Hawaiian Electric Company, Inc. PFD H 5.250% (HAWLM) 10-Q2004 Q2 Quarterly report

Filed: 5 Aug 04, 12:00am

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New words: accommodate, acquisition, advisor, appointed, attorney, awaiting, bidder, Big, Black, Broadband, Caliboso, Carlito, Chairman, Cole, column, commodity, compressed, conclusion, costly, depressed, distort, dollar, DOT, Encogen, enroll, equivalence, equivalent, evidence, exercise, exposed, factual, farm, fewer, focused, FSP, gave, haze, HEIRSP, hit, HRD, immaterial, investee, Janet, John, Kawelo, Kimura, latitude, lowest, Medicare, Modernization, nickel, Novation, occasion, opt, owner, paragraph, percent, prescription, President, procurement, reappointed, regional, REIT, relieved, relocate, remotely, repaving, resign, retiree, Retrofit, River, Sekimura, shown, side, sponsor, Street, subsidy, succeed, superseded, Tampa, Tayne, TECO, temporarily, threat, threshold, trading, transmit, uncertain, understanding, unfunded, USPF, Vice, wastewater, Wayne

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HEI Exhibit 12.1 (page 1 of 3)

Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)


Six months ended June 30	2004⁽¹⁾			2004⁽²⁾			2003⁽¹⁾			2003⁽²⁾
(dollars in thousands)
Fixed charges
Total interest charges⁽³⁾	$	77,198		$	100,872		$	72,249		$	100,332
Interest component of rentals		2,002			2,002			2,168			2,168
Pretax preferred stock dividend requirements of subsidiaries		1,463			1,463			1,561			1,561
Preferred securities distributions of trust subsidiaries		—			—			8,018			8,018

Total fixed charges	$	80,663		$	104,337		$	83,996		$	112,079

Earnings
Pretax income	$	97,779		$	97,779		$	78,527		$	78,527
Fixed charges, as shown		80,663			104,337			83,996			112,079
Interest capitalized		(1,377	)		(1,377	)		(889	)		(889	)

Earnings available for fixed charges	$	177,065		$	200,739		$	161,634		$	189,717

Ratio of earnings to fixed charges		2.20			1.92			1.92			1.69

⁽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	2003⁽¹⁾			2003⁽²⁾			2002⁽¹⁾			2002⁽²⁾			2001⁽¹⁾			2001⁽²⁾
(dollars in thousands)
Fixed charges
Total interest charges⁽³⁾	$	138,808		$	192,616		$	151,543		$	225,174		$	175,780		$	292,311
Interest component of rentals		4,214			4,214			4,501			4,501			4,268			4,268
Pretax preferred stock dividend requirements of subsidiaries		3,082			3,082			3,069			3,069			3,069			3,069
Preferred securities distributions of trust subsidiaries		16,035			16,035			16,035			16,035			16,035			16,035

Total fixed charges	$	162,139		$	215,947		$	175,148		$	248,779		$	199,152		$	315,683

Earnings
Pretax income from continuing operations	$	182,415		$	182,415		$	181,909		$	181,909		$	165,903		$	165,903
Fixed charges, as shown		162,139			215,947			175,148			248,779			199,152			315,683
Interest capitalized		(1,914	)		(1,914	)		(1,855	)		(1,855	)		(2,258	)		(2,258	)

Earnings available for fixed charges	$	342,640		$	396,448		$	355,202		$	428,833		$	362,797		$	479,328

Ratio of earnings to fixed charges		2.11			1.84			2.03			1.72			1.82			1.52

⁽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	2000⁽¹⁾			2000⁽²⁾			1999⁽¹⁾			1999⁽²⁾
(dollars in thousands)
Fixed charges
Total interest charges⁽³⁾	$	196,980		$	316,172		$	158,947		$	279,285
Interest component of rentals		4,332			4,332			4,370			4,370
Pretax preferred stock dividend requirements of subsidiaries		3,109			3,109			3,407			3,407
Preferred securities distributions of trust subsidiaries		16,035			16,035			16,025			16,025

Total fixed charges	$	220,456		$	339,648		$	182,749		$	303,087

Earnings
Pretax income from continuing operations	$	170,495		$	170,495		$	155,129		$	155,129
Fixed charges, as shown		220,456			339,648			182,749			303,087
Interest capitalized		(2,922	)		(2,922	)		(2,576	)		(2,576	)

Earnings available for fixed charges	$	388,029		$	507,221		$	335,302		$	455,640

Ratio of earnings to fixed charges		1.76			1.49			1.83			1.50

⁽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.

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