HEI Exhibit 12.1 (page 1 of 2)

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

Three months ended March 31	2007 (1)			2007 (2)			2006 (1)			2006 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	38,917		$	59,655		$	36,279		$	51,672
Interest component of rentals		1,309			1,309			1,252			1,252
Pretax preferred stock dividend requirements of subsidiaries		644			644			754			754
Total fixed charges	$	40,870		$	61,608		$	38,285		$	53,678
Earnings
Pretax income from continuing operations	$	9,387		$	9,387		$	51,811		$	51,811
Fixed charges, as shown		40,870			61,608			38,285			53,678
Interest capitalized		(598	)		(598	)		(702	)		(702	)
Earnings available for fixed charges	$	49,659		$	70,397		$	89,394		$	104,787
Ratio of earnings to fixed charges		1.22			1.14			2.33			1.95

Years ended December 31	2006 (1)			2006 (2)			2005 (1)			2005 (2)			2004 (1)			2004 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	148,160		$	221,774		$	144,671		$	196,735		$	142,779		$	189,963
Interest component of rentals		4,729			4,729			4,133			4,133			3,935			3,935
Pretax preferred stock dividend requirements of subsidiaries		2,974			2,974			2,976			2,976			2,956			2,956
Preferred securities distributions of trust subsidiaries		—			—			—			—			—			—
Total fixed charges	$	155,863		$	229,477		$	151,780		$	203,844		$	149,670		$	196,854
Earnings
Pretax income from continuing operations	$	171,055		$	171,055		$	201,344		$	201,344		$	200,219		$	200,219
Fixed charges, as shown		155,863			229,477			151,780			203,844			149,670			196,854
Interest capitalized		(2,879	)		(2,879	)		(2,020	)		(2,020	)		(2,542	)		(2,542	)
Earnings available for fixed charges	$	324,039		$	397,653		$	351,104		$	403,168		$	347,347		$	394,531
Ratio of earnings to fixed charges		2.08			1.73			2.31			1.98			2.32			2.00

See notes on page 2 of 2.

HEI Exhibit 12.1 (page 2 of 2)

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)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	138,808		$	192,616		$	151,543		$	225,174
Interest component of rentals		4,214			4,214			4,501			4,501
Pretax preferred stock dividend requirements of subsidiaries		3,082			3,082			3,069			3,069
Preferred securities distributions of trust subsidiaries		16,035			16,035			16,035			16,035
Total fixed charges	$	162,139		$	215,947		$	175,148		$	248,779
Earnings
Pretax income from continuing operations	$	182,415		$	182,415		$	181,909		$	181,909
Fixed charges, as shown		162,139			215,947			175,148			248,779
Interest capitalized		(1,914	)		(1,914	)		(1,855	)		(1,855	)
Earnings available for fixed charges	$	342,640		$	396,448		$	355,202		$	428,833
Ratio of earnings to fixed charges		2.11			1.84			2.03			1.72

(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.