HEI Exhibit 12.1

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

Nine months ended September 30	2006 (1)			2006 (2)			2005 (1)			2005 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	110,887		$	162,982		$	108,874		$	146,706
Interest component of rentals		3,555			3,555			3,070			3,070
Pretax preferred stock dividend requirements of subsidiaries		2,232			2,232			2,233			2,233
Total fixed charges	$	116,674		$	168,769		$	114,177		$	152,009
Earnings
Pretax income from continuing operations	$	145,526		$	145,526		$	142,118		$	142,118
Fixed charges, as shown		116,674			168,769			114,177			152,009
Interest capitalized		(2,259	)		(2,259	)		(1,460	)		(1,460	)
Earnings available for fixed charges	$	259,941		$	312,036		$	254,835		$	292,667
Ratio of earnings to fixed charges		2.23			1.85			2.23			1.93

Years ended December 31	2005 (1)			2005 (2)			2004 (1)			2004 (2)			2003 (1)			2003 (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

See notes on page 2 of 2.

(page 1 of 2)

HEI Exhibit 12.1

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

(continued)

Years ended December 31	2002 (1)			2002 (2)			2001 (1)			2001 (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.

For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income from continuing operations (before adjustment for undistributed income or loss from equity investees) and (ii) fixed charges (as hereinafter defined, but excluding capitalized interest). “Fixed charges” are calculated both excluding and including interest on ASB’s deposits during the applicable periods and represent the sum of (i) interest, whether capitalized or expensed, but excluding interest on nonrecourse debt from leveraged leases which is not included in interest expense in HEI’s consolidated statements of income, (ii) amortization of debt expense and discount or premium related to any indebtedness, whether capitalized or expensed, (iii) the estimate of the interest within rental expense, (iv) the non-intercompany preferred stock dividend requirements of HEI’s subsidiaries, increased to an amount representing the pretax earnings required to cover such dividend requirements and (v) in 2003 and prior years when the trust subsidiaries were consolidated, the preferred securities distribution requirements of trust subsidiaries.

(page 2 of 2)