EX-12 9 a10-24334_1ex12.htm HEI EX-12

HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

|  | 2010 |  | 2009 |  | 2008 |
Years ended December 31 |  | (1) |  | (2) |  | (1) |  | (2) |  | (1) |  | (2) |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |
Total interest charges (3) |  | $ | 87,191 |  | $ | 101,887 |  | $ | 85,827 |  | $ | 119,873 |  | $ | 120,083 |  | $ | 181,566 |
Interest component of rentals |  | 4,282 |  | 4,282 |  | 5,339 |  | 5,339 |  | 5,354 |  | 5,354 |
Pretax preferred stock dividend requirements of subsidiaries |  | 3,001 |  | 3,001 |  | 2,868 |  | 2,868 |  | 2,894 |  | 2,894 |
Total fixed charges |  | $ | 94,474 |  | $ | 109,170 |  | $ | 94,034 |  | $ | 128,080 |  | $ | 128,331 |  | $ | 189,814 |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ | 181,357 |  | $ | 181,357 |  | $ | 126,934 |  | $ | 126,934 |  | $ | 139,256 |  | $ | 139,256 |
Fixed charges, as shown |  | 94,474 |  | 109,170 |  | 94,034 |  | 128,080 |  | 128,331 |  | 189,814 |
Interest capitalized |  | (2,558 | ) | (2,558 | ) | (5,268 | ) | (5,268 | ) | (3,741 | ) | (3,741 | )
Earnings available for fixed charges |  | $ | 273,273 |  | $ | 287,969 |  | $ | 215,700 |  | $ | 249,746 |  | $ | 263,846 |  | $ | 325,329 |
Ratio of earnings to fixed charges |  | 2.89 |  | 2.64 |  | 2.29 |  | 1.95 |  | 2.06 |  | 1.71 |

(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.

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HEI Exhibit 12 (page 2 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued

|  | 2007 |  | 2006 |
Years ended December 31 |  | (1) |  | (2) |  | (1) |  | (2) |
(dollars in thousands) |  |  |  |  |  |  |  |  |
Fixed charges |  |  |  |  |  |  |  |  |
Total interest charges (3) |  | $ | 156,575 |  | $ | 238,454 |  | $ | 148,160 |  | $ | 221,774 |
Interest component of rentals |  | 5,367 |  | 5,367 |  | 4,729 |  | 4,729 |
Pretax preferred stock dividend requirements of subsidiaries |  | 2,899 |  | 2,899 |  | 2,974 |  | 2,974 |
Total fixed charges |  | $ | 164,841 |  | $ | 246,720 |  | $ | 155,863 |  | $ | 229,477 |
Earnings |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ | 131,057 |  | $ | 131,057 |  | $ | 171,055 |  | $ | 171,055 |
Fixed charges, as shown |  | 164,841 |  | 246,720 |  | 155,863 |  | 229,477 |
Interest capitalized |  | (2,552 | ) | (2,552 | ) | (2,879 | ) | (2,879 | )
Earnings available for fixed charges |  | $ | 293,346 |  | $ | 375,225 |  | $ | 324,039 |  | $ | 397,653 |
Ratio of earnings to fixed charges |  | 1.78 |  | 1.52 |  | 2.08 |  | 1.73 |

(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.

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