EDISON INTERNATIONAL COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK (Thousands of Dollars) Year Ended December 31, ---------------------------------------------------------------------- 2000 (6) 2001(6) 2002(6) 2003(6) 2004 -------------- ----------- ------------ ------------ ----------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before fixed charges (1) $ (752,452) $3,940,401 $ 2,290,185 $ 1,731,927 $1,216,428 Taxes on income (2) (1,101,778) 1,627,324 329,454 124,226 92,098 Rentals (3) 105,862 154,984 246,682 247,512 216,877 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,699 1,659 1,616 1,568 1,515 Amortization of previously capitalized fixed charges 7,191 6,214 6,514 7,284 1,405 -------------- ----------- ------------ ------------ ----------- Total earnings before income taxes and fixed charges (A) $(1,739,478) $5,730,582 $ 2,874,451 $ 2,112,517 $1,528,323 ============== =========== ============ ============ =========== FIXED CHARGES: Interest and amortization $ 1,124,802 $1,453,534 $ 1,125,752 $ 988,665 $ 974,622 Rentals (3) 105,862 154,984 246,682 247,512 216,877 Capitalized interest (5) 15,819 14,820 4,457 6,649 70 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,699 1,659 1,616 1,568 1,515 Dividends on preferred securities 82,387 83,790 89,337 73,255 - Subsidiary preferred and preference stock dividend requirements - pre-tax basis 33,369 37,794 25,222 18,264 22,962 -------------- ----------- ------------ ------------ ----------- Total fixed charges (B) $ 1,363,938 $1,746,581 $ 1,493,066 $ 1,335,913 $1,216,046 ============== =========== ============ ============ =========== RATIO OF EARNINGS TO FIXED CHARGES (A)/(B): (1.28)(7) 3.28 1.93 1.58 1.26 ============== =========== ============ ============ ============ (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 fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned partnerships. (6) Revised to exclude the income and expenses associated with discontinued operations. (7) Ratio for 2000 is less than 1.00. In 2000, Edison International needed an additional $3,103,416,000 in earnings before income taxes and fixed charges to achieve a 1.00 ratio.
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10-K Filing
Edison International (EIX) 10-K2004 FY Annual report
Filed: 16 Mar 05, 12:00am