SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Thousands of Dollars)
<TABLE>
<CAPTION>
1995 1996 1997 1998 1999
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EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
<S> <C> <C> <C> <C> <C>
Income before interest expense (1) $1,143,477 $1,108,410 $1,049,866 $ 999,910 $ 992,354
Add:
Taxes on income (2) 509,632 511,819 520,468 442,356 438,006
Rentals (3) 4,018 3,269 2,639 2,208 1,901
Allocable portion of interest
on long-term Contracts for
the purchase of power (4) 1,848 1,824 1,797 1,767 1,735
Spent nuclear fuel interest (6) - - - - -
Amortization of previously capitalized
fixed charges 1,185 814 1,127 1,571 1,508
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Total earnings before income
taxes and fixed charges (A) $1,660,160 $1,626,136 $1,575,897 $1,447,812 $1,435,504
================ ============== ============== ============== ===============
FIXED CHARGES:
Interest and amortization $ 463,786 $ 453,015 $ 444,272 $ 484,788 $ 482,933
Rentals (3) 4,018 3,269 2,639 2,208 1,901
Capitalized fixed charges -
nuclear fuel (5) 1,531 1,711 2,398 1,294 1,211
Allocable portion of interest on
long-term contracts for
the purchase of power (4) 1,848 1,824 1,797 1,767 1,735
Spent nuclear fuel interest (6) - - - - -
Preferred and preference stock dividend
requirements - pre-tax basis 64,330 61,256 54,831 45,784 41,753
---------------- -------------- -------------- -------------- ---------------
Total fixed charges (B) $ 535,513 $ 521,075 $ 505,937 $ 535,841 $ 529,533
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RATIO OF EARNINGS TO
FIXED CHARGES (A) / (B): 3.10 3.12 3.11 2.70 2.71
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</TABLE>
(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 re
(4) Allocable portion of interest included in annual minimum debt service
requirement of supplier.
(5) Includes fixed charges associated with Nuclear Fuel.
(6) Represents interest on spent nuclear fuel disposal obligation.
