EX-12.2 3 0003.txt HECO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HECO Exhibit 12.2 ----------------- Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Six months ended June 30, _________________________________ (dollars in thousands) 2000 1999 -------------------------------------------------------------------------------------------------------------------- Fixed charges Total interest charges.................................................... $ 24,351 $24,513 Interest component of rentals............................................. 371 380 Pretax preferred stock dividend requirements of subsidiaries.............. 721 756 Preferred securities distributions of trust subsidiaries.................. 3,838 3,827 ------------------ ------------------ Total fixed charges....................................................... $ 29,281 $29,476 ================== ================== Earnings Income before preferred stock dividends of HECO........................... $ 48,279 $36,944 Income taxes (see note below)............................................. 30,330 22,731 Fixed charges, as shown................................................... 29,281 29,476 AFUDC for borrowed funds.................................................. (1,413) (1,239) ------------------ ------------------ Earnings available for fixed charges...................................... $106,477 $87,912 ================== ================== Ratio of earnings to fixed charges........................................ 3.64 2.98 ================== ==================
Note: Income taxes is comprised of the following Income tax expense relating to income from regulated activities.......... $30,394 $22,789 Income tax benefit relating to loss from nonregulated activities......... (64) (58) ------------------ ------------------ $30,330 $22,731 ================== ==================