HEI Exhibit 12 (page 1 of 2)
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| 2009 | 2008 | 2007 | ||||||||||||||||||||||
Years ended December 31 | (1) | (2) | (1) | (2) | (1) | (2) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Total interest charges (3) | $ | 85,827 | $ | 119,873 | $ | 120,083 | $ | 181,566 | $ | 156,575 | $ | 238,454 | ||||||||||||
Interest component of rentals | 5,339 | 5,339 | 5,354 | 5,354 | 5,367 | 5,367 | ||||||||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 2,868 | 2,868 | 2,894 | 2,894 | 2,899 | 2,899 | ||||||||||||||||||
Total fixed charges | $ | 94,034 | $ | 128,080 | $ | 128,331 | $ | 189,814 | $ | 164,841 | $ | 246,720 | ||||||||||||
Earnings | ||||||||||||||||||||||||
Pretax income from continuing operations | $ | 128,824 | $ | 128,824 | $ | 139,256 | $ | 139,256 | $ | 131,057 | $ | 131,057 | ||||||||||||
Fixed charges, as shown | 94,034 | 128,080 | 128,331 | 189,814 | 164,841 | 246,720 | ||||||||||||||||||
Interest capitalized | (5,268 | ) | (5,268 | ) | (3,741 | ) | (3,741 | ) | (2,552 | ) | (2,552 | ) | ||||||||||||
Earnings available for fixed charges | $ | 217,590 | $ | 251,636 | $ | 263,846 | $ | 325,329 | $ | 293,346 | $ | 375,225 | ||||||||||||
Ratio of earnings to fixed charges | 2.31 | 1.96 | 2.06 | 1.71 | 1.78 | 1.52 | ||||||||||||||||||
| (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
| 2006 | 2005 | |||||||||||||||
Years ended December 31 | (1) | (2) | (1) | (2) | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Fixed charges | ||||||||||||||||
Total interest charges (3) | $ | 148,160 | $ | 221,774 | $ | 144,671 | $ | 196,735 | ||||||||
Interest component of rentals | 4,729 | 4,729 | 4,133 | 4,133 | ||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 2,974 | 2,974 | 2,976 | 2,976 | ||||||||||||
Total fixed charges | $ | 155,863 | $ | 229,477 | $ | 151,780 | $ | 203,844 | ||||||||
Earnings | ||||||||||||||||
Pretax income from continuing operations | $ | 171,055 | $ | 171,055 | $ | 201,344 | $ | 201,344 | ||||||||
Fixed charges, as shown | 155,863 | 229,477 | 151,780 | 203,844 | ||||||||||||
Interest capitalized | (2,879 | ) | (2,879 | ) | (2,020 | ) | (2,020 | ) | ||||||||
Earnings available for fixed charges | $ | 324,039 | $ | 397,653 | $ | 351,104 | $ | 403,168 | ||||||||
Ratio of earnings to fixed charges | 2.08 | 1.73 | 2.31 | 1.98 | ||||||||||||
| (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. |