HECO Exhibit 12.2 (page 1 of 2)
Hawaiian Electric Company, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
| Nine months ended September 30 |
2004 |
2003 |
||||||
| (dollars in thousands) | ||||||||
| Fixed charges |
||||||||
| Total interest charges |
$ | 37,575 | $ | 34,055 | ||||
| Interest component of rentals |
612 | 625 | ||||||
| Pretax preferred stock dividend requirements of subsidiaries |
1,112 | 1,094 | ||||||
| Preferred securities distributions of trust subsidiaries |
— | 5,756 | ||||||
| Total fixed charges |
$ | 39,299 | $ | 41,530 | ||||
| Earnings |
||||||||
| Income before preferred stock dividends of HECO |
$ | 68,743 | $ | 57,382 | ||||
| Income taxes (see note below) |
43,055 | 36,777 | ||||||
| Fixed charges, as shown |
39,299 | 41,530 | ||||||
| AFUDC for borrowed funds |
(2,236 | ) | (1,385 | ) | ||||
| Earnings available for fixed charges |
$ | 148,861 | $ | 134,304 | ||||
| Ratio of earnings to fixed charges |
3.79 | 3.23 | ||||||
| Note: Income taxes is comprised of the following |
||||||||
| Income tax expense relating to operating income from regulated activities |
$ | 43,454 | $ | 36,865 | ||||
| Income tax benefit relating to results from nonregulated activities |
(399 | ) | (88 | ) | ||||
| $ | 43,055 | $ | 36,777 | |||||
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 | |||||||||||