EX-12.1 10 exhibit121.htm STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO 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
  
                                 
Ended
  
Ended
  
Ended
  
 
Earnings:
        
 2007
  
 2008
  
 2009
  
 2010
  
2011
  
 March 31, 2011
 March 31, 2012
 March 31, 2012
                                             
 
Income from continuing operations
                                
   
before tax and noncontrolling interest
 $   1,400
  
 $   1,246
  
 $   1,620
  
 $   1,532
  
 $1,745
  
 $                 359
  
 $                    300
  
 $                   1,686
  
 
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
  
                   359
  
                       300
  
                      1,686
  
 
Add:
                                        
 
Fixed charges (see below)
  
        540
  
        520
  
        535
  
        565
  
      613
  
                   148
  
                       163
  
                         628
  
 
Amortization of capitalized interest
            2
  
            2
  
            2
  
            2
  
         4
  
                       1
  
                          1
  
                            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)
  
                      (2)
  
                         (2)
  
                           (4)
  
 
Preference security dividend requirements of
                          
   
consolidated subsidiaries - pre-tax basis
         (74)
  
         (75)
  
         (73)
  
         (73)
  
      (90)
  
                    (21)
  
                        (28)
  
                         (97)
  
 
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
  
 $                 485
  
 $                    434
  
 $                   2,217
  
                                             
                                             
                                             
 
Fixed Charges (1):
                                    
 
Interest expenses - net of capitalized interest and AFUDC
 $     429
  
 $     407
  
 $     420
  
 $     429
  
 $   463
  
 $                 111
  
 $                    121
  
 $                      473
  
 
Add: AFUDC
      
          25
  
          27
  
          32
  
          43
  
       42
  
                     11
  
                          8
  
                          39
  
 
Interest expenses - net of capitalized interest
        454
  
        434
  
        452
  
        472
  
      505
  
                   122
  
                       129
  
                         512
  
 
Interest capitalized (2)
    
            3
  
            3
  
            4
  
            7
  
         4
  
                       2
  
                          2
  
                            4
  
 
Interest portion of rental expense (3)
            9
  
            8
  
            6
  
          13
  
       14
  
                       3
  
                          4
  
                          15
  
 
Preferred and preference stock dividend
                                
   
requirement - pre-tax basis
  
          74
  
          75
  
          73
  
          73
  
       90
  
                     21
  
                         28
  
                          97
  
                                             
 
Total fixed charges
    
 $     540
  
 $     520
  
 $     535
  
 $     565
  
 $   613
  
 $                 148
  
 $                    163
  
 $                      628
  
                                             
 
Ratio
        
       2.89
  
       2.92
  
       3.71
  
       3.57
  
     3.70
  
                  3.28
  
                      2.66
  
                        3.53
  
                                             
                                             
 
(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.