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SOUTHERN CALIFORNIA EDISON
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Millions of Dollars)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings: | |||||||||||||||||||
Income from continuing operations before tax and noncontrolling interest | $ | 1,639 | $ | 1,375 | $ | 1,540 | $ | 1,400 | $ | 1,246 | $ | 1,620 | |||||||
Less: Income from equity investees | — | — | — | — | — | — | |||||||||||||
Income from continuing operations before income from equity investees, tax and noncontrolling interest | 1,639 | 1,375 | 1,540 | 1,400 | 1,246 | 1,620 | |||||||||||||
Add: | |||||||||||||||||||
Fixed charges (see below) | 426 | 411 | 502 | 540 | 520 | 535 | |||||||||||||
Amortization of capitalized interest | 1 | 1 | 1 | 2 | 2 | 2 | |||||||||||||
Distributed income of equity investees | — | — | — | — | — | — | |||||||||||||
Loss of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | |||||||||||||
Subtract: | |||||||||||||||||||
Interest capitalized | (1 | ) | (1 | ) | (2 | ) | (3 | ) | (3 | ) | (4 | ) | |||||||
Preference security dividend requirements of consolidated subsidiaries—pre-tax basis | (13 | ) | (34 | ) | (77 | ) | (74 | ) | (75 | ) | (73 | ) | |||||||
Noncontrolling interest of subsidiaries that have not incurred fixed charges—pre-tax basis | (280 | ) | (334 | ) | (275 | ) | (305 | ) | (170 | ) | (94 | ) | |||||||
Earnings as adjusted | $ | 1,772 | $ | 1,418 | $ | 1,689 | $ | 1,560 | $ | 1,520 | $ | 1,986 | |||||||
Fixed Charges(1): | |||||||||||||||||||
Interest expenses—net of capitalized interest and AFUDC | $ | 409 | $ | 360 | $ | 399 | $ | 429 | $ | 407 | $ | 420 | |||||||
Add: AFUDC | — | 14 | 19 | 25 | 27 | 32 | |||||||||||||
Interest expenses—net of capitalized interest | 409 | 374 | 418 | 454 | 434 | 452 | |||||||||||||
Interest capitalized(2) | 1 | 1 | 3 | 3 | 3 | 4 | |||||||||||||
Interest portion of rental expense(3) | 1 | 1 | 2 | 8 | 7 | 5 | |||||||||||||
Allocable portion of interest on long-term contracts for purchased power(4) | 2 | 1 | 2 | 1 | 1 | 1 | |||||||||||||
Preferred and preference stock dividend requirement—pre-tax basis | 13 | 34 | 77 | 74 | 75 | 73 | |||||||||||||
Total fixed charges | $ | 426 | $ | 411 | $ | 502 | $ | 540 | $ | 520 | $ | 535 | |||||||
Ratio | 4.16 | 3.45 | 3.36 | 2.89 | 2.92 | 3.71 | |||||||||||||
- (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.
- (4)
- Allocable portion of interest included in annual minimum debt service requirement of supplier.
SOUTHERN CALIFORNIA EDISON
RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings: | |||||||||||||||||||
Income from continuing operations before tax and noncontrolling interest | 1,649 | 1,379 | 1,540 | 1,400 | 1,246 | 1,620 | |||||||||||||
Less: Income from equity investees | — | — | — | — | — | — | |||||||||||||
Income from continuing operations before income from equity investees, tax and noncontrolling interest | 1,649 | 1,379 | 1,540 | 1,400 | 1,246 | 1,620 | |||||||||||||
Add: | |||||||||||||||||||
Fixed charges (see below) | 403 | 373 | 425 | 466 | 445 | 462 | |||||||||||||
Amortization of capitalized interest | 1 | 1 | 1 | 2 | 2 | 2 | |||||||||||||
Distributed income of equity investees | — | — | — | — | — | — | |||||||||||||
Loss of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | |||||||||||||
Subtract: | |||||||||||||||||||
Interest capitalized | (1 | ) | (1 | ) | (2 | ) | (3 | ) | (3 | ) | (4 | ) | |||||||
Preference security dividend requirements of consolidated subsidiaries—pre-tax basis | — | — | — | — | — | — | |||||||||||||
Noncontrolling interest of subsidiaries that have not incurred fixed charges—pre-tax basis | (280 | ) | (334 | ) | (275 | ) | (305 | ) | (170 | ) | (94 | ) | |||||||
Earnings as adjusted | 1,772 | 1,418 | 1,689 | 1,560 | 1,520 | 1,986 | |||||||||||||
�� | |||||||||||||||||||
Fixed Charges(1): | |||||||||||||||||||
Interest expenses—net of capitalized interest and AFUDC | 399 | 356 | 399 | 429 | 407 | 420 | |||||||||||||
Add: AFUDC | — | 14 | 19 | 25 | 27 | 32 | |||||||||||||
Interest expenses—net of capitalized interest | 399 | 370 | 418 | 454 | 434 | 452 | |||||||||||||
Interest capitalized(2) | 1 | 1 | 3 | 3 | 3 | 4 | |||||||||||||
Interest portion of rental expense(3) | 1 | 1 | 2 | 8 | 7 | 5 | |||||||||||||
Allocable portion of interest on long-term contracts for purchased power(4) | 2 | 1 | 2 | 1 | 1 | 1 | |||||||||||||
Preferred and preference stock dividend requirement—pre-tax basis | — | — | — | — | — | — | |||||||||||||
Total fixed charges | 403 | 373 | 425 | 466 | 445 | 462 | |||||||||||||
Ratio | 4.40 | 3.80 | 3.97 | 3.35 | 3.42 | 4.30 | |||||||||||||
- (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.
- (4)
- Allocable portion of interest included in annual minimum debt service requirement of supplier.