EX-12.1 2 hei-6302014xex121.htm HEI EXHIBIT 12.1 HEI-6.30.2014-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)
 
Six months ended June 30
 
2014 (1)
 
2014 (2)
 
2013 (1)
 
2013 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges
 
$
43,183

 
$
45,645

 
$
41,743

 
$
44,351

Interest component of rentals
 
3,236

 
3,236

 
3,047

 
3,047

Pretax preferred stock dividend requirements of subsidiaries
 
1,449

 
1,449

 
1,456

 
1,456

Total fixed charges
 
$
47,868

 
$
50,330

 
$
46,246

 
$
48,854

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
134,290

 
$
134,290

 
$
114,816

 
$
114,816

Fixed charges, as shown
 
47,868

 
50,330

 
46,246

 
48,854

Interest capitalized
 
(2,017
)
 
(2,017
)
 
(3,356
)
 
(3,356
)
Earnings available for fixed charges
 
$
180,141

 
$
182,603

 
$
157,706

 
$
160,314

Ratio of earnings to fixed charges
 
3.76

 
3.63

 
3.41

 
3.28

 
Years ended December 31
 
2013 (1)
 
2013 (2)
 
2012 (1)
 
2012 (2)
 
2011 (1)
 
2011 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
 
$
85,315

 
$
90,407

 
$
83,020

 
$
89,443

 
$
87,592

 
$
96,575

Interest component of rentals
 
6,345

 
6,345

 
6,493

 
6,493

 
4,757

 
4,757

Pretax preferred stock dividend requirements of subsidiaries
 
2,866

 
2,866

 
2,924

 
2,924

 
2,914

 
2,914

Total fixed charges
 
$
94,526

 
$
99,618

 
$
92,437

 
$
98,860

 
$
95,263

 
$
104,246

Earnings
 
 

 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
245,857

 
$
245,857

 
$
215,517

 
$
215,517

 
$
214,162

 
$
214,162

Fixed charges, as shown
 
94,526

 
99,618

 
92,437

 
98,860

 
95,263

 
104,246

Interest capitalized
 
(7,097
)
 
(7,097
)
 
(4,355
)
 
(4,355
)
 
(2,498
)
 
(2,498
)
Earnings available for fixed charges
 
$
333,286

 
$
338,378

 
$
303,599

 
$
310,022

 
$
306,927

 
$
315,910

Ratio of earnings to fixed charges
 
3.53

 
3.40

 
3.28

 
3.14

 
3.22

 
3.03

 
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
 
2010 (1)
 
2010 (2)
 
2009 (1)
 
2009 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges (3) 
 
$
87,191

 
$
101,887

 
$
85,827

 
$
119,873

Interest component of rentals
 
4,282

 
4,282

 
5,339

 
5,339

Pretax preferred stock dividend requirements of subsidiaries
 
3,001

 
3,001

 
2,868

 
2,868

Total fixed charges
 
$
94,474

 
$
109,170

 
$
94,034

 
$
128,080

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
181,357

 
$
181,357

 
$
126,934

 
$
126,934

Fixed charges, as shown
 
94,474

 
109,170

 
94,034

 
128,080

Interest capitalized
 
(2,558
)
 
(2,558
)
 
(5,268
)
 
(5,268
)
Earnings available for fixed charges
 
$
273,273

 
$
287,969

 
$
215,700

 
$
249,746

Ratio of earnings to fixed charges
 
2.89

 
2.64

 
2.29

 
1.95


(1)
Excluding interest on ASB deposits.

(2)
Including interest on ASB deposits.

 
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, (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.