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EXHIBIT 12
SCECORP
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
YEAR ENDED DECEMBER 31,
---------------------------------------------------------------
1989 1990 1991 1992 1993
-------- -------- -------- -------- --------
(IN THOUSANDS)
EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES: (7)
INCOME BEFORE INTEREST EXPENSE (1) . . . . $1,406,256 $1,426,257 $1,326,008 $1,325,569 $1,203,577
ADD:
Taxes on income (2) . . . . . . . . . . . 576,348 506,252 435,853 466,006 353,706
Rentals (3) . . . . . . . . . . . . . . . 9,843 8,840 7,539 4,460 3,463
Allocable portion of interest
on long-term contracts for
the purchase of power (4) . . . . . . 19,361 10,600 1,925 1,908 1,890
Interest on partnership
indebtedness (5) . . . . . . . . . . . 29,791 47,054 45,996 38,070 41,091
Spent nuclear fuel interest (8) . . . . . 2,273 1,994 1,683 1,339 487
Amortization of previously
capitalized fixed charges . . . . . . 33,636 35,399 32,845 24,170 6,760
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TOTAL EARNINGS BEFORE INCOME
TAXES AND FIXED CHARGES (A) . . . . . . . $2,077,508 $2,036,396 $1,851,849 $1,861,522 $1,610,974
========== ========== ========== ========== ==========
FIXED CHARGES: (7)
Interest and amortization . . . . . . . . $ 583,509 $ 595,771 $ 581,165 $ 544,593 $ 523,808
Rentals (3) . . . . . . . . . . . . . . . 9,843 8,840 7,539 4,460 3,463
Capitalized interest (6) . . . . . . . . 23,253 21,069 24,053 35,115 73,808
Allocable portion of interest on
long-term contracts for
the purchase of power (4) . . . . . . 19,361 10,600 1,925 1,908 1,890
Spent nuclear fuel interest (8) . . . . . 2,273 1,994 1,683 1,339 487
Interest on partnership
indebtedness (5) . . . . . . . . . . . 29,791 47,054 45,996 38,070 41,091
Subsidiary preferred and preference
stock dividends -- pre-tax basis . . . 77,469 72,528 68,435 68,911 63,261
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TOTAL FIXED CHARGES (B) . . . . . . . . . . $ 745,499 $ 757,856 $ 730,796 $ 694,396 $ 707,808
========== ========== ========== ========== ==========
RATIO OF EARNINGS TO
FIXED CHARGES (A)/(B): . . . . . . . . . 2.79 2.69* 2.53* 2.68 2.28
========== ========== ========== ========== ==========
(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 the allocable portion of interest on project indebtedness of
fifty-percent partnership investments by other wholly-owned
subsidiaries of SCEcorp.
(6) Includes the fixed charges associated with the Nuclear Fuel Lease and
capitalized interest of fifty-percent owned partnerships.
(7) Effective July 1, 1988, SCEcorp acquired all of the issued and
outstanding common stock of Southern California Edison Company
(Edison). Pursuant to Securities and Exchange Commission Rules,
SCEcorp's fixed charges include the pre-tax dividend requirements for
Edison's preferred and preference stock.
(8) Represents interest on spent nuclear fuel disposal obligation.
* Reflects restatement of The Mission Group financial statements.