EX-12 17 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     2008     2007     2006  

Years ended December 31

    (1)     (2)     (1)     (2)     (1)     (2)  

(dollars in thousands)

             

Fixed charges

             

Total interest charges (3)

    $ 120,083     $ 181,566     $ 156,575     $ 238,454     $ 148,160     $ 221,774  

Interest component of rentals

      5,354       5,354       5,367       5,367       4,729       4,729  

Pretax preferred stock dividend requirements of subsidiaries

      2,894       2,894       2,899       2,899       2,974       2,974  
                                                

Total fixed charges

    $ 128,331     $ 189,814     $ 164,841     $ 246,720     $ 155,863     $ 229,477  
                                                

Earnings

             

Pretax income from continuing operations

    $ 139,256     $ 139,256     $ 131,057     $ 131,057     $ 171,055     $ 171,055  

Fixed charges, as shown

      128,331       189,814       164,841       246,720       155,863       229,477  

Interest capitalized

      (3,741 )     (3,741 )     (2,552 )     (2,552 )     (2,879 )     (2,879 )
                                                

Earnings available for fixed charges

    $ 263,846     $ 325,329     $ 293,346     $ 375,225     $ 324,039     $ 397,653  
                                                

Ratio of earnings to fixed charges

      2.06       1.71       1.78       1.52       2.08       1.73  
                                                

 

(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.

HEI Exhibit 12 (page 2 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued

 

     2005     2004  

Years ended December 31

    (1)     (2)     (1)     (2)  

(dollars in thousands)

         

Fixed charges

         

Total interest charges (3)

    $ 144,671     $ 196,735     $ 142,779     $ 189,963  

Interest component of rentals

      4,133       4,133       3,935       3,935  

Pretax preferred stock dividend requirements of subsidiaries

      2,976       2,976       2,956       2,956  
                                

Total fixed charges

    $ 151,780     $ 203,844     $ 149,670     $ 196,854  
                                

Earnings

         

Pretax income from continuing operations

    $ 201,344     $ 201,344     $ 200,219     $ 200,219  

Fixed charges, as shown

      151,780       203,844       149,670       196,854  

Interest capitalized

      (2,020 )     (2,020 )     (2,542 )     (2,542 )
                                

Earnings available for fixed charges

    $ 351,104     $ 403,168     $ 347,347     $ 394,531  
                                

Ratio of earnings to fixed charges

      2.31       1.98       2.32       2.00  
                                

 

(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.