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) 1995 (1) 1995 (2) 1994 (1) 1994 (2) - --------------------------------------------------------------------------------------- FIXED CHARGES Total interest charges The Company (3)...................... $ 56,505 $ 99,038 $ 37,341 $ 74,508 Proportionate share of fifty-percent- owned persons....................... 461 461 171 171 Interest component of rentals........... 1,939 1,939 1,812 1,812 Pretax preferred stock dividend requirements of subsidiaries........... 5,799 5,799 6,101 6,101 -------- -------- -------- -------- TOTAL FIXED CHARGES..................... $ 64,704 $107,237 $ 45,425 $ 82,592 ======== ======== ======== ======== EARNINGS Pretax income........................... $ 63,945 $ 63,945 $ 52,415 $ 52,415 Fixed charges, as shown................. 64,704 107,237 45,425 82,592 Interest capitalized The Company.......................... (3,102) (3,102) (2,199) (2,199) Proportionate share of fifty-percent- owned persons....................... (461) (461) (171) (171) -------- -------- -------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES.... $125,086 $167,619 $ 95,470 $132,637 ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES...... 1.93 1.56 2.10 1.61 ======== ======== ======== ======== (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.