HECO Exhibit 12.2 (page 1 of 2)
Hawaiian Electric Company, Inc. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Six months ended June 30 | 2004 | 2003 | ||||||
(dollars in thousands) | ||||||||
Fixed charges | ||||||||
Total interest charges | $ | 25,433 | $ | 22,550 | ||||
Interest component of rentals | 434 | 430 | ||||||
Pretax preferred stock dividend requirements of subsidiaries | 740 | 712 | ||||||
Preferred securities distributions of trust subsidiaries | — | 3,838 | ||||||
Total fixed charges | $ | 26,607 | $ | 27,530 | ||||
Earnings | ||||||||
Income before preferred stock dividends of HECO | $ | 42,298 | $ | 36,752 | ||||
Income taxes (see note below) | 26,365 | 22,828 | ||||||
Fixed charges, as shown | 26,607 | 27,530 | ||||||
AFUDC for borrowed funds | (1,377 | ) | (889 | ) | ||||
Earnings available for fixed charges | $ | 93,893 | $ | 86,221 | ||||
Ratio of earnings to fixed charges | 3.53 | 3.13 | ||||||
Note: Income taxes is comprised of the following | ||||||||
Income tax expense relating to operating income from regulated activities | $ | 26,666 | $ | 22,891 | ||||
Income tax benefit relating to results from nonregulated activities | (301 | ) | (63 | ) | ||||
$ | 26,365 | $ | 22,828 | |||||
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 | 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 of subsidiaries | 1,430 | 1,434 | 1,433 | 1,438 | 1,479 | |||||||||||||||
Preferred securities distributions of trust subsidiaries | 7,675 | 7,675 | 7,675 | 7,675 | 7,665 | |||||||||||||||
Total fixed charges | $ | 54,266 | $ | 54,004 | $ | 56,892 | $ | 58,871 | $ | 58,389 | ||||||||||
Earnings | ||||||||||||||||||||
Income before preferred stock dividends of HECO | $ | 79,991 | $ | 91,285 | $ | 89,380 | $ | 88,366 | $ | 76,400 | ||||||||||
Fixed charges, as shown | 54,266 | 54,004 | 56,892 | 58,871 | 58,389 | |||||||||||||||
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 fixed charges | $ | 182,167 | $ | 200,092 | $ | 199,430 | $ | 199,690 | $ | 180,260 | ||||||||||
Ratio of earnings to fixed charges | 3.36 | 3.71 | 3.51 | 3.39 | 3.09 | |||||||||||||||
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 | |||||||||||