HEI Exhibit 12.1 (page 1 of 3)
Hawaiian Electric Industries, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Nine months ended September 30 | 2003 (1) | 2003 (2) | 2002 (1) | 2002 (2) | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Fixed charges | ||||||||||||||||
Total interest charges (3) | $ | 106,300 | $ | 147,482 | $ | 113,201 | $ | 170,532 | ||||||||
Interest component of rentals | 3,225 | 3,225 | 3,329 | 3,329 | ||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 2,345 | 2,345 | 2,331 | 2,331 | ||||||||||||
Preferred securities distributions of trust subsidiaries | 12,026 | 12,026 | 12,026 | 12,026 | ||||||||||||
Total fixed charges | $ | 123,896 | $ | 165,078 | $ | 130,887 | $ | 188,218 | ||||||||
Earnings | ||||||||||||||||
Pretax income | $ | 126,532 | $ | 126,532 | $ | 143,189 | $ | 143,189 | ||||||||
Fixed charges, as shown | 123,896 | 165,078 | 130,887 | 188,218 | ||||||||||||
Interest capitalized | (1,385 | ) | (1,385 | ) | (1,392 | ) | (1,392 | ) | ||||||||
Earnings available for fixed charges | $ | 249,043 | $ | 290,225 | $ | 272,684 | $ | 330,015 | ||||||||
Ratio of earnings to fixed charges | 2.01 | 1.76 | 2.08 | 1.75 | ||||||||||||
(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. |