HECO Exhibit 12.2 (page 1 of 2)

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

Three months ended March 31	2004			2003
(dollars in thousands)
Fixed charges
Total interest charges	$	13,051		$	11,179
Interest component of rentals		201			206
Pretax preferred stock dividend requirements of subsidiaries		370			356
Preferred securities distributions of trust subsidiaries		—			1,919
Total fixed charges	$	13,622		$	13,660
Earnings
Income before preferred stock dividends of HECO	$	20,293		$	17,926
Income taxes (see note below)		12,660			11,152
Fixed charges, as shown		13,622			13,660
AFUDC for borrowed funds		(644	)		(443	)
Earnings available for fixed charges	$	45,931		$	42,295
Ratio of earnings to fixed charges		3.37			3.10
Note:
Income taxes is comprised of the following
Income tax expense relating to operating income from regulated activities	$	12,887		$	11,215
Income tax benefit relating to results from nonregulated activities		(227	)		(63	)
	$	12,660		$	11,152

HECO Exhibit 12.2 (page 2 of 2)

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

(continued)

Years ended December 31	2003			2002			2001			2000			1999
(dollars in thousands)
Fixed charges
Total interest charges	$	44,341		$	44,232		$	47,056		$	49,062		$	48,461
Interest component of rentals		820			663			728			696			784
Pretax preferred stock dividend requirements of subsidiaries		1,430			1,434			1,433			1,438			1,479
Preferred securities distributions of trust subsidiaries		7,675			7,675			7,675			7,675			7,665
Total fixed charges	$	54,266		$	54,004		$	56,892		$	58,871		$	58,389
Earnings
Income before preferred stock dividends of HECO	$	79,991		$	91,285		$	89,380		$	88,366		$	76,400
Fixed charges, as shown		54,266			54,004			56,892			58,871			58,389
Income taxes (see note below)		49,824			56,658			55,416			55,375			48,047
Allowance for borrowed funds used during construction		(1,914	)		(1,855	)		(2,258	)		(2,922	)		(2,576	)
Earnings available for fixed charges	$	182,167		$	200,092		$	199,430		$	199,690		$	180,260
Ratio of earnings to fixed charges		3.36			3.71			3.51			3.39			3.09
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	50,175		$	56,729		$	55,434		$	55,213		$	48,281
Income tax expense (benefit) relating to results from nonregulated activities		(351	)		(71	)		(18	)		162			(234	)
	$	49,824		$	56,658		$	55,416		$	55,375		$	48,047