EX-12.1 3 s-3exhibit12x1.htm EXHIBIT 12 STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12.1


EDISON INTERNATIONAL
RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
Earnings:
 
 
 
 
 
 
2013
 
2014
 
2015
 
2016
 
2017
 
2018
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
 
$
1,221

 
$
1,979

 
$
1,568

 
$
1,590

 
$
949

 
$
500

Less: Income from equity investees
 
—

 
—

 
—

 
—

 
(1
)
 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
 
 
1,221

 
1,979

 
1,568

 
1,590

 
950

 
500

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
601

 
608

 
606

 
621

 
680

 
378

Amortization of capitalized interest
 
3

 
1

 
—

 
—

 
—

 
—

Distributed income of equity investees
 
—

 
—

 
—

 
—

 
(1
)
 
—

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

 
—

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(6
)
 
(2
)
 
(1
)
 
(1
)
 
(1
)
 
(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

 
9

 
21

 
14

Earnings as adjusted
 
$
1,819

 
$
2,589

 
$
2,189

 
$
2,219

 
$
1,649

 
$
891

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
$
544

 
$
560

 
$
555

 
$
581

 
$
639

 
$
350

Add: AFUDC
 
31

 
25

 
31

 
23

 
28

 
21

Interest expenses - net of capitalized interest
 
575

 
585

 
586

 
604

 
667

—

371

Interest capitalized (1)
 
6

 
2

 
1

 
1

 
1

 
1

Interest portion of rental expense (2)
 
20

 
21

 
19

 
16

 
12

 
6

Total fixed charges
 
$
601

 
$
608

 
$
606

 
$
621

 
$
680

 
$
378

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
3.03

 
4.26

 
3.61

 
3.57

 
2.43

 
2.36

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.