HEI Exhibit 12.1 (page 1 of 3)
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Six months ended June 30 | 2003 (1) | 2003 (2) | 2002 (1) | 2002 (2) | ||||||||||
(dollars in thousands) | ||||||||||||||
Fixed charges | ||||||||||||||
Total interest charges (3) | $ | 72,249 | $ | 100,332 | $ | 74,862 | $ | 114,360 | ||||||
Interest component of rentals | 2,168 | 2,168 | 2,247 | 2,247 | ||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 1,561 | 1,561 | 1,572 | 1,572 | ||||||||||
Preferred securities distributions of trust subsidiaries | 8,018 | 8,018 | 8,018 | 8,018 | ||||||||||
Total fixed charges | $ | 83,996 | $ | 112,079 | $ | 86,699 | $ | 126,197 | ||||||
Earnings | ||||||||||||||
Pretax income | $ | 78,527 | $ | 78,527 | $ | 92,000 | $ | 92,000 | ||||||
Fixed charges, as shown | 83,996 | 112,079 | 86,699 | 126,197 | ||||||||||
Interest capitalized | (889 | ) | (889 | ) | (843 | ) | (843 | ) | ||||||
Earnings available for fixed charges | $ | 161,634 | $ | 189,717 | $ | 177,856 | $ | 217,354 | ||||||
Ratio of earnings to fixed charges | 1.92 | 1.69 | 2.05 | 1.72 | ||||||||||
(1) | Excluding interest on ASB deposits. |
(2) | Including interest on ASB deposits. |
(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. |
HEI Exhibit 12.1 (page 2 of 3)
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(continued)
Years ended December 31 | 2002 (1) | 2002 (2) | 2001 (1) | 2001 (2) | 2000 (1) | 2000 (2) | ||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fixed charges | ||||||||||||||||||||
Total interest charges (3) | $ | 151,543 | $ | 225,174 | $ | 175,780 | $ | 292,311 | $ | 196,980 | $ | 316,172 | ||||||||
Interest component of rentals | 4,501 | 4,501 | 4,268 | 4,268 | 4,332 | 4,332 | ||||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 3,069 | 3,069 | 3,069 | 3,069 | 3,109 | 3,109 | ||||||||||||||
Preferred securities distributions of trust subsidiaries | 16,035 | 16,035 | 16,035 | 16,035 | 16,035 | 16,035 | ||||||||||||||
Total fixed charges | $ | 175,148 | $ | 248,779 | $ | 199,152 | $ | 315,683 | $ | 220,456 | $ | 339,648 | ||||||||
Earnings | ||||||||||||||||||||
Pretax income from continuing operations | $ | 181,909 | $ | 181,909 | $ | 165,903 | $ | 165,903 | $ | 170,495 | $ | 170,495 | ||||||||
Fixed charges, as shown | 175,148 | 248,779 | 199,152 | 315,683 | 220,456 | 339,648 | ||||||||||||||
Interest capitalized | (1,855 | ) | (1,855 | ) | (2,258 | ) | (2,258 | ) | (2,922 | ) | (2,922 | ) | ||||||||
Earnings available for fixed charges | $ | 355,202 | $ | 428,833 | $ | 362,797 | $ | 479,328 | $ | 388,029 | $ | 507,221 | ||||||||
Ratio of earnings to fixed charges | 2.03 | 1.72 | 1.82 | 1.52 | 1.76 | 1.49 | ||||||||||||||
(1) | Excluding interest on ASB deposits. |
(2) | Including interest on ASB deposits. |
(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. |
HEI Exhibit 12.1 (page 3 of 3)
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(continued)
Years ended December 31 | 1999 (1) | 1999 (2) | 1998 (1) | 1998 (2) | |||||||||||
(dollars in thousands) | |||||||||||||||
Fixed charges | |||||||||||||||
Total interest charges (3) | $ | 158,947 | $ | 279,285 | $ | 144,911 | $ | 286,980 | |||||||
Interest component of rentals | 4,370 | 4,370 | 3,559 | 3,559 | |||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 3,407 | 3,407 | 9,379 | 9,379 | |||||||||||
Preferred securities distributions of trust subsidiaries | 16,025 | 16,025 | 12,557 | 12,557 | |||||||||||
Total fixed charges | $ | 182,749 | $ | 303,087 | $ | 170,406 | $ | 312,475 | |||||||
Earnings | |||||||||||||||
Pretax income from continuing operations | $ | 155,129 | $ | 155,129 | $ | 155,283 | $ | 155,283 | |||||||
Fixed charges, as shown | 182,749 | 303,087 | 170,406 | 312,475 | |||||||||||
Interest capitalized | (2,576 | ) | (2,576 | ) | (5,915 | ) | (5,915 | ) | |||||||
Earnings available for fixed charges | $ | 335,302 | $ | 455,640 | $ | 319,774 | $ | 461,843 | |||||||
Ratio of earnings to fixed charges | 1.83 | 1.50 | 1.88 | 1.48 | |||||||||||
(1) | Excluding interest on ASB deposits. |
(2) | Including interest on ASB deposits. |
(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. |