EX-12 4 a2206060zex-12.htm EX-12
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Exhibit 12


Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

Nine months ended September 30
  2011(1)   2011(2)   2010(1)   2010(2)  
(dollars in thousands)
    
    
    
    
  

Fixed charges

                          

Total interest charges (3)

   $ 68,390   $ 75,536   $ 66,174   $ 77,839  

Interest component of rentals

     3,518     3,518     3,217     3,217  

Pretax preferred stock dividend requirements of subsidiaries

     2,193     2,193     2,228     2,228  
                   

Total fixed charges

   $ 74,101   $ 81,247   $ 71,619   $ 83,284  
                   

Earnings

                          

Pretax income from continuing operations

   $ 161,705   $ 161,705   $ 140,514   $ 140,514  

Fixed charges, as shown

     74,101     81,247     71,619     83,284  

Interest capitalized

     (1,731 )   (1,731 )   (2,061 )   (2,061 )
                   

Earnings available for fixed charges

   $ 234,075   $ 241,221   $ 210,072   $ 221,737  
                   

Ratio of earnings to fixed charges

     3.16     2.97     2.93     2.66  
                   

 

Years ended December 31
  2010(1)   2010(2)   2009(1)   2009(2)   2008(1)   2008(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  
                           

See notes on following page.

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Hawaiian Electric Industries, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Continued)

(unaudited)


Years ended December 31
  2007(1)   2007(2)   2006(1)   2006(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.

        For purposes of calculating the ratio of earnings to fixed charges, "earnings" represent the sum of (i) pretax income from continuing operations (before adjustment for undistributed income or loss from equity investees) and (ii) fixed charges (as hereinafter defined, but excluding capitalized interest). "Fixed charges" are calculated both excluding and including interest on ASB's deposits during the applicable periods and represent the sum of (i) interest, whether capitalized or expensed, but excluding interest on nonrecourse debt from leveraged leases which is not included in interest expense in HEI's consolidated statements of income, (ii) amortization of debt expense and discount or premium related to any indebtedness, whether capitalized or expensed, (iii) the estimate of the interest within rental expense, and (iv) the non-intercompany preferred stock dividend requirements of HEI's subsidiaries, increased to an amount representing the pretax earnings required to cover such dividend requirements.

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Hawaiian Electric Industries, Inc. and Subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)