SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE - March 12, 2012

Attached files

file filename
8-K - FORM 8-K RE FMB SERIES 2012A - SOUTHERN CALIFORNIA EDISON Cosce8k03082012.htm
EX-5 - OPINION OF COUNSEL - SOUTHERN CALIFORNIA EDISON Coexhibit5.htm
EX-4.1 - 128TH SUPPLEMENTAL INDENTURE - SOUTHERN CALIFORNIA EDISON Coexhibit41.htm
EX-4.2 - CERTIFICATE AS TO ACTIONS TAKEN BY OFFICER OF SCE - SOUTHERN CALIFORNIA EDISON Coexhibit42.htm
EX-12.2 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - SOUTHERN CALIFORNIA EDISON Coexhibit122.htm
EX-1 - UNDERWRITING AGREEMENT - SOUTHERN CALIFORNIA EDISON Coexhibit1.htm
 
Exhibit 12.1

 
SOUTHERN CALIFORNIA EDISON COMPANY
                  
 
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
 
(Millions of Dollars)
                      
                               
                               
 
Earnings:
        
 2007
  
 2008
  
 2009
  
 2010
  
2011
                               
 
Income from continuing operations
                  
   
before tax and noncontrolling interest
 $   1,400
  
 $   1,246
  
 $   1,620
  
 $   1,532
  
 $1,745
 
Less: Income from equity investees
            -
  
            -
  
            -
  
            -
  
          -
 
Income from continuing operations before income
          
   
from equity investees, tax and noncontrolling interest
     1,400
  
     1,246
  
     1,620
  
     1,532
  
   1,745
 
Add:
                          
 
Fixed charges (see below)
  
        540
  
        520
  
        535
  
        565
  
      613
 
Amortization of capitalized interest
            2
  
            2
  
            2
  
            2
  
         4
 
Distributed income of equity investees
            -
  
            -
  
            -
  
            -
  
          -
 
Loss of equity investees for which charges arising from
        
   
guarantees are included in fixed charges
            -
  
            -
  
            -
  
            -
  
          -
 
Subtract:
                          
 
Interest capitalized
    
           (3)
  
           (3)
  
           (4)
  
           (7)
  
        (4)
 
Preference security dividend requirements of
            
   
consolidated subsidiaries - pre-tax basis
         (74)
  
         (75)
  
         (73)
  
         (73)
  
      (90)
 
Noncontrolling interest of subsidiaries that have not incurred
      
   
fixed charges - pre-tax basis
  
       (305)
  
       (170)
  
         (94)
  
            -
  
          -
                               
 
Earnings as adjusted
    
 $   1,560
  
 $   1,520
  
 $   1,986
  
 $   2,019
  
 $2,268
                               
                               
                               
 
Fixed Charges (1):
                      
 
Interest expenses - net of capitalized interest and AFUDC
 $     429
  
 $     407
  
 $     420
  
 $     429
  
 $   463
 
Add: AFUDC
      
          25
  
          27
  
          32
  
          43
  
       42
 
Interest expenses - net of capitalized interest
        454
  
        434
  
        452
  
        472
  
      505
 
Interest capitalized (2)
    
            3
  
            3
  
            4
  
            7
  
         4
 
Interest portion of rental expense (3)
            9
  
            8
  
            6
  
          13
  
       14
 
Preferred and preference stock dividend
                  
   
requirement - pre-tax basis
  
          74
  
          75
  
          73
  
          73
  
       90
                               
 
Total fixed charges
    
 $     540
  
 $     520
  
 $     535
  
 $     565
  
 $   613
                               
 
Ratio
        
       2.89
  
       2.92
  
       3.71
  
       3.57
  
     3.70
                               
                               
 
(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.

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