Hawaiian Electric Industries (HE) 10-K2010 FY Annual report

Filed: 18 Feb 11, 12:00am

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New words: abide, abili, absorb, abusive, accommodate, accommodated, accomplish, accomplished, accretable, accreted, accretion, accrual, adapt, adaptation, add, adjacent, advertising, affordable, AFUDC, agreem, aid, Aina, Airport, al, ALCO, alleging, als, amerishare, amoun, anagement, ancial, annum, antidilutive, AOCI, AOS, APBO, Apollo, app, appeal, appealed, apportion, apprised, aquatic, arbitration, ARO, array, ass, assessmen, assumption, ASU, attempting, attributable, attributed, Aug, Auwahi, awa, awardee, balan, Ball, barrel, Baseline, basket, Bay, bear, bearing, befo, behavior, Bhd, bifurcated, Binomial, biogenic, biorefinery, BlackSand, block, Bloomberg, Blue, BlueEarth, bo, boom, bought, bp, broader, Brotherhood, bt, buy, buyer, callable, capi, cardholder, Carlo, Carlsmith, carryforward, categorized, Cautionary, ccounting, ce, cha, China, Chip, choose, cial, CIDLC, CIS, ck, clarification, Clawback, clearinghouse, cMenamin, Coast, CodificationTM, coincide, commingled, compromise, Comptroller, con, concerted, concomitant, concurrently, condominium, conference, conform, conformity, conse, constant, constantly, constitute, cont, contacted, contamination, Contin, convenience, convenient, cooler, cooling, corroborated, COSO, costi, counterparty, coupled, CPI, ct, cu, customary, dampening, database, DBF, de, deconsolidated, decree, dedu, deep, deficit, Deflation, Deflator, delink, delinked, delinking, delinq, denial, deploying, depressed, deregistered, desc, dev, di, DIF, digit, diluted, dilution, dilutive, ding, dis, disaggregated, disapprove, disconnect, discriminatory, dispatch, dispatchable, displacement, distinguish, distort, distrib, donated, doubt, doubtful, drawn, drew, drop, drug, durability, Durbin, dynamic, eco, ecology, ed, ee, effluent, egalitarianism, EIP, elopment, em, employme, endanger, endangerment, ene, enerating, enroll, enrolled, ent, entry, EOTP, EPS, equ, equit, equitable, ERISA, erosion, es, escalation, EV, eve, evenly, eventual, eventually, evidentiary, EVs, exhausted, exhaustive, expedient, expediting, expend, expenditure, fashion, fast, FDI, Fed, Finan, flat, fo, footprint, forbearance, foreseeable, formation, foster, franchise, Fred, freed, fruition, FSS, gasoline, gather, gave, GDP, graduated, grantee, greatest, greatly, greenh, greening, guarantor, GWH, hand, hear, hearing, heavier, HELC, Hermina, Hill, Host, hotel, HP, hypothetical, ical, ide, Implicit, importantly, imposition, inabil, incentivize, inception, includin, incr, ineffective, info, infra, infrast, instrument, insuran, intact, intake, intangible, interbranch, interchange, intermediate, intersegment, intervention, intrusion, inue, inverted, invoiced, ion, irrevocably, IRS, ity, JSPE, Kaheawa, Kahuku, Kapalama, KDC, kely, Koa, Komeiji, language, learly, lected, legitimate, levy, LIBO, LIBOR, lifeline, Likewise, lim, lo, lock, los, losse, lot, machine, macro, mad, mandatorily, Manele, matching, mem, mental, mezzanine, micro, Midwest, migration, mill, millio, misstatement, Modernization, modernize, modest, modification, mold, momentum, Monte, Morita, movement, multiple, Navy, ndependent, necessar, necessarily, neighbor, NEM, nfair, ng, ngs, niche, NII, nitrogen, nomy, nonbank, noncollateralized, nonconsolidated, noncontrolling, nondeductible, nonemploy, nonexecutive, nonpayment, nonrecurring, Nonrefundable, nonrenewable, nonrenewal, nonvested, notional, NPBC, NPPC, NPV, NQSO, nsulting, nt, ntial, nts, numerical, ny, obligor, observable, observer, OCC, occurrence, officially, older, ong, Ono, OPEB, orandum, orderly, orrowing, ould, ouse, outlined, outweigh, overdraw, overnight, OWER, pace, paint, panel, par, parallel, payroll, PBF, PBO, pen, pendency, penetration, perating, pertinent, PGE, phase, phased, pilot, placement, plug, portrayal, possessory, PPAC, precision, predetermined, preempt, preempted, prejudgment, prejudice, preliminary, premi, prepaid, prepay, prescription, pretax, Prime, priority, problem, procure, procured, promise, pronounced, proportion, proportional, protracted, prov, prudence, psychology, pu, push, PV, quickly, quoted, RAC, radio, rainfall, RAM, rat, ratepayer, RBA, RDLC, reached, reaching, read, ready, realistic, reallocate, recalculated, recession, reconciled, recurring, red, redundancy, ref, reinstated, REIP, reiterated, rejoined, rema, rent, repeat, repo, representation, repricing, reputation, reset, resetting, rest, resumption, retrospective, retrospectively, revaluation, revealed, revolving, RFP, rgy, ribed, ricing, riskier, rmation, ropriate, RORB, round, route, rpose, RS, rting, ructure, rvation, SAIC, salable, saltwater, salvage, Sand, save, savi, saving, scarcity, Science, scorecard, scored, Sdn, se, securitization, settled, severan, sh, shelf, shipped, simulation, slowly, smart, spectively, speed, Sponsoring, spot, ss, ssolved, stage, staggered, stake, stalled, static, statistical, staying, steady, sto, stopped, stratified, stratum, stretch, strongly, Stupski, style, subje, subset, subsidy, substa, substandard, subtracting, subtransmission, suggest, symbol, syndicate, syndicated, Tailpipe, tain, tal, Tape, Tawhiri, TDR, teamwork, tentative, theoretical, thereo, thereto, thre, tighter, tility, timeframe, timelier, tion, transmit, transmitting, Treadway, Trial, tribution, trip, trucked, ts, ty, uent, UHERO, Ultra, um, unadjusted, unamortized, unauthorized, unbudgeted, unchanged, unclear, undergo, underinsured, undermine, undertaken, underwritten, undistributed, undrawn, unexercised, unexpected, unfunded, uniformly, unitary, unle, unobservable, unpaid, unpredictable, unrecognized, unspent, upgrade, upside, uring, ution, vacant, val, variabil, ve, vegetation, verage, vertically, ves, vestin, viability, VIE, visitor, Volcker, volition, Wacker, wage, Wall, watch, weekly, Wicham, widening, wngrade, worth, worthy, wrapped, write

