EX-12.1 10 a12-30044_1ex12d1.htm HEI EX-12.1

HEI Exhibit 12.1 (page 1 of 2)

 

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

2012

 

2011

 

2010

 

Years ended December 31

 

(1)

 

(2)

 

(1)

 

(2)

 

(1)

 

(2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest charges (3)

 

$83,020

 

$89,443

 

$87,592

 

$96,575

 

$87,191

 

$101,887

 

Interest component of rentals

 

6,493

 

6,493

 

4,757

 

4,757

 

4,282

 

4,282

 

Pretax preferred stock dividend requirements of subsidiaries

 

2,924

 

2,924

 

2,914

 

2,914

 

3,001

 

3,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$92,437

 

$98,860

 

$95,263

 

$104,246

 

$94,474

 

$109,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$215,517

 

$215,517

 

$214,162

 

$214,162

 

$181,357

 

$181,357

 

Fixed charges, as shown

 

92,437

 

98,860

 

95,263

 

104,246

 

94,474

 

109,170

 

Interest capitalized

 

(4,355

)

(4,355

)

(2,498

)

(2,498

)

(2,558

)

(2,558

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$303,599

 

$310,022

 

$306,927

 

$315,910

 

$273,273

 

$287,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.28

 

3.14

 

3.22

 

3.03

 

2.89

 

2.64

 

 

(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 12.1 (page 2 of 2)

 

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued

 

 

 

2009

 

2008

 

Years ended December 31

 

(1)

 

(2)

 

(1)

 

(2)

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

Total interest charges (3) 

 

$85,827

 

$119,873

 

$120,083

 

$181,566

 

Interest component of rentals

 

5,339

 

5,339

 

5,354

 

5,354

 

Pretax preferred stock dividend requirements of subsidiaries

 

2,868

 

2,868

 

2,894

 

2,894

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$94,034

 

$128,080

 

$128,331

 

$189,814

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$126,934

 

$126,934

 

$139,256

 

$139,256

 

Fixed charges, as shown

 

94,034

 

128,080

 

128,331

 

189,814

 

Interest capitalized

 

(5,268

)

(5,268

)

(3,741

)

(3,741

)

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$215,700

 

$249,746

 

$263,846

 

$325,329

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.29

 

1.95

 

2.06

 

1.71

 

 

(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.