EXHIBIT 12(b)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
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 ............................. 7,208 7,525 10,007 10,681 11,216 11,700 10,648
Preferred securities distributions of trust
subsidiary................................ 3,019 2,046 3,052 0 0 0 0
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TOTAL FIXED CHARGES ....................... $ 47,563 $ 46,699 $ 62,594 $ 58,822 $ 56,265 $ 49,848 $ 46,905
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EARNINGS
Net income for common stock ............... $ 62,927 $ 57,754 $ 78,189 $ 81,348 $ 72,897 $ 61,645 $ 51,705
Fixed charges, as shown ................... 47,563 46,699 62,594 58,822 56,265 49,848 46,905
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
AND PREFERRED STOCK DIVIDENDS ............ $147,558 $138,619 $187,128 $190,196 $174,248 $151,038 $131,638
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RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS ............ 3.10 2.97 2.99 3.23 3.10 3.03 2.81
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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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