SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.2 - STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - May 17, 2012

Attached files

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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-12.1 - STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO FIXED CHARGES AND PREFERRED EQUITY DIVIDENDS - SOUTHERN CALIFORNIA EDISON Coexhibit121.htm
EX-8.1 - OPINION OF MUNGER, TOLLES & OLSON LLP AS TO CERTAIN TAX MATTERS - SOUTHERN CALIFORNIA EDISON Coexhibit81.htm
Exhibit 12.2

 
SOUTHERN CALIFORNIA EDISON COMPANY
                              
RATIOS OF EARNINGS TO FIXED CHARGES
                        
(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)
  
        466
  
        445
  
        462
  
        492
  
            523
  
                   127
  
                  135
  
                   531
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
            -
  
            -
  
            -
  
            -
  
                 -
  
                       -
  
                       -
  
                       -
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
                                         
Total fixed charges
    
 $     466
  
 $     445
  
 $     462
  
 $     492
  
 $          523
  
 $                127
  
 $                135
  
 $                531
                                         
Ratio
        
       3.35
  
       3.42
  
       4.30
  
       4.10
  
           4.34
  
                  3.82
  
                 3.21
  
                  4.18
                                         
                                         
(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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