Hawaiian Electric Company, Inc. PFD K 4.65% (HAWLL) 10-Q 2016 Q3 Quarterly report

Hawaiian Electric Exhibit 12.2

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Nine months ended September 30						Years ended December 31
(dollars in thousands)	2016			2015			2015			2014			2013			2012			2011
Fixed charges
Total interest charges	$	50,174		$	49,800		$	67,178		$	66,132		$	64,130		$	62,056		$	60,031
Interest component of rentals	2,435			2,324			3,060			3,244			2,793			2,690			2,152
Pretax preferred stock dividend requirements of subsidiaries	1,084			1,084			1,443			1,444			1,421			1,467			1,468
Total fixed charges	$	53,693		$	53,208		$	71,681		$	70,820		$	68,344		$	66,213		$	63,651
Earnings
Net income attributable to Hawaiian Electric	$	109,712		$	103,531		$	136,794		$	138,721		$	124,009		$	100,356		$	101,066
Fixed charges, as shown	53,693			53,208			71,681			70,820			68,344			66,213			63,651
Income taxes	63,978			60,351			79,422			80,725			69,117			61,048			61,584
Interest capitalized	(2,716		)	(2,548		)	(3,265		)	(3,954		)	(7,097		)	(4,355		)	(2,498		)
Earnings available for fixed charges	$	224,667		$	214,542		$	284,632		$	286,312		$	254,373		$	223,262		$	223,803
Ratio of earnings to fixed charges	4.18			4.03			3.97			4.04			3.72			3.37			3.52

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.