HEI Exhibit 12.1
Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Nine months ended September 30 |
| 2002 (1) |
| 2002 (2) |
| 2001 (1) |
| 2001 (2) |
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(dollars in thousands) |
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Fixed charges |
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Total interest charges (3) |
| $ | 113,201 |
| $ | 170,532 |
| $ | 136,650 |
| $ | 228,891 |
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Interest component of rentals |
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| 3,329 |
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| 3,329 |
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| 3,161 |
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| 3,161 |
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Pretax preferred stock dividend requirements of subsidiaries |
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| 2,330 |
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| 2,330 |
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| 2,364 |
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| 2,364 |
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Preferred securities distributions of trust subsidiaries |
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| 12,026 |
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| 12,026 |
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| 12,026 |
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| 12,026 |
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Total fixed charges |
| $ | 130,886 |
| $ | 188,217 |
| $ | 154,201 |
| $ | 246,442 |
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Earnings |
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Pretax income |
| $ | 141,282 |
| $ | 141,282 |
| $ | 130,623 |
| $ | 130,623 |
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Fixed charges, as shown |
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| 130,886 |
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| 188,217 |
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| 154,201 |
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| 246,442 |
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Interest capitalized |
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| (1,392 | ) |
| (1,392 | ) |
| (1,711 | ) |
| (1,711 | ) | |
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Earnings available for fixed charges |
| $ | 270,776 |
| $ | 328,107 |
| $ | 283,113 |
| $ | 375,354 |
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Ratio of earnings to fixed charges |
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| 2.07 |
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| 1.74 |
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| 1.84 |
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| 1.52 |
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(1) | Excluding interest on ASB deposits. | |||||||||||||
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(2) | Including interest on ASB deposits. | |||||||||||||
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(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. |