EX-12.1 3 hei-09302016xex121.htm EXHIBIT 12.1 Exhibit


HEI Exhibit 12.1 (page 1 of 2)
 
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
 
Nine months ended September 30
 
2016 (1)
 
2016 (2)
 
2015 (1)
 
2015 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges
 
$
61,648

 
$
66,802

 
$
62,333

 
$
66,214

Interest component of rentals
 
4,661

 
4,661

 
4,571

 
4,571

Pretax preferred stock dividend requirements of subsidiaries
 
2,082

 
2,082

 
2,256

 
2,256

Total fixed charges
 
$
68,391

 
$
73,545

 
$
69,160

 
$
73,041

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
299,825

 
$
299,825

 
$
187,963

 
$
187,963

Fixed charges, as shown
 
68,391

 
73,545

 
69,160

 
73,041

Interest capitalized
 
(2,716
)
 
(2,716
)
 
(2,548
)
 
(2,548
)
Earnings available for fixed charges
 
$
365,500

 
$
370,654

 
$
254,575

 
$
258,456

Ratio of earnings to fixed charges
 
5.34

 
5.04

 
3.68

 
3.54

 
Years ended December 31
 
2015 (1)
 
2015 (2)
 
2014 (1)
 
2014 (2)
 
2013 (1)
 
2013 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
 
$
83,936

 
$
89,284

 
$
83,458

 
$
88,535

 
$
85,315

 
$
90,407

Interest component of rentals
 
6,065

 
6,065

 
6,366

 
6,366

 
6,345

 
6,345

Pretax preferred stock dividend requirements of subsidiaries
 
2,977

 
2,977

 
2,952

 
2,952

 
2,886

 
2,886

Total fixed charges
 
$
92,978

 
$
98,326

 
$
92,776

 
$
97,853

 
$
94,546

 
$
99,638

Earnings
 
 

 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
252,898

 
$
252,898

 
$
263,708

 
$
263,708

 
$
247,946

 
$
247,946

Fixed charges, as shown
 
92,978

 
98,326

 
92,776

 
97,853

 
94,546

 
99,638

Interest capitalized
 
(3,265
)
 
(3,265
)
 
(3,954
)
 
(3,954
)
 
(7,097
)
 
(7,097
)
Earnings available for fixed charges
 
$
342,611

 
$
347,959

 
$
352,530

 
$
357,607

 
$
335,395

 
$
340,487

Ratio of earnings to fixed charges
 
3.68

 
3.54

 
3.80

 
3.65

 
3.55

 
3.42

 
See notes on page 2 of 2.




HEI Exhibit 12.1 (page 2 of 2)
 
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
 
(continued)
 
Years ended December 31
 
2012 (1)
 
2012 (2)
 
2011 (1)
 
2011 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges (3) 
 
$
83,020

 
$
89,443

 
$
87,592

 
$
96,575

Interest component of rentals
 
6,493

 
6,493

 
4,757

 
4,757

Pretax preferred stock dividend requirements of subsidiaries
 
2,943

 
2,943

 
2,944

 
2,944

Total fixed charges
 
$
92,456

 
$
98,879

 
$
95,293

 
$
104,276

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
217,064

 
$
217,064

 
$
215,686

 
$
215,686

Fixed charges, as shown
 
92,456

 
98,879

 
95,293

 
104,276

Interest capitalized
 
(4,355
)
 
(4,355
)
 
(2,498
)
 
(2,498
)
Earnings available for fixed charges
 
$
305,165

 
$
311,588

 
$
308,481

 
$
317,464

Ratio of earnings to fixed charges
 
3.30

 
3.15

 
3.24

 
3.04


(1)
Excluding interest on ASB deposits.

(2)
Including interest on ASB deposits.


For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income from continuing operations (before adjustment for undistributed income or loss from equity investees) and (ii) fixed charges (as hereinafter defined, but excluding capitalized interest). “Fixed charges” are calculated both excluding and including interest on ASB’s deposits during the applicable periods and 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 non-intercompany preferred stock dividend requirements of HEI’s subsidiaries, increased to an amount representing the pretax earnings required to cover such dividend requirements.