EX-12.(A) 6 v96809orexv12wxay.txt EXHIBIT 12(A) EXHIBIT 12(a) HAWAIIAN ELECTRIC INDUSTRIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXCLUDING INTEREST ON ASB DEPOSITS Years ended December 31,
(dollars in thousands) 2003 2002 2001 2000 1999 --------- --------- --------- --------- --------- FIXED CHARGES Total interest charges (1) $ 138,808 $ 151,543 $ 175,780 $ 196,980 $ 158,947 Interest component of rentals 4,214 4,501 4,268 4,332 4,370 Pre-tax preferred stock dividend requirements of subsidiaries 3,082 3,069 3,069 3,109 3,407 Preferred securities distributions of trust subsidiaries 16,035 16,035 16,035 16,035 16,025 --------- --------- --------- --------- --------- TOTAL FIXED CHARGES $ 162,139 $ 175,148 $ 199,152 $ 220,456 $ 182,749 ========= ========= ========= ========= ========= EARNINGS Pretax income from continuing operations $ 182,415 $ 181,909 $ 165,903 $ 170,495 $ 155,129 Fixed charges, as shown 162,139 175,148 199,152 220,456 182,749 Interest capitalized (1,914) (1,855) (2,258) (2,922) (2,576) --------- --------- --------- --------- --------- EARNINGS AVAILABLE FOR FIXED CHARGES $ 342,640 $ 355,202 $ 362,797 $ 388,029 $ 335,302 ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 2.11 2.03 1.82 1.76 1.83 ========= ========= ========= ========= =========
(1) Total interest charges exclude interest on non-recourse debt from leveraged leases which is not included in interest expense in HEI's Consolidated Statements of Income. 1 EXHIBIT 12(a) HAWAIIAN ELECTRIC INDUSTRIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES INCLUDING INTEREST ON ASB DEPOSITS Years ended December 31,
(dollars in thousands) 2003 2002 2001 2000 1999 --------- --------- --------- --------- --------- FIXED CHARGES Total interest charges (1) $ 192,616 $ 225,174 $ 292,311 $ 316,172 $ 279,285 Interest component of rentals 4,214 4,501 4,268 4,332 4,370 Pre-tax preferred stock dividend requirements of subsidiaries 3,082 3,069 3,069 3,109 3,407 Preferred securities distributions of trust subsidiaries 16,035 16,035 16,035 16,035 16,025 --------- --------- --------- --------- --------- TOTAL FIXED CHARGES $ 215,947 $ 248,779 $ 315,683 $ 339,648 $ 303,087 ========= ========= ========= ========= ========= EARNINGS Pretax income from continuing operations $ 182,415 $ 181,909 $ 165,903 $ 170,495 $ 155,129 Fixed charges, as shown 215,947 248,779 315,683 339,648 303,087 Interest capitalized (1,914) (1,855) (2,258) (2,922) (2,576) --------- --------- --------- --------- --------- EARNINGS AVAILABLE FOR FIXED CHARGES $ 396,448 $ 428,833 $ 479,328 $ 507,221 $ 455,640 ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 1.84 1.72 1.52 1.49 1.50 ========= ========= ========= ========= =========
(1) Total interest charges exclude interest on non-recourse debt from leveraged leases which is not included in interest expense in HEI's Consolidated Statements of Income. 2