During this call, we will make forward-looking statements about the financial outlook for Edison International and its subsidiaries and about other future events. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. We encourage you to read them carefully. Presentation includes certain outlook assumptions, as well as reconciliation of non-GAAP measures to the nearest GAAP measure.

With that, I'll turn the call over to Ted Craver.

Theodore F. Craver

Thank you, Scott, and good afternoon, everyone. Today, Edison International reported fourth quarter earnings of $0.75 per share and full year core earnings of $3.22 per share. We are pleased that our fourth quarter results have allowed us to deliver 2011 core earnings well above the high end of our guidance range.

Southern California Edison, Edison Mission Group and the parent, all contributed to outperforming the earnings guidance. Of particular note, Southern California Edison's core earnings increased $0.20 in the quarter and $0.32 for the full year due to rate base growth and a favorable tax adjustment that Jim will discuss a little later.

Typically, at this time of the year, we provide earnings guidance for the coming year. However, we will not be providing 2012 guidance until we receive a final decision in Southern California Edison's General Rate Case, which we hope will be in the first half of 2012.

In the absence of specific earnings guidance, Jim will discuss some of the key drivers to our 2012 earnings in his remarks.

On a reported basis, we showed a loss for the full year of $0.11 per share, due primarily to impairment charges at EMG. These impairment charges are largely the result of a sharp decline in power prices, combined with the need for substantial investment in retrofits for our coal fleet to comply with environmental regulations. I'll say more about those charges later during my remarks about EMG.

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