HEI Exhibit 12.1 (page 1 of 3)

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

Six months ended June 30	2003 (1)			2003 (2)			2002 (1)			2002 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	72,249		$	100,332		$	74,862		$	114,360
Interest component of rentals		2,168			2,168			2,247			2,247
Pretax preferred stock dividend requirements of subsidiaries		1,561			1,561			1,572			1,572
Preferred securities distributions of trust subsidiaries		8,018			8,018			8,018			8,018
Total fixed charges	$	83,996		$	112,079		$	86,699		$	126,197
Earnings
Pretax income	$	78,527		$	78,527		$	92,000		$	92,000
Fixed charges, as shown		83,996			112,079			86,699			126,197
Interest capitalized		(889	)		(889	)		(843	)		(843	)
Earnings available for fixed charges	$	161,634		$	189,717		$	177,856		$	217,354
Ratio of earnings to fixed charges		1.92			1.69			2.05			1.72

(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.

HEI Exhibit 12.1 (page 2 of 3)

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

(continued)

Years ended December 31	2002 (1)			2002 (2)			2001 (1)			2001 (2)			2000 (1)			2000 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	151,543		$	225,174		$	175,780		$	292,311		$	196,980		$	316,172
Interest component of rentals		4,501			4,501			4,268			4,268			4,332			4,332
Pretax preferred stock dividend requirements of subsidiaries		3,069			3,069			3,069			3,069			3,109			3,109
Preferred securities distributions of trust subsidiaries		16,035			16,035			16,035			16,035			16,035			16,035
Total fixed charges	$	175,148		$	248,779		$	199,152		$	315,683		$	220,456		$	339,648
Earnings
Pretax income from continuing operations	$	181,909		$	181,909		$	165,903		$	165,903		$	170,495		$	170,495
Fixed charges, as shown		175,148			248,779			199,152			315,683			220,456			339,648
Interest capitalized		(1,855	)		(1,855	)		(2,258	)		(2,258	)		(2,922	)		(2,922	)
Earnings available for fixed charges	$	355,202		$	428,833		$	362,797		$	479,328		$	388,029		$	507,221
Ratio of earnings to fixed charges		2.03			1.72			1.82			1.52			1.76			1.49

(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.

HEI Exhibit 12.1 (page 3 of 3)

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

(continued)

Years ended December 31		1999 (1)			1999 (2)			1998 (1)			1998 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	158,947		$	279,285		$	144,911		$	286,980
Interest component of rentals		4,370			4,370			3,559			3,559
Pretax preferred stock dividend requirements of subsidiaries		3,407			3,407			9,379			9,379
Preferred securities distributions of trust subsidiaries		16,025			16,025			12,557			12,557
Total fixed charges	$	182,749		$	303,087		$	170,406		$	312,475
Earnings
Pretax income from continuing operations	$	155,129		$	155,129		$	155,283		$	155,283
Fixed charges, as shown		182,749			303,087			170,406			312,475
Interest capitalized		(2,576	)		(2,576	)		(5,915	)		(5,915	)
Earnings available for fixed charges	$	335,302		$	455,640		$	319,774		$	461,843
Ratio of earnings to fixed charges		1.83			1.50			1.88			1.48

(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.