Exhibit 12.2
SOUTHERN CALIFORNIA EDISON COMPANY | ||||||||||||||||||||
RATIOS OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
3 Months | 3 Months | 12 Months | ||||||||||||||||||
Ended | Ended | Ended | ||||||||||||||||||
Earnings: | 2007 | 2008 | 2009 | 2010 | 2011 | March 31, 2011 | March 31, 2012 | March 31, 2012 | ||||||||||||
Income from continuing operations | ||||||||||||||||||||
before tax and noncontrolling interest | $ 1,400 | $ 1,246 | $ 1,620 | $ 1,532 | $ 1,745 | $ 359 | $ 300 | $ 1,686 | ||||||||||||
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 | 359 | 300 | 1,686 | ||||||||||||
Add: | ||||||||||||||||||||
Fixed charges (see below) | 466 | 445 | 462 | 492 | 523 | 127 | 135 | 531 | ||||||||||||
Amortization of capitalized interest | 2 | 2 | 2 | 2 | 4 | 1 | 1 | 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) | (2) | (2) | (4) | ||||||||||||
Preference security dividend requirements of | ||||||||||||||||||||
consolidated subsidiaries - pre-tax basis | - | - | - | - | - | - | - | - | ||||||||||||
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 | $ 485 | $ 434 | $ 2,217 | ||||||||||||
Fixed Charges (1): | ||||||||||||||||||||
Interest expenses - net of capitalized interest and AFUDC | $ 429 | $ 407 | $ 420 | $ 429 | $ 463 | $ 111 | $ 121 | $ 473 | ||||||||||||
Add: AFUDC | 25 | 27 | 32 | 43 | 42 | 11 | 8 | 39 | ||||||||||||
Interest expenses - net of capitalized interest | 454 | 434 | 452 | 472 | 505 | 122 | 129 | 512 | ||||||||||||
Interest capitalized (2) | 3 | 3 | 4 | 7 | 4 | 2 | 2 | 4 | ||||||||||||
Interest portion of rental expense (3) | 9 | 8 | 6 | 13 | 14 | 3 | 4 | 15 | ||||||||||||
Total fixed charges | $ 466 | $ 445 | $ 462 | $ 492 | $ 523 | $ 127 | $ 135 | $ 531 | ||||||||||||
Ratio | 3.35 | 3.42 | 4.30 | 4.10 | 4.34 | 3.82 | 3.21 | 4.18 | ||||||||||||
(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. | ||||||||||||||||||||