HEI Exhibit 12 (page 1 of 2)
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| 2006 | 2005 | 2004 | ||||||||||||||||||||||
Years ended December 31 | (1) | (2) | (1) | (2) | (1) | (2) | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Total interest charges (3) | $ | 148,160 | $ | 221,774 | $ | 144,671 | $ | 196,735 | $ | 142,779 | $ | 189,963 | ||||||||||||
Interest component of rentals | 4,729 | 4,729 | 4,133 | 4,133 | 3,935 | 3,935 | ||||||||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 2,974 | 2,974 | 2,976 | 2,976 | 2,956 | 2,956 | ||||||||||||||||||
Preferred securities distributions of trust subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges | $ | 155,863 | $ | 229,477 | $ | 151,780 | $ | 203,844 | $ | 149,670 | $ | 196,854 | ||||||||||||
Earnings | ||||||||||||||||||||||||
Pretax income from continuing operations | $ | 171,055 | $ | 171,055 | $ | 201,344 | $ | 201,344 | $ | 200,219 | $ | 200,219 | ||||||||||||
Fixed charges, as shown | 155,863 | 229,477 | 151,780 | 203,844 | 149,670 | 196,854 | ||||||||||||||||||
Interest capitalized | (2,879 | ) | (2,879 | ) | (2,020 | ) | (2,020 | ) | (2,542 | ) | (2,542 | ) | ||||||||||||
Earnings available for fixed charges | $ | 324,039 | $ | 397,653 | $ | 351,104 | $ | 403,168 | $ | 347,347 | $ | 394,531 | ||||||||||||
Ratio of earnings to fixed charges | 2.08 | 1.73 | 2.31 | 1.98 | 2.32 | 2.00 | ||||||||||||||||||
| (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 (page 2 of 2)
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Continued
| 2003 | 2002 | |||||||||||||||
Years ended December 31 | (1) | (2) | (1) | (2) | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Fixed charges | ||||||||||||||||
Total interest charges (3) | $ | 138,808 | $ | 192,616 | $ | 151,543 | $ | 225,174 | ||||||||
Interest component of rentals | 4,214 | 4,214 | 4,501 | 4,501 | ||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 3,082 | 3,082 | 3,069 | 3,069 | ||||||||||||
Preferred securities distributions of trust subsidiaries | 16,035 | 16,035 | 16,035 | 16,035 | ||||||||||||
Total fixed charges | $ | 162,139 | $ | 215,947 | $ | 175,148 | $ | 248,779 | ||||||||
Earnings | ||||||||||||||||
Pretax income from continuing operations | $ | 182,415 | $ | 182,415 | $ | 181,909 | $ | 181,909 | ||||||||
Fixed charges, as shown | 162,139 | 215,947 | 175,148 | 248,779 | ||||||||||||
Interest capitalized | (1,914 | ) | (1,914 | ) | (1,855 | ) | (1,855 | ) | ||||||||
Earnings available for fixed charges | $ | 342,640 | $ | 396,448 | $ | 355,202 | $ | 428,833 | ||||||||
Ratio of earnings to fixed charges | 2.11 | 1.84 | 2.03 | 1.72 | ||||||||||||
| (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. |