HEI Exhibit 12.1 ---------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Six months ended June 30, -------------------------------------------------------------------------- (dollars in thousands) 1998 (1) 1998 (2) 1997 (1) 1997 (2) - ----------------------------------------------------------------------------------------------------------------------- FIXED CHARGES Total interest charges (3) The Company............................... $ 71,705 $143,970 $ 67,775 $108,663 Proportionate share of fifty-percent- owned persons............................ 247 247 309 309 Interest component of rentals................ 1,766 1,766 1,481 1,481 Pretax preferred stock dividend requirements of subsidiaries............................. 4,785 4,785 5,261 5,261 Preferred securities distribution requirements of trust subsidiaries.......... 6,192 6,192 4,439 4,439 -------- -------- -------- -------- TOTAL FIXED CHARGES.......................... $ 84,695 $156,960 $ 79,265 $120,153 ======== ======== ======== ======== EARNINGS Pretax income................................ $ 72,754 $ 72,754 $ 68,365 $ 68,365 Fixed charges, as shown above................ 84,695 156,960 79,265 120,153 Interest capitalized The Company............................... (3,423) (3,423) (3,172) (3,172) Proportionate share of fifty-percent- owned persons............................ (34) (34) (302) (302) -------- -------- -------- -------- EARNINGS AVAILABLE FOR FIXED CHARGES......... $153,992 $226,257 $144,156 $185,044 ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES........... 1.82 1.44 1.82 1.54 ======== ======== ======== ======== (1) Excluding interest on ASB deposits. (2) Including interest on ASB deposits. (3) Total interest charges exclude interest on included in interest expense in HEI's nonrecourse debt from leveraged leases which is consolidated statements of income.