EX-12.1 10 sceexhibit121.htm STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO FIXED CHARGES AND PREFERRED EQ SCESeriesGExhibit121

Exhibit 12.1

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

 
$
1,246

 
$
1,620

 
$
1,532

 
$
1,745

 
$
1,378

 
$
1,186

 
$
1,553

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

 
1,378

 
1,186

 
1,553

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
540

 
520

 
535

 
565

 
613

 
461

 
518

 
668

Amortization of capitalized interest
 
2

 
2

 
2

 
2

 
4

 
2

 
2

 
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
)
 
(5
)
 
(6
)
 
(4
)
Preference security dividend requirement of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
 
(74
)
 
(75
)
 
(73
)
 
(73
)
 
(90
)
 
(69
)
 
(98
)
 
(118
)
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

 
$
1,767

 
$
1,602

 
$
2,102

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

 
$
407

 
$
420

 
$
429

 
$
463

 
$
344

 
$
373

 
$
492

Add: AFUDC
 
25

 
27

 
32

 
43

 
42

 
32

 
29

 
39

Interest expenses - net of capitalized interest
 
454

 
434

 
452

 
472

 
505

 
376

 
402

 
531

Interest capitalized (2)
 
3

 
3

 
4

 
7

 
4

 
5

 
6

 
4

Interest portion of rental expense (3)
 
9

 
8

 
6

 
13

 
14

 
11

 
12

 
15

Preferred and preference stock dividend
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
requirement - pre tax basis
 
74

 
75

 
73

 
73

 
90

 
69

 
98

 
118

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
540

 
$
520

 
$
535

 
$
565

 
$
613

 
$
461

 
$
518

 
$
668

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
2.89

 
2.92

 
3.71

 
3.57

 
3.70

 
3.83

 
3.09

 
3.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.