EX-12.2 3 heco-9302015xex122.htm EXHIBIT 12.2 Exhibit


Hawaiian Electric Exhibit 12.2
 
Hawaiian Electric Company, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
 
 
 
Nine months  
 ended September 30
 
Years ended December 31
(dollars in thousands)
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
 
2009
Fixed charges
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
 
$
49,800

 
$
50,110

 
$
66,132

 
$
64,130

 
$
62,056

 
$
60,031

 
$
61,510

Interest component of rentals
 
2,324

 
2,439

 
3,244

 
2,793

 
2,690

 
2,152

 
1,857

Pretax preferred stock dividend requirements of subsidiaries
 
1,084

 
1,090

 
1,444

 
1,421

 
1,467

 
1,468

 
1,461

Total fixed charges
 
$
53,208

 
$
53,639

 
$
70,820

 
$
68,344

 
$
66,213

 
$
63,651

 
$
64,828

Earnings
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income attributable to Hawaiian Electric
 
$
103,531

 
$
109,339

 
$
138,721

 
$
124,009

 
$
100,356

 
$
101,066

 
$
77,669

Fixed charges, as shown
 
53,208

 
53,639

 
70,820

 
68,344

 
66,213

 
63,651

 
64,828

Income taxes
 
60,351

 
64,686

 
80,725

 
69,117

 
61,048

 
61,584

 
46,868

Interest capitalized
 
(2,548
)
 
(2,998
)
 
(3,954
)
 
(7,097
)
 
(4,355
)
 
(2,498
)
 
(2,558
)
Earnings available for fixed charges
 
$
214,542

 
$
224,666

 
$
286,312

 
$
254,373

 
$
223,262

 
$
223,803

 
$
186,807

Ratio of earnings to fixed charges
 
4.03

 
4.19

 
4.04

 
3.72

 
3.37

 
3.52

 
2.88

 
For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income before preferred stock dividends of Hawaiian Electric and before adjustment for undistributed income or loss from equity investees and (ii) fixed charges (as hereinafter defined, but excluding interest capitalized). “Fixed charges” 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 preferred stock dividend requirements of Hawaii Electric Light and Maui Electric, increased to an amount representing the pretax earnings required to cover such dividend requirements.