Exhibit 12.1
| SOUTHERN CALIFORNIA EDISON COMPANY | ||||||||||||||||||||
| RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK | ||||||||||||||||||||
| (Millions of Dollars) | ||||||||||||||||||||
| Earnings: | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||
| Income from continuing operations | ||||||||||||||||||||
| before tax and noncontrolling interest | $1,620 | $1,532 | $1,745 | $1,874 | a | $1,279 | ||||||||||||||
| Less: Income from equity investees | — | — | — | — | — | |||||||||||||||
| Income from continuing operations before income | ||||||||||||||||||||
| from equity investees, tax and noncontrolling interest | 1,620 | 1,532 | 1,745 | 1,874 | a | 1,279 | ||||||||||||||
| Add: | ||||||||||||||||||||
| Fixed charges (see below) | 535 | 565 | 613 | 667 | * | 708 | ||||||||||||||
| Amortization of capitalized interest | 2 | 2 | 4 | 2 | c | 3 | ||||||||||||||
| Distributed income of equity investees | — | — | — | — | — | |||||||||||||||
| Loss of equity investees for which charges arising from | ||||||||||||||||||||
| guarantees are included in fixed charges | — | — | — | — | — | |||||||||||||||
| Subtract: | ||||||||||||||||||||
| Interest capitalized | (4) | (7) | (4) | (8) | d | (6 | ) | |||||||||||||
| Preference security dividend requirements of | ||||||||||||||||||||
| consolidated subsidiaries - pre-tax basis | (73) | (73) | (90) | (103) | e | (128) | ||||||||||||||
| Noncontrolling interest of subsidiaries that have not incurred | ||||||||||||||||||||
| fixed charges - pre-tax basis | (94) | — | — | — | — | |||||||||||||||
| Earnings as adjusted | $1,986 | $2,019 | $2,268 | $2,432 | $1,855 | |||||||||||||||
| Fixed Charges (1): | ||||||||||||||||||||
| Interest expenses - net of capitalized interest and AFUDC | $420 | $429 | $463 | $499 | a | $523 | ||||||||||||||
| Add: AFUDC | 32 | 43 | 42 | 40 | a | 31 | ||||||||||||||
| Interest expenses - net of capitalized interest | 452 | 472 | 505 | 539 | 554 | |||||||||||||||
| Interest capitalized (2) | 4 | 7 | 4 | 8 | b | 6 | ||||||||||||||
| Interest portion of rental expense (3) | 6 | 13 | 14 | 17 | e | 20 | ||||||||||||||
| Preferred and preference stock dividend | ||||||||||||||||||||
| requirement - pre-tax basis | 73 | 73 | 90 | 103 | e | 128 | ||||||||||||||
| Total fixed charges | $535 | $565 | $613 | $667 | * | $708 | ||||||||||||||
| Ratio | 3.71 | 3.57 | 3.70 | 3.65 | 2.62 | |||||||||||||||
| (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 15.8% 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. | ||||||||||||||||||||