<PAGE>
HECO Exhibit 12.2
-----------------
Hawaiian Electric Company, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
<TABLE>
<CAPTION>
Six months ended
June 30,
_________________________________
<S> <C> <C>
(dollars in thousands) 2000 1999
--------------------------------------------------------------------------------------------------------------------
Fixed charges
Total interest charges.................................................... $ 24,351 $24,513
Interest component of rentals............................................. 371 380
Pretax preferred stock dividend requirements of subsidiaries.............. 721 756
Preferred securities distributions of trust subsidiaries.................. 3,838 3,827
------------------ ------------------
Total fixed charges....................................................... $ 29,281 $29,476
================== ==================
Earnings
Income before preferred stock dividends of HECO........................... $ 48,279 $36,944
Income taxes (see note below)............................................. 30,330 22,731
Fixed charges, as shown................................................... 29,281 29,476
AFUDC for borrowed funds.................................................. (1,413) (1,239)
------------------ ------------------
Earnings available for fixed charges...................................... $106,477 $87,912
================== ==================
Ratio of earnings to fixed charges........................................ 3.64 2.98
================== ==================
</TABLE>
Note:
Income taxes is comprised of the following
<TABLE>
<S> <C> <C>
Income tax expense relating to income from regulated activities.......... $30,394 $22,789
Income tax benefit relating to loss from nonregulated activities......... (64) (58)
------------------ ------------------
$30,330 $22,731
================== ==================
</TABLE>
