EX-12.1 4 dex121.htm HAWAIIAN ELECTRIC INDUSTRIES, INC COMPUTATION OF RATIO OF EARNINGS Hawaiian Electric Industries, Inc Computation of Ratio of earnings

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.