EX-99.1 20 a12-1072_1ex99d1.htm HECO EX-99.1

HECO Exhibit 99.1

Hawaiian Electric Company, Inc.

RECONCILIATION OF ELECTRIC UTILITY OPERATING

INCOME PER HEI AND HECO CONSOLIDATED

STATEMENTS OF INCOME

Years ended December 31 |  | 2011 |  | 2010 |  | 2009 |
(in thousands) |  |  |  |  |  |  |
Operating income from regulated and nonregulated activities before income taxes (per HEI Consolidated Statements of Income) |  | $215,134 |  | $178,388 |  | $169,671 |
Deduct: |  |  |  |  |  |  |
Income taxes on regulated activities |  | (65,988) |  | (48,053) |  | (48,212) |
Revenues from nonregulated activities |  | (4,926) |  | (14,925) |  | (8,337) |
Add: |  |  |  |  |  |  |
Expenses from nonregulated activities |  | 11,015 |  | 4,431 |  | 1,286 |
Operating income from regulated activities after income taxes (per HECO Consolidated Statements of Income) |  | $155,235 |  | $119,841 |  | $114,408 |