Exhibit 12
SOUTHERN CALIFORNIA EDISON
RATIOS OF EARNINGS TO FIXED CHARGES (In millions, except Ratio)
| Year Ended December 31, | |||||||||||||||||||||
| Earnings: | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||
| Income from continuing operations | |||||||||||||||||||||
| before tax and noncontrolling interest | $ | 1,874 | $ | 1,279 | $ | 2,039 | $ | 1,618 | $ | 1,755 | |||||||||||
| Less: Income from equity investees | — | — | — | — | — | ||||||||||||||||
| Income from continuing operations before income from equity investees, tax and noncontrolling interest | 1,874 | 1,279 | 2,039 | 1,618 | 1,755 | ||||||||||||||||
| Add: | |||||||||||||||||||||
| Fixed charges (see below) | 564 | 580 | 581 | 577 | 581 | ||||||||||||||||
| Amortization of capitalized interest | 2 | 3 | 1 | — | — | ||||||||||||||||
| Distributed income of equity investees | — | — | — | — | — | ||||||||||||||||
| Loss of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | ||||||||||||||||
| Subtract: | |||||||||||||||||||||
| Interest capitalized | (8 | ) | (6 | ) | (2 | ) | (1 | ) | (1 | ) | |||||||||||
| Preference security dividend requirements of consolidated subsidiaries - pre-tax basis | — | — | — | — | — | ||||||||||||||||
| Noncontrolling interest of subsidiaries that have not incurred | |||||||||||||||||||||
| fixed charges - pre-tax basis | — | — | — | — | — | ||||||||||||||||
| Earnings as adjusted | $ | 2,432 | $ | 1,856 | $ | 2,619 | $ | 2,194 | $ | 2,335 | |||||||||||
| Fixed Charges: | |||||||||||||||||||||
| Interest expenses - net of capitalized interest and AFUDC | $ | 499 | $ | 523 | $ | 533 | $ | 526 | $ | 541 | |||||||||||
| Add: AFUDC | 40 | 31 | 25 | 31 | 23 | ||||||||||||||||
| Interest expenses - net of capitalized interest | 539 | 554 | 558 | 557 | 564 | ||||||||||||||||
Interest capitalized (1) | 8 | 6 | 2 | 1 | 1 | ||||||||||||||||
Interest portion of rental expense (2) | 17 | 20 | 21 | 19 | 16 | ||||||||||||||||
| Total fixed charges | $ | 564 | $ | 580 | $ | 581 | $ | 577 | $ | 581 | |||||||||||
| Ratio | 4.31 | 3.20 | 4.51 | 3.80 | 4.02 | ||||||||||||||||
(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. |