HEI Exhibit 12.1 (page 1 of 3)
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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)
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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
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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)
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Hawaiian Electric Industries, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31,
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(dollars in thousands) 1995 (1) 1995 (2) 1994 (1) 1994 (2) 1993 (1) 1993 (2)
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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)
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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)
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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
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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.