EXHIBIT 12(b)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Years 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 .................................. 10,681 11,216 11,700 10,648 9,574
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TOTAL FIXED CHARGES ............................ $ 58,822 $ 56,265 $ 49,848 $ 46,905 $ 43,655
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EARNINGS
Net income for common stock .................... $ 81,348 $ 72,897 $ 61,645 $ 51,705 $ 49,153
Fixed charges, as shown ........................ 58,822 56,265 49,848 46,905 43,655
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
AND PREFERRED STOCK DIVIDENDS ................. $190,196 $174,248 $151,038 $131,638 $114,556
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RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS ................. 3.23 3.10 3.03 2.81 2.62
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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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