EDISON INTERNATIONAL
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
<TABLE>
<CAPTION>
Year Ended December 31, Twelve
---------------------------------------------------------------------- Months Ended
1995 1996 1997 1998 1999 Mar. 31, 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 $ 1,724,530
Add:
Taxes on income (2) 491,477 505,785 498,729 461,711 294,081 290,183
Rentals (3) 5,188 5,159 4,649 4,278 5,015 5,267
Allocable portion of interest
on long-term contracts for
the purchase of power (4) 1,848 1,824 1,797 1,767 1,735 1,726
Spent nuclear fuel interest (7) - - - - - -
Dividends of <50% owned equity method
investments 60,251 72,787 82,576 49,208 80,891 86,679
Interest on partnership
indebtedness (5) 34,681 31,356 34,938 36,019 33,186 32,740
Amortization of previously capitalized
fixed charges 2,417 2,232 7,023 7,246 7,601 7,682
Less:
Earnings of <50% owned equity method 51,703 75,063 84,445 53,605 88,376 71,624
----------- ------------- ------------- ----------- ------------- --------------
Total earnings before income
taxes and fixed charges (A) $1,890,795 $1,943,730 $1,996,224 $1,922,956 $ 1,920,952 $ 2,077,183
=========== ============= ============= =========== ============= ==============
FIXED CHARGES:
Interest and amortization $ 560,641 $ 635,407 $ 708,446 $ 710,388 $ 893,613 $ 1,043,537
Rentals (3) 5,188 5,159 4,649 4,278 5,015 5,267
Capitalized interest (6) 59,885 57,803 14,937 19,219 28,682 23,480
Allocable portion of interest on
long-term contracts for
the purchase of power (4) 1,848 1,824 1,797 1,767 1,735 1,726
Spent nuclear fuel interest (7) - - - - - -
Interest on partnership
indebtedness (5) 34,681 31,356 34,938 36,019 33,186 32,740
Dividends on preferred securities 10,095 13,100 13,167 13,149 44,287 66,294
Subsidiary preferred and preference stock
dividend requirements - pre-tax basis 61,210 58,666 50,502 41,653 33,045 33,502
----------- ------------- ------------- ----------- ------------- --------------
Total fixed charges (B) $ 733,548 $ 803,315 $ 828,436 $ 826,473 $ 1,039,563 $ 1,206,546
=========== ============= ============= =========== ============= ==============
RATIO OF EARNINGS TO
FIXED CHARGES (A) / (B): 2.58 2.42 2.41 2.33 1.85 1.72
=========== ============= ============= ========== ============= =============
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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.
(7) Represents interest on spent nuclear fuel disposal obligation.
