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EDISON INTERNATIONAL
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Millions of Dollars)
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings: | |||||||||||||||||||
Income from continuing operations before tax and noncontrolling interest | 854 | 1,944 | 1,799 | 1,855 | 1,756 | 282 | |||||||||||||
Less: Income from equity investees | 42 | 31 | 79 | 79 | 136 | 66 | |||||||||||||
Income from continuing operations before income from equity investees, tax and noncontrolling interest | 812 | 1,913 | 1,720 | 1,776 | 1,620 | 216 | |||||||||||||
Add: | |||||||||||||||||||
Fixed charges (see below) | 1,014 | 1,015 | 1,067 | 1,106 | 1,045 | 1,217 | |||||||||||||
Amortization of capitalized interest | 6 | 4 | 3 | 2 | 3 | 3 | |||||||||||||
Distributed income of equity investees | 31 | 24 | 33 | 61 | 58 | 84 | |||||||||||||
Loss of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | |||||||||||||
Subtract: | |||||||||||||||||||
Interest capitalized | (23 | ) | (35 | ) | (28 | ) | (11 | ) | (1 | ) | (1 | ) | |||||||
Preference security dividend requirements of consolidated subsidiaries—pre-tax basis | (66 | ) | (76 | ) | (75 | ) | (78 | ) | (34 | ) | (13 | ) | |||||||
Noncontrolling interest of subsidiaries that have not incurred fixed charges—pre-tax basis | (45 | ) | (82 | ) | (156 | ) | (139 | ) | (167 | ) | (142 | ) | |||||||
Earnings as adjusted | 1,729 | 2,763 | 2,564 | 2,717 | 2,524 | 1,364 | |||||||||||||
Fixed Charges(1): | |||||||||||||||||||
Interest expenses—net of capitalized interest and AFUDC | 732 | 700 | 752 | 806 | 794 | 985 | |||||||||||||
Add: AFUDC | 32 | 27 | 25 | 19 | 14 | — | |||||||||||||
Interest expenses—net of capitalized interest | 764 | 727 | 777 | 825 | 808 | 985 | |||||||||||||
Interest capitalized(2) | 23 | 35 | 28 | 11 | 1 | 1 | |||||||||||||
Interest portion of rental expense(3) | 160 | 176 | 186 | 191 | 201 | 217 | |||||||||||||
Allocable portion of interest on long-term contracts for purchased power(4) | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||
Preferred and preference stock dividend requirement—pre-tax basis | 66 | 76 | 75 | 78 | 34 | 13 | |||||||||||||
Total fixed charges | 1,014 | 1,015 | 1,067 | 1,106 | 1,045 | 1,217 | |||||||||||||
Ratio | 1.71 | 2.72 | 2.40 | 2.46 | 2.42 | 1.12 | |||||||||||||
- (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.
- (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.