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. |