EDISON INTERNATIONAL COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK (Thousands of Dollars) Year Ended December 31, - -------------------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 1999 (7) 2000 (7) 2001 - -------------------------------------------------------------------------------------------------------------------------------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before interest expense (1) $1,399,650 $1,450,957 $1,416,332 $ 1,591,692 $ (560,514) $ 4,098,347 Add: Taxes on income (2) 505,785 498,729 461,711 347,315 (1,018,870) 1,647,147 Rentals (3) 5,159 4,649 4,278 5,015 39,520 50,877 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,824 1,797 1,767 1,735 1,699 1,659 Dividends of lesser than 50% owned equity method investments 72,787 82,576 49,208 80,891 121,463 87,676 Interest on partnership indebtedness (5) 31,356 34,938 36,019 33,186 25,523 17,809 Amortization of previously capitalized fixed charges 2,232 7,023 7,246 7,601 7,191 6,214 Less: Earnings of lesser than 50% owned equity method 75,063 84,445 53,605 88,376 110,392 134,320 - -------------------------------------------------------------------------------------------------------------------------------- Total earnings before income taxes and fixed charges (A) $1,943,730 $1,996,224 $1,922,956 $1,979,059 $(1,494,380) $ 5,775,409 ========== ========== ========== =========== =========== =========== FIXED CHARGES: Interest and amortization $ 635,407 $ 708,446 $ 710,388 $ 840,784 $ 1,256,812 $ 1,582,139 Rentals (3) 5,159 4,649 4,278 5,015 39,520 50,877 Capitalized interest (6) 57,803 14,937 19,219 28,682 15,819 14,820 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,824 1,797 1,767 1,735 1,699 1,659 Interest on partnership indebtedness (5) 31,356 34,938 36,019 33,186 25,523 17,809 Dividends on preferred securities 13,100 13,167 13,149 44,287 100,382 91,889 Subsidiary preferred and preference stock dividend requirements - pre-tax basis 58,666 50,502 41,653 39,098 32,710 37,844 - ----------------------------------------------------------------------------------------------------------------------------------- Total fixed charges (B) $ 803,315 $ 828,436 $ 826,473 $ 992,787 $ 1,472,465 $ 1,797,037 ========= ========== ========== ========== =========== =========== RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): 2.42 2.41 2.33 1.99 (1.01) 3.21 ========= ========= ========= ========== ========== ========== (1) Includes allowance for funds used during construction, accrual of unbilled revenue and minority interest, net of income taxes. (2) Includes allocation of federal income and state franchise taxes to other income. (3) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals. (4) Allocable portion of interest included in annual minimum debt service requirement of supplier. (5) Includes the allocable portion of interest on project indebtedness of fifty-percent partnership investments by other wholly-owned subsidiaries of Edison International. (6) Includes the fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned partnerships. (7) Revised to exclude the income and expenses associated withd is continued operations.
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10-K Filing
Edison International (EIX) 10-K2001 FY Annual report
Filed: 29 Mar 02, 12:00am