EX-12.1 9 heiexhbit121201710k.htm EXHIBIT 12.1 Exhibit


HEI Exhibit 12.1
 
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
2017
 
2016
 
2015
Years ended December 31
(1)
 
(2)
 
(1)
 
(2)
 
(1)
 
(2)
(dollars in thousands)
 

 
 

 
 

 
 

 
 

 
 

Fixed charges
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
$
82,065

 
$
91,725

 
$
81,974

 
$
89,141

 
$
83,936

 
$
89,284

Interest component of rentals
6,607

 
6,607

 
6,200

 
6,200

 
6,065

 
6,065

Pretax preferred stock dividend requirements of subsidiaries
3,127

 
3,127

 
2,825

 
2,825

 
2,977

 
2,977

Total fixed charges
$
91,799

 
$
101,459

 
$
90,999

 
$
98,166

 
$
92,978

 
$
98,326

Earnings
 

 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
$
274,690

 
$
274,690

 
$
371,951

 
$
371,951

 
$
252,898

 
$
252,898

Fixed charges, as shown
91,799

 
101,459

 
90,999

 
98,166

 
92,978

 
98,326

Interest capitalized
(5,375
)
 
(5,375
)
 
(3,727
)
 
(3,727
)
 
(3,265
)
 
(3,265
)
Earnings available for fixed charges
$
361,114

 
$
370,774

 
$
459,223

 
$
466,390

 
$
342,611

 
$
347,959

Ratio of earnings to fixed charges
3.93

 
3.65

 
5.05

 
4.75

 
3.68

 
3.54

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

 
 

 
 

 
 

Fixed charges
 

 
 

 
 

 
 

Total interest charges
$
83,458

 
$
88,535

 
$
85,315

 
$
90,407

Interest component of rentals
6,366

 
6,366

 
6,345

 
6,345

Pretax preferred stock dividend requirements of subsidiaries
2,952

 
2,952

 
2,886

 
2,886

Total fixed charges
$
92,776

 
$
97,853

 
$
94,546

 
$
99,638

Earnings
 

 
 

 
 

 
 

Pretax income from continuing operations
$
263,708

 
$
263,708

 
$
247,946

 
$
247,946

Fixed charges, as shown
92,776

 
97,853

 
94,546

 
99,638

Interest capitalized
(3,954
)
 
(3,954
)
 
(7,097
)
 
(7,097
)
Earnings available for fixed charges
$
352,530

 
$
357,607

 
$
335,395

 
$
340,487

Ratio of earnings to fixed charges
3.80

 
3.65

 
3.55

 
3.42

(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.