HECO Exhibit 12.2 ----------------- Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Three months ended March 31, ------------------------------ (dollars in thousands) 1997 1996 - ------------------------------------------------------------------------------------------------------------------------ Fixed charges Total interest charges.......................................................... $12,292 $11,333 Interest component of rentals................................................... 184 179 Pretax preferred stock dividend requirements of subsidiaries.................... 1,057 1,148 Preferred securities distribution requirements of trust subsidiary.............. 58 -- ------- ------- Total fixed charges............................................................. $13,591 $12,660 ======= ======= Earnings Income before preferred stock dividends of HECO................................. $18,085 $18,512 Income taxes (see note below)................................................... 11,709 12,193 Fixed charges, as shown......................................................... 13,591 12,660 AFUDC for borrowed funds........................................................ (1,527) (1,350) ------- ------- Earnings available for fixed charges............................................ $41,858 $42,015 ======= ======= Ratio of earnings to fixed charges.............................................. 3.08 3.32 ======= ======= Note: Income taxes is comprised of the following Expense relating to operating income from regulated activities............... $11,704 $12,233 Expense (benefit) relating to income (loss) from nonregulated activities..... 5 (40) ------- ------- $11,709 $12,193 ======= =======