HECO Exhibit 12.2 (page 1 of 2)
Hawaiian Electric Company, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Nine months ended September 30 | 2003 | 2002 | ||||||
(dollars in thousands) | ||||||||
Fixed charges | ||||||||
Total interest charges | $ | 34,055 | $ | 33,248 | ||||
Interest component of rentals | 625 | 491 | ||||||
Pretax preferred stock dividend requirements of subsidiaries | 1,094 | 1,080 | ||||||
Preferred securities distributions of trust subsidiaries | 5,756 | 5,756 | ||||||
Total fixed charges | $ | 41,530 | $ | 40,575 | ||||
Earnings | ||||||||
Income before preferred stock dividends of HECO | $ | 57,382 | $ | 70,629 | ||||
Income taxes (see note below) | 36,777 | 44,196 | ||||||
Fixed charges, as shown | 41,530 | 40,575 | ||||||
AFUDC for borrowed funds | (1,385 | ) | (1,392 | ) | ||||
Earnings available for fixed charges | $ | 134,304 | $ | 154,008 | ||||
Ratio of earnings to fixed charges | 3.23 | 3.80 | ||||||
Note: | ||||||||
Income taxes is comprised of the following | ||||||||
Income tax expense relating to operating income from regulated activities | $ | 36,865 | $ | 44,110 | ||||
Income tax expense (benefit) relating to results from nonregulated activities | (88 | ) | 86 | |||||
$ | 36,777 | $ | 44,196 | |||||
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 | |||||||||||