EX-12.1 5 hei_12312014ex121.htm EXHIBIT 12.1 HEI_12.31.2014 EX12.1


HEI Exhibit 12.1 (page 1 of 2)
 
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
2014
 
2013
 
2012
Years ended December 31
(1)
 
(2)
 
(1)
 
(2)
 
(1)
 
(2)
(dollars in thousands)
 

 
 

 
 

 
 

 
 

 
 

Fixed charges
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
$
83,458

 
$
88,535

 
$
85,315

 
$
90,407

 
$
83,020

 
$
89,443

Interest component of rentals
6,366

 
6,366

 
6,345

 
6,345

 
6,493

 
6,493

Pretax preferred stock dividend requirements of subsidiaries
2,908

 
2,908

 
2,866

 
2,866

 
2,924

 
2,924

Total fixed charges
$
92,732

 
$
97,809

 
$
94,526

 
$
99,618

 
$
92,437

 
$
98,860

Earnings
 

 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
$
260,032

 
$
260,032

 
$
245,857

 
$
245,857

 
$
215,517

 
$
215,517

Fixed charges, as shown
92,732

 
97,809

 
94,526

 
99,618

 
92,437

 
98,860

Interest capitalized
(3,954
)
 
(3,954
)
 
(7,097
)
 
(7,097
)
 
(4,355
)
 
(4,355
)
Earnings available for fixed charges
$
348,810

 
$
353,887

 
$
333,286

 
$
338,378

 
$
303,599

 
$
310,022

Ratio of earnings to fixed charges
3.76

 
3.62

 
3.53

 
3.40

 
3.28

 
3.14

(1)
Excluding interest on ASB deposits.
(2)
Including interest on ASB deposits.





HEI Exhibit 12.1 (page 2 of 2)
 
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Continued
 
2011
 
2010
Years ended December 31
(1)
 
(2)
 
(1)
 
(2)
(dollars in thousands)
 

 
 

 
 

 
 

Fixed charges
 

 
 

 
 

 
 

Total interest charges
$
87,592

 
$
96,575

 
$
87,191

 
$
101,887

Interest component of rentals
4,757

 
4,757

 
4,282

 
4,282

Pretax preferred stock dividend requirements of subsidiaries
2,914

 
2,914

 
3,001

 
3,001

Total fixed charges
$
95,263

 
$
104,246

 
$
94,474

 
$
109,170

Earnings
 

 
 

 
 

 
 

Pretax income from continuing operations
$
214,162

 
$
214,162

 
$
181,357

 
$
181,357

Fixed charges, as shown
95,263

 
104,246

 
94,474

 
109,170

Interest capitalized
(2,498
)
 
(2,498
)
 
(2,558
)
 
(2,558
)
Earnings available for fixed charges
$
306,927

 
$
315,910

 
$
273,273

 
$
287,969

Ratio of earnings to fixed charges
3.22

 
3.03

 
2.89

 
2.64

(1)
Excluding interest on ASB deposits.
(2)
Including interest on ASB deposits.