EX-12.2 7 exhibit122.htm Exhibit122

Exhibit 12.2

SOUTHERN CALIFORNIA EDISON COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(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)
 
466

 
445

 
462

 
492

 
523

 
261

 
281

 
543

 
 
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
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
466

 
$
445

 
$
462

 
$
492

 
$
523

 
$
261

 
$
281

 
$
543

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
 
 
 
3.35

 
3.42

 
4.30

 
4.10

 
4.34

 
3.72

 
3.20

 
4.04

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.