EXHIBIT 12(a)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS
ENDED
SEPTEMBER 30, YEARS ENDED DECEMBER 31,
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1998 1997 1997 1996 1995 1994 1993
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(DOLLARS IN THOUSANDS)
FIXED CHARGES
Total interest charges ............. $ 36,784 $ 36,551 $ 48,778 $ 47,451 $ 44,377 $ 37,340 $ 35,287
Interest component of rentals ...... 552 577 757 690 672 808 970
Pretax preferred stock dividend
requirements of subsidiary ........ 3,062 3,125 4,150 4,358 4,494 4,651 3,425
Preferred securities distributions
of trust subsidiary................ 3,019 2,046 3,052 0 0 0 0
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TOTAL FIXED CHARGES ................ $ 43,417 $ 42,299 $ 56,737 $ 52,499 $ 49,543 $ 42,799 $ 39,682
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EARNINGS
Income before preferred stock
dividends of HECO ................. $ 65,519 $ 60,500 $ 81,849 $ 85,213 $ 77,023 $ 65,961 $ 56,126
Fixed charges, as shown ............ 43,417 42,299 56,737 52,499 49,543 42,799 39,682
Income taxes (see note below) ...... 42,213 38,824 52,535 55,888 50,198 43,588 36,897
Allowance for borrowed funds used
during construction ............... (5,145) (4,658) (6,190) (5,862) (5,112) (4,043) (3,869)
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EARNINGS AVAILABLE FOR FIXED CHARGES $146,004 $136,965 $184,931 $187,738 $171,652 $148,305 $128,836
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RATIO OF EARNINGS TO FIXED CHARGES 3.36 3.24 3.26 3.58 3.46 3.47 3.25
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NOTE:
Income taxes is comprised of the
following
Income tax expense relating to
operating income for regulatory
purposes ........................ $ 42,253 $ 38,848 $ 52,795 $ 56,170 $ 50,719 $ 43,820 $ 37,007
Income tax benefit relating to
nonoperating loss ............... (40) (24) (260) (282) (521) (232) (110)
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$ 42,213 $ 38,824 $ 52,535 $ 55,888 $ 50,198 $ 43,588 $ 36,897
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