EX-12.1 2 a10-11894_1ex12d1.htm EX-12.1

HEI Exhibit 12.1

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

Six months ended June 30

 

2010 (1)

 

2010 (2)

 

2009 (1)

 

2009 (2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

Total interest charges (3)

 

$

43,745

 

$

52,020

 

$

41,248

 

$

62,715

 

Interest component of rentals

 

2,244

 

2,244

 

2,825

 

2,825

 

Pretax preferred stock dividend requirements of subsidiaries

 

1,462

 

1,462

 

1,414

 

1,414

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

47,451

 

$

55,726

 

$

45,487

 

$

66,954

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

87,680

 

$

87,680

 

$

54,098

 

$

54,098

 

Fixed charges, as shown

 

47,451

 

55,726

 

45,487

 

66,954

 

Interest capitalized

 

(1,569

)

(1,569

)

(3,349

)

(3,349

)

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

133,562

 

$

141,837

 

$

96,236

 

$

117,703

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.81

 

2.55

 

2.12

 

1.76

 

 

Years ended December 31

 

2009 (1)

 

2009 (2)

 

2008 (1)

 

2008 (2)

 

2007 (1)

 

2007 (2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest charges (3)

 

$

85,827

 

$

119,873

 

$

120,083

 

$

181,566

 

$

156,575

 

$

238,454

 

Interest component of rentals

 

5,339

 

5,339

 

5,354

 

5,354

 

5,367

 

5,367

 

Pretax preferred stock dividend requirements of subsidiaries

 

2,868

 

2,868

 

2,894

 

2,894

 

2,899

 

2,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

94,034

 

$

128,080

 

$

128,331

 

$

189,814

 

$

164,841

 

$

246,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

126,934

 

$

126,934

 

$

139,256

 

$

139,256

 

$

131,057

 

$

131,057

 

Fixed charges, as shown

 

94,034

 

128,080

 

128,331

 

189,814

 

164,841

 

246,720

 

Interest capitalized

 

(5,268

)

(5,268

)

(3,741

)

(3,741

)

(2,552

)

(2,552

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

215,700

 

$

249,746

 

$

263,846

 

$

325,329

 

$

293,346

 

$

375,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.29

 

1.95

 

2.06

 

1.71

 

1.78

 

1.52

 

 

See notes on page 2 of 2.

 

1


 

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

(continued)

 

Years ended December 31

 

2006 (1)

 

2006 (2)

 

2005 (1)

 

2005 (2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

Total interest charges (3)

 

$

148,160

 

$

221,774

 

$

144,671

 

$

196,735

 

Interest component of rentals

 

4,729

 

4,729

 

4,133

 

4,133

 

Pretax preferred stock dividend requirements of subsidiaries

 

2,974

 

2,974

 

2,976

 

2,976

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

155,863

 

$

229,477

 

$

151,780

 

$

203,844

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

171,055

 

$

171,055

 

$

201,344

 

$

201,344

 

Fixed charges, as shown

 

155,863

 

229,477

 

151,780

 

203,844

 

Interest capitalized

 

(2,879

)

(2,879

)

(2,020

)

(2,020

)

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

324,039

 

$

397,653

 

$

351,104

 

$

403,168

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.08

 

1.73

 

2.31

 

1.98

 

 

(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.

 

For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income from continuing operations (before adjustment for undistributed income or loss from equity investees) and (ii) fixed charges (as hereinafter defined, but excluding capitalized interest). “Fixed charges” are calculated both excluding and including interest on ASB’s deposits during the applicable periods and represent the sum of (i) interest, whether capitalized or expensed, but excluding interest on nonrecourse debt from leveraged leases which is not included in interest expense in HEI’s consolidated statements of income, (ii) amortization of debt expense and discount or premium related to any indebtedness, whether capitalized or expensed, (iii) the estimate of the interest within rental expense, and (iv) the non-intercompany preferred stock dividend requirements of HEI’s subsidiaries, increased to an amount representing the pretax earnings required to cover such dividend requirements.

 

2