SOUTHERN CALIFORNIA EDISON EXHIBIT 12.2
RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Earnings: 2004 2005 2006 2007 2008 2009
-------- --------- --------- -------- -------- --------
Income from continuing operations
before tax and noncontrolling interest 1,649 1,379 1,540 1,400 1,246 1,620
Less: Income from equity investees - - - - - -
-------- --------- --------- -------- -------- --------
Income from continuing operations before income
from equity investees, tax and noncontrolling interes1,649 1,379 1,540 1,400 1,246 1,620
Add:
Fixed charges (see below) 403 373 425 466 445 462
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 - - - - - -
Noncontrolling interest of subsidiaries that have not incurred
fixed charges - pre-tax basis (280) (334) (275) (305) (170) (94)
-------- --------- --------- -------- -------- --------
Earnings as adjusted 1,772 1,418 1,689 1,560 1,520 1,986
======== ========= ========= ======== ======== ========
Fixed Charges (1):
Interest expenses - net of capitalized interest and AFUDC 399 356 399 429 407 420
Add: AFUDC - 14 19 25 27 32
-------- --------- --------- -------- -------- --------
Interest expenses - net of capitalized interest 399 370 418 454 434 452
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 - - - - - -
-------- --------- --------- -------- -------- --------
Total fixed charges 403 373 425 466 445 462
======== ========= ========= ======== ======== ========
Ratio 4.40 3.80 3.97 3.35 3.42 4.30
======== ========= ========= ======== ======== ========
(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.
