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

 
SOUTHERN CALIFORNIA EDISON COMPANY
                  
 
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
 
(Millions of Dollars)
                      
                               
                               
 
Earnings:
        
 2007
  
 2008
  
 2009
  
 2010
  
2011
                               
 
Income from continuing operations
                  
   
before tax and noncontrolling interest
 $   1,400
  
 $   1,246
  
 $   1,620
  
 $   1,532
  
 $1,745
 
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
 
Add:
                          
 
Fixed charges (see below)
  
        540
  
        520
  
        535
  
        565
  
      613
 
Amortization of capitalized interest
            2
  
            2
  
            2
  
            2
  
         4
 
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)
 
Preference security dividend requirements of
            
   
consolidated subsidiaries - pre-tax basis
         (74)
  
         (75)
  
         (73)
  
         (73)
  
      (90)
 
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
                               
                               
                               
 
Fixed Charges (1):
                      
 
Interest expenses - net of capitalized interest and AFUDC
 $     429
  
 $     407
  
 $     420
  
 $     429
  
 $   463
 
Add: AFUDC
      
          25
  
          27
  
          32
  
          43
  
       42
 
Interest expenses - net of capitalized interest
        454
  
        434
  
        452
  
        472
  
      505
 
Interest capitalized (2)
    
            3
  
            3
  
            4
  
            7
  
         4
 
Interest portion of rental expense (3)
            9
  
            8
  
            6
  
          13
  
       14
 
Preferred and preference stock dividend
                  
   
requirement - pre-tax basis
  
          74
  
          75
  
          73
  
          73
  
       90
                               
 
Total fixed charges
    
 $     540
  
 $     520
  
 $     535
  
 $     565
  
 $   613
                               
 
Ratio
        
       2.89
  
       2.92
  
       3.71
  
       3.57
  
     3.70
                               
                               
 
(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.