EXHIBIT 12 SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES RATIOS OF EARNINGS TO FIXED CHARGES (Thousands of Dollars) Twelve Year Ended December 31, Months Ended ---------------------------------------------------------- -------------- 1990 1991 1992 1993 1994 Sept. 30, 1995 EARNINGS BEFORE INCOME TAXES ---------------------------------------------------------- -------------- AND FIXED CHARGES: Income before interest expense (1) $1,289,320 $1,172,285 $1,190,051 $1,127,275 $1,081,800 $1,137,183 Add: Taxes on income (2) 489,148 412,922 443,548 408,033 452,091 479,600 Rentals (3) 8,840 7,539 4,460 3,463 3,512 4,050 Allocable portion of interest on long-term Contracts for the purchase of power (4) 10,600 1,925 1,908 1,890 1,870 1,854 Spent nuclear fuel interest (6) 1,994 1,683 1,339 487 68 - Amortization of previously capitalized fixed charges 33,910 31,149 22,344 4,878 2,271 1,664 Total earnings before income ---------- ---------- ---------- ---------- ---------- ---------- taxes and fixed charges (A) $1,833,812 $1,627,503 $1,663,650 $1,546,026 $1,541,612 $1,624,351 FIXED CHARGES: Interest and amortization $ 552,567 $ 542,732 $ 517,142 $ 449,230 $ 443,219 $ 459,022 Rentals (3) 8,840 7,539 4,460 3,463 3,512 4,050 Capitalized fixed charges - nuclear fuel (5) 5,261 2,654 873 978 254 1,555 Allocable portion of interest on long-term contracts for the purchase of power (4) 10,600 1,925 1,908 1,890 1,870 1,854 Spent nuclear fuel interest (6) 1,994 1,683 1,339 487 68 - ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges (B) $ 579,262 $ 556,533 $ 525,722 $ 456,048 $ 448,923 $ 466,481 RATIO OF EARNINGS TO FIXED CHARGES (B): 3.17 2.92 3.16 3.39 3.43 3.48 ========== ========== ========== ========== ========== ========== (1)Includes allowance for funds used during construction and accrual of unbilled revenue. (2)Includes allocation of federal income and state franchise taxes to other income. (3)Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals. (4)Allocable portion of interest included in annual minimum debt service requirement of supplier. (5)Includes fixed charges associated with the Nuclear Fuel. (6)Represents interest on spent nuclear fuel disposal obligation.