HEI Exhibit 12.1 (page 1 of 2)
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
2013 | 2012 | 2011 | |||||||||||||||||||||
Years ended December 31 | (1) | (2) | (1) | (2) | (1) | (2) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Fixed charges | |||||||||||||||||||||||
Total interest charges | $ | 85,315 | $ | 90,407 | $ | 83,020 | $ | 89,443 | $ | 87,592 | $ | 96,575 | |||||||||||
Interest component of rentals | 6,345 | 6,345 | 6,493 | 6,493 | 4,757 | 4,757 | |||||||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 2,866 | 2,866 | 2,924 | 2,924 | 2,914 | 2,914 | |||||||||||||||||
Total fixed charges | $ | 94,526 | $ | 99,618 | $ | 92,437 | $ | 98,860 | $ | 95,263 | $ | 104,246 | |||||||||||
Earnings | |||||||||||||||||||||||
Pretax income from continuing operations | $ | 245,857 | $ | 245,857 | $ | 215,517 | $ | 215,517 | $ | 214,162 | $ | 214,162 | |||||||||||
Fixed charges, as shown | 94,526 | 99,618 | 92,437 | 98,860 | 95,263 | 104,246 | |||||||||||||||||
Interest capitalized | (7,097 | ) | (7,097 | ) | (4,355 | ) | (4,355 | ) | (2,498 | ) | (2,498 | ) | |||||||||||
Earnings available for fixed charges | $ | 333,286 | $ | 338,378 | $ | 303,599 | $ | 310,022 | $ | 306,927 | $ | 315,910 | |||||||||||
Ratio of earnings to fixed charges | 3.53 | 3.40 | 3.28 | 3.14 | 3.22 | 3.03 |
(1) | Excluding interest on ASB deposits. |
(2) | Including interest on ASB deposits. |
HEI Exhibit 12.1 (page 2 of 2)
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Continued
2010 | 2009 | ||||||||||||||
Years ended December 31 | (1) | (2) | (1) | (2) | |||||||||||
(dollars in thousands) | |||||||||||||||
Fixed charges | |||||||||||||||
Total interest charges | $ | 87,191 | $ | 101,887 | $ | 85,827 | $ | 119,873 | |||||||
Interest component of rentals | 4,282 | 4,282 | 5,339 | 5,339 | |||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 3,001 | 3,001 | 2,868 | 2,868 | |||||||||||
Total fixed charges | $ | 94,474 | $ | 109,170 | $ | 94,034 | $ | 128,080 | |||||||
Earnings | |||||||||||||||
Pretax income from continuing operations | $ | 181,357 | $ | 181,357 | $ | 126,934 | $ | 126,934 | |||||||
Fixed charges, as shown | 94,474 | 109,170 | 94,034 | 128,080 | |||||||||||
Interest capitalized | (2,558 | ) | (2,558 | ) | (5,268 | ) | (5,268 | ) | |||||||
Earnings available for fixed charges | $ | 273,273 | $ | 287,969 | $ | 215,700 | $ | 249,746 | |||||||
Ratio of earnings to fixed charges | 2.89 | 2.64 | 2.29 | 1.95 |
(1) | Excluding interest on ASB deposits. |
(2) | Including interest on ASB deposits. |