EX-12 4 a2222586zex-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
  2014(1)   2014(2)   2013(1)   2013(2)  
(dollars in thousands)
    
    
    
    
  

Fixed charges

                          

Total interest charges

   $ 64,032   $ 67,806   $ 63,253   $ 67,123  

Interest component of rentals

     4,772     4,772     4,830     4,830  

Pretax preferred stock dividend requirements of subsidiaries

     2,177     2,177     2,133     2,133  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 70,981   $ 74,755   $ 70,216   $ 74,086  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings

                          

Pretax income from continuing operations

   $ 208,428   $ 208,428   $ 185,093   $ 185,093  

Fixed charges, as shown

     70,981     74,755     70,216     74,086  

Interest capitalized

     (2,998 )   (2,998 )   (5,115 )   (5,115 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings available for fixed charges

   $ 276,411   $ 280,185   $ 250,194   $ 254,064  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     3.89     3.75     3.56     3.43  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

Years ended December 31
  2013(1)   2013(2)   2012(1)   2012(2)   2011(1)   2011(2)  
(dollars in thousands)
    
    
    
    
    
    
  

Fixed charges

                                      

Total interest charges

   $ 85,315   $ 90,407   $ 83,020   $ 89,443   $ 87,592   $ 96,575  

Interest component of rentals

     6,345     6,345     6,493     6,493     4,757     4,757  

Pretax preferred stock dividend requirements of subsidiaries

     2,866     2,866     2,924     2,924     2,914     2,914  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 94,526   $ 99,618   $ 92,437   $ 98,860   $ 95,263   $ 104,246  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings

                                      

Pretax income from continuing operations

   $ 245,857   $ 245,857   $ 215,517   $ 215,517   $ 214,162   $ 214,162  

Fixed charges, as shown

     94,526     99,618     92,437     98,860     95,263     104,246  

Interest capitalized

     (7,097 )   (7,097 )   (4,355 )   (4,355 )   (2,498 )   (2,498 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings available for fixed charges

   $ 333,286   $ 338,378   $ 303,599   $ 310,022   $ 306,927   $ 315,910  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     3.53     3.40     3.28     3.14     3.22     3.03  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

1

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

(continued)

Years ended December 31
  2010(1)   2010(2)   2009(1)   2009(2)  
(dollars in thousands)
    
    
    
    
  

Fixed charges

                          

Total interest charges(3)

   $ 87,191   $ 101,887   $ 85,827   $ 119,873  

Interest component of rentals

     4,282     4,282     5,339     5,339  

Pretax preferred stock dividend requirements of subsidiaries

     3,001     3,001     2,868     2,868  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 94,474   $ 109,170   $ 94,034   $ 128,080  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings

                          

Pretax income from continuing operations

   $ 181,357   $ 181,357   $ 126,934   $ 126,934  

Fixed charges, as shown

     94,474     109,170     94,034     128,080  

Interest capitalized

     (2,558 )   (2,558 )   (5,268 )   (5,268 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings available for fixed charges

   $ 273,273   $ 287,969   $ 215,700   $ 249,746  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     2.89     2.64     2.29     1.95  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Excluding interest on ASB deposits.

(2)
Including interest on ASB deposits.

        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, (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.

2



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