Exhibit 12.1
| SOUTHERN CALIFORNIA EDISON COMPANY | |||||||||||||||
| RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK | |||||||||||||||
| (Millions of Dollars) | |||||||||||||||
| Earnings: | 2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||
| Income from continuing operations | |||||||||||||||
| before tax and noncontrolling interest | $ 1,400 | $ 1,246 | $ 1,620 | $ 1,532 | $1,745 | ||||||||||
| Less: Income from equity investees | - | - | - | - | - | ||||||||||
| Income from continuing operations before income | |||||||||||||||
| from equity investees, tax and noncontrolling interest | 1,400 | 1,246 | 1,620 | 1,532 | 1,745 | ||||||||||
| Add: | |||||||||||||||
| Fixed charges (see below) | 540 | 520 | 535 | 565 | 613 | ||||||||||
| Amortization of capitalized interest | 2 | 2 | 2 | 2 | 4 | ||||||||||
| Distributed income of equity investees | - | - | - | - | - | ||||||||||
| Loss of equity investees for which charges arising from | |||||||||||||||
| guarantees are included in fixed charges | - | - | - | - | - | ||||||||||
| Subtract: | |||||||||||||||
| Interest capitalized | (3) | (3) | (4) | (7) | (4) | ||||||||||
| Preference security dividend requirements of | |||||||||||||||
| consolidated subsidiaries - pre-tax basis | (74) | (75) | (73) | (73) | (90) | ||||||||||
| Noncontrolling interest of subsidiaries that have not incurred | |||||||||||||||
| fixed charges - pre-tax basis | (305) | (170) | (94) | - | - | ||||||||||
| Earnings as adjusted | $ 1,560 | $ 1,520 | $ 1,986 | $ 2,019 | $2,268 | ||||||||||
| Fixed Charges (1): | |||||||||||||||
| Interest expenses - net of capitalized interest and AFUDC | $ 429 | $ 407 | $ 420 | $ 429 | $ 463 | ||||||||||
| Add: AFUDC | 25 | 27 | 32 | 43 | 42 | ||||||||||
| Interest expenses - net of capitalized interest | 454 | 434 | 452 | 472 | 505 | ||||||||||
| Interest capitalized (2) | 3 | 3 | 4 | 7 | 4 | ||||||||||
| Interest portion of rental expense (3) | 9 | 8 | 6 | 13 | 14 | ||||||||||
| Preferred and preference stock dividend | |||||||||||||||
| requirement - pre-tax basis | 74 | 75 | 73 | 73 | 90 | ||||||||||
| Total fixed charges | $ 540 | $ 520 | $ 535 | $ 565 | $ 613 | ||||||||||
| Ratio | 2.89 | 2.92 | 3.71 | 3.57 | 3.70 | ||||||||||
| (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. | |||||||||||||||
| (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. | |||||||||||||||