SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.1 - STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO FIXED CHARGES AND PREFERRED EQUITY DIVIDENDS - May 17, 2012

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8-K - FORM 8-K - SOUTHERN CALIFORNIA EDISON Cosce8k5102012.htm
EX-4.3 - GUARANTEE, DATED MAY 17, 2012 BY THE COMPANY - SOUTHERN CALIFORNIA EDISON Coexhibit43.htm
EX-5.3 - OPINION OF MUNGER, TOLLES & OLSON LLP, DATED MAY 17, 2012 - SOUTHERN CALIFORNIA EDISON Coexhibit53.htm
EX-5.1 - OPINION OF RICHARDS, LAYTON & FINGER, P.A., DATED MAY 17, 2012 - SOUTHERN CALIFORNIA EDISON Coexhibit51.htm
EX-4.1 - CERTIFICATE OF DETERMINATION OF PREFERENCES OF THE SERIES F PREFERENCE STOCK - SOUTHERN CALIFORNIA EDISON Coexhibit41.htm
EX-4.2 - AMENDED AND RESTATED DECLARATION OF TRUST OF SCE TRUST I - SOUTHERN CALIFORNIA EDISON Coexhibit42.htm
EX-5.2 - OPINION OF BARBARA E. MATHEWS, DATED MAY 17, 2012 - SOUTHERN CALIFORNIA EDISON Coexhibit52.htm
EX-1.1 - UNDERWRITING AGREEMENT AMONG THE COMPANY, THE TRUST AND THE TRUSTEES NAMED THEREIN DATED AS OF MAY 11, 2012 - SOUTHERN CALIFORNIA EDISON Coexhibit11.htm
EX-12.2 - STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - SOUTHERN CALIFORNIA EDISON Coexhibit122.htm
EX-8.1 - OPINION OF MUNGER, TOLLES & OLSON LLP AS TO CERTAIN TAX MATTERS - SOUTHERN CALIFORNIA EDISON Coexhibit81.htm
Exhibit 12.1

 SOUTHERN CALIFORNIA EDISON COMPANY                              
 RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
      
 
(Millions of Dollars)
                                    
                                             
                                             
                                 
3 Months
  
3 Months
  
12 Months
  
                                 
Ended
  
Ended
  
Ended
  
 
Earnings:
        
 2007
  
 2008
  
 2009
  
 2010
  
2011
  
 March 31, 2011
 March 31, 2012
 March 31, 2012
                                             
 
Income from continuing operations
                                
   
before tax and noncontrolling interest
 $   1,400
  
 $   1,246
  
 $   1,620
  
 $   1,532
  
 $1,745
  
 $                 359
  
 $                    300
  
 $                   1,686
  
 
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
  
                   359
  
                       300
  
                      1,686
  
 
Add:
                                        
 
Fixed charges (see below)
  
        540
  
        520
  
        535
  
        565
  
      613
  
                   148
  
                       163
  
                         628
  
 
Amortization of capitalized interest
            2
  
            2
  
            2
  
            2
  
         4
  
                       1
  
                          1
  
                            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)
  
                      (2)
  
                         (2)
  
                           (4)
  
 
Preference security dividend requirements of
                          
   
consolidated subsidiaries - pre-tax basis
         (74)
  
         (75)
  
         (73)
  
         (73)
  
      (90)
  
                    (21)
  
                        (28)
  
                         (97)
  
 
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
  
 $                 485
  
 $                    434
  
 $                   2,217
  
                                             
                                             
                                             
 
Fixed Charges (1):
                                    
 
Interest expenses - net of capitalized interest and AFUDC
 $     429
  
 $     407
  
 $     420
  
 $     429
  
 $   463
  
 $                 111
  
 $                    121
  
 $                      473
  
 
Add: AFUDC
      
          25
  
          27
  
          32
  
          43
  
       42
  
                     11
  
                          8
  
                          39
  
 
Interest expenses - net of capitalized interest
        454
  
        434
  
        452
  
        472
  
      505
  
                   122
  
                       129
  
                         512
  
 
Interest capitalized (2)
    
            3
  
            3
  
            4
  
            7
  
         4
  
                       2
  
                          2
  
                            4
  
 
Interest portion of rental expense (3)
            9
  
            8
  
            6
  
          13
  
       14
  
                       3
  
                          4
  
                          15
  
 
Preferred and preference stock dividend
                                
   
requirement - pre-tax basis
  
          74
  
          75
  
          73
  
          73
  
       90
  
                     21
  
                         28
  
                          97
  
                                             
 
Total fixed charges
    
 $     540
  
 $     520
  
 $     535
  
 $     565
  
 $   613
  
 $                 148
  
 $                    163
  
 $                      628
  
                                             
 
Ratio
        
       2.89
  
       2.92
  
       3.71
  
       3.57
  
     3.70
  
                  3.28
  
                      2.66
  
                        3.53
  
                                             
                                             
 
(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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