SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.2 - STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - March 6, 2014

Attached files

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8-K - FORM 8-K - SOUTHERN CALIFORNIA EDISON Coform8-kcloseserieshtrustpr.htm
EX-4.3 - GUARANTEE AGREEMENT DATED 3/6/2014, BY THE COMPANY - SOUTHERN CALIFORNIA EDISON Coexhibit43.htm
EX-4.2 - AMENDED AND RESTATED DECLARATION OF TRUST OF SCE TRUST III - SOUTHERN CALIFORNIA EDISON Coexhibit42.htm
EX-4.1 - CERTIFICATE OF DETERMINATION OF PREFERENCE OF THE COMPANY'S SERIES H PREFERENCE - SOUTHERN CALIFORNIA EDISON Coexhbit41.htm
EX-5.2 - OPINION OF BARBARA E. MATHEWS, DATED 3/6/2014 - SOUTHERN CALIFORNIA EDISON Coexhibit52.htm
EX-5.3 - OPINION OF MUNGER, TOLLES & OLSON, LLP RE VALIDITY OF GUARANTEE - SOUTHERN CALIFORNIA EDISON Coexhibit53.htm
EX-5.1 - OPINION OF RICHARDS, LAYTON & FINGER, P.A., REGARDING VALIDITY OF THE TRUST PREF - SOUTHERN CALIFORNIA EDISON Coexhibit51.htm
EX-8.1 - OPINION OF MUNGER TOLLES & OLSON, LLP DATED 3/6/2014, RE: CERTAIN TAX MATTERS - SOUTHERN CALIFORNIA EDISON Coexhibit81.htm
EX-12.1 - STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO FIXED CHARGES AND PREFERRED EQ - SOUTHERN CALIFORNIA EDISON Coexhibit121.htm
EX-1.1 - UNDERWRITING AGREEMENT AMONG THE COMPANY, THE TRUST AND THE UNDERWRITERS - SOUTHERN CALIFORNIA EDISON Coexhibit11.htm

Exhibit 12.2


SOUTHERN CALIFORNIA EDISON COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 2009
 
 2010
 
2011
 
2012
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
 
$1,620
 
$1,532
 
$1,745
 
$1,874
 
$1,279
Less: Income from equity investees
 
 
 
—

 
—

 
—

 
—

 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
 
     1,620

 
     1,532

 
          1,745

 
          1,874

 
                1,279

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
 
 
 
        462

 
        492

 
            523

 
            564

 
                  580

Amortization of capitalized interest
 
 
 
            2

 
            2

 
                4

 
                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
 
 
 
 
           (4)

 
           (7)

 
               (4)

 
               (8)

 
                     (6)

Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
 
 
 
(94
)
 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
 
 
 
 
$1,986
 
$2,019
 
$2,268
 
$2,432
 
$1,855
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
$420
 
$429
 
$463
 
$499
 
$523
Add: AFUDC
 
 
 
 
 
32

 
43

 
42

 
40

 
31

Interest expenses - net of capitalized interest
 
 
452

 
472

 
505

 
539

 
554

Interest capitalized (2)
 
 
 
 
4

 
7

 
4

 
8

 
6

Interest portion of rental expense (3)
 
 
 
6

 
13

 
14

 
17

 
20

Preferred and preference stock dividend
 
 
 
 
 
 
 
 
—

 
 
 
requirement - pre-tax basis
 
 
 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
 
 
$462
 
$492
 
$523
 
$564
 
$580
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
 
 
 
4.30

 
4.10

 
4.34

 
4.31

 
3.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 15.8% 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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