HEI Exhibit 12.1 (page 1 of 3) ---------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Nine months ended September 30, ----------------------------------------------- (dollars in thousands) 1996 (1) 1996 (2) 1995 (1) 1995 (2) - ------------------------------------------------------------------------------------------------- FIXED CHARGES Total interest charges The Company (3).............................. $ 93,927 $164,243 $ 86,017 $151,858 Proportionate share of fifty-percent-owned persons................. 538 538 705 705 Interest component of rentals................... 2,866 2,866 2,913 2,913 Pretax preferred stock dividend requirements of subsidiaries................... 8,429 8,429 8,661 8,661 -------- -------- -------- -------- TOTAL FIXED CHARGES............................. $105,760 $176,076 $ 98,296 $164,137 ======== ======== ======== ======== EARNINGS Pretax income................................... $100,372 $100,372 $106,880 $106,880 Fixed charges, as shown......................... 105,760 176,076 98,296 164,137 Interest capitalized The Company.................................. (4,570) (4,570) (4,741) (4,741) Proportionate share of fifty-percent-owned persons................. (538) (538) (705) (705) -------- -------- -------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES............ $201,024 $271,340 $199,730 $265,571 ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES.............. 1.90 1.54 2.03 1.62 ======== ======== ======== ======== (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. HEI Exhibit 12.1 (page 2 of 3) ---------------- Hawaiian Electric Industries, Inc. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Years ended December 31, ----------------------------------------------------------------------- (dollars in thousands) 1995 (1) 1995 (2) 1994 (1) 1994 (2) 1993 (1) 1993 (2) - --------------------------------------------------------------------------------------------------------------- FIXED CHARGES Total interest charges The Company (3)....................... $117,494 $206,790 $ 82,306 $158,815 $ 68,254 $145,905 Proportionate share of fifty-percent-owned persons......... 867 867 539 539 564 564 Interest component of rentals........... 3,857 3,857 3,819 3,819 3,944 3,944 Pretax preferred stock dividend requirements of subsidiaries........... 11,433 11,433 11,899 11,899 11,018 11,018 -------- -------- --------- --------- -------- -------- TOTAL FIXED CHARGES..................... $133,651 $222,947 $ 98,563 $175,072 $ 83,780 $161,431 ======== ======== ======== ======== ======== ======== EARNINGS Pretax income from continuing operations............................. $133,233 $133,233 $126,049 $126,049 $108,770 $108,770 Fixed charges, as shown................. 133,651 222,947 98,563 175,072 83,780 161,431 Interest capitalized The Company........................... (6,337) (6,337) (4,924) (4,924) (3,881) (3,881) Proportionate share of fifty-percent-owned persons......... (867) (867) (539) (539) (408) (408) -------- -------- -------- -------- -------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES.... $259,680 $348,976 $219,149 $295,658 $188,261 $265,912 ======== ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES...... 1.94 1.57 2.22 1.69 2.25 1.65 ======== ======== ======== ======= ======== ======== (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. HEI Exhibit 12.1 (page 3 of 3) ---------------- Hawaiian Electric Industries, Inc. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Years ended December 31, ----------------------------------------------- (dollars in thousands) 1992 (1) 1992 (2) 1991 (1) 1991 (2) - --------------------------------------------------------------------------------------- FIXED CHARGES Total interest charges The Company (3)....................... $ 67,559 $161,756 $ 69,957 $168,691 Proportionate share of fifty-percent-owned persons......... 1,051 1,051 1,875 1,875 Interest component of rentals........... 3,254 3,254 2,231 2,231 Pretax preferred stock dividend requirements of subsidiaries........... 9,606 9,606 10,449 10,449 -------- -------- -------- -------- TOTAL FIXED CHARGES..................... $ 81,470 $175,667 $ 84,512 $183,246 ======== ======== ======== ======== EARNINGS Pretax income from continuing operations............................. $ 91,244 $ 91,244 $ 87,953 $ 87,953 Undistributed earnings from less than fifty-percent-owned persons............ (244) (244) (278) (278) Fixed charges, as shown................. 81,470 175,667 84,512 183,246 Interest capitalized The Company........................... (2,104) (2,104) (1,945) (1,945) Proportionate share of fifty-percent-owned persons......... (803) (803) (1,875) (1,875) -------- ------- -------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES.... $169,563 $263,760 $168,367 $267,101 ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES...... 2.08 1.50 1.99 1.46 ======== ======== ======= ======== (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.