HEI Exhibit 12(a) Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Six months ended June 30, --------------------------------------------- (dollars in thousands) 1994 (1) 1994 (2) 1993 (1) 1993 (2) - ---------------------------------------------------------------------------------------------------------- Fixed charges Total interest charges The Company (3)......................................... $ 37,341 $ 74,508 $ 33,078 $ 73,828 Proportionate share of fifty-percent-owned persons...... 171 171 382 382 Interest component of rentals.............................. 1,812 1,812 1,979 1,979 Pretax preferred stock dividend requirements of subsidiaries.............................................. 6,101 6,101 5,332 5,332 -------- -------- -------- -------- Total fixed charges........................................ $ 45,425 $ 82,592 $ 40,771 $ 81,521 ======== ======== ======== ======== Earnings Pretax income from continuing operations................... $ 52,415 $ 52,415 $ 48,310 $ 48,310 Fixed charges, as shown.................................... 45,425 82,592 40,771 81,521 Interest capitalized The Company............................................. (2,199) (2,199) (1,935) (1,935) Proportionate share of fifty-percent-owned persons...... (171) (171) (179) (179) -------- -------- -------- -------- Earnings available for fixed charges....................... $ 95,470 $132,637 $ 86,967 $127,717 ======== ======== ======== ======== Ratio of earnings to fixed charges......................... 2.10 1.61 2.13 1.57 ======== ======== ======== ======== (1) Excluding interest on ASB deposits. (2) Including interest on ASB deposits. (3) Total interest charges exclude interest on nonrecourse debt from leveraged leases which is not included in interest expense in HEI's consolidated statement of income.