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	2009 (1)			2009 (2)			2008 (1)			2008 (2)
(dollars in thousands)
Fixed charges
Total interest charges (3)	$	21,097		$	32,662		$	38,398		$	56,618
Interest component of rentals		1,441			1,441			1,233			1,233
Pretax preferred stock dividend requirements of subsidiaries		726			726			744			744
Total fixed charges	$	23,264		$	34,829		$	40,375		$	58,595
Earnings
Pretax income from continuing operations	$	32,052		$	32,052		$	53,687		$	53,687
Fixed charges, as shown		23,264			34,829			40,375			58,595
Interest capitalized		(1,622	)		(1,622	)		(762	)		(762	)
Earnings available for fixed charges	$	53,694		$	65,259		$	93,300		$	111,520
Ratio of earnings to fixed charges		2.31			1.87			2.31			1.90

Years ended December 31	2008 (1)			2008 (2)			2007 (1)			2007 (2)			2006 (1)			2006 (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

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	2005 (1)			2005 (2)			2004 (1)			2004 (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.

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, and (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.