EDISON INTERNATIONAL
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
<TABLE>
<CAPTION>
Twelve
Year Ended December 31, Months Ended
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1995 1996 1997 1998 1999 Sept. 30, 2000
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EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
<S> <C> <C> <C> <C> <C> <C>
Income before interest expense (1) $1,346,636 $1,399,650 $1,450,957 $ 1,416,332 $ 1,586,819 $ 2,098,174
Add:
Taxes on income (2) 491,477 505,785 498,729 461,711 294,081 434,298
Rentals (3) 5,188 5,159 4,649 4,278 5,015 6,528
Allocable portion of interest
on long-term contracts for
the purchase of power (4) 1,848 1,824 1,797 1,767 1,735 1,708
Dividends of <50% owned equity method
investments 60,251 72,787 82,576 49,208 80,891 101,830
Interest on partnership
indebtedness (5) 34,681 31,356 34,938 36,019 33,186 28,140
Amortization of previously capitalized
fixed charges 2,417 2,232 7,023 7,246 7,601 7,301
Less:
Earnings of <50% owned equity method 51,703 75,063 84,445 53,605 88,376 95,862
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Total earnings before income
taxes and fixed charges (A) $1,890,795 $1,943,730 $1,996,224 $ 1,922,956 $ 1,920,952 $ 2,582,117
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FIXED CHARGES:
Interest and amortization $ 560,641 $ 635,407 $ 708,446 $ 710,388 $ 893,613 $ 1,275,414
Rentals (3) 5,188 5,159 4,649 4,278 5,015 6,528
Capitalized interest (6) 59,885 57,803 14,937 19,219 28,682 17,469
Allocable portion of interest on
long-term contracts for
the purchase of power (4) 1,848 1,824 1,797 1,767 1,735 1,708
Interest on partnership
indebtedness (5) 34,681 31,356 34,938 36,019 33,186 28,140
Dividends on preferred securities 10,095 13,100 13,167 13,149 44,287 98,373
Subsidiary preferred and preference stock
dividend requirements - pre-tax basis 61,210 58,666 50,502 41,653 33,045 36,319
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Total fixed charges (B) $ 733,548 $ 803,315 $ 828,436 $ 826,473 $ 1,039,563 $ 1,463,951
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RATIO OF EARNINGS TO
FIXED CHARGES (A) / (B): 2.58 2.42 2.41 2.33 1.85 1.76
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(1) Includes allowance for funds used during construction, accrual of unbilled
revenue and minority interest, net of income taxes.
(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
Edison International.
(6) Includes the fixed charges associated with Nuclear Fuel and capitalized
interest of fifty-percent owned partnerships.
