SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Year Ended December 31, 3 Months 3 Months 12 Months
---------------------------------------------------------------- Ended Ended Ended
2000 2001 2002 2003 2004 03/31/04 03/31/05 03/31/05
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EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
Income before interest expense (1) $(1,456,584) $3,192,815 $1,831,335 $1,339,147 $1,329,441 $206,356 $235,353 $1,358,440
Add:
Taxes on income (2) (1,021,452) 1,658,033 641,786 388,120 438,008 68,503 65,289 434,794
Rentals (3) 2,905 2,128 1,240 638 776 178 270 865
Allocable portion of interest
on long-term Contracts for
the purchase of power (4) 1,699 1,659 1,616 1,568 1,515 384 370 1,501
Amortization of previously
capitalized fixed charges 1,390 1,083 1,440 1,638 1,405 324 384 1,465
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Total earnings before income
taxes and fixed charges (A) $(2,472,042) $4,855,718 $2,477,417 $1,731,111 $1,771,145 $275,745 $301,666 $1,797,065
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FIXED CHARGES:
Interest and amortization $ 571,760 $ 784,858 $ 584,442 $ 451,792 $ 399,169 $102,819 $100,799 $ 397,149
Rentals (3) 2,905 2,128 1,240 638 776 178 270 865
Capitalized fixed charges -
nuclear fuel (5) 1,538 756 520 97 839 253 61 647
Allocable portion of interest on
long-term contracts for
the purchase of power (4) 1,699 1,659 1,616 1,568 1,515 384 370 1,501
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Total fixed charges (B) $ 577,902 $ 789,401 $ 587,818 $ 454,095 $ 402,299 $103,634 $101,500 $ 400,162
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RATIO OF EARNINGS TO
FIXED CHARGES (A) / (B): (4.28)(6) 6.15 4.21 3.81 4.40 2.66 2.97 4.49
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(1) Includes allowance for funds used during construction and accrual of unbilled revenue.
(2) Includes allocation of federal income and state franchise taxes to other income.
(3) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals.
(4) Allocable portion of interest included in annual minimum debt service requirement of supplier.
(5) Includes fixed charges associated with Nuclear Fuel.
(6) Ratio for 2000 is less than 1.00. In 2000, SCE needed an additional $3,049,944,000 in earnings before income taxes
and fixed charges to achieve a 1.00 ratio.
