EX-12.1 3 dex121.htm HEI INC. COMPUTATION OF RATIO OF EARNINGS HEI Inc. Computation of ratio of earnings

 

HEI Exhibit 12.1                    

Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)

Nine months ended September 30

 

2002 (1)

 

2002 (2)

 

2001 (1)

 

2001 (2)

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest charges (3)

 

$

113,201

 

$

170,532

 

$

136,650

 

$

228,891

 

Interest component of rentals

 

 

3,329

 

 

3,329

 

 

3,161

 

 

3,161

 

Pretax preferred stock dividend requirements of subsidiaries

 

 

2,330

 

 

2,330

 

 

2,364

 

 

2,364

 

Preferred securities distributions of trust subsidiaries

 

 

12,026

 

 

12,026

 

 

12,026

 

 

12,026

 

 

 

 

 

 

 

Total fixed charges

 

$

130,886

 

$

188,217

 

$

154,201

 

$

246,442

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income

 

$

141,282

 

$

141,282

 

$

130,623

 

$

130,623

 

Fixed charges, as shown

 

 

130,886

 

 

188,217

 

 

154,201

 

 

246,442

 

Interest capitalized

 

 

(1,392

)

 

(1,392

)

 

(1,711

)

 

(1,711

)

 

 

 

 

 

 

Earnings available for fixed charges

 

$

270,776

 

$

328,107

 

$

283,113

 

$

375,354

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

2.07

 

 

1.74

 

 

1.84

 

 

1.52

 

 

 

 

 

 

 

 

(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.