SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED EQUITY DIVIDENDS - May 16, 2011

Attached files

file filename
8-K - FORM 8-K RE FMB SERIES 2011A - SOUTHERN CALIFORNIA EDISON Cosce8k5122011.htm
EX-5 - OPINION OF COUNSEL - SOUTHERN CALIFORNIA EDISON Coexhibit5.htm
EX-1 - UNDERWRITING AGREEMENT - SOUTHERN CALIFORNIA EDISON Coexhibit1.htm
EX-4.1 - 123RD SUPPLEMENTAL INDENTURE - SOUTHERN CALIFORNIA EDISON Coexhibit41.htm
EX-4.2 - CERTIFICATE AS TO ACTIONS TAKEN BY OFFICER OF SCE - SOUTHERN CALIFORNIA EDISON Coexhibit42.htm
EX-12.2 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - SOUTHERN CALIFORNIA EDISON Coexhibit122.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.
        


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