HEI Exhibit 12.1
----------------
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,
---------------------------- -----------------------------
(dollars in thousands) 1998 (1) 1998 (2) 1997 (1) 1997 (2)
- --------------------------------------------------------------------------------------------------------------------------
FIXED CHARGES
Total interest charges
The Company (3)........................... $ 35,223 $ 71,327 $ 34,199 $ 54,302
Proportionate share of fifty-percent-
owned person............................. 115 115 163 163
Interest component of rentals................ 832 832 759 759
Pretax preferred stock dividend requirements
of subsidiaries............................. 2,489 2,489 2,645 2,645
Preferred securities distributions of
trust subsidiaries........................ 3,096 3,096 1,335 1,335
-------- -------- -------- --------
TOTAL FIXED CHARGES.......................... $ 41,755 $ 77,859 $ 39,101 $ 59,204
======== ======== ======== ========
EARNINGS
Pretax income................................ $ 37,665 $ 37,665 $ 34,181 $ 34,181
Fixed charges, as shown...................... 41,755 77,859 39,101 59,204
Interest capitalized
The Company............................... (1,661) (1,661) (1,544) (1,544)
Proportionate share of fifty-percent
owned persons............................ (16) (16) (156) (156)
-------- -------- -------- --------
EARNINGS AVAILABLE FOR FIXED CHARGES......... $ 77,743 $113,847 $ 71,582 $ 91,685
======== ======== ======== ========
RATIO OF EARNINGS TO FIXED CHARGES........... 1.86 1.46 1.83 1.55
======== ======== ======== ========
(1) Excluding interest on ASB deposits.
(2) Including interest on ASB deposits.
(4) Interest on nonrecourse debt from leveraged leases is not included in total
interest charges nor in interest expense in HEI's consolidated statements
of income.