HEI Exhibit 12.1
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Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Three months ended Three months ended
March 31, March 31,
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(dollars in thousands) 1997 (1) 1997 (2) 1996 (1) 1996 (2)
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Fixed charges
Total interest charges
The Company (3).................................... $34,199 $54,302 $30,277 $54,010
Proportionate share of fifty-percent-
owned persons................................... 163 163 174 174
Interest component of rentals......................... 759 759 895 895
Pretax preferred stock dividend requirements
of subsidiaries.................................... 2,645 2,645 2,819 2,819
Preferred securities distribution requirements of
trust subsidiaries................................. 1,335 1,335 -- --
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Total fixed charges................................... $39,101 $59,204 $34,165 $57,898
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Earnings
Pretax income ........................................ $34,181 $34,181 $32,902 $32,902
Fixed charges, as shown............................... 39,101 59,204 34,165 57,898
Interest capitalized
The Company........................................ (1,544) (1,544) (1,663) (1,663)
Proportionate share of fifty-percent-
owned persons................................... (163) (163) (174) (174)
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Earnings available for fixed charges.................. $71,575 $91,678 $65,230 $88,963
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Ratio of earnings to fixed charges.................... 1.83 1.55 1.91 1.54
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(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.