Hawaiian Electric Industries (HE) 10-Q2010 Q1 Quarterly report

Filed: 10 May 10, 12:00am

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HECO Exhibit 12.2

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Three months ended March 31						Years ended December 31
(dollars in thousands)	2010			2009			2009			2008			2007			2006			2005

Fixed charges
Total interest charges	$	15,649		$	13,213		$	57,944		$	54,757		$	53,268		$	52,563		$	49,408
Interest component of rentals	604			674			2,499			2,211			2,250			1,863			1,311
Pretax preferred stock dividend requirements of subsidiaries	364			361			1,452			1,458			1,438			1,467			1,461

Total fixed charges	$	16,617		$	14,248		$	61,895		$	58,426		$	56,956		$	55,893		$	52,180

Earnings																					��
Net income attributable to HECO	$	18,322		$	14,402		$	80,526		$	93,055		$	53,236		$	76,027		$	73,882
Fixed charges, as shown	16,617			14,248			61,895			58,426			56,956			55,893			52,180
Income taxes (see note below)	10,961			8,451			47,776			55,763			30,937			46,440			44,623
Allowance for borrowed funds used during construction	(779		)	(1,622		)	(5,268		)	(3,741		)	(2,552		)	(2,879		)	(2,020		)

Earnings available for fixed charges	$	45,121		$	35,479		$	184,929		$	203,503		$	138,577		$	175,481		$	168,665

Ratio of earnings to fixed charges	2.72			2.49			2.99			3.48			2.43			3.14			3.23

Note:
Income taxes are comprised of the following:
Income tax expense relating to operating income from regulated activities	$	11,041		$	8,544		$	48,212		$	56,307		$	34,126		$	47,381		$	45,029
Income tax benefit relating to results from nonregulated activities	(80		)	(93		)	(436		)	(544		)	(3,189		)	(941		)	(406		)

	$	10,961		$	8,451		$	47,776		$	55,763		$	30,937		$	46,440		$	44,623

For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income before preferred stock dividends of HECO and before adjustment for undistributed income or loss from equity investees and (ii) fixed charges (as hereinafter defined, but excluding the allowance for borrowed funds used during construction). “Fixed charges” represent the sum of (i) interest, whether capitalized or expensed, (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 preferred stock dividend requirements of HELCO and MECO, increased to an amount representing the pretax earnings required to cover such dividend requirements.