EX-12.2 6 heco_12312013ex122.htm EXHIBIT 12 - HECO HECO_12.31.2013 EX12.2


Hawaiian Electric Exhibit 12.2
 
Hawaiian Electric Company, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31
2013

 
2012

 
2011

 
2010

 
2009

(dollars in thousands)
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 

 
 

 
 

 
 

Total interest charges
$
64,130

 
$
62,056

 
$
60,031

 
$
61,510

 
$
57,944

Interest component of rentals
2,793

 
2,690

 
2,152

 
1,857

 
2,499

Pretax preferred stock dividend requirements of subsidiaries
1,421

 
1,467

 
1,468

 
1,461

 
1,452

Total fixed charges
$
68,344

 
$
66,213

 
$
63,651

 
$
64,828

 
$
61,895

Earnings
 
 
 

 
 

 
 

 
 

Net income attributable to Hawaiian Electric
$
124,009

 
$
100,356

 
$
101,066

 
$
77,669

 
$
80,526

Fixed charges, as shown
68,344

 
66,213

 
63,651

 
64,828

 
61,895

Income taxes
69,117

 
61,048

 
61,584

 
46,868

 
47,776

Interest capitalized
(7,097
)
 
(4,355
)
 
(2,498
)
 
(2,558
)
 
(5,268
)
Earnings available for fixed charges
$
254,373

 
$
223,262

 
$
223,803

 
$
186,807

 
$
184,929

Ratio of earnings to fixed charges
3.72

 
3.37

 
3.52

 
2.88

 
2.99