Hawaiian Electric Company, Inc. PFD SER E 5% (HAWEL) 10-Q2011 Q1 Quarterly report

Filed: 10 May 11, 12:00am

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Removed: accelerated, acquiring, aggregated, aggregator, agree, alleging, ASC, assessed, assume, ASU, auction, awaiting, backed, baseline, battery, belief, bidder, Binomial, BlueEarth, building, calculation, calendar, chiefly, CHP, civil, clarification, classification, classified, close, Code, collect, collectibility, comment, communication, consultant, controlled, convert, converted, counter, counterparty, covering, cure, cured, curtailment, daily, declining, delinquency, delinquent, derived, description, desire, detail, deteriorating, DIF, disability, DOD, DPP, DSG, economical, economically, equaled, equitable, estimable, exclude, exercised, exhausted, expanded, expedite, expended, expert, fact, farm, feasible, FFO, finalized, FIT, flat, foreclosure, forfeited, formed, frequency, frequent, fruition, fulfill, globally, governing, graduated, grantee, granting, ground, half, healthcare, hired, Honua, House, hygienist, immaterial, impose, inclusion, inspection, interrupted, inverted, involving, Iran, jointly, Kauai, Keahole, kilovolt, kV, lawsuit, leading, lesser, levy, manage, marginally, median, Medicare, minimizing, modeling, modify, MWh, nationally, negotiated, nonperforming, objective, observed, occupancy, optional, originated, outweigh, overrun, pace, page, parallel, partial, participate, payoff, peer, performed, personal, posed, practice, prepaid, prepay, prevented, progressing, promptly, proposing, PSD, pursue, qualify, quickly, radio, recalculated, reclassification, reclassified, recommended, reflected, regular, remained, remove, researching, rest, restore, restored, restriction, resumed, retention, returned, reward, salable, SAR, satisfied, satisfying, scheme, secured, securing, Senate, shortened, shortly, show, simple, staffed, stage, stalled, statement, stockholder, stranded, struggle, submit, successful, supplying, supportive, sustain, Tailpipe, technically, temporarily, tiered, Topic, track, transmit, trial, UBC, undercapitalized, undermine, underrun, usage, utilizing, vest, vested, vesting, voluntary, voted, warrant, weaken, write

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HECO Exhibit 12.2

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Three months ended March 31						Years ended December 31
(dollars in thousands)	2011			2010			2010			2009			2008			2007			2006

Fixed charges
Total interest charges	$	15,705		$	15,649		$	61,510		$	57,944		$	54,757		$	53,268		$	52,563
Interest component of rentals	427			604			1,857			2,499			2,211			2,250			1,863
Pretax preferred stock dividend requirements of subsidiaries	363			364			1,461			1,452			1,458			1,438			1,467

Total fixed charges	$	16,495		$	16,617		$	64,828		$	61,895		$	58,426		$	56,956		$	55,893

Earnings
Net income attributable to HECO	$	19,459		$	18,322		$	77,669		$	80,526		$	93,055		$	53,236		$	76,027
Fixed charges, as shown	16,495			16,617			64,828			61,895			58,426			56,956			55,893
Income taxes (see note below)	11,579			10,961			46,868			47,776			55,763			30,937			46,440
Allowance for borrowed funds used during construction	(520		)	(779		)	(2,558		)	(5,268		)	(3,741		)	(2,552		)	(2,879		)

Earnings available for fixed charges	$	47,013		$	45,121		$	186,807		$	184,929		$	203,503		$	138,577		$	175,481

Ratio of earnings to fixed charges	2.85			2.72			2.88			2.99			3.48			2.43			3.14

Note:
Income taxes are comprised of the following:
Income tax expense relating to operating income from regulated activities	$	11,610		$	11,041		$	48,053		$	48,212		$	56,307		$	34,126		$	47,381
Income tax benefit relating to results from nonregulated activities	(31		)	(80		)	(1,185		)	(436		)	(544		)	(3,189		)	(941		)

	$	11,579		$	10,961		$	46,868		$	47,776		$	55,763		$	30,937		$	46,440

For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income before preferred stock dividends of HECO and before adjustment for undistributed income or loss from equity investees and (ii) fixed charges (as hereinafter defined, but excluding the allowance for borrowed funds used during construction). “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 HELCO and MECO, increased to an amount representing the pretax earnings required to cover such dividend requirements.