EX-12 5 dex12.htm HEI COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HEI 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

 

     2009     2008     2007  

Years ended December 31

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

(dollars in thousands)

             

Fixed charges

             

Total interest charges (3)

    $ 85,827      $ 119,873      $ 120,083      $ 181,566      $ 156,575      $ 238,454   

Interest component of rentals

      5,339        5,339        5,354        5,354        5,367        5,367   

Pretax preferred stock dividend requirements of subsidiaries

      2,868        2,868        2,894        2,894        2,899        2,899   
                                                

Total fixed charges

    $ 94,034      $ 128,080      $ 128,331      $ 189,814      $ 164,841      $ 246,720   
                                                

Earnings

             

Pretax income from continuing operations

    $ 128,824      $ 128,824      $ 139,256      $ 139,256      $ 131,057      $ 131,057   

Fixed charges, as shown

      94,034        128,080        128,331        189,814        164,841        246,720   

Interest capitalized

      (5,268 )      (5,268 )      (3,741 )      (3,741 )      (2,552 )      (2,552 ) 
                                                

Earnings available for fixed charges

    $ 217,590      $ 251,636      $ 263,846      $ 325,329      $ 293,346      $ 375,225   
                                                

Ratio of earnings to fixed charges

      2.31        1.96        2.06        1.71        1.78        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.

HEI Exhibit 12 (page 2 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued

 

     2006     2005  

Years ended December 31

    (1)     (2)     (1)     (2)  

(dollars in thousands)

         

Fixed charges

         

Total interest charges (3)

    $ 148,160      $ 221,774      $ 144,671      $ 196,735   

Interest component of rentals

      4,729        4,729        4,133        4,133   

Pretax preferred stock dividend requirements of subsidiaries

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

Total fixed charges

    $ 155,863      $ 229,477      $ 151,780      $ 203,844   
                                

Earnings

         

Pretax income from continuing operations

    $ 171,055      $ 171,055      $ 201,344      $ 201,344   

Fixed charges, as shown

      155,863        229,477        151,780        203,844   

Interest capitalized

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

Earnings available for fixed charges

    $ 324,039      $ 397,653      $ 351,104      $ 403,168   
                                

Ratio of earnings to fixed charges

      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.