EXHIBIT 12(b)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
NINE MONTHS ENDED SEPTEMBER 30, | YEARS ENDED DECEMBER 31, | |||||||||||||||||||||||||||
2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||
(DOLLARS IN THOUSANDS) | ||||||||||||||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||||||
Total interest charges | $ | 34,055 | $ | 33,248 | $ | 44,232 | $ | 47,056 | $ | 49,062 | $ | 48,461 | $ | 47,921 | ||||||||||||||
Interest component of rentals | 625 | 491 | 663 | 728 | 696 | 784 | 730 | |||||||||||||||||||||
Pretax preferred stock dividend requirements | 2,358 | 2,354 | 3,127 | 3,123 | 3,134 | 3,323 | 9,606 | |||||||||||||||||||||
Preferred securities distributions of trust subsidiaries | 5,756 | 5,756 | 7,675 | 7,675 | 7,675 | 7,665 | 4,197 | |||||||||||||||||||||
TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 42,794 | $ | 41,849 | $ | 55,697 | $ | 58,582 | $ | 60,567 | $ | 60,233 | $ | 62,454 | ||||||||||||||
EARNINGS | ||||||||||||||||||||||||||||
Net income for common stock | $ | 56,572 | $ | 69,819 | $ | 90,205 | $ | 88,300 | $ | 87,286 | $ | 75,222 | $ | 80,776 | ||||||||||||||
Fixed charges, as shown | 42,794 | 41,849 | 55,697 | 58,582 | 60,567 | 60,233 | 62,454 | |||||||||||||||||||||
Income taxes (see note below) | 36,777 | 44,196 | 56,658 | 55,416 | 55,375 | 48,047 | 54,572 | |||||||||||||||||||||
Allowance for borrowed funds used during construction | (1,385 | ) | (1,392 | ) | (1,855 | ) | (2,258 | ) | (2,922 | ) | (2,576 | ) | (5,915 | ) | ||||||||||||||
EARNINGS AVAILABLE FOR COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 134,758 | $ | 154,472 | $ | 200,705 | $ | 200,040 | $ | 200,306 | $ | 180,926 | $ | 191,887 | ||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | 3.15 | 3.69 | 3.60 | 3.41 | 3.31 | 3.00 | 3.07 | |||||||||||||||||||||
NOTE: | ||||||||||||||||||||||||||||
Income taxes is comprised of the following: | ||||||||||||||||||||||||||||
Income tax expense relating to operating income from regulated activities | $ | 36,865 | $ | 44,110 | $ | 56,729 | $ | 55,434 | $ | 55,213 | $ | 48,281 | $ | 54,719 | ||||||||||||||
Income tax expense (benefit) relating to results from nonregulated activities | (88 | ) | 86 | (71 | ) | (18 | ) | 162 | (234 | ) | (147 | ) | ||||||||||||||||
$ | 36,777 | $ | 44,196 | $ | 56,658 | $ | 55,416 | $ | 55,375 | $ | 48,047 | $ | 54,572 | |||||||||||||||