EDISON INTERNATIONAL COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK (Thousands of Dollars) Year Ended December 31, ---------------------------------------------------------------------------------- 1997 1998 1999 (7) 2000 (7) 2001 2002 ----------- ----------- ------------ ------------ ------------- ------------ EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before interest expense (1) $1,450,957 $1,416,332 $1,591,692 $ (560,514) $ 4,098,347 $ 2,534,149 Add: Taxes on income (2) 498,729 461,711 347,315 (1,018,870) 1,647,147 390,489 Rentals (3) 4,649 4,278 5,015 39,520 50,877 8,841 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,797 1,767 1,735 1,699 1,659 1,616 Dividends of lesser than 50% owned equity method investments 82,576 49,208 80,891 121,463 87,676 141,605 Interest on partnership indebtedness (5) 34,938 36,019 33,186 25,523 17,809 11,641 Amortization of previously capitalized fixed charges 7,023 7,246 7,601 7,191 6,214 6,514 Less: Earnings of lesser than 50% owned equity method 84,445 53,605 88,376 110,392 134,320 120,901 ----------- ----------- ------------ ------------ ------------- ------------ Total earnings before income taxes and fixed charges (A) $1,996,224 $1,922,956 $1,979,059 $(1,494,380) $ 5,775,409 $ 2,973,954 =========== =========== ============ ============ ============= ============ FIXED CHARGES: Interest and amortization $ 708,446 $ 710,388 $ 840,784 $ 1,256,812 $ 1,582,139 $ 1,282,724 Rentals (3) 4,649 4,278 5,015 39,520 50,877 8,841 Capitalized interest (6) 14,937 19,219 28,682 15,819 14,820 4,457 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,797 1,767 1,735 1,699 1,659 1,616 Interest on partnership indebtedness (5) 34,938 36,019 33,186 25,523 17,809 11,641 Dividends on preferred securities 13,167 13,149 44,287 100,382 91,889 96,342 Subsidiary preferred and preference stock dividend requirements - pre-tax basis 50,502 41,653 39,098 32,710 37,844 25,833 ----------- ----------- ------------ ------------ ------------- ------------ Total fixed charges (B) $ 828,436 $ 826,473 $ 992,787 $ 1,472,465 $ 1,797,037 $ 1,431,454 =========== =========== ============ ============ ============= ============ RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): 2.41 2.33 1.99 (1.01)(8) 3.21 2.08 =========== =========== ============ ============ ============= ============ (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 with discontinued operations. (8) Ratio for 2000 is less than 1.00. In 2000, Edison International needed an additional $2,966,845,000 in earnings before income taxes and fixed charges to achieve a 1.00 ratio.
- EIX Dashboard
- Financials
- Filings
- Transcripts
- ETFs
- Insider
- Institutional
- Shorts
- News
-
10-K Filing
Edison International (EIX) 10-K2002 FY Annual report
Filed: 31 Mar 03, 12:00am