Hawaiian Electric Company, Inc. PFD SER E 5% (HAWEL) 10-Q 2014 Q2 Quarterly report

Hawaiian Electric Exhibit 12.2

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Six months    ended June 30						Years ended December 31
(dollars in thousands)	2014			2013			2013			2012			2011			2010			2009
Fixed charges
Total interest charges	$	33,455		$	31,155		$	64,130		$	62,056		$	60,031		$	61,510		$	57,944
Interest component of rentals	1,661			1,250			2,793			2,690			2,152			1,857			2,499
Pretax preferred stock dividend requirements of subsidiaries	727			719			1,421			1,467			1,468			1,461			1,452
Total fixed charges	$	35,843		$	33,124		$	68,344		$	66,213		$	63,651		$	64,828		$	61,895
Earnings
Net income attributable to Hawaiian Electric	$	70,190		$	53,662		$	124,009		$	100,356		$	101,066		$	77,669		$	80,526
Fixed charges, as shown	35,843			33,124			68,344			66,213			63,651			64,828			61,895
Income taxes	41,644			30,952			69,117			61,048			61,584			46,868			47,776
Interest capitalized	(2,017		)	(3,356		)	(7,097		)	(4,355		)	(2,498		)	(2,558		)	(5,268		)
Earnings available for fixed charges	$	145,660		$	114,382		$	254,373		$	223,262		$	223,803		$	186,807		$	184,929
Ratio of earnings to fixed charges	4.06			3.45			3.72			3.37			3.52			2.88			2.99

For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income before preferred stock dividends of Hawaiian Electric and before adjustment for undistributed income or loss from equity investees and (ii) fixed charges (as hereinafter defined, but excluding interest capitalized). “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 Hawaii Electric Light and Maui Electric, increased to an amount representing the pretax earnings required to cover such dividend requirements.