EX-12.1 5 hei_12312013ex121.htm EXHIBIT 12.1 - HEI HEI_12.31.2013 EX12.1


HEI Exhibit 12.1 (page 1 of 2)
 
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
2013
 
2012
 
2011
Years ended December 31
(1)
 
(2)
 
(1)
 
(2)
 
(1)
 
(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

(1)
Excluding interest on ASB deposits.
(2)
Including interest on ASB deposits.





HEI Exhibit 12.1 (page 2 of 2)
 
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Continued
 
2010
 
2009
Years ended December 31
(1)
 
(2)
 
(1)
 
(2)
(dollars in thousands)
 

 
 

 
 

 
 

Fixed charges
 

 
 

 
 

 
 

Total interest charges
$
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.