SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK (Thousands of Dollars) 9 Months 9 Months Year ended December 31, Ended Ended --------------------------------- 2002 2003 Sept. 30, 2003 Sept. 30, 2004 ------------- ------------- ---------------- ----------------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before interest expense (1) $ 1,831,335 $ 1,339,147 $ 1,055,561 $ 914,090 Add: Taxes on income (2) 641,786 388,120 443,602 397,902 Rentals (3) 1,240 638 471 536 Allocable portion of interest on long-term Contracts for the purchase of power (4) 1,616 1,568 1,181 1,142 Amortization of previously capitalized fixed charges 1,440 1,638 1,215 1,155 ------------------------------ ---------------- ----------------- Total earnings before income taxes and fixed charges (A) $ 2,477,417 $ 1,731,111 $ 1,502,030 $ 1,314,825 ============= ============= ================ ================= FIXED CHARGES: Interest and amortization $ 584,442 $ 451,792 $ 343,646 $ 302,620 Rentals (3) 1,240 638 471 536 Capitalized fixed charges - nuclear fuel (5) 520 97 - 570 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,616 1,568 1,181 1,142 Preferred and preference stock dividend requirements - pre-tax basis 29,119 22,262 18,564 19,364 ------------- ------------- ---------------- ----------------- Total fixed charges (B) $ 616,937 $ 476,357 $ 363,862 $ 324,232 ============= ============= ================ ================= RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): 4.02 3.63 4.13 4.06 ============= ============= ================ ================= (1) Includes allowance for funds used during construction and accrual of unbilled revenue. (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 fixed charges associated with Nuclear Fuel.
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8-K Filing
SOUTHERN CALIFORNIA EDISON (SCE-PM) 8-KOther Events
Filed: 10 Dec 04, 12:00am