EXHIBIT 12(a)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31, 1996, 1995, 1994, 1993 AND 1992
1996 1995 1994 1993 1992
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(DOLLARS IN THOUSANDS)
FIXED CHARGES
Total interest charges ............. $ 47,451 $ 44,377 $ 37,340 $ 35,287 $ 33,011
Interest component of rentals ...... 690 672 808 970 1,070
Pretax preferred stock dividend
requirements of subsidiaries ...... 4,358 4,494 4,651 3,425 3,117
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TOTAL FIXED CHARGES ................ $ 52,499 $ 49,543 $ 42,799 $39,682 $ 37,198
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EARNINGS
Income before preferred stock
dividends of HECO ................. $ 85,213 $ 77,023 $ 65,961 $ 56,126 $ 53,678
Fixed charges, as shown ............ 52,499 49,543 42,799 39,682 37,198
Income taxes (see note below) ...... 55,888 50,198 43,588 36,897 23,843
Allowance for borrowed funds used
during construction ............... (5,862) (5,112) (4,043) (3,869) (2,095)
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EARNINGS AVAILABLE FOR FIXED CHARGES $ 187,738 $ 171,652 $ 148,305 $ 128,836 $ 112,624
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RATIO OF EARNINGS TO FIXED CHARGES 3.58 3.46 3.47 3.25 3.03
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NOTE:
Income taxes is comprised of the
following
Income tax expense relating to
operating income for regulatory
purposes ........................ $ 56,170 $ 50,719 $ 43,820 $ 37,007 $ 26,254
Income tax benefit relating to
nonoperating loss ............... (282) (521) (232) (110) (2,411)
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$ 55,888 $ 50,198 $ 43,588 $ 36,897 $ 23,843
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