Edison International (EIX) 10-K2007 FY Annual report

Filed: 27 Feb 08, 12:00am

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Exhibit 12

EDISON INTERNATIONAL
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Thousands of Dollars)


	December 31,
	2003(5)		2004		2005		2006		2007
EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES:

Income from continuing operations before fixed charges and taxes (1)	$	1,856,153	$	1,124,330	$	2,396,513	$	2,543,050	$	2,420,512
Add:
Rentals (2)		247,512		216,877		200,764		191,166		186,413
Allocable portion of interest on long-term contracts for the purchase of power (3)		1,568		1,515		1,457		1,393		1,322
Amortization of previously capitalized fixed charges		8,410		2,690		2,839		2,384		3,165

Total earnings before income taxes and fixed charges (A)	$	2,113,643	$	1,345,412	$	2,601,573	$	2,737,993	$	2,611,412


FIXED CHARGES (6):
Interest and amortization	$	988,665	$	974,622	$	803,932	$	825,204	$	776,273
Rentals (2)		247,512		216,877		200,764		191,166		186,413
Capitalized interest (4)		7,578		839		1,075		10,538		27,511
Allocable portion of interest on long-term contracts for the purchase of power (3)		1,568		1,515		1,457		1,393		1,322
Dividends on preferred securities		73,255		—		—		—		—
Subsidiary preferred and preference stock dividend requirements — pre-tax basis		18,264		22,962		38,182		77,651		74,199

Total fixed charges (B)	$	1,336,842	$	1,216,815	$	1,045,410	$	1,105,952	$	1,065,718


RATIO OF EARNINGS TO FIXED CHARGES (A) / (B):		1.58		1.11		2.49		2.48		2.45


(1)		Includes allowance for funds used during construction, accrual of unbilled revenue and minority interest.

(2)		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.

(3)		Allocable portion of interest included in annual minimum debt service requirement of supplier.

(4)		Includes the fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned partnerships. The amounts for 2003-2006 are restated.

(5)		Revised to exclude the income and expenses associated with discontinued operations.

(6)		Interest expenses associated with income taxes are reflected as a component of income tax expense and are excluded from the determination of fixed charges.