Exhibit 12.2
SOUTHERN CALIFORNIA EDISON | ||||||||||||||||||||
RATIOS OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
9 Months | 9 Months | 12 Months | ||||||||||||||||||
Ended | Ended | Ended | ||||||||||||||||||
Earnings: | 2006 | 2007 | 2008 | 2009 | 2010 | September 30, 2010 | September 30, 2011 | September 30, 2011 | ||||||||||||
Income from continuing operations | ||||||||||||||||||||
before tax and noncontrolling interest | 1,540 | 1,400 | 1,246 | 1,620 | 1,532 | 1,235 | 1,378 | 1,675 | ||||||||||||
Less: Income from equity investees | - | - | - | - | - | - | - | - | ||||||||||||
Income from continuing operations before income | ||||||||||||||||||||
from equity investees, tax and noncontrolling interest | 1,540 | 1,400 | 1,246 | 1,620 | 1,532 | 1,235 | 1,378 | 1,675 | ||||||||||||
Add: | ||||||||||||||||||||
Fixed charges (see below) | 425 | 466 | 445 | 462 | 492 | 361 | 392 | 523 | ||||||||||||
Amortization of capitalized interest | 1 | 2 | 2 | 2 | 2 | 1 | 2 | 3 | ||||||||||||
Distributed income of equity investees | - | - | - | - | - | - | - | - | ||||||||||||
Loss of equity investees for which charges arising | ||||||||||||||||||||
from guarantees are included in fixed charges | - | - | - | - | - | - | - | - | ||||||||||||
Subtract: | ||||||||||||||||||||
Interest capitalized | (2) | (3) | (3) | (4) | (7) | (5) | (5) | (7) | ||||||||||||
Preference security dividend requirements of | ||||||||||||||||||||
consolidated subsidiaries - pre-tax basis | - | - | - | - | - | - | - | - | ||||||||||||
Noncontrolling interest of subsidiaries that have not | ||||||||||||||||||||
incurred fixed charges - pre-tax basis | (275) | (305) | (170) | (94) | - | - | - | - | ||||||||||||
Earnings as adjusted | 1,689 | 1,560 | 1,520 | 1,986 | 2,019 | 1,592 | 1,767 | 2,194 | ||||||||||||
Fixed Charges (1): | ||||||||||||||||||||
Interest expenses - net of capitalized interest and AFUDC | 399 | 429 | 407 | 420 | 429 | 315 | 344 | 458 | ||||||||||||
Add: AFUDC | 19 | 25 | 27 | 32 | 43 | 32 | 32 | 43 | ||||||||||||
Interest expenses - net of capitalized interest | 418 | 454 | 434 | 452 | 472 | 347 | 376 | 501 | ||||||||||||
Interest capitalized (2) | 3 | 3 | 3 | 4 | 7 | 5 | 5 | 7 | ||||||||||||
Interest portion of rental expense (3) | 4 | 9 | 8 | 6 | 13 | 9 | 11 | 15 | ||||||||||||
Preferred and preference stock dividend | ||||||||||||||||||||
requirement - pre-tax basis | - | - | - | - | - | - | - | - | ||||||||||||
Total fixed charges | 425 | 466 | 445 | 462 | 492 | 361 | 392 | 523 | ||||||||||||
Ratio | 3.97 | 3.35 | 3.42 | 4.30 | 4.10 | 4.41 | 4.51 | 4.20 | ||||||||||||
(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 fifty-percent owned | |||||||||||||||||||
partnership. The amount for 2006 is restated. | ||||||||||||||||||||
(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. | ||||||||||||||||||||