EX-12.1 3 dex121.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HEI Exhibit 12.1 ---------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Nine months ended September 30 2001 (1) 2001 (2) 2000 (1) 2000 (2) --------------------------------------------------------------------------------------------------------------------------------- (dollars in thousands) Fixed charges Total interest charges (3)............................ $136,650 $228,891 $146,204 $233,524 Interest component of rentals......................... 3,161 3,161 3,218 3,218 Pretax preferred stock dividend requirements of subsidiaries......................................... 2,364 2,364 2,371 2,371 Preferred securities distributions of trust subsidiaries................................. 12,026 12,026 12,026 12,026 --------------------------------------------------------------------------------------------------------------------------------- Total fixed charges................................... $154,201 $246,442 $163,819 $251,139 ================================================================================================================================= Earnings Pretax income from continuing operations.............. $130,623 $130,623 $139,394 $139,394 Fixed charges, as shown............................... 154,201 246,442 163,819 251,139 Interest capitalized.................................. (1,711) (1,711) (2,220) (2,220) --------------------------------------------------------------------------------------------------------------------------------- Earnings available for fixed charges.................. $283,113 $375,354 $300,993 $388,313 ================================================================================================================================= Ratio of earnings to fixed charges.................... 1.84 1.52 1.84 1.55 =================================================================================================================================
(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.