SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.1 - STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO FIXED CHARGES AND PREFERRED EQ - January 29, 2013

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8-K - FORM 8-K - SOUTHERN CALIFORNIA EDISON Coform8-kseriesgtrustprefere.htm
EX-12.2 - STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - SOUTHERN CALIFORNIA EDISON Cosceexhibit122.htm
EX-5.3 - OPINION OF MUNGER, TOLLES & OLSON, LLP RE VALIDITY OF GUARANTEE - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit53.htm
EX-4.2 - AMENDED AND RESTATED DECLARATION OF TRUST OF SCE TRUST II - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit42.htm
EX-5.2 - OPINION OF BARBARA E. MATHEWS, DATED 1/29/2013 - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit52.htm
EX-4.3 - GUARANTEE AGREEMENT DATED 1/29/2013, BY THE COMPANY - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit43.htm
EX-5.1 - OPINION OF RICHARDS, LAYTON & FINGER, P.A., REGARDING VALIDITY OF THE TRUST PREF - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit51.htm
EX-4.1 - CERTIFICATE OF DETERMINATION OF PREFERENCE OF THE COMPANY'S SERIES G PREFERENCE - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit41.htm
EX-8.1 - OPINION OF MUNGER TOLLES & OLSON, LLP DATED 1/29/2013, RE: CERTAIN TAX MATTERS - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit81.htm
EX-1.1 - UNDERWRITING AGREEMENT AMONG THE COMPANY, THE TRUST AND THE UNDERWRITERS - SOUTHERN CALIFORNIA EDISON Cosceseriesgexhibit11.htm

Exhibit 12.1

SOUTHERN CALIFORNIA EDISON COMPANY
 
 
 
 
 
 
 
 
 
 
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
 
 
 
 
 
 
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9 Months
 
9 Months
 
12 Months
 
 
 
 
 
 
 
 
 
 
 
 
Ended
 
Ended
 
Ended
Earnings:
 
2007
 
2008
 
2009
 
2010
 
2011
 
September 30, 2011
 
September 30, 2012
 
September 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
$
1,400

 
$
1,246

 
$
1,620

 
$
1,532

 
$
1,745

 
$
1,378

 
$
1,186

 
$
1,553

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

 
1,378

 
1,186

 
1,553

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
540

 
520

 
535

 
565

 
613

 
461

 
518

 
668

Amortization of capitalized interest
 
2

 
2

 
2

 
2

 
4

 
2

 
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
 
(3
)
 
(3
)
 
(4
)
 
(7
)
 
(4
)
 
(5
)
 
(6
)
 
(4
)
Preference security dividend requirement of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
 
(74
)
 
(75
)
 
(73
)
 
(73
)
 
(90
)
 
(69
)
 
(98
)
 
(118
)
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

 
$
1,767

 
$
1,602

 
$
2,102

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net capitalized interest and AFUDC
 
$
429

 
$
407

 
$
420

 
$
429

 
$
463

 
$
344

 
$
373

 
$
492

Add: AFUDC
 
25

 
27

 
32

 
43

 
42

 
32

 
29

 
39

Interest expenses - net of capitalized interest
 
454

 
434

 
452

 
472

 
505

 
376

 
402

 
531

Interest capitalized (2)
 
3

 
3

 
4

 
7

 
4

 
5

 
6

 
4

Interest portion of rental expense (3)
 
9

 
8

 
6

 
13

 
14

 
11

 
12

 
15

Preferred and preference stock dividend
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
requirement - pre tax basis
 
74

 
75

 
73

 
73

 
90

 
69

 
98

 
118

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
540

 
$
520

 
$
535

 
$
565

 
$
613

 
$
461

 
$
518

 
$
668

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
2.89

 
2.92

 
3.71

 
3.57

 
3.70

 
3.83

 
3.09

 
3.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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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