HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31	201	1	201	0	200	9	200	8	200	7
(dollars in thousands)
Fixed charges
Total interest charges	$60,031		$61,510		$57,944		$54,757		$53,268
Interest component of rentals	2,152		1,857		2,499		2,211		2,250
Pretax preferred stock dividend requirements of subsidiaries	1,468		1,461		1,452		1,458		1,438
Total fixed charges	$63,651		$64,828		$61,895		$58,426		$56,956
Earnings
Net income attributable to HECO	$101,066		$  77,669		$  80,526		$  93,055		$  53,236
Fixed charges, as shown	63,651		64,828		61,895		58,426		56,956
Income taxes (see note below)	61,584		46,868		47,776		55,763		30,937
Allowance for borrowed funds used during construction	(2,498	)	(2,558	)	(5,268	)	(3,741	)	(2,552	)
Earnings available for fixed charges	$223,803		$186,807		$184,929		$203,503		$138,577
Ratio of earnings to fixed charges	3.52		2.88		2.99		3.48		2.43
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$65,988		$48,053		$48,212		$56,307		$34,126
Income tax benefit relating to results from nonregulated activities	(4,404	)	(1,185	)	(436	)	(544	)	(3,189	)
	$61,584		$46,868		$47,776		$55,763		$30,937