EX-12.2 5 heco-06302018xex122.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)
 
 
 
Six months ended June 30
 
Years ended December 31
(dollars in thousands)
 
2018
 
2017
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed charges
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
 
$
36,353

 
$
36,010

 
$
70,234

 
$
67,407

 
$
67,178

 
$
66,132

 
$
64,130

Interest component of rentals
 
2,185

 
1,752

 
3,618

 
3,249

 
3,060

 
3,244

 
2,793

Pretax preferred stock dividend requirements of subsidiaries
 
594

 
720

 
1,539

 
1,453

 
1,443

 
1,444

 
1,421

Total fixed charges
 
$
39,132

 
$
38,482

 
$
75,391

 
$
72,109

 
$
71,681

 
$
70,820

 
$
68,344

Earnings
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Net income attributable to Hawaiian Electric
 
$
59,184

 
$
47,649

 
$
121,031

 
$
143,397

 
$
136,794

 
$
138,721

 
$
124,009

Fixed charges, as shown
 
39,132

 
38,482

 
75,391

 
72,109

 
71,681

 
70,820

 
68,344

Income taxes
 
17,851

 
27,618

 
83,199

 
84,801

 
79,422

 
80,725

 
69,117

Interest capitalized
 
(3,308
)
 
(2,323
)
 
(5,375
)
 
(3,727
)
 
(3,265
)
 
(3,954
)
 
(7,097
)
Earnings available for fixed charges
 
$
112,859

 
$
111,426

 
$
274,246

 
$
296,580

 
$
284,632

 
$
286,312

 
$
254,373

Ratio of earnings to fixed charges
 
2.88

 
2.90

 
3.64

 
4.11

 
3.97

 
4.04

 
3.72

 
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.