EX-12.1 4 a11-8374_1ex12d1.htm EX-12.1

HEI Exhibit 12.1

 

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

Three months ended March 31

 

2011 (1)

 

2011 (2)

 

2010 (1)

 

2010 (2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

Total interest charges (3)

 

$

21,507

 

$

24,100

 

$

21,807

 

$

26,230

 

Interest component of rentals

 

1,053

 

1,053

 

1,142

 

1,142

 

Pretax preferred stock dividend requirements of subsidiaries

 

736

 

736

 

735

 

735

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

23,296

 

$

25,889

 

$

23,684

 

$

28,107

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

44,526

 

$

44,526

 

$

42,405

 

$

42,405

 

Fixed charges, as shown

 

23,296

 

25,889

 

23,684

 

28,107

 

Interest capitalized

 

(520

)

(520

)

(779

)

(779

)

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

67,302

 

$

69,895

 

$

65,310

 

$

69,733

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.89

 

2.70

 

2.76

 

2.48

 

 

Years ended December 31

 

2010 (1)

 

2010 (2)

 

2009 (1)

 

2009 (2)

 

2008 (1)

 

2008 (2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest charges (3) 

 

$

87,191

 

$

101,887

 

$

85,827

 

$

119,873

 

$

120,083

 

$

181,566

 

Interest component of rentals

 

4,282

 

4,282

 

5,339

 

5,339

 

5,354

 

5,354

 

Pretax preferred stock dividend requirements of subsidiaries

 

3,001

 

3,001

 

2,868

 

2,868

 

2,894

 

2,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

94,474

 

$

109,170

 

$

94,034

 

$

128,080

 

$

128,331

 

$

189,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

181,357

 

$

181,357

 

$

126,934

 

$

126,934

 

$

139,256

 

$

139,256

 

Fixed charges, as shown

 

94,474

 

109,170

 

94,034

 

128,080

 

128,331

 

189,814

 

Interest capitalized

 

(2,558

)

(2,558

)

(5,268

)

(5,268

)

(3,741

)

(3,741

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

273,273

 

$

287,969

 

$

215,700

 

$

249,746

 

$

263,846

 

$

325,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.89

 

2.64

 

2.29

 

1.95

 

2.06

 

1.71

 

 

See notes on page 2 of 2.

 

1


 

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

(continued)

 

Years ended December 31

 

2007 (1)

 

2007 (2)

 

2006 (1)

 

2006 (2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

Total interest charges (3) 

 

$

156,575

 

$

238,454

 

$

148,160

 

$

221,774

 

Interest component of rentals

 

5,367

 

5,367

 

4,729

 

4,729

 

Pretax preferred stock dividend requirements of subsidiaries

 

2,899

 

2,899

 

2,974

 

2,974

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

164,841

 

$

246,720

 

$

155,863

 

$

229,477

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

131,057

 

$

131,057

 

$

171,055

 

$

171,055

 

Fixed charges, as shown

 

164,841

 

246,720

 

155,863

 

229,477

 

Interest capitalized

 

(2,552

)

(2,552

)

(2,879

)

(2,879

)

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

293,346

 

$

375,225

 

$

324,039

 

$

397,653

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.78

 

1.52

 

2.08

 

1.73

 

 

(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.

 

2