HECO Exhibit 12(b)
Hawaiian Electric Company, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 1994, 1993 1992, 1991 and 1990
(dollars in thousands) 1994 1993 1992 1991 1990
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FIXED CHARGES
Total interest charges $ 37,340 $ 35,287 $ 33,011 $ 33,248 $ 30,874
Interest component of rentals 808 970 1,070 1,130 1,341
Pretax preferred stock dividend
requirements of subsidiaries 4,651 3,425 3,117 3,409 3,490
-------- -------- -------- -------- --------
TOTAL FIXED CHARGES $ 42,799 $ 39,682 $ 37,198 $ 37,787 $ 35,705
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EARNINGS
Income before preferred stock dividends
of HECO $ 65,961 $ 56,126 $ 53,678 $ 46,210 $ 48,484
Fixed charges, as shown 42,799 39,682 37,198 37,787 35,705
Income taxes (see note below) 43,588 36,897 23,843 23,816 23,927
Interest capitalized on AFUDC for
borrowed funds (4,043) (3,869) (2,095) (1,307) (1,375)
-------- -------- -------- -------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES $148,305 $128,836 $112,624 $106,506 $106,741
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RATIO OF EARNINGS TO FIXED CHARGES 3.47 3.25 3.03 2.82 2.99
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NOTE:
Income taxes is comprised of the
following
Income tax expense relating to
operating income for regulatory
purposes $ 43,820 $ 37,007 $ 26,254 $ 24,137 $ 24,145
Income tax benefit relating to
nonoperating loss (232) (110) (2,411) (321) (218)
-------- -------- -------- -------- --------
$ 43,588 $ 36,897 $ 23,843 $ 23,816 $ 23,927
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