EX-12.2 7 dex122.htm HECO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HECO Computation of Ratio of Earnings to Fixed Charges

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HECO Exhibit 12.2

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

Three months ended March 31

 

2003

 

2002

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

Total interest charges

 

$

11,179

 

$

11,087

 

Interest component of rentals

 

 

206

 

 

142

 

Pretax preferred stock dividend requirements of subsidiaries

 

 

356

 

 

358

 

Preferred securities distributions of trust subsidiaries

 

 

1,919

 

 

1,919

 

 

 

 

 

Total fixed charges

 

$

13,660

 

$

13,506

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

Income before preferred stock dividends of HECO

 

$

17,926

 

$

20,629

 

Income taxes (see note below)

 

 

11,152

 

 

12,869

 

Fixed charges, as shown

 

 

13,660

 

 

13,506

 

AFUDC for borrowed funds

 

 

(443

)

 

(355

)

 

 

 

 

Earnings available for fixed charges

 

$

42,295

 

$

46,649

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.10

 

 

3.45

 

 

 

 

 

Note:

 

 

 

 

 

 

 

Income taxes is comprised of the following

 

 

 

 

 

 

 

 

Income tax expense relating to operating income from regulated activities

 

$

11,215

 

$

12,791

 

 

Income tax expense (benefit) relating to results from nonregulated activities

 

 

(63

)

 

78

 

 

 

 

 

 

 

$

11,152

 

$

12,869