HEI Exhibit 12.1 ---------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Nine months ended September 30, -------------------------------------------------------------------------- (dollars in thousands) 1997 (1) 1997 (2) 1996 (1) 1996 (2) - ----------------------------------------------------------------------------------------------------------------------- FIXED CHARGES Total interest charges The Company (3)........................... $102,431 $164,852 $ 93,927 $164,243 Proportionate share of fifty-percent- owned persons........................... 446 446 538 538 Interest component of rentals................ 2,227 2,227 2,866 2,866 Pretax preferred stock dividend requirements of subsidiaries............................. 7,771 7,771 8,429 8,429 Preferred securities distribution requirements of trust subsidiaries.......... 7,503 7,503 -- -- -------------- -------------- -------------- -------------- TOTAL FIXED CHARGES.......................... $120,378 $182,799 $105,760 $176,076 ============== ============== ============== ============== EARNINGS Pretax income................................ $108,297 $108,297 $100,372 $100,372 Fixed charges, as shown...................... 120,378 182,799 105,760 176,076 Interest capitalized The Company............................... (4,714) (4,714) (4,570) (4,570) Proportionate share of fifty-percent-owned persons.............. (111) (111) (538) (538) -------------- -------------- -------------- -------------- EARNINGS AVAILABLE FOR FIXED CHARGES......... $223,850 $286,271 $201,024 $271,340 ============== ============== ============== ============== RATIO OF EARNINGS TO FIXED CHARGES........... 1.86 1.57 1.90 1.54 ============== ============== ============== ============== (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.