Removed: advisory, aforementioned, amending, AMOR, Amy, Anne, Arranger, assignee, assisting, asterisk, attached, Attachment, automobile, avian, Black, BNY, Box, broker, casualty, Chancellor, characterization, Citibank, cleaning, college, comment, commercially, comparing, concluding, consented, Constellation, contemporary, convert, copy, create, Daniel, Debenture, Deferrable, Diane, dissolution, diversified, Ejercito, Eleventh, enabled, EPRI, Excellence, Fidelity, fireside, flu, golf, Gushman, Harada, HEIDI, HEIIC, Hereto, herewith, Incorporation, Indemnity, Indenture, insure, Iran, Iraq, Joaquin, Junior, Kamuela, Kapiolani, Kondo, Lalamilo, Leslie, Lessee, Longshore, metered, Michael, Nanbu, Novation, occasional, omitted, opposed, Patsy, peaked, Perrin, Pinnacle, PNM, pole, primacy, Realty, recharacterization, redacted, Rescission, resort, river, Runner, running, SAFECO, School, Scott, Shirley, south, spring, staffing, Subordinated, summer, Supplement, Surety, thereunto, treat, Twelfth, undersigned, unresolved, viewed, VIII, Wailea, waterside, workout, yard

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HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	2010						2009						2008
Years ended December 31	(1)			(2)			(1)			(2)			(1)			(2)
(dollars in thousands)

Fixed charges
Total interest charges (3)	$	87,191		$	101,887		$	85,827		$	119,873		$	120,083		$	181,566
Interest component of rentals	4,282			4,282			5,339			5,339			5,354			5,354
Pretax preferred stock dividend requirements of subsidiaries	3,001			3,001			2,868			2,868			2,894			2,894

Total fixed charges	$	94,474		$	109,170		$	94,034		$	128,080		$	128,331		$	189,814

Earnings
Pretax income from continuing operations	$	181,357		$	181,357		$	126,934		$	126,934		$	139,256		$	139,256
Fixed charges, as shown	94,474			109,170			94,034			128,080			128,331			189,814
Interest capitalized	(2,558		)	(2,558		)	(5,268		)	(5,268		)	(3,741		)	(3,741		)

Earnings available for fixed charges	$	273,273		$	287,969		$	215,700		$	249,746		$	263,846		$	325,329

Ratio of earnings to fixed charges	2.89			2.64			2.29			1.95			2.06			1.71

(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

	2007						2006
Years ended December 31	(1)			(2)			(1)			(2)
(dollars in thousands)

Fixed charges
Total interest charges (3)	$	156,575		$	238,454		$	148,160		$	221,774
Interest component of rentals	5,367			5,367			4,729			4,729
Pretax preferred stock dividend requirements of subsidiaries	2,899			2,899			2,974			2,974

Total fixed charges	$	164,841		$	246,720		$	155,863		$	229,477

Earnings
Pretax income from continuing operations	$	131,057		$	131,057		$	171,055		$	171,055
Fixed charges, as shown	164,841			246,720			155,863			229,477
Interest capitalized	(2,552		)	(2,552		)	(2,879		)	(2,879		)

Earnings available for fixed charges	$	293,346		$	375,225		$	324,039		$	397,653

Ratio of earnings to fixed charges	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.