HEI Exhibit 12.1 (page 1 of 3)

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

Nine months ended September 30	2003 (1)			2003 (2)			2002 (1)			2002 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	106,300		$	147,482		$	113,201		$	170,532
Interest component of rentals		3,225			3,225			3,329			3,329
Pretax preferred stock dividend requirements of subsidiaries		2,345			2,345			2,331			2,331
Preferred securities distributions of trust subsidiaries		12,026			12,026			12,026			12,026
Total fixed charges	$	123,896		$	165,078		$	130,887		$	188,218
Earnings
Pretax income	$	126,532		$	126,532		$	143,189		$	143,189
Fixed charges, as shown		123,896			165,078			130,887			188,218
Interest capitalized		(1,385	)		(1,385	)		(1,392	)		(1,392	)
Earnings available for fixed charges	$	249,043		$	290,225		$	272,684		$	330,015
Ratio of earnings to fixed charges		2.01			1.76			2.08			1.75

(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.