EXHIBIT 12(b)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
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 | 3,117 | 3,127 | 3,123 | 3,134 | 3,323 | |||||||||||||||
Preferred securities distributions of trust subsidiaries | 7,675 | 7,675 | 7,675 | 7,675 | 7,665 | |||||||||||||||
TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 55,953 | $ | 55,697 | $ | 58,582 | $ | 60,567 | $ | 60,233 | ||||||||||
EARNINGS | ||||||||||||||||||||
Net income for common stock | $ | 78,911 | $ | 90,205 | $ | 88,300 | $ | 87,286 | $ | 75,222 | ||||||||||
Fixed charges, as shown | 55,953 | 55,697 | 58,582 | 60,567 | 60,233 | |||||||||||||||
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 COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 182,774 | $ | 200,705 | $ | 200,040 | $ | 200,306 | $ | 180,926 | ||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | 3.27 | 3.60 | 3.41 | 3.31 | 3.00 | |||||||||||||||
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 | |||||||||||