HEI Exhibit 12(a) (page 1 of 2)
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 1994, 1993, 1992, 1991 and 1990
1994 1993 1992
--------------------- ---------------------- ---------------------
(dollars in thousands) (1) (2) (1) (2) (1) (2)
-----------------------------------------------------------------------------------------------------------------
FIXED CHARGES
Total interest charges
The Company (3) $82,306 $158,815 $68,254 $145,905 $67,559 $161,756
Proportionate share of fifty-
percent-owned persons 539 539 564 564 1,051 1,051
Interest component of rentals 3,819 3,819 3,944 3,944 3,254 3,254
Pre-tax preferred stock dividend
requirements of subsidiaries 11,899 11,899 11,018 11,018 9,606 9,606
------- -------- -------- -------- -------- --------
TOTAL FIXED CHARGES $ 98,563 $175,072 $ 83,780 $161,431 $81,470 $175,667
======= ======== ======== ======== ======== ========
EARNINGS
Pre-tax income from continuing
operations $126,049 $126,049 $108,770 $108,770 $ 91,244 $ 91,244
Undistributed earnings from less
than fifty-percent-owned person -- -- -- -- (244) (244)
Fixed charges, as shown 98,563 175,072 83,780 161,431 81,470 175,667
Interest capitalized
The Company (4,924) (4,924) (3,881) (3,881) (2,104) (2,104)
Proportionate share of fifty-
percent-owned persons (539) (539) (408) (408) (803) (803)
------- -------- -------- -------- -------- --------
EARNINGS AVAILABE FOR FIXED
CHARGES $219,149 $295,658 $188,261 $265,912 $169,563 $263,760
======= ======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED
CHARGES 2.22 1.69 2.25 1.65 2.08 1.50
======= ======== ======== ======== ======== ========
(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
statements of income.
73
HEI Exhibit 12(a) (page 2 of 2)
Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 1994, 1993, 1992, 1991 and 1990--Continued
1991 1990
-----------------------------------------------
(dollars in thousands) (1) (2) (1) (2)
---------------------------------------------------------------------------------------
FIXED CHARGES
Total interest charges
The Company (3) $ 69,957 $168,691 $ 76,897 $162,753
Proportionate share of
fifty-percent-owned persons 1,875 1,875 406 406
Interest component of rentals 2,231 2,231 2,197 2,197
Pre-tax preferred stock dividend
requirements of subsidiaries 10,449 10,449 11,450 11,450
-------- -------- -------- --------
TOTAL FIXED CHARGES $ 84,512 $183,246 $ 90,950 $176,806
======== ======== ======== ========
EARNINGS
Pre-tax income from continuing
operations $ 87,953 $ 87,953 $ 74,088 $ 74,088
Undistributed earnings from less than
fifty-percent-owned person (278) (278) 7 7
Fixed charges, as shown 84,512 183,246 90,950 176,806
Interest capitalized
The Company (1,945) (1,945) (4,360) (4,360)
Proportionate share of
fifty-percent-owned persons (1,875) (1,875) (406) (406)
-------- -------- -------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES $168,367 $267,101 $160,279 $246,135
======== ======== ======== ========
RATIO OF EARNINGS TO FIXED CHARGES 1.99 1.46 1.76 1.39
======== ======== ======== ========
(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
statements of income.
74