SOUTHERN CALIFORNIA EDISON EXHIBIT 12.1
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Millions of Dollars)
Earnings: 2004 2005 2006 2007 2008 2009
-------- --------- --------- -------- -------- --------
Income from continuing operations
before tax and noncontrolling interest $ 1,639 $ 1,375 $ 1,540 $ 1,400 $ 1,246 $ 1,620
Less: Income from equity investees - - - - - -
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Income from continuing operations before income
from equity investees, tax and noncontrolling interes1,639 1,375 1,540 1,400 1,246 1,620
Add:
Fixed charges (see below) 426 411 502 540 520 535
Amortization of capitalized interest 1 1 1 2 2 2
Distributed income of equity investees - - - - - -
Loss of equity investees for which charges arising from
guarantees are included in fixed charges - - - - - -
Subtract:
Interest capitalized (1) (1) (2) (3) (3) (4)
Preference security dividend requirements of
consolidated subsidiaries - pre-tax basis (13) (34) (77) (74) (75) (73)
Noncontrolling interest of subsidiaries that have not incurred
fixed charges - pre-tax basis (280) (334) (275) (305) (170) (94)
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Earnings as adjusted $ 1,772 $ 1,418 $ 1,689 $ 1,560 $ 1,520 $ 1,986
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Fixed Charges (1):
Interest expenses - net of capitalized interest and AFUDC $ 409 $ 360 $ 399 $ 429 $ 407 $ 420
Add: AFUDC - 14 19 25 27 32
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Interest expenses - net of capitalized interest 409 374 418 454 434 452
Interest capitalized (2) 1 1 3 3 3 4
Interest portion of rental expense (3) 1 1 2 8 7 5
Allocable portion of interest on long-term contracts
for purchased power (4) 2 1 2 1 1 1
Preferred and preference stock dividend
requirement - pre-tax basis 13 34 77 74 75 73
-------- --------- --------- -------- -------- --------
Total fixed charges $ 426 $ 411 $ 502 $ 540 $ 520 $ 535
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Ratio 4.16 3.45 3.36 2.89 2.92 3.71
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(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.
