SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK (Thousands of Dollars) Year Ended December 31, ---------------------------------------------------------------------- 2000 2001 2002 2003 2004 ------------------------------------------ ------------- ------------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before interest expense (1) $(2,478,036) $ 4,850,848 $ 2,473,121 $ 1,727,267 $ 1,767,449 Add: Rentals (2) 2,905 2,128 1,240 638 776 Allocable portion of interest on long-term Contracts for the purchase of power (3) 1,699 1,659 1,616 1,568 1,515 Amortization of previously capitalized fixed charges 1,390 1,083 1,440 1,638 1,405 ---------- ---------- ---------- ----------------------- Total earnings before income taxes and fixed charges (A) $(2,472,042) $ 4,855,718 $ 2,477,417 $ 1,731,111 $ 1,771,145 ========== ========== ========== ========== ========= FIXED CHARGES: Interest and amortization $ 571,760 $ 784,858 $ 584,442 $ 451,792 $ 399,169 Rentals (2) 2,905 2,128 1,240 638 776 Capitalized fixed charges - nuclear fuel (4) 1,538 756 520 97 839 Allocable portion of interest on long-term contracts for the purchase of power (3) 1,699 1,659 1,616 1,568 1,515 Preferred and preference stock dividend requirements - pre-tax basis 33,754 37,907 29,119 22,262 22,962 ---------- ---------- ---------- ---------- --------- Total fixed charges (B) $ 611,656 $ 827,308 $ 616,937 $ 476,357 $ 425,261 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): (4.04)(6) 5.87 4.02 3.63 4.16 ========== ========== ========== ========== ========= Page 1 6 Months 6 Months 12 Months Ended Ended Ended June 30, 2004 June 30, 2005 June 30, 2005 ----------------- ---------------- ----------------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before interest expense (1) $ 771,217 $ 620,204 $ 1,604,464 Add: Rentals (2) 342 557 986 Allocable portion of interest on long-term Contracts for the purchase of power (3) 775 736 1,487 Amortization of previously capitalized fixed charges 716 770 1,459 ------------ ----------- ----------- Total earnings before income taxes and fixed charges (A) $ 773,050 $ 622,267 $ 1,608,396 =========== =========== ============ FIXED CHARGES: Interest and amortization $ 198,910 $ 194,826 $ 383,112 Rentals (2) 342 557 986 Capitalized fixed charges - nuclear fuel (4) 349 209 699 Allocable portion of interest on long-term contracts for the purchase of power (3) 775 736 1,487 Preferred and preference stock dividend requirements - pre-tax basis 12,844 14,316 24,810 ----------- ------------ ----------- Total fixed charges (B) $ 213,220 $ 210,644 $ 411,094 =========== ============ ============ RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): 3.63 2.95 3.91 =========== ============ =========== (1) Includes allowance for funds used during construction and accrual of unbilled revenue. (2) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals. (3) Allocable portion of interest included in annual minimum debt service requirement of supplier. (4) Includes fixed charges associated with Nuclear Fuel. (5) Ratio for 2000 is less than 1.00. In 2000, SCE needed an additional $3,083,698,000 in earnings before income taxes and fixed charges to achieve a 1.00 ratio. Page 2
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8-K Filing
SOUTHERN CALIFORNIA EDISON (SCE-PN) 8-KOther Events
Filed: 16 Sep 05, 12:00am