HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	2005						2004						2003
Years ended December 31	(1)			(2)			(1)			(2)			(1)			(2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	144,671		$	196,735		$	142,779		$	189,963		$	138,808		$	192,616
Interest component of rentals		4,133			4,133			3,935			3,935			4,214			4,214
Pretax preferred stock dividend requirements of subsidiaries		2,976			2,976			2,956			2,956			3,082			3,082
Preferred securities distributions of trust subsidiaries		—			—			—			—			16,035			16,035
Total fixed charges	$	151,780		$	203,844		$	149,670		$	196,854		$	162,139		$	215,947
Earnings
Pretax income from continuing operations	$	201,344		$	201,344		$	200,219		$	200,219		$	182,415		$	182,415
Fixed charges, as shown		151,780			203,844			149,670			196,854			162,139			215,947
Interest capitalized		(2,020	)		(2,020	)		(2,542	)		(2,542	)		(1,914	)		(1,914	)
Earnings available for fixed charges	$	351,104		$	403,168		$	347,347		$	394,531		$	342,640		$	396,448
Ratio of earnings to fixed charges		2.31			1.98			2.32			2.00			2.11			1.84

(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 (page 2 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued

	2002						2001
Years ended December 31	(1)			(2)			(1)			(2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	151,543		$	225,174		$	175,780		$	292,311
Interest component of rentals		4,501			4,501			4,268			4,268
Pretax preferred stock dividend requirements of subsidiaries		3,069			3,069			3,069			3,069
Preferred securities distributions of trust subsidiaries		16,035			16,035			16,035			16,035
Total fixed charges	$	175,148		$	248,779		$	199,152		$	315,683
Earnings
Pretax income from continuing operations	$	181,909		$	181,909		$	165,903		$	165,903
Fixed charges, as shown		175,148			248,779			199,152			315,683
Interest capitalized		(1,855	)		(1,855	)		(2,258	)		(2,258	)
Earnings available for fixed charges	$	355,202		$	428,833		$	362,797		$	479,328
Ratio of earnings to fixed charges		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.