HEI Exhibit 12.1 ---------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) Six months ended Six months ended June 30, June 30, ------------------------------- ------------------------------- (dollars in thousands) 1999 (1) 1999 (2) 1998 (1) 1998 (2) - ---------------------------------------------------------------------------------------------------------- Fixed charges Total interest charges (3)............. $ 75,187 $138,782 $ 70,530 $142,795 Interest component of rentals.......... 2,225 2,225 1,766 1,766 Pretax preferred stock dividend requirements of subsidiaries.......... 1,794 1,794 4,788 4,788 Preferred securities distributions of trust subsidiaries.................. 8,007 8,007 6,192 6,192 ------------- ------------- ------------- ------------- Total fixed charges.................... $ 87,213 $150,808 $ 83,276 $155,541 ============= ============= ============= ============= Earnings Pretax income from continuing operations............................ $ 69,986 $ 69,986 $ 74,592 $ 74,592 Fixed charges, as shown................ 87,213 150,808 83,276 155,541 Interest capitalized................... (1,374) (1,374) (3,319) (3,319) ------------- ------------- ------------- ------------- Earnings available for fixed charges... $155,825 $219,420 $154,549 $226,814 ============= ============= ============= ============= Ratio of earnings to fixed charges..... 1.79 1.45 1.86 1.46 ============= ============= ============= ============= (1) Excluding interest on ASB deposits. (2) Including interest on ASB deposits. (3) 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. Note: Six months ended June 30, 1998 ratios have been restated to remove the effects of discontinued operations.