Attached files
Exhibit 12.1
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SOUTHERN CALIFORNIA EDISON COMPANY
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RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
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(Millions of Dollars)
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6 Months
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6 Months
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12 Months
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Ended
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Ended
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Ended
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Earnings:
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2006
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2007
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2008
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2009
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2010
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June 30, 2010 |
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June 30, 2011 |
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June 30, 2011
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Income from continuing operations
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before tax and noncontrolling interest
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$ 1,540
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$ 1,400
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$ 1,246
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$ 1,620
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$ 1,532
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$ 625
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$ 713
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$ 1,620
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Less: Income from equity investees
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-
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-
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-
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-
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-
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-
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-
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-
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Income from continuing operations before income
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from equity investees, tax and noncontrolling interest
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1,540
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1,400
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1,246
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1,620
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1,532
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625
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713
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1,620
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Add:
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Fixed charges (see below)
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502
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540
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520
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535
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565
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272
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306
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600
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Amortization of capitalized interest
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1
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2
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2
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2
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2
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1
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2
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3
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Distributed income of equity investees
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-
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-
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-
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-
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-
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-
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-
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-
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Loss of equity investees for which charges arising from
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guarantees are included in fixed charges
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-
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-
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-
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-
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-
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-
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-
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-
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Subtract:
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Interest capitalized
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(2)
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(3)
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(3)
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(4)
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(7)
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(4)
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(4)
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(7)
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Preference security dividend requirements of
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consolidated subsidiaries - pre-tax basis
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(77)
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(74)
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(75)
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(73)
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(73)
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(34)
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(45)
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(84)
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Noncontrolling interest of subsidiaries that have not incurred
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fixed charges - pre-tax basis
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(275)
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(305)
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(170)
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(94)
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-
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-
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-
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-
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Earnings as adjusted
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$ 1,689
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$ 1,560
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$ 1,520
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$ 1,986
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$ 2,019
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$ 860
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$ 972
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$ 2,132
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Fixed Charges (1):
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Interest expenses - net of capitalized interest and AFUDC
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$ 399
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$ 429
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$ 407
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$ 420
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$ 429
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$ 206
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$ 228
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$ 451
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Add: AFUDC
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19
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25
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27
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32
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43
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22
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22
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43
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Interest expenses - net of capitalized interest
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418
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454
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434
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452
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472
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228
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250
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494
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Interest capitalized (2)
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3
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3
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3
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4
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7
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4
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4
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7
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Interest portion of rental expense (3)
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4
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9
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8
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6
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13
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6
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7
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15
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Preferred and preference stock dividend
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requirement - pre-tax basis
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77
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74
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75
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73
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73
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34
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45
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84
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Total fixed charges
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$ 502
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$ 540
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$ 520
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$ 535
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$ 565
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$ 272
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$ 306
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$ 600
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Ratio
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3.36
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2.89
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2.92
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3.71
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3.57
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3.16
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3.18
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3.55
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(1)
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Interest expenses associated with income taxes are reflected as a component of income tax expense
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and are excluded from the determination of fixed charges.
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(2)
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Includes fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned
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partnership. The amount for 2006 is restated.
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(3)
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Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals,
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except for amounts allocated to power purchase contracts that are classified as operating leases.
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