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EXHIBIT 12
SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED
SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Year Ended December 31,
1988 1989 1990 1991 1992 1993
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EARNINGS BEFORE INCOME
TAXES AND FIXED CHARGES
Income before interest
expense (1) $1,244,996 $1,280,937 $1,289,320 $1,172,285 $1,190,051 $1,127,275
Add:
Taxes on income (2) 488,752 533,354 489,148 412,922 443,548 408,033
Rentals (3) 9,553 9,843 8,840 7,539 4,460 3,463
Allocable portion of
interest on long-term
Contracts for the purchase
of power (4) 19,480 19,361 10,600 1,925 1,908 1,890
Spent nuclear fuel intereest (7) 2,526 2,273 1,994 1,683 1,339 487
Amortization of previously
capitalized fixed charges 31,829 32,677 33,910 31,149 22,344 4,878
Total earnings before -------------------------------------------------------------------------------------------
income taxes and fixed
charges (6) (A) $1,797,136 $1,878,445 $1,833,812 $1,627,503 $1,663,650 $1,546,026
FIXED CHARGES:
Interest and amortization $ 513,611 $ 557,789 $ 552,567 $ 542,732 $ 517,142 $ 449,230
Rentals (3) 9,553 9,843 8,840 7,539 4,460 3,463
Capitalized fixed charges -
nuclear fuel (5) 14,416 13,501 5,261 2,654 873 978
Allocable portion of
interest on long-term
contracts for the purchase
of power (4) 19,480 19,361 10,600 1,925 1,908 1,890
Spent nuclear fuel interest
(7) 2,526 2,273 1,994 1,683 1,339 487
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Total fixed charges (6) (B) $ 559,586 $ 602,767 $ 579,262 $ 556,533 $ 525,722 $ 456,048
RATIO OF EARNINGS TO FIXED
CHARGES (A) / (B) : 3.21 3.12 3.17 2.92 3,16 3.39
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(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 Nuclear Fuel.
(6) Effective July 1, 1988, SCEcorp acquired all of the issued and
outstanding common stock of the Southern California Edison Company
(Edison), under an agreement of merger approved by Edison's
shareholders on April 21, 1988. As part of the reorganization,
Edison's investment in non-utility subsidiaries was transferred to
SCEcorp at book value.
(7) Represents interest on spent nuclear fuel disposal obligation.