EX-12.1 6 exhibit121.htm Exhibit121
                                
Exhibit 12.1

SOUTHERN CALIFORNIA EDISON COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 Months
 
6 Months
 
12 Months
 
 
 
 
 
 
 
 
 
 
 
 
Ended
 
Ended
 
Ended
Earnings:
 
2007
 
2008
 
2009
 
2010
 
2011
 
June 30, 2011
 
June 30, 2012
 
June 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
$
1,400

 
$
1,246

 
$
1,620

 
$
1,532

 
$
1,745

 
$
713

 
$
622

 
$
1,654

Less: Income from equity investees
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
1,400

 
1,246

 
1,620

 
1,532

 
1,745

 
713

 
622

 
1,654

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
540

 
520

 
535

 
565

 
613

 
306

 
343

 
650

Amortization of capitalized interest
2

 
2

 
2

 
2

 
4

 
2

 
1

 
3

Distributed income of equity investees
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

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

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(3
)
 
(3
)
 
(4
)
 
(7
)
 
(4
)
 
(4
)
 
(4
)
 
(4
)
Preference security dividend requirements of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
(74
)
 
(75
)
 
(73
)
 
(73
)
 
(90
)
 
(45
)
 
(62
)
 
(107
)
Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
(305
)
 
(170
)
 
(94
)
 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
 
$
1,560

 
$
1,520

 
$
1,986

 
$
2,019

 
$
2,268

 
$
972

 
$
900

 
$
2,196

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
$
429

 
$
407

 
$
420

 
$
429

 
$
463

 
$
228

 
$
249

 
$
484

Add: AFUDC
 
25

 
27

 
32

 
43

 
42

 
22

 
20

 
40

Interest expenses - net of capitalized interest
454

 
434

 
452

 
472

 
505

 
250

 
269

 
524

Interest capitalized (2)
 
3

 
3

 
4

 
7

 
4

 
4

 
4

 
4

Interest portion of rental expense (3)
9

 
8

 
6

 
13

 
14

 
7

 
8

 
15

Preferred and preference stock dividend
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
requirement - pre-tax basis
74

 
75

 
73

 
73

 
90

 
45

 
62

 
107

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
540

 
$
520

 
$
535

 
$
565

 
$
613

 
$
306

 
$
343

 
$
650

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
2.89

 
2.92

 
3.71

 
3.57

 
3.70

 
3.18

 
2.62

 
3.38

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Interest expenses associated with income taxes are reflected as a component of income tax expense
 
 
 
 
 
        and are excluded from the determination of fixed charges.
 
 
 
 
 
(2) Includes fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned
 
 
 
 
 
        partnership.
 
 
 
 
 
(3) 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.