Exhibit 12.1
| SOUTHERN CALIFORNIA EDISON COMPANY | ||||||||||||||||||||
| RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK | ||||||||||||||||||||
| (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) | 502 | 540 | 520 | 535 | 565 | 418 | 461 | 612 | ||||||||||||
| 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 | (77) | (74) | (75) | (73) | (73) | (57) | (69) | (89) | ||||||||||||
| 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 | 77 | 74 | 75 | 73 | 73 | 57 | 69 | 89 | ||||||||||||
| Total fixed charges | $ 502 | $ 540 | $ 520 | $ 535 | $ 565 | $ 418 | $ 461 | $ 612 | ||||||||||||
| Ratio | 3.36 | 2.89 | 2.92 | 3.71 | 3.57 | 3.81 | 3.83 | 3.58 | ||||||||||||
| (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. | ||||||||||||||||||||