HECO Exhibit 12.2 ----------------- Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Six months ended June 30, ------------------------------- (dollars in thousands) 1998 1997 - ------------------------------------------------------------------------------------------------------------ FIXED CHARGES Total interest charges.............................................. $24,715 $24,253 Interest component of rentals....................................... 349 356 Pretax preferred stock dividend requirements of subsidiaries........ 2,035 2,085 Preferred securities distribution requirements of trust subsidiary.. 2,013 1,072 --------- --------- TOTAL FIXED CHARGES................................................. $29,112 $27,766 ========= ========= EARNINGS Income before preferred stock dividends of HECO..................... $39,682 $37,113 Income taxes (see note below)....................................... 25,534 23,813 Fixed charges, as shown above....................................... 29,112 27,766 AFUDC for borrowed funds............................................ (3,319) (3,136) --------- --------- EARNINGS AVAILABLE FOR FIXED CHARGES................................ $91,009 $85,556 ========= ========= RATIO OF EARNINGS TO FIXED CHARGES.................................. 3.13 3.08 ========= ========= Note: Income tax is comprised of the following-- Income tax expense relating to operating income from regulated activities............................................ $25,560 $23,777 Income tax expense (benefit) relating to income (loss) from nonregulated activities......................................... (26) 36 --------- --------- $25,534 $23,813 ========= =========