EX-12 6 exhibit12-fmb2013bxd.htm STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit12-FMB2013B-D
Exhibit 12

SOUTHERN CALIFORNIA EDISON COMPANY
 
 
 
 
 
 
 
 
 
 
 
 
RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 Months
 
6 Months
 
12 Months
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ended
 
Ended
 
Ended
Earnings:
 
 
 
 
 
2008
 
2009
 
2010
 
2011
 
2012
 
June 30, 2012
 
June 30, 2013
 
June 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
$
1,246

 
$
1,620

 
$
1,532

 
$
1,745

 
$
1,874

 
$
622

 
$
229

 
$
1,481

Less: Income from equity investees
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
 
1,246

 
1,620

 
1,532

 
1,745

 
1,874

 
622

 
229

 
1,481

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
445

 
462

 
492

 
523

 
564

 
281

 
284

 
567

Amortization of capitalized interest
 
2

 
2

 
2

 
4

 
2

 
1

 
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
 
 
 
 
(3
)
 
(4
)
 
(7
)
 
(4
)
 
(8
)
 
(4
)
 
(3
)
 
(7
)
Preference security dividend requirements of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
 
(170
)
 
(94
)
 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
 
 
 
 
$
1,520

 
$
1,986

 
$
2,019

 
$
2,268

 
$
2,432

 
$
900

 
$
511

 
$
2,043

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
$
407

 
$
420

 
$
429

 
$
463

 
$
499

 
$
249

 
$
253

 
$
503

Add: AFUDC
 
 
 
 
 
27

 
32

 
43

 
42

 
40

 
20

 
18

 
38

Interest expenses - net of capitalized interest
 
434

 
452

 
472

 
505

 
539

 
269

 
271

 
541

Interest capitalized (2)
 
 
 
 
3

 
4

 
7

 
4

 
8

 
4

 
3

 
7

Interest portion of rental expense (3)
 
8

 
6

 
13

 
14

 
17

 
8

 
10

 
19

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
 
 
$
445

 
$
462

 
$
492

 
$
523

 
$
564

 
$
281

 
$
284

 
$
567

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
 
 
 
3.42

 
4.30

 
4.10

 
4.34

 
4.31

 
3.20

 
1.80

 
3.60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
(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.