EXHIBIT 12(a)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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 | |||||||||||