EX-12.1 3 hei-09302017xex121.htm EXHIBIT 12.1 Exhibit



HEI Exhibit 12.1 (page 1 of 2)
 
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
 
Nine months ended September 30
 
2017 (1)
 
2017 (2)
 
2016 (1)
 
2016 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

Total interest charges
 
$
61,781

 
$
68,639

 
$
61,648

 
$
66,802

Interest component of rentals
 
4,918

 
4,918

 
4,661

 
4,661

Pretax preferred stock dividend requirements of subsidiaries
 
2,176

 
2,176

 
2,082

 
2,082

Total fixed charges
 
$
68,875

 
$
75,733

 
$
68,391

 
$
73,545

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
204,930

 
$
204,930

 
$
299,825

 
$
299,825

Fixed charges, as shown
 
68,875

 
75,733

 
68,391

 
73,545

Interest capitalized
 
(3,807
)
 
(3,807
)
 
(2,716
)
 
(2,716
)
Earnings available for fixed charges
 
$
269,998

 
$
276,856

 
$
365,500

 
$
370,654

Ratio of earnings to fixed charges
 
3.92

 
3.66

 
5.34

 
5.04

 
Years ended December 31
 
2016 (1)
 
2016 (2)
 
2015 (1)
 
2015 (2)
 
2014 (1)
 
2014 (2)
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 

 
 

 
 

 
 

 
 

 
 

Total interest charges
 
$
81,974

 
$
89,141

 
$
83,936

 
$
89,284

 
$
83,458

 
$
88,535

Interest component of rentals
 
6,200

 
6,200

 
6,065

 
6,065

 
6,366

 
6,366

Pretax preferred stock dividend requirements of subsidiaries
 
2,825

 
2,825

 
2,977

 
2,977

 
2,952

 
2,952

Total fixed charges
 
$
90,999

 
$
98,166

 
$
92,978

 
$
98,326

 
$
92,776

 
$
97,853

Earnings
 
 

 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
371,951

 
$
371,951

 
$
252,898

 
$
252,898

 
$
263,708

 
$
263,708

Fixed charges, as shown
 
90,999

 
98,166

 
92,978

 
98,326

 
92,776

 
97,853

Interest capitalized
 
(3,727
)
 
(3,727
)
 
(3,265
)
 
(3,265
)
 
(3,954
)
 
(3,954
)
Earnings available for fixed charges
 
$
459,223

 
$
466,390

 
$
342,611

 
$
347,959

 
$
352,530

 
$
357,607

Ratio of earnings to fixed charges
 
5.05

 
4.75

 
3.68

 
3.54

 
3.80

 
3.65

 
See notes on page 2 of 2.




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

 
 

 
 

 
 

Total interest charges
 
$
85,315

 
$
90,407

 
$
83,020

 
$
89,443

Interest component of rentals
 
6,345

 
6,345

 
6,493

 
6,493

Pretax preferred stock dividend requirements of subsidiaries
 
2,886

 
2,886

 
2,943

 
2,943

Total fixed charges
 
$
94,546

 
$
99,638

 
$
92,456

 
$
98,879

Earnings
 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
247,946

 
$
247,946

 
$
217,064

 
$
217,064

Fixed charges, as shown
 
94,546

 
99,638

 
92,456

 
98,879

Interest capitalized
 
(7,097
)
 
(7,097
)
 
(4,355
)
 
(4,355
)
Earnings available for fixed charges
 
$
335,395

 
$
340,487

 
$
305,165

 
$
311,588

Ratio of earnings to fixed charges
 
3.55

 
3.42

 
3.30

 
3.15


(1)
Excluding interest on ASB deposits.

(2)
Including interest on ASB deposits.


For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income from continuing operations (before adjustment for undistributed income or loss from equity investees) and (ii) fixed charges (as hereinafter defined, but excluding capitalized interest). “Fixed charges” are calculated both excluding and including interest on ASB’s deposits during the applicable periods and represent the sum of (i) interest, whether capitalized or expensed, (ii) amortization of debt expense and discount or premium related to any indebtedness, whether capitalized or expensed, (iii) the estimate of the interest within rental expense and (iv) the non-intercompany preferred stock dividend requirements of HEI’s subsidiaries, increased to an amount representing the pretax earnings required to cover such dividend requirements.