HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31	2005			2004			2003			2002			2001
(dollars in thousands)
Fixed charges
Total interest charges	$	49,408		$	49,588		$	44,341		$	44,232		$	47,056
Interest component of rentals		1,311			909			820			663			728
Pretax preferred stock dividend requirements of subsidiaries		1,461			1,459			1,430			1,434			1,433
Preferred securities distributions of trust subsidiaries		—			—			7,675			7,675			7,675
Total fixed charges	$	52,180		$	51,956		$	54,266		$	54,004		$	56,892
Earnings
Income before preferred stock dividends of HECO	$	73,882		$	82,257		$	79,991		$	91,285		$	89,380
Fixed charges, as shown		52,180			51,956			54,266			54,004			56,892
Income taxes (see note below)		44,623			49,479			49,824			56,658			55,416
Allowance for borrowed funds used during construction		(2,020	)		(2,542	)		(1,914	)		(1,855	)		(2,258	)
Earnings available for fixed charges	$	168,665		$	181,150		$	182,167		$	200,092		$	199,430
Ratio of earnings to fixed charges		3.23			3.49			3.36			3.71			3.51
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	45,029		$	50,059		$	50,175		$	56,729		$	55,434
Income tax benefit relating to results from nonregulated activities		(406	)		(580	)		(351	)		(71	)		(18	)
	$	44,623		$	49,479		$	49,824		$	56,658		$	55,416