Hawaiian Electric Company, Inc. PFD SER E 5% (HAWEL) 10-Q2003 Q1 Quarterly report

Filed: 9 May 03, 12:00am

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

New words: aboveground, absorption, acre, actuarial, Acute, administered, admission, admitting, affordability, allegedly, ascertained, assumption, audit, automatically, Avalon, barrier, beneath, beneficiary, blocked, bore, breach, breached, buffer, buoyed, Caliboso, campaign, capture, care, Carlito, chiller, CHP, civil, CLO, compensatory, complement, component, conceptual, concrete, conflict, congressional, constitutionality, content, continental, covenant, created, damage, Daniel, deleted, demonstration, description, detailed, detected, deteriorate, DG, diesel, difficulty, Dillingham, discharge, discovered, discovery, dispute, dissolved, docket, doctrine, downtown, duty, earthwork, element, eligible, enhance, enterprise, entity, Eric, eventually, exhaustion, exigent, exposure, face, facilitate, fallen, family, fault, FDIC, feeding, fell, fiduciary, FIN, Fish, flexibility, free, Freedom, gas, global, goal, groundwater, grow, growing, guarantor, habitat, handling, HEl, horizontal, hybrid, hydroelectric, impediment, implied, incentive, inception, incremental, injection, interception, introduced, invoke, Iraq, Iraqi, Japanese, job, Kealia, kilovolt, Korea, leak, leaking, leave, length, liable, LIBOR, likelihood, lock, Maalaea, manufacturer, maximum, mediation, member, metering, middle, migrating, migration, mile, minute, mistake, modified, moisture, mold, monthly, moot, multiple, negligence, negligent, neighbor, North, notified, observed, ocean, onset, optimistic, organized, overload, owe, owed, packaged, passed, permanent, personal, photovoltaic, Pilgrim, piping, Pond, precautionary, prepaid, pretrial, Prioritization, private, professional, proof, propane, prudently, purportedly, rebound, recoverable, refinance, Refuge, relief, rescissionary, research, Respiratory, restore, restored, resumption, ROR, routinely, sharp, sharply, sheen, Shirley, shortly, sick, sluggish, softening, soil, solar, south, SPRB, stability, station, stormwater, strategy, sue, summarizing, sump, supplier, Syndrome, teaming, tempered, theory, thermal, tort, traditional, transformation, trench, trough, unbudgeted, unchanged, undertaken, undeveloped, undrawn, unexpected, Uniform, user, vacated, variable, vertical, Victor, VIE, vulnerable, wait, waiver, warranty, wildlife, wind, winding, Yeaman, zone

Removed: acquired, added, affirming, amortized, approach, Baotou, carbon, Cebu, check, classified, Coast, Committee, comparability, comparable, conditional, conversion, convertible, deregulation, devaluation, directly, discontinue, discounted, domestic, EAPRC, El, enforce, enrichment, Enserch, enter, entry, EPHE, expiration, failing, fence, goodwill, Guam, guaranty, HCPC, HEIII, Hilo, HPG, impaired, indefinite, inside, institute, interconnection, invalid, IPP, Iron, island, KCP, larger, Manila, merit, Mongolia, nominal, oral, Paso, peso, Philippine, political, prohibit, prohibiting, publicly, realizable, reconcile, refused, regulator, reliable, repaired, rescind, resolved, retained, reviewed, satisfied, shorter, shown, Steel, substitute, supplant, Tanguisson, Tianjiao, Trade, traded, transitional, Unamortized, undergrounding, viable, wrote, yearend

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$$/BREAK/SECTION=EX12_2/ELEMENT=1/$$END

HECO Exhibit 12.2

Hawaiian Electric Company, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)

Three months ended March 31		2003			2002

(dollars in thousands)
Fixed charges
Total interest charges		$	11,179		$	11,087
Interest component of rentals			206			142
Pretax preferred stock dividend requirements of subsidiaries			356			358
Preferred securities distributions of trust subsidiaries			1,919			1,919

Total fixed charges		$	13,660		$	13,506

Earnings
Income before preferred stock dividends of HECO		$	17,926		$	20,629
Income taxes (see note below)			11,152			12,869
Fixed charges, as shown			13,660			13,506
AFUDC for borrowed funds			(443	)		(355	)

Earnings available for fixed charges		$	42,295		$	46,649

Ratio of earnings to fixed charges			3.10			3.45

Note:
Income taxes is comprised of the following
	Income tax expense relating to operating income from regulated activities	$	11,215		$	12,791
	Income tax expense (benefit) relating to results from nonregulated activities		(63	)		78

		$	11,152		$	12,869

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