EX-12.2 5 dex122.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement regarding Computation of Ratios of Earnings to Fixed Charges

EXHIBIT 12.2

SOUTHERN CALIFORNIA EDISON

RATIOS OF EARNINGS TO FIXED CHARGES

(Millions of Dollars)

 

      6 Months
Ended
June 30,
2009		     2008     2007     2006     2005     2004  

Earnings:

             

Income from continuing operations before tax and noncontrolling interest

    689      1,246      1,400      1,540      1,379      1,649   

Less: Income from equity investees

    —        —        —        —        —        —     
                                    

Income from continuing operations before income from equity investees, tax and noncontrolling interest

    689      1,246      1,400      1,540      1,379      1,649   

Add:

             

Fixed charges (see below)

    237      445      466      425      373      403   

Amortization of capitalized interest

    1      2      2      1      1      1   

Distributed income of equity investees

    —        —        —        —        —        —     

Loss of equity investees for which charges arising from guarantees are included in fixed charges

    —        —        —        —        —        —     

Subtract:

             

Interest capitalized

    (1 )    (3 )    (3 )    (2 )    (1 )    (1 ) 

Preference security dividend requirements of consolidated subsidiaries — pre-tax basis

    —        —        —        —        —        —     

Noncontrolling interest of subsidiaries that have not incurred fixed charges — pre-tax basis

    (34 )    (170 )    (305 )    (275 )    (334 )    (280 ) 
                                    

Earnings as adjusted

    892      1,520      1,560      1,689      1,418      1,772   
                                    

Fixed Charges (1):

             

Interest expenses — net of capitalized interest and AFUDC

    215      407      429      399      356      399   

Add: AFUDC

    18      27      25      19      14      —     
                                    

Interest expenses — net of capitalized interest

    233      434      454      418      370      399   

Interest capitalized (2)

    1      3      3      3      1      1   

Interest portion of rental expense (3)

    2      7      8      2      1      1   

Allocable portion of interest on long-term contracts for purchased power (4)

    1      1      1      2      1      2   

Preferred and preference stock dividend requirement — pre-tax basis

    —        —        —        —        —        —     
                                    

Total fixed charges

    237      445      466      425      373      403   
                                    

Ratio

    3.76      3.42      3.35      3.97      3.80      4.40   
                                    

 

(1) Interest expenses associated with income taxes are reflected as a component of income tax expense and are excluded from the determination of fixed charges.
(2) Includes fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned partnership. The amount for 2006 is restated.
(3) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals, except for amounts allocated to power purchase contracts that are classified as operating leases.
(4) Allocable portion of interest included in annual minimum debt service requirement of supplier.