Exhibit 12
SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Year Ended December 31, | |||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||
EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: | |||||||||||||||||
Income before interest expense(1) | $ | 4,850,848 | $ | 2,473,121 | 1,727,267 | $ | 1,767,449 | $ | 1,414,472 | $ | 1,682,968 | ||||||
Add: | |||||||||||||||||
Rentals(2) | 2,128 | 1,240 | 638 | 776 | 1,313 | 2,043 | |||||||||||
Allocable portion of interest on long-term Contracts for the purchase of power(3) | 1,659 | 1,616 | 1,568 | 1,515 | 1,457 | 1,393 | |||||||||||
Amortization of previously capitalized fixed charges | 1,083 | 1,440 | 1,638 | 1,405 | 1,579 | 1,196 | |||||||||||
Total earnings before income taxes and fixed charges (A) | $ | 4,855,718 | $ | 2,477,417 | 1,731,111 | $ | 1,771,145 | $ | 1,418,821 | $ | 1,687,600 | ||||||
FIXED CHARGES: | |||||||||||||||||
Interest and amortization | $ | 784,858 | $ | 584,442 | 451,792 | $ | 399,169 | $ | 370,650 | $ | 418,572 | ||||||
Rentals(2) | 2,128 | 1,240 | 638 | 776 | 1,313 | 2,043 | |||||||||||
Capitalized fixed charges - nuclear fuel(4) | 756 | 2,466 | 1,026 | 839 | 1,075 | 2,439 | |||||||||||
Allocable portion of interest on long-term contracts for the purchase of power(3) | 1,659 | 1,616 | 1,568 | 1,515 | 1,457 | 1,393 | |||||||||||
Total fixed charges (B) | $ | 789,401 | $ | 589,764 | 455,024 | $ | 402,299 | $ | 374,495 | $ | 424,447 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): | 6.15 | 4.20 | 3.80 | 4.40 | 3.79 | 3.98 |
(1) | Includes allowance for funds used during construction and accrual of unbilled revenue. |
(2) | Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals. |
(3) | Allocable portion of interest included in annual minimum debt service requirement of supplier. |
(4) | Includes fixed charges associated with Nuclear Fuel. |