SOUTHERN CALIFORNIA EDISON (SCE-PN) 10-K 2009 FY Annual report

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Exhibit 12

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.

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Exhibit 12