HEI Exhibit 12.1 (page 1 of 2)

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

Three months ended March 31	2005 (1)			2005 (2)			2004 (1)			2004 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	36,583		$	48,600		$	37,190		$	49,401
Interest component of rentals		990			990			1,054			1,054
Pretax preferred stock dividend requirements of subsidiaries		762			762			733			733
Total fixed charges	$	38,335		$	50,352		$	38,977		$	51,188
Earnings
Pretax income	$	38,874		$	38,874		$	48,008		$	48,008
Fixed charges, as shown		38,335			50,352			38,977			51,188
Interest capitalized		(427	)		(427	)		(644	)		(644	)
Earnings available for fixed charges	$	76,782		$	88,799		$	86,341		$	98,552
Ratio of earnings to fixed charges		2.00			1.76			2.22			1.93

Years ended December 31	2004 (1)			2004 (2)			2003 (1)			2003 (2)			2002 (1)			2002 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	142,779		$	189,963		$	138,808		$	192,616		$	151,543		$	225,174
Interest component of rentals		3,935			3,935			4,214			4,214			4,501			4,501
Pretax preferred stock dividend requirements of subsidiaries		2,956			2,956			3,082			3,082			3,069			3,069
Preferred securities distributions of trust subsidiaries		—			—			16,035			16,035			16,035			16,035
Total fixed charges	$	149,670		$	196,854		$	162,139		$	215,947		$	175,148		$	248,779
Earnings
Pretax income from continuing operations	$	200,219		$	200,219		$	182,415		$	182,415		$	181,909		$	181,909
Fixed charges, as shown		149,670			196,854			162,139			215,947			175,148			248,779
Interest capitalized		(2,542	)		(2,542	)		(1,914	)		(1,914	)		(1,855	)		(1,855	)
Earnings available for fixed charges	$	347,347		$	394,531		$	342,640		$	396,448		$	355,202		$	428,833
Ratio of earnings to fixed charges		2.32			2.00			2.11			1.84			2.03			1.72

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	2001 (1)			2001 (2)			2000 (1)			2000 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	175,780		$	292,311		$	196,980		$	316,172
Interest component of rentals		4,268			4,268			4,332			4,332
Pretax preferred stock dividend requirements of subsidiaries		3,069			3,069			3,109			3,109
Preferred securities distributions of trust subsidiaries		16,035			16,035			16,035			16,035
Total fixed charges	$	199,152		$	315,683		$	220,456		$	339,648
Earnings
Pretax income from continuing operations	$	165,903		$	165,903		$	170,495		$	170,495
Fixed charges, as shown		199,152			315,683			220,456			339,648
Interest capitalized		(2,258	)		(2,258	)		(2,922	)		(2,922	)
Earnings available for fixed charges	$	362,797		$	479,328		$	388,029		$	507,221
Ratio of earnings to fixed charges		1.82			1.52			1.76			1.49

(1) Excluding interest on ASB deposits.

(2) Including interest on ASB deposits.

(3) Interest on nonrecourse debt from leveraged leases is not included in total interest charges nor in interest expense in HEI’s consolidated statements of income.

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, but excluding interest on nonrecourse debt from leveraged leases which is not included in interest expense in HEI’s consolidated statements of income, (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, (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 and (v) in 2003 and prior years when the trust subsidiaries were consolidated, the preferred securities distribution requirements of trust subsidiaries.