EX-12 4 dex12.htm HEI COMPUTATION OF RATIO OF EARNINGS HEI Computation of Ratio of Earnings

HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     2006     2005     2004  

Years ended December 31

    (1)     (2)     (1)     (2)     (1)     (2)  

(dollars in thousands)

             

Fixed charges

             

Total interest charges (3)

    $ 148,160     $ 221,774     $ 144,671     $ 196,735     $ 142,779     $ 189,963  

Interest component of rentals

      4,729       4,729       4,133       4,133       3,935       3,935  

Pretax preferred stock dividend requirements of subsidiaries

      2,974       2,974       2,976       2,976       2,956       2,956  

Preferred securities distributions of trust subsidiaries

      —         —         —         —         —         —    
                                                

Total fixed charges

    $ 155,863     $ 229,477     $ 151,780     $ 203,844     $ 149,670     $ 196,854  
                                                

Earnings

             

Pretax income from continuing operations

    $ 171,055     $ 171,055     $ 201,344     $ 201,344     $ 200,219     $ 200,219  

Fixed charges, as shown

      155,863       229,477       151,780       203,844       149,670       196,854  

Interest capitalized

      (2,879 )     (2,879 )     (2,020 )     (2,020 )     (2,542 )     (2,542 )
                                                

Earnings available for fixed charges

    $ 324,039     $ 397,653     $ 351,104     $ 403,168     $ 347,347     $ 394,531  
                                                

Ratio of earnings to fixed charges

      2.08       1.73       2.31       1.98       2.32       2.00  
                                                
(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.

HEI Exhibit 12 (page 2 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued

 

     2003    

2002

  

Years ended December 31

    (1)     (2)     (1)     (2)  

(dollars in thousands)

         

Fixed charges

         

Total interest charges (3)

    $ 138,808     $ 192,616     $ 151,543     $ 225,174  

Interest component of rentals

      4,214       4,214       4,501       4,501  

Pretax preferred stock dividend requirements of subsidiaries

      3,082       3,082       3,069       3,069  

Preferred securities distributions of trust subsidiaries

      16,035       16,035       16,035       16,035  
                                

Total fixed charges

    $ 162,139     $ 215,947     $ 175,148     $ 248,779  
                                

Earnings

         

Pretax income from continuing operations

    $ 182,415     $ 182,415     $ 181,909     $ 181,909  

Fixed charges, as shown

      162,139       215,947       175,148       248,779  

Interest capitalized

      (1,914 )     (1,914 )     (1,855 )     (1,855 )
                                

Earnings available for fixed charges

    $ 342,640     $ 396,448     $ 355,202     $ 428,833  
                                

Ratio of earnings to fixed charges

      2.11       1.84       2.03       1.72  
                                
(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.