HECO Exhibit 12.2 (page 1 of 2)
Hawaiian Electric Company, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Six months ended June 30 | 2003 | 2002 | ||||||
(dollars in thousands) | ||||||||
Fixed charges | ||||||||
Total interest charges | $ | 22,550 | $ | 22,193 | ||||
Interest component of rentals | 430 | 313 | ||||||
Pretax preferred stock dividend requirements of subsidiaries | 712 | 718 | ||||||
Preferred securities distributions of trust subsidiaries | 3,838 | 3,838 | ||||||
Total fixed charges | $ | 27,530 | $ | 27,062 | ||||
Earnings | ||||||||
Income before preferred stock dividends of HECO | 36,752 | $ | 44,749 | |||||
Income taxes (see note below) | 22,828 | 27,977 | ||||||
Fixed charges, as shown | 27,530 | 27,062 | ||||||
AFUDC for borrowed funds | (889 | ) | (843 | ) | ||||
Earnings available for fixed charges | $ | 86,221 | $ | 98,945 | ||||
Ratio of earnings to fixed charges | 3.13 | 3.66 | ||||||
Note: | ||||||||
Income taxes is comprised of the following | ||||||||
Income tax expense relating to operating income from regulated activities | $ | 22,891 | $ | 27,823 | ||||
Income tax expense (benefit) relating to results from nonregulated activities | (63 | ) | 154 | |||||
$ | 22,828 | $ | 27,977 | |||||
HECO Exhibit 12.2 (page 2 of 2)
Hawaiian Electric Company, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(continued)
Years ended December 31 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||
(dollars in thousands) | |||||||||||||||||
Fixed charges | |||||||||||||||||
Total interest charges | $ | 44,232 | $ | 47,056 | $ | 49,062 | $ | 48,461 | $ | 47,921 | |||||||
Interest component of rentals | 663 | 728 | 696 | 784 | 730 | ||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 1,434 | 1,433 | 1,438 | 1,479 | 4,081 | ||||||||||||
Preferred securities distributions of trust subsidiaries | 7,675 | 7,675 | 7,675 | 7,665 | 4,197 | ||||||||||||
Total fixed charges | $ | 54,004 | $ | 56,892 | $ | 58,871 | $ | 58,389 | $ | 56,929 | |||||||
Earnings | |||||||||||||||||
Income before preferred stock dividends of HECO | $ | 91,285 | $ | 89,380 | $ | 88,366 | $ | 76,400 | $ | 84,230 | |||||||
Fixed charges, as shown | 54,004 | 56,892 | 58,871 | 58,389 | 56,929 | ||||||||||||
Income taxes (see note below) | 56,658 | 55,416 | 55,375 | 48,047 | 54,572 | ||||||||||||
Allowance for borrowed funds used during construction | (1,855 | ) | (2,258 | ) | (2,922 | ) | (2,576 | ) | (5,915 | ) | |||||||
Earnings available for fixed charges | $ | 200,092 | $ | 199,430 | $ | 199,690 | $ | 180,260 | $ | 189,816 | |||||||
Ratio of earnings to fixed charges | 3.71 | 3.51 | 3.39 | 3.09 | 3.33 | ||||||||||||
Note: | |||||||||||||||||
Income taxes is comprised of the following: | |||||||||||||||||
Income tax expense relating to operating income from regulated activities | $ | 56,729 | $ | 55,434 | $ | 55,213 | $ | 48,281 | $ | 54,719 | |||||||
Income tax expense (benefit) relating to results from nonregulated activities | (71 | ) | (18 | ) | 162 | (234 | ) | (147 | ) | ||||||||
$ | 56,658 | $ | 55,416 | $ | 55,375 | $ | 48,047 | $ | 54,572 | ||||||||