EX-12 4 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     2007     2006     2005  

Years ended December 31

    (1)     (2)     (1)     (2)     (1)     (2)  

(dollars in thousands)

             

Fixed charges

             

Total interest charges (3)

    $ 156,575     $ 238,454     $ 148,160     $ 221,774     $ 144,671     $ 196,735  

Interest component of rentals

      5,367       5,367       4,729       4,729       4,133       4,133  

Pretax preferred stock dividend requirements of subsidiaries

      2,899       2,899       2,974       2,974       2,976       2,976  
                                                

Total fixed charges

    $ 164,841     $ 246,720     $ 155,863     $ 229,477     $ 151,780     $ 203,844  
                                                

Earnings

             

Pretax income from continuing operations

    $ 131,057     $ 131,057     $ 171,055     $ 171,055     $ 201,344     $ 201,344  

Fixed charges, as shown

      164,841       246,720       155,863       229,477       151,780       203,844  

Interest capitalized

      (2,552 )     (2,552 )     (2,879 )     (2,879 )     (2,020 )     (2,020 )
                                                

Earnings available for fixed charges

    $ 293,346     $ 375,225     $ 324,039     $ 397,653     $ 351,104     $ 403,168  
                                                

Ratio of earnings to fixed charges

      1.78       1.52       2.08       1.73       2.31       1.98  
                                                

 

(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

 

     2004     2003  

Years ended December 31

    (1)     (2)     (1)     (2)  

(dollars in thousands)

         

Fixed charges

         

Total interest charges (3)

    $ 142,779     $ 189,963     $ 138,808     $ 192,616  

Interest component of rentals

      3,935       3,935       4,214       4,214  

Pretax preferred stock dividend requirements of subsidiaries

      2,956       2,956       3,082       3,082  

Preferred securities distributions of trust subsidiaries

      —         —         16,035       16,035  
                                

Total fixed charges

    $ 149,670     $ 196,854     $ 162,139     $ 215,947  
                                

Earnings

         

Pretax income from continuing operations

    $ 200,219     $ 200,219     $ 182,415     $ 182,415  

Fixed charges, as shown

      149,670       196,854       162,139       215,947  

Interest capitalized

      (2,542 )     (2,542 )     (1,914 )     (1,914 )
                                

Earnings available for fixed charges

    $ 347,347     $ 394,531     $ 342,640     $ 396,448  
                                

Ratio of earnings to fixed charges

      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.