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HEI Exhibit 12.1
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Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
<TABLE>
<CAPTION>
Nine months ended Nine months ended
September 30, September 30,
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(dollars in thousands) 2000 (1) 2000 (2) 1999 (1) 1999 (2)
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<S> <C> <C> <C> <C>
Fixed charges
Total interest charges (3)......................... $ 147,273 $ 234,593 $ 115,616 $ 208,055
Interest component of rentals...................... 3,304 3,304 3,315 3,315
Pretax preferred stock dividend requirements of
subsidiaries...................................... 2,556 2,556 2,626 2,626
Preferred securities distributions of
trust subsidiaries.............................. 12,026 12,026 12,016 12,016
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Total fixed charges................................ $ 165,159 $ 252,479 $ 133,573 $ 226,012
============ ============ ============ ============
Earnings
Pretax income from continuing operations........... $ 120,140 $ 120,140 $ 106,322 $ 106,322
Fixed charges, as shown............................ 165,159 252,479 133,573 226,012
Interest capitalized............................... (2,387) (2,387) (2,171) (2,171)
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Earnings available for fixed charges............... $ 282,912 $ 370,232 $ 237,724 $ 330,163
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Ratio of earnings to fixed charges................. 1.71 1.47 1.78 1.46
============ ============ ============ ============
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(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.
