HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31	2010			2009			2008			2007			2006
(dollars in thousands)
Fixed charges
Total interest charges	$	61,510		$	57,944		$	54,757		$	53,268		$	52,563
Interest component of rentals	1,857			2,499			2,211			2,250			1,863
Pretax preferred stock dividend requirements of subsidiaries	1,461			1,452			1,458			1,438			1,467
Total fixed charges	$	64,828		$	61,895		$	58,426		$	56,956		$	55,893
Earnings
Net income attributable to HECO	$	77,669		$	80,526		$	93,055		$	53,236		$	76,027
Fixed charges, as shown	64,828			61,895			58,426			56,956			55,893
Income taxes (see note below)	46,868			47,776			55,763			30,937			46,440
Allowance for borrowed funds used during construction	(2,558		)	(5,268		)	(3,741		)	(2,552		)	(2,879		)
Earnings available for fixed charges	$	186,807		$	184,929		$	203,503		$	138,577		$	175,481
Ratio of earnings to fixed charges	2.88			2.99			3.48			2.43			3.14
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	48,053		$	48,212		$	56,307		$	34,126		$	47,381
Income tax benefit relating to results from nonregulated activities	(1,185		)	(436		)	(544		)	(3,189		)	(941		)
	$	46,868		$	47,776		$	55,763		$	30,937		$	46,440