EX-12.1 2 0002.txt HEI COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HEI Exhibit 12.1 ---------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Six months ended Six months ended June 30, June 30, ------------------------------------ ------------------------------------ (dollars in thousands) 2000 (1) 2000 (2) 1999 (1) 1999 (2) ------------------------------------------------------------------------------------------------------------------------------- Fixed charges Total interest charges (3)....................... $ 97,032 $153,447 $ 75,187 $138,782 Interest component of rentals.................... 2,282 2,282 2,225 2,225 Pretax preferred stock dividend requirements of subsidiaries.................................... 1,679 1,679 1,794 1,794 Preferred securities distributions of trust subsidiaries............................ 8,018 8,018 8,007 8,007 --------------- --------------- --------------- --------------- Total fixed charges.............................. $109,011 $165,426 $ 87,213 $150,808 =============== =============== =============== =============== Earnings Pretax income from continuing operations......... $ 81,088 $ 81,088 $ 69,986 $ 69,986 Fixed charges, as shown.......................... 109,011 165,426 87,213 150,808 Interest capitalized............................. (1,580) (1,580) (1,374) (1,374) --------------- ---------- --------- -------- Earnings available for fixed charges............. $188,519 $244,934 $155,825 $219,420 =============== =============== =============== =============== Ratio of earnings to fixed charges............... 1.73 1.48 1.79 1.45 =============== =============== =============== ===============
(1) Excluding interest on ASB deposits. (2) Including interest on ASB deposits. (3) Interest on nonrecourse debt from leveraged leases is not included in total interest charges nor in interest expense in HEI's consolidated statements of income.