EX-12 5 eixexhibit12.htm STATEMENT RE COMPUTATION OF RATIOS EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12


EDISON INTERNATIONAL
 
 
 
 
 
 
 
 
 
 
 
 
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
2011
 
2012
 
2013
 
2014
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
 
$1,668

 
$1,861

 
$1,221

 
$1,979

 
$1,568

Less: Income from equity investees
 
 
 
—

 
1

 
—

 
—

 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
 
1,668

 
1,860

 
1,221

 
1,979

 
$1,568

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
 
 
 
545

 
586

 
601

 
608

 
606

Amortization of capitalized interest
 
 
 
4

 
2

 
3

 
1

 
—

Distributed income of equity investees
 
 
—

 
—

 
—

 
—

 
—

Loss of equity investees for which charges arising from
 
 
 
 
 
 
 
 
 
 
 
guarantees are included in fixed charges
 
 
—

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
 
 
 
(4
)
 
(8
)
 
(6
)
 
(2
)
 
(1
)
Preference security dividend requirements of
 
 
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
 
 
—

 
—

 
—

 
—

 
—

Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
 
 
 
—

 
—

 
—

 
3

 
16

Earnings as adjusted
 
 
 
 
$2,213

 
$2,440

 
$1,819

 
$
2,589

 
$2,189

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
$485

 
$521

 
$544

 
$560

 
$555

Add: AFUDC
 
 
 
 
 
42

 
40

 
31

 
25

 
31

Interest expenses - net of capitalized interest
 
 
527

 
561

 
575

 
585

 
586

Interest capitalized (1)
 
 
 
 
4

 
8

 
6

 
2

 
1

Interest portion of rental expense (2)
 
 
 
14

 
17

 
20

 
21

 
19

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
 
 
$
545

 
$
586

 
$
601

 
608

 
$
606

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio (3)
 
 
 
 
 
4.06

 
4.16

 
3.03

 
4.26

 
3.61

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes fixed charges associated with nuclear fuel.
 
 
 
 
 
 
 
 
 
 
(2)
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.
(3)
As a result of Edison Mission Energy's ("EME") bankruptcy filling, the operations of EME prior to December 17, 2012 and for all prior years, were reflected as discontinued operations in the consolidated financial statements.