EX-12.2 4 dex122.htm HECO INC. COMPUTATION OF RATIO OF EARNINGS HECO Inc. Computation of ratio of earnings

 

HECO Exhibit 12.2          

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

Nine months ended September 30

 

2002

 

2001

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

Total interest charges

 

$

33,248

 

$

35,918

 

Interest component of rentals

 

 

491

 

 

521

 

Pretax preferred stock dividend requirements of subsidiaries

 

 

1,080

 

 

1,080

 

Preferred securities distributions of trust subsidiaries

 

 

5,756

 

 

5,756

 

 

 

 

 

Total fixed charges

 

$

40,575

 

$

43,275

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

Income before preferred stock dividends of HECO

 

$

70,629

 

$

70,646

 

Income taxes (see note below)

 

 

44,196

 

 

44,283

 

Fixed charges, as shown

 

 

40,575

 

 

43,275

 

AFUDC for borrowed funds

 

 

(1,392

)

 

(1,711

)

 

 

 

 

Earnings available for fixed charges

 

$

154,008

 

$

156,493

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.80

 

 

3.62

 

 

 

 

 

Note:

 

 

 

 

 

 

 

Income taxes is comprised of the following

 

 

 

 

 

 

 

 

Income tax expense relating to operating income for regulatory purposes

 

$

44,110

 

$

44,210

 

 

Income tax expense relating to nonoperating results

 

 

86

 

 

73

 

 

 

 

 

 

 

 

$

44,196

 

$

44,283