EX-12.1 4 hei-06302018xex121.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)
 
Six months ended June 30
 
2018 (1)
 
2018 (2)
 
2017 (1)
 
2017 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges
 
$
44,907

 
$
51,148

 
$
41,939

 
$
46,353

Interest component of rentals
 
3,658

 
3,658

 
3,263

 
3,263

Pretax preferred stock dividend requirements of subsidiaries
 
1,224

 
1,224

 
1,426

 
1,426

Total fixed charges
 
$
49,789

 
$
56,030

 
$
46,628

 
$
51,042

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
111,912

 
$
111,912

 
$
110,262

 
$
110,262

Fixed charges, as shown
 
49,789

 
56,030

 
46,628

 
51,042

Interest capitalized
 
(3,308
)
 
(3,308
)
 
(2,323
)
 
(2,323
)
Earnings available for fixed charges
 
$
158,393

 
$
164,634

 
$
154,567

 
$
158,981

Ratio of earnings to fixed charges
 
3.18

 
2.94

 
3.31

 
3.11

 
Years ended December 31
 
2017 (1)
 
2017 (2)
 
2016 (1)
 
2016 (2)
 
2015 (1)
 
2015 (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

 
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
 
2014 (1)
 
2014 (2)
 
2013 (1)
 
2013 (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.