EX-12.2 11 heexhibit122201510k.htm EXHIBIT 12.2 Exhibit


Hawaiian Electric Exhibit 12.2
 
Hawaiian Electric Company, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31
2015

 
2014

 
2013

 
2012

 
2011

(dollars in thousands)
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 

 
 

 
 

Total interest charges
$
67,178

 
$
66,132

 
$
64,130

 
$
62,056

 
$
60,031

Interest component of rentals
3,060

 
3,244

 
2,793

 
2,690

 
2,152

Pretax preferred stock dividend requirements of subsidiaries
1,443

 
1,444

 
1,421

 
1,467

 
1,468

Total fixed charges
$
71,681

 
$
70,820

 
$
68,344

 
$
66,213

 
$
63,651

Earnings
 
 
 
 
 
 
 

 
 

Net income attributable to Hawaiian Electric
$
136,794

 
$
138,721

 
$
124,009

 
$
100,356

 
$
101,066

Fixed charges, as shown
71,681

 
70,820

 
68,344

 
66,213

 
63,651

Income taxes
79,422

 
80,725

 
69,117

 
61,048

 
61,584

Interest capitalized
(3,265
)
 
(3,954
)
 
(7,097
)
 
(4,355
)
 
(2,498
)
Earnings available for fixed charges
$
284,632

 
$
286,312

 
$
254,373

 
$
223,262

 
$
223,803

Ratio of earnings to fixed charges
3.97

 
4.04

 
3.72

 
3.37

 
3.52