Exhibit 12.1
SOUTHERN CALIFORNIA EDISON COMPANY | |||||||||||||||||||
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK | |||||||||||||||||||
(in millions, except Ratio) | |||||||||||||||||||
Earnings: | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||
Income from continuing operations | |||||||||||||||||||
before tax and noncontrolling interest | $ 1,745 | $ 1,874 | $ 1,279 | $ 2,039 | $ 1,618 | ||||||||||||||
Less: Income from equity investees | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Income from continuing operations before income | |||||||||||||||||||
from equity investees, tax and noncontrolling interest | 1,745 | 1,874 | 1,279 | 2,039 | 1,618 | ||||||||||||||
Add: | |||||||||||||||||||
Fixed charges (see below) | 613 | 667 | 708 | 727 | 742 | ||||||||||||||
Amortization of capitalized interest | 4 | 2 | 3 | 1 | 0 | ||||||||||||||
Distributed income of equity investees | — | — | — | — | — | ||||||||||||||
Loss of equity investees for which charges arising from | |||||||||||||||||||
guarantees are included in fixed charges | — | — | — | — | — | ||||||||||||||
Subtract: | |||||||||||||||||||
Interest capitalized | (4 | ) | (8 | ) | (6 | ) | (2 | ) | (1 | ) | |||||||||
Preference security dividend requirements of | |||||||||||||||||||
consolidated subsidiaries - pre-tax basis | (90 | ) | (103 | ) | (128 | ) | (146 | ) | (165 | ) | |||||||||
Noncontrolling interest of subsidiaries that have not incurred | |||||||||||||||||||
fixed charges - pre-tax basis | — | — | — | — | — | ||||||||||||||
Earnings as adjusted | $ 2,268 | $ 2,432 | $ 1,856 | $ 2,619 | $ 2,194 | ||||||||||||||
— | — | — | — | ||||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest expenses - net of capitalized interest and AFUDC | $ 463 | $ 499 | $ 523 | $ 533 | $ 526 | ||||||||||||||
Add: AFUDC | 42 | 40 | 31 | 25 | 31 | ||||||||||||||
Interest expenses - net of capitalized interest | 505 | 539 | 554 | 558 | 557 | ||||||||||||||
Interest capitalized (1) | 4 | 8 | 6 | 2 | 1 | ||||||||||||||
Interest portion of rental expense (2) | 14 | 17 | 20 | 21 | 19 | ||||||||||||||
Preferred and preference stock dividend | |||||||||||||||||||
requirement - pre-tax basis | 90 | 103 | 128 | 146 | 165 | ||||||||||||||
Total fixed charges | $ 613 | $ 667 | $ 708 | $ 727 | $ 742 | ||||||||||||||
Ratio | 3.70 | 3.65 | 2.62 | 3.60 | 2.96 | ||||||||||||||
(1) | Includes fixed charges associated with Nuclear Fuel. | ||||||||||||||||||
(2) | 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. |