SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.2 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK - March 9, 2011

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8-K - SCE FORM 8-K ON SERIES D PREFERENCE STOCK - SOUTHERN CALIFORNIA EDISON Coform8k031011.htm
EX-1 - UNDERWRITING AGREEMENT DATED MARCH 7, 2011 - SOUTHERN CALIFORNIA EDISON Coexhibit1.htm
EX-4 - SOUTHERN CALIFORNIA EDISON COMPANY CERTIFICATE OF DETERMINATION OF PREFERENCE OF THE SERIES D PREFERENCE STOCK DATED MARCH 7, 2011 - SOUTHERN CALIFORNIA EDISON Coexhibit4.htm
EX-5 - OPINION OF COUNSEL - SOUTHERN CALIFORNIA EDISON Coexhibit5.htm
EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - SOUTHERN CALIFORNIA EDISON Coexhibit12-1.htm
Exhibit 12.2
 
 
SOUTHERN CALIFORNIA EDISON
                      
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Millions of Dollars)
                          
                                   
                                   
                                   
                                   
Earnings:
          
 2006
  
 2007
  
 2008
  
 2009
  
 2010
    
                                   
Income from continuing operations
                        
 
before tax and noncontrolling interest
 $ 1,540
  
 $ 1,400
  
 $ 1,246
  
 $ 1,620
  
 $         1,532
    
Less: Income from equity investees
  
            -
  
            -
  
            -
  
            -
  
                   -
    
Income from continuing operations before income
                
 
from equity investees, tax and noncontrolling interest
    1,540
  
    1,400
  
    1,246
  
    1,620
  
            1,532
    
Add:
                                
Fixed charges (see below)
    
       502
  
       540
  
       520
  
       535
  
               565
    
Amortization of capitalized interest
  
           1
  
           2
  
           2
  
           2
  
                   2
    
Distributed income of equity investees
  
            -
  
            -
  
            -
  
            -
  
                   -
    
Loss of equity investees for which charges arising from
                
 
guarantees are included in fixed charges
            -
  
            -
  
            -
  
            -
  
                   -
    
Subtract:
                                
Interest capitalized
      
          (2)
  
          (3)
  
          (3)
  
          (4)
  
                 (7)
    
Preference security dividend requirements of
                      
 
consolidated subsidiaries - pre-tax basis
        (77)
  
        (74)
  
        (75)
  
        (73)
  
               (73)
    
Noncontrolling interest of subsidiaries that have not incurred
            
 
fixed charges - pre-tax basis
    
      (275)
  
      (305)
  
      (170)
  
        (94)
  
                   -
    
                                   
Earnings as adjusted
      
 $ 1,689
  
 $ 1,560
  
 $ 1,520
  
 $ 1,986
  
 $         2,019
    
                                   
                                   
                                   
Fixed Charges (1):
                            
Interest expenses - net of capitalized interest and AFUDC
 $    399
  
 $    429
  
 $    407
  
 $    420
  
 $            429
    
Add: AFUDC
        
         19
  
         25
  
         27
  
         32
  
                 43
    
Interest expenses - net of capitalized interest
       418
  
       454
  
       434
  
       452
  
               472
    
Interest capitalized (2)
      
           3
  
           3
  
           3
  
           4
  
                   7
    
Interest portion of rental expense (3)
  
           2
  
           8
  
           7
  
           5
  
                 12
    
Allocable portion of interest on long-term contracts
                
 
for purchased power (4)
    
           2
  
           1
  
           1
  
           1
  
                   1
    
Preferred and preference stock dividend
                      
 
requirement - pre-tax basis
    
         77
  
         74
  
         75
  
         73
  
                 73
    
                                   
Total fixed charges
      
 $    502
  
 $    540
  
 $    520
  
 $    535
  
 $            565
    
                                   
Ratio
          
      3.36
  
      2.89
  
      2.92
  
      3.71
  
              3.57
    
                                   
                                   
(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.  The amount for 2006 is restated.
                
(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.
(4)
Allocable portion of interest included in annual minimum debt service requirement of supplier.
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   

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