EX-12.1 6 ratiosfixedchrgandprefstock.htm RATIOS OF FIXED CHRGS AND PREF STOCK

ratiosfixedchrgandprefstock

SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK

(Thousands of Dollars)
                                                                                                          9 Months        12 Months
                                                   Year Ended December 31,                                 Ended            Ended
                                           -------------------------------------------------------------------
                                           -------------------------------------------------------------------
                                              2001         2002         2003        2004        2005    Sept 30, 2006  Sept 30, 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  1,381,751  $ 1,734,791
Add:
  Rentals (2)                                 2,128         1,240          638          776        1,313      1,416        1,834
  Allocable portion of interest
      on long-term Contracts for
      the purchase of power (3)               1,659         1,616        1,568        1,515        1,457      1,051        1,410
  Amortization of previously capitalized
      fixed charges                           1,083         1,440        1,638        1,405        1,579        937        1,310
                                           ----------  ------------   ---------  -----------  -----------  ---------   -----------
                                           ----------  ------------   ---------  -----------  -----------  ---------   -----------
Total earnings before income
  taxes and fixed charges (A)           $  4,855,718  $  2,477,417  $ 1,731,111  $ 1,771,145  $ 1,418,821   1,385,155  $ 1,739,345
                                           ==========   ============   ========  ===========   ===========  ==========  ============
                                           ==========   ============   ========  ===========   ===========  ==========  ============




FIXED CHARGES:
  Interest and amortization             $    784,858  $    584,442  $   451,792  $   399,169  $   370,650     310,160  $  384,158
  Rentals (2)                                  2,128         1,240          638          776        1,313       1,416       1,834
  Capitalized fixed charges -
      nuclear fuel (4)                           756           520           97          839        1,075       1,769       2,308
  Allocable portion of interest on
      long-term contracts for
      the purchase of power (3)                1,659         1,616        1,568        1,515        1,457       1,051       1,410
  Preferred and preference stock dividend
      requirements - pre-tax basis            37,907       29,119        22,262       22,962       37,587      61,576      78,384
                                           ----------    ----------   ----------   -----------   -----------  ------------- -------
                                           ----------    ----------   ----------   -----------   -----------  ------------- -------
Total fixed charges (B)                 $    827,308  $    616,937  $   476,357    $ 425,261    $ 412,082     375,972   $ 468,094
                                           ===========   ==========   ===========   ===========  ===========  ========   ===========
                                           ===========   ==========   ===========   ===========  ===========  ========   ===========


RATIO OF EARNINGS TO
  FIXED CHARGES (A) / (B):                      5.87          4.02         3.63          4.16         3.44       3.68         3.72
                                           ==========   ============   ============   ===========  ===========  ========   =========
                                           ==========   ============   ============   ===========  ===========  ========   =========




(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.