HECO Exhibit 12.2 ----------------- Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Nine months ended september 30, ---------------------------------------- (dollars in thousands) 1997 1996 - ------------------------------------------------------------------------------------------------------------ FIXED CHARGES Total interest charges.............................................. $ 36,551 $ 34,566 Interest component of rentals....................................... 577 521 Pretax preferred stock dividend requirements of subsidiaries........ 3,125 3,448 Preferred securities distribution requirements of trust subsidiary.. 2,046 -- ----------------- ----------------- TOTAL FIXED CHARGES................................................. $ 42,299 $ 38,535 ================= ================= EARNINGS Income before preferred stock dividends of HECO..................... $ 60,500 $ 64,167 Income taxes (see note below)....................................... 38,824 42,205 Fixed charges, as shown............................................. 42,299 38,535 AFUDC for borrowed funds............................................ (4,658) (3,602) ----------------- ----------------- EARNINGS AVAILABLE FOR FIXED CHARGES................................ $136,965 $141,305 ================= ================= RATIO OF EARNINGS TO FIXED CHARGES.................................. 3.24 3.67 ================= ================= Note: Income taxes are comprised of the following Expense relating to operating income from regulated activities..... $ 38,848 $ 42,367 Benefit relating to loss from nonregulated activities.............. (24) (162) ----------------- ----------------- $ 38,824 $ 42,205 ================= =================