EX-12.2 4 dex122.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HECO Exhibit 12.2 ----------------- Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Nine months ended September 30 2001 2000 ---------------------------------------------------------------------------------------------------------------------------- (dollars in thousands) Fixed charges Total interest charges........................................................... $ 35,918 $ 36,585 Interest component of rentals.................................................... 521 535 Pretax preferred stock dividend requirements of subsidiaries..................... 1,080 1,083 Preferred securities distributions of trust subsidiaries......................... 5,756 5,756 ---------------------------------------------------------------------------------------------------------------------------- Total fixed charges.............................................................. $ 43,275 $ 43,959 ============================================================================================================================ Earnings Income before preferred stock dividends of HECO.................................. $ 70,646 $ 73,569 Income taxes (see note below).................................................... 44,283 46,264 Fixed charges, as shown.......................................................... 43,275 43,959 AFUDC for borrowed funds......................................................... (1,711) (2,220) ---------------------------------------------------------------------------------------------------------------------------- Earnings available for fixed charges............................................. $156,493 $161,572 ============================================================================================================================ Ratio of earnings to fixed charges............................................... 3.62 3.68 ============================================================================================================================
Note: Income taxes is comprised of the following Income tax expense relating to operating income for regulatory purposes......... $ 44,210 $ 46,222 Income tax expense relating to nonoperating results............................. 73 42 ---------------------------------------------------------------------------------------------------------------------------- $ 44,283 $ 46,264 ============================================================================================================================