EX-12.2 6 heco_12312014ex122.htm EXHIBIT 12.2 HECO_12.31.2014 EX12.2


Hawaiian Electric Exhibit 12.2
 
Hawaiian Electric Company, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31
2014

 
2013

 
2012

 
2011

 
2010

(dollars in thousands)
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 

 
 

 
 

 
 

Total interest charges
$
66,132

 
$
64,130

 
$
62,056

 
$
60,031

 
$
61,510

Interest component of rentals
3,244

 
2,793

 
2,690

 
2,152

 
1,857

Pretax preferred stock dividend requirements of subsidiaries
1,444

 
1,421

 
1,467

 
1,468

 
1,461

Total fixed charges
$
70,820

 
$
68,344

 
$
66,213

 
$
63,651

 
$
64,828

Earnings
 
 
 
 
 

 
 

 
 

Net income attributable to Hawaiian Electric
$
138,721

 
$
124,009

 
$
100,356

 
$
101,066

 
$
77,669

Fixed charges, as shown
70,820

 
68,344

 
66,213

 
63,651

 
64,828

Income taxes
80,725

 
69,117

 
61,048

 
61,584

 
46,868

Interest capitalized
(3,954
)
 
(7,097
)
 
(4,355
)
 
(2,498
)
 
(2,558
)
Earnings available for fixed charges
$
286,312

 
$
254,373

 
$
223,262

 
$
223,803

 
$
186,807

Ratio of earnings to fixed charges
4.04

 
3.72

 
3.37

 
3.52

 
2.88