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	2008 (1)			2008 (2)			2007 (1)			2007 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	38,398		$	56,618		$	38,917		$	59,655
Interest component of rentals		1,233			1,233			1,309			1,309
Pretax preferred stock dividend requirements of subsidiaries		744			744			644			644
Total fixed charges	$	40,375		$	58,595		$	40,870		$	61,608
Earnings
Pretax income from continuing operations	$	53,687		$	53,687		$	9,387		$	9,387
Fixed charges, as shown		40,375			58,595			40,870			61,608
Interest capitalized		(762	)		(762	)		(598	)		(598	)
Earnings available for fixed charges	$	93,300		$	111,520		$	49,659		$	70,397
Ratio of earnings to fixed charges		2.31			1.90			1.22			1.14

Years ended December 31	2007 (1)			2007 (2)			2006 (1)			2006 (2)			2005 (1)			2005 (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

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	2004 (1)			2004 (2)			2003 (1)			2003 (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.

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.