EX-12.1 6 exhibit121.htm COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED EQUITY DIVIDENDS exhibit121.htm
Exhibit 12.1
 

SOUTHERN CALIFORNIA EDISON COMPANY
                              
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
        
(Millions of Dollars)
                                  
                                         
                                         
                               
6 Months
  
6 Months
  
12 Months
                               
Ended
  
Ended
  
Ended
Earnings:
        
2006
  
 2007
  
 2008
  
 2009
  
 2010
    June 30, 2010
 
  June 30, 2011
 
 June 30, 2011
                                         
Income from continuing operations
                              
 
before tax and noncontrolling interest
 $   1,540
  
 $   1,400
  
 $   1,246
  
 $   1,620
  
 $   1,532
  
 $                625
  
 $             713
  
 $             1,620
Less: Income from equity investees
            -
  
            -
  
            -
  
            -
  
            -
  
                       -
  
                    -
  
                       -
Income from continuing operations before income
                          
 
from equity investees, tax and noncontrolling interest
     1,540
  
     1,400
  
     1,246
  
     1,620
  
     1,532
  
                   625
  
                713
  
                1,620
Add:
                                      
Fixed charges (see below)
  
        502
  
        540
  
        520
  
        535
  
        565
  
                   272
  
                306
  
                   600
Amortization of capitalized interest
            1
  
            2
  
            2
  
            2
  
            2
  
                      1
  
                   2
  
                      3
Distributed income of equity investees
            -
  
            -
  
            -
  
            -
  
            -
  
                       -
  
                    -
  
                       -
Loss of equity investees for which charges arising from
                        
 
guarantees are included in fixed charges
            -
  
            -
  
            -
  
            -
  
            -
  
                       -
  
                    -
  
                       -
Subtract:
                                      
Interest capitalized
    
           (2)
  
           (3)
  
           (3)
  
           (4)
  
           (7)
  
                     (4)
  
                  (4)
  
                     (7)
Preference security dividend requirements of
                            
 
consolidated subsidiaries - pre-tax basis
         (77)
  
         (74)
  
         (75)
  
         (73)
  
         (73)
  
                   (34)
  
                (45)
  
                   (84)
Noncontrolling interest of subsidiaries that have not incurred
                      
 
fixed charges - pre-tax basis
  
       (275)
  
       (305)
  
       (170)
  
         (94)
  
            -
  
                       -
  
                    -
  
                       -
                                         
Earnings as adjusted
    
 $   1,689
  
 $   1,560
  
 $   1,520
  
 $   1,986
  
 $   2,019
  
 $                860
  
 $             972
  
 $             2,132
                                         
                                         
                                         
Fixed Charges (1):
                                  
Interest expenses - net of capitalized interest and AFUDC
 $     399
  
 $     429
  
 $     407
  
 $     420
  
 $     429
  
 $                206
  
 $             228
  
 $                451
Add: AFUDC
      
          19
  
          25
  
          27
  
          32
  
          43
  
                    22
  
                 22
  
                    43
Interest expenses - net of capitalized interest
        418
  
        454
  
        434
  
        452
  
        472
  
                   228
  
                250
  
                   494
Interest capitalized (2)
    
            3
  
            3
  
            3
  
            4
  
            7
  
                      4
  
                   4
  
                      7
Interest portion of rental expense (3)
            4
  
            9
  
            8
  
            6
  
          13
  
                      6
  
                   7
  
                    15
Preferred and preference stock dividend
                              
 
requirement - pre-tax basis
  
          77
  
          74
  
          75
  
          73
  
          73
  
                    34
  
                 45
  
                    84
                                         
Total fixed charges
    
 $     502
  
 $     540
  
 $     520
  
 $     535
  
 $     565
  
 $                272
  
 $             306
  
 $                600
                                         
Ratio
        
       3.36
  
       2.89
  
       2.92
  
       3.71
  
       3.57
  
                  3.16
  
               3.18
  
                  3.55
                                         
                                         
(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.  The amount for 2006 is restated.
                          
(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.