       2,839       2,384       3,165       4,270  
 
                              
Total earnings before income taxes and fixed charges (A)
   $ 1,345,412     $ 2,601,573     $ 2,737,993     $ 2,611,412     $ 2,771,040  
 
                              
 
                                        
FIXED CHARGES (5):
                                        
Interest and amortization
   $ 974,622     $ 803,932     $ 825,204     $ 776,273     $ 728,064  
Rentals (2)
     216,877       200,764       191,166       186,413       175,306  
Capitalized interest (4)
     839       1,075       10,538       27,511       35,332  
Allocable portion of interest on long-term contracts for the purchase of power (3)
     1,515       1,457       1,393       1,322       1,245  
Dividends on preferred securities
     —       —       —       —       —  
Subsidiary preferred and preference stock dividend requirements — pre-tax basis
     22,962       38,182       77,651       74,199       75,941  
 
                              
Total fixed charges (B)
   $ 1,216,815     $ 1,045,410     $ 1,105,952     $ 1,065,718     $ 1,015,888  
 
                              
 
                                        
RATIO OF EARNINGS TO
FIXED CHARGES (A) / (B):
     1.11       2.49       2.48       2.45       2.73  
 
                              
 
(1)   Includes allowance for funds used during construction, accrual of unbilled revenue and minority interest.
 
(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)   Allocable portion of interest included in annual minimum debt service requirement of supplier.
 
(4)   Includes the fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned partnerships. The amounts for 2003-2006 are restated.
 
(5)   Interest expenses associated with income taxes are reflected as a component of income tax expense and are excluded from the determination of fixed charges.