EX-12.1 6 exhibit121.htm COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED EQUITY DIVIDENDS exhibit121.htm
Exhibit 12.1

SOUTHERN CALIFORNIA EDISON COMPANY
                        
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
      
(Millions of Dollars)
                                  
                                         
                                         
                               
3 Months
  
3 Months
  
12 Months
           
 
2006
  
 
2007
  
 
2008
  
 
2009
  
 
2010
  
Ended
March 31, 2010
  
Ended
March 31, 2011
  
Ended
March 31, 2011
Earnings:
        
 
  
 
  
 
  
 
  
 
  
 
 
 
                                         
Income from continuing operations
                              
 
before tax and noncontrolling interest
 $ 1,540
  
 $ 1,400
  
 $ 1,246
  
 $ 1,620
  
 $ 1,532
  
 $                  306
  
 $                  359
  
 $               1,585
Less: Income from equity investees
            -
  
            -
  
            -
  
            -
  
            -
  
                         -
  
                         -
  
                         -
Income from continuing operations before income
                            
 
from equity investees, tax and noncontrolling interest
    1,540
  
    1,400
  
    1,246
  
    1,620
  
    1,532
  
                     306
  
                     359
  
                  1,585
Add:
                                      
Fixed charges (see below)
  
       502
  
       540
  
       520
  
       535
  
       565
  
                     136
  
                     148
  
                     576
Amortization of capitalized interest
           1
  
           2
  
           2
  
           2
  
           2
  
                         -
  
                         1
  
                         2
Distributed income of equity investees
            -
  
            -
  
            -
  
            -
  
            -
  
                         -
  
                         -
  
                         -
Loss of equity investees for which charges arising from
                        
 
guarantees are included in fixed charges
            -
  
            -
  
            -
  
            -
  
            -
  
                         -
  
                         -
  
                         -
Subtract:
                                      
Interest capitalized
    
          (2)
  
          (3)
  
          (3)
  
          (4)
  
          (7)
  
                       (2)
  
                       (2)
  
                       (7)
Preference security dividend requirements of
                              
 
consolidated subsidiaries - pre-tax basis
        (77)
  
        (74)
  
        (75)
  
        (73)
  
        (73)
  
                     (19)
  
                     (21)
  
                     (73)
Noncontrolling interest of subsidiaries that have not incurred
                        
 
fixed charges - pre-tax basis
  
      (275)
  
      (305)
  
      (170)
  
        (94)
  
            -
  
                         -
  
                         -
  
                         -
                                         
Earnings as adjusted
    
 $ 1,689
  
 $ 1,560
  
 $ 1,520
  
 $ 1,986
  
 $ 2,019
  
 $                  421
  
 $                  485
  
 $               2,083
                                         
                                         
                                         
Fixed Charges (1):
                                  
Interest expenses - net of capitalized interest and AFUDC
 $    399
  
 $    429
  
 $    407
  
 $    420
  
 $    429
  
 $                    99
  
 $                  111
  
 $                  441
Add: AFUDC
      
         19
  
         25
  
         27
  
         32
  
         43
  
                       13
  
                       11
  
                       41
Interest expenses - net of capitalized interest
       418
  
       454
  
       434
  
       452
  
       472
  
                     112
  
                     122
  
                     482
Interest capitalized (2)
    
           3
  
           3
  
           3
  
           4
  
           7
  
                         2
  
                         2
  
                         7
Interest portion of rental expense (3)
           4
  
           9
  
           8
  
           6
  
         12
  
                         3
  
                         3
  
                       14
Preferred and preference stock dividend
                              
 
requirement - pre-tax basis
  
         77
  
         74
  
         75
  
         73
  
         73
  
                       19
  
                       21
  
                       73
                                         
Total fixed charges
    
 $    502
  
 $    540
  
 $    520
  
 $    535
  
 $    565
  
 $                  136
  
 $                  148
  
 $                  576
                                         
Ratio
        
      3.36
  
      2.89
  
      2.92
  
      3.71
  
      3.57
  
                    3.10
  
                    3.28
  
                    3.62
                                         
                                         
(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.  The amount for 2006 is restated.
                            
(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.