Preferred and Preference Stock of Utility

SCE's authorized shares are: $100 cumulative preferred – 12 million shares, $25 cumulative preferred – 24 million shares and preference with no par value – 50 million shares. SCE's outstanding shares are not subject to mandatory redemption. There are no dividends in arrears for the preferred or preference shares. Shares of SCE's preferred stock have liquidation and dividend preferences over shares of SCE's common stock and preference stock. All cumulative preferred shares are redeemable. When preferred shares are redeemed, the premiums paid, if any, are charged to common equity. No preferred shares were issued or redeemed in the years ended December 31, 2011, 2010 and 2009. There is no sinking fund requirement for redemptions or repurchases of preferred shares.

Shares of SCE's preference stock rank junior to all of the preferred stock and senior to all common stock. Shares of SCE's preference stock are not convertible into shares of any other class or series of SCE's capital stock or any other security. The preference shares issued prior to 2012 have a $100 liquidation value. There is no sinking fund requirement for redemptions or repurchases of preference shares.

Preferred stock and preference stock is:



	Shares Outstanding	Redemption Price		December 31,
(in millions, except shares and per-share amounts)	Shares Outstanding	Redemption Price		2011			2010
Cumulative preferred stock
$25 par value:
4.08% Series	650,000	$	25.50	$	16		$	16
4.24% Series	1,200,000	25.80		30			30
4.32% Series	1,653,429	28.75		41			41
4.78% Series	1,296,769	25.80		33			33
Preference stock
No par value:
4.90% Series A (variable and noncumulative)	4,000,000	100.00		400			400
6.125% Series B (noncumulative)	2,000,000	100.00		200			200
6.00% Series C (noncumulative)	2,000,000	100.00		200			200
6.50% Series D (cumulative)	1,250,000	100.00		125			—
				1,045			920
Less issuance costs				(16		)	(13		)
Total				$	1,029		$	907

Shares of Series A and B preference stock were issued in 2005 and shares of Series C preference stock were issued in 2006. SCE may, at its option, redeem the Series A, B, or C preference shares in whole or in part. Shares of Series D preference stock, issued in 2011, may not be redeemed prior to March 1, 2016. After March 1, 2016, SCE may, at its option, redeem the shares in whole or in part for a price of $100 per share plus accrued and unpaid dividends, if any. The proceeds from the sale of these shares were used to fund SCE's capital program. Preference shares are not subject to mandatory redemption and no preference shares were redeemed in the last three years.

At December 31, 2011 accrued dividends related to SCE's preferred and preference stock were $11 million.

In January and February 2012, SCE issued 250,000 and 100,000 shares, respectively, of 6.25% Series E preference stock (cumulative, $1,000 liquidation value). The Series E preference shares may not be redeemed prior to February 1, 2022. After February 1, 2022, SCE may at its option, redeem the shares, in whole or in part for a price of $1,000 per share plus accrued and unpaid dividends, if any. The shares are not subject to mandatory redemption. The proceeds from the sale of these shares were used to repay commercial paper borrowings and to fund SCE's capital program.