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Southern California Edison (SCE) declares preferred stock dividends
ROSEMEAD, Calif., December 9, 2010 — The Board of Directors of Edison International (NYSE: EIX) today declared a quarterly common stock dividend of $0.32 per share, payable January 31, 2011, to shareholders of record on December 31, 2010. This action increases the annual dividend from $1.26 per share to $1.28 per share.
“We are pleased to increase our common stock dividend,” said Theodore F. Craver, Jr., chairman and chief executive officer of Edison International. “We have modestly increased our dividend, balancing the substantial and growing capital requirements of our utility business. We have targeted to pay out in dividends 45 percent to 55 percent of SCE’s earnings, taking into account our capital spending requirements for growth at SCE. Given SCE’s expected capital spending program, our payout ratio is expected to fall below the targeted range.”
Additionally, the Board of Directors of SCE today declared the following dividends:
- Quarterly dividends of $1.375 per share on the Series A preference stock, and $1.50 per share on the Series C preference stock. Each of these dividends is payable January 31, 2011, to shareholders of record on January 5, 2011.
- Quarterly dividends of $0.255 per share on the 4.08% series of cumulative preferred stock, $0.265 per share on the 4.24% series of cumulative preferred stock and $0.29875 per share on the 4.78% series of cumulative preferred stock. Each of these dividends is payable on February 28, 2011, to shareholders of record on February 4, 2011.
- Quarterly dividends of $1.53125 per share on the Series B preference stock and $0.27 per share on the 4.32% series of cumulative preferred stock. Each of these dividends is payable on March 31, 2011, to shareholders of record on March 4, 2011.
About Edison International
Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business and parent company to Edison Mission Energy and Edison Capital.