HEI Exhibit 12.1 ---------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Six months ended June 30 2001 (1) 2001 (2) 2000 (1) 2000 (2) - ------------------------------------------------------------------------------------------------------------------------- (dollars in thousands) Fixed charges Total interest charges (3)............................ $ 94,388 $157,614 $ 97,032 $153,447 Interest component of rentals......................... 2,179 2,179 2,282 2,282 Pretax preferred stock dividend requirements of subsidiaries........................................ 1,571 1,571 1,679 1,679 Preferred securities distributions of trust subsidiaries.................................. 8,018 8,018 8,018 8,018 - ------------------------------------------------------------------------------------------------------------------------- Total fixed charges................................... $106,156 $169,382 $109,011 $165,426 ========================================================================================================================= Earnings Pretax income......................................... $ 84,124 $ 84,124 $ 81,088 $ 81,088 Fixed charges, as shown............................... 106,156 169,382 109,011 165,426 Interest capitalized.................................. (1,187) (1,187) (1,580) (1,580) - ------------------------------------------------------------------------------------------------------------------------- Earnings available for fixed charges.................. $189,093 $252,319 $188,519 $244,934 ========================================================================================================================= Ratio of earnings to fixed charges.................... 1.78 1.49 1.73 1.48 ========================================================================================================================= (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.