Hawaiian Electric Company, Inc. PFD C 4.25% (HAWEN) S-3/A Shelf registration (amended)

EXHIBIT 12(b)

HAWAIIAN ELECTRIC COMPANY, INC.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

	YEARS ENDED DECEMBER 31,
	2003			2002			2001			2000			1999
	(DOLLARS IN THOUSANDS)
FIXED CHARGES
Total interest charges	$	44,341		$	44,232		$	47,056		$	49,062		$	48,461
Interest component of rentals		820			663			728			696			784
Pretax preferred stock dividend requirements		3,117			3,127			3,123			3,134			3,323
Preferred securities distributions of trust subsidiaries		7,675			7,675			7,675			7,675			7,665
TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	55,953		$	55,697		$	58,582		$	60,567		$	60,233
EARNINGS
Net income for common stock	$	78,911		$	90,205		$	88,300		$	87,286		$	75,222
Fixed charges, as shown		55,953			55,697			58,582			60,567			60,233
Income taxes (see note below)		49,824			56,658			55,416			55,375			48,047
Allowance for borrowed funds used during construction		(1,914	)		(1,855	)		(2,258	)		(2,922	)		(2,576	)
EARNINGS AVAILABLE FOR COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	182,774		$	200,705		$	200,040		$	200,306		$	180,926
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS		3.27			3.60			3.41			3.31			3.00
NOTE:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	50,175		$	56,729		$	55,434		$	55,213		$	48,281
Income tax expense (benefit) relating to results from nonregulated activities		(351	)		(71	)		(18	)		162			(234	)
	$	49,824		$	56,658		$	55,416		$	55,375		$	48,047