EX-12.1 3 he-9302013xex121.htm HEI EXHIBIT 12.1 HE-9.30.2013-Ex12.1


HEI Exhibit 12.1 (page 1 of 2)
 
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
 
Nine months ended September 30
 
2013 (1)
 
2013 (2)
 
2012 (1)
 
2012 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges (3)
 
$
63,253

 
$
67,123

 
$
41,213

 
$
44,688

Interest component of rentals
 
4,830

 
4,830

 
3,464

 
3,464

Pretax preferred stock dividend requirements of subsidiaries
 
2,162

 
2,162

 
1,481

 
1,481

Total fixed charges
 
$
70,245

 
$
74,115

 
$
46,158

 
$
49,633

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
187,660

 
$
187,660

 
$
121,238

 
$
121,238

Fixed charges, as shown
 
70,245

 
74,115

 
46,158

 
49,633

Interest capitalized
 
(1,626
)
 
(1,626
)
 
(1,763
)
 
(1,763
)
Earnings available for fixed charges
 
$
256,279

 
$
260,149

 
$
165,633

 
$
169,108

Ratio of earnings to fixed charges
 
3.65

 
3.51

 
3.59

 
3.41

 
Years ended December 31
 
2012 (1)
 
2012 (2)
 
2011 (1)
 
2011 (2)
 
2010 (1)
 
2010 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

 
 

 
 

Total interest charges (3) 
 
$
83,020

 
$
89,443

 
$
87,592

 
$
96,575

 
$
87,191

 
$
101,887

Interest component of rentals
 
6,493

 
6,493

 
4,757

 
4,757

 
4,282

 
4,282

Pretax preferred stock dividend requirements of subsidiaries
 
2,924

 
2,924

 
2,914

 
2,914

 
3,001

 
3,001

Total fixed charges
 
$
92,437

 
$
98,860

 
$
95,263

 
$
104,246

 
$
94,474

 
$
109,170

Earnings
 
 

 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
215,517

 
$
215,517

 
$
214,162

 
$
214,162

 
$
181,357

 
$
181,357

Fixed charges, as shown
 
92,437

 
98,860

 
95,263

 
104,246

 
94,474

 
109,170

Interest capitalized
 
(4,355
)
 
(4,355
)
 
(2,498
)
 
(2,498
)
 
(2,558
)
 
(2,558
)
Earnings available for fixed charges
 
$
303,599

 
$
310,022

 
$
306,927

 
$
315,910

 
$
273,273

 
$
287,969

Ratio of earnings to fixed charges
 
3.28

 
3.14

 
3.22

 
3.03

 
2.89

 
2.64

 
See notes on page 2 of 2.




HEI Exhibit 12.1 (page 2 of 2)
 
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
 
(continued)
 
Years ended December 31
 
2009 (1)
 
2009 (2)
 
2008 (1)
 
2008 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges (3) 
 
$
85,827

 
$
119,873

 
$
120,083

 
$
181,566

Interest component of rentals
 
5,339

 
5,339

 
5,354

 
5,354

Pretax preferred stock dividend requirements of subsidiaries
 
2,868

 
2,868

 
2,894

 
2,894

Total fixed charges
 
$
94,034

 
$
128,080

 
$
128,331

 
$
189,814

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
126,934

 
$
126,934

 
$
139,256

 
$
139,256

Fixed charges, as shown
 
94,034

 
128,080

 
128,331

 
189,814

Interest capitalized
 
(5,268
)
 
(5,268
)
 
(3,741
)
 
(3,741
)
Earnings available for fixed charges
 
$
215,700

 
$
249,746

 
$
263,846

 
$
325,329

Ratio of earnings to fixed charges
 
2.29

 
1.95

 
2.06

 
1.71

_______________________________________________
(1)
Excluding interest on ASB deposits.

(2)
Including interest on ASB deposits.

(3)
Interest on nonrecourse debt from leveraged leases is not included in total interest charges nor in interest expense in HEI’s consolidated statements of income.
 
For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income from continuing operations (before adjustment for undistributed income or loss from equity investees) and (ii) fixed charges (as hereinafter defined, but excluding capitalized interest). “Fixed charges” are calculated both excluding and including interest on ASB’s deposits during the applicable periods and represent the sum of (i) interest, whether capitalized or expensed, but excluding interest on nonrecourse debt from leveraged leases which is not included in interest expense in HEI’s consolidated statements of income, (ii) amortization of debt expense and discount or premium related to any indebtedness, whether capitalized or expensed, (iii) the estimate of the interest within rental expense, and (iv) the non-intercompany preferred stock dividend requirements of HEI’s subsidiaries, increased to an amount representing the pretax earnings required to cover such dividend requirements.