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 |
2004(1) |
2004(2) |
2003(1) |
2003(2) |
||||||||||||
| (dollars in thousands) | ||||||||||||||||
| Fixed charges |
||||||||||||||||
| Total interest charges (3) |
$ | 112,523 | $ | 147,857 | $ | 106,300 | $ | 147,482 | ||||||||
| Interest component of rentals |
2,889 | 2,889 | 3,225 | 3,225 | ||||||||||||
| Pretax preferred stock dividend requirements of subsidiaries |
2,244 | 2,244 | 2,345 | 2,345 | ||||||||||||
| Preferred securities distributions of trust subsidiaries |
— | — | 12,026 | 12,026 | ||||||||||||
| Total fixed charges |
$ | 117,656 | $ | 152,990 | $ | 123,896 | $ | 165,078 | ||||||||
| Earnings |
||||||||||||||||
| Pretax income |
$ | 163,407 | $ | 163,407 | $ | 126,532 | $ | 126,532 | ||||||||
| Fixed charges, as shown |
117,656 | 152,990 | 123,896 | 165,078 | ||||||||||||
| Interest capitalized |
(2,236 | ) | (2,236 | ) | (1,385 | ) | (1,385 | ) | ||||||||
| Earnings available for fixed charges |
$ | 278,827 | $ | 314,161 | $ | 249,043 | $ | 290,225 | ||||||||
| Ratio of earnings to fixed charges |
2.37 | 2.05 | 2.01 | 1.76 | ||||||||||||
| (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 |
2003(1) |
2003(2) |
2002(1) |
2002(2) |
2001(1) |
2001(2) |
||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| Fixed charges |
||||||||||||||||||||||||
| Total interest charges (3) |
$ | 138,808 | $ | 192,616 | $ | 151,543 | $ | 225,174 | $ | 175,780 | $ | 292,311 | ||||||||||||
| Interest component of rentals |
4,214 | 4,214 | 4,501 | 4,501 | 4,268 | 4,268 | ||||||||||||||||||
| Pretax preferred stock dividend requirements of subsidiaries |
3,082 | 3,082 | 3,069 | 3,069 | 3,069 | 3,069 | ||||||||||||||||||
| Preferred securities distributions of trust subsidiaries |
16,035 | 16,035 | 16,035 | 16,035 | 16,035 | 16,035 | ||||||||||||||||||
| Total fixed charges |
$ | 162,139 | $ | 215,947 | $ | 175,148 | $ | 248,779 | $ | 199,152 | $ | 315,683 | ||||||||||||
| Earnings |
||||||||||||||||||||||||
| Pretax income from continuing operations |
$ | 182,415 | $ | 182,415 | $ | 181,909 | $ | 181,909 | $ | 165,903 | $ | 165,903 | ||||||||||||
| Fixed charges, as shown |
162,139 | 215,947 | 175,148 | 248,779 | 199,152 | 315,683 | ||||||||||||||||||
| Interest capitalized |
(1,914 | ) | (1,914 | ) | (1,855 | ) | (1,855 | ) | (2,258 | ) | (2,258 | ) | ||||||||||||
| Earnings available for fixed charges |
$ | 342,640 | $ | 396,448 | $ | 355,202 | $ | 428,833 | $ | 362,797 | $ | 479,328 | ||||||||||||
| Ratio of earnings to fixed charges |
2.11 | 1.84 | 2.03 | 1.72 | 1.82 | 1.52 | ||||||||||||||||||
| (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 |
2000(1) |
2000(2) |
1999(1) |
1999(2) |
||||||||||||
| (dollars in thousands) | ||||||||||||||||
| Fixed charges |
||||||||||||||||
| Total interest charges (3) |
$ | 196,980 | $ | 316,172 | $ | 158,947 | $ | 279,285 | ||||||||
| Interest component of rentals |
4,332 | 4,332 | 4,370 | 4,370 | ||||||||||||
| Pretax preferred stock dividend requirements of subsidiaries |
3,109 | 3,109 | 3,407 | 3,407 | ||||||||||||
| Preferred securities distributions of trust subsidiaries |
16,035 | 16,035 | 16,025 | 16,025 | ||||||||||||
| Total fixed charges |
$ | 220,456 | $ | 339,648 | $ | 182,749 | $ | 303,087 | ||||||||
| Earnings |
||||||||||||||||
| Pretax income from continuing operations |
$ | 170,495 | $ | 170,495 | $ | 155,129 | $ | 155,129 | ||||||||
| Fixed charges, as shown |
220,456 | 339,648 | 182,749 | 303,087 | ||||||||||||
| Interest capitalized |
(2,922 | ) | (2,922 | ) | (2,576 | ) | (2,576 | ) | ||||||||
| Earnings available for fixed charges |
$ | 388,029 | $ | 507,221 | $ | 335,302 | $ | 455,640 | ||||||||
| Ratio of earnings to fixed charges |
1.76 | 1.49 | 1.83 | 1.50 | ||||||||||||
| (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. |