EX-12.1 6 dex121.htm HEI COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HEI Computation of Ratio of Earnings to Fixed Charges

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HEI Exhibit 12.1

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

Three months ended March 31

 

2003 (1)

 

2003 (2)

 

2002 (1)

 

2002 (2)

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest charges (3)

 

$

36,887

 

$

51,317

 

$

36,471

 

$

56,643

 

Interest component of rentals

 

 

1,047

 

 

1,047

 

 

1,087

 

 

1,087

 

Pretax preferred stock dividend requirements of subsidiaries

 

 

779

 

 

779

 

 

791

 

 

791

 

Preferred securities distributions of trust subsidiaries

 

 

4,009

 

 

4,009

 

 

4,009

 

 

4,009

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

42,722

 

$

57,152

 

$

42,358

 

$

62,530

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income

 

$

38,028

 

$

38,028

 

$

42,695

 

$

42,695

 

Fixed charges, as shown

 

 

42,722

 

 

57,152

 

 

42,358

 

 

62,530

 

Interest capitalized

 

 

(443

)

 

(443

)

 

(355

)

 

(355

)

 

 

 

 

 

 

Earnings available for fixed charges

 

$

80,307

 

$

94,737

 

$

84,698

 

$

104,870

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

1.88

 

 

1.66

 

 

2.00

 

 

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.