<PAGE>
HEI Exhibit 12.1
----------------
Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
<TABLE>
<CAPTION>
Six months ended Six months ended
June 30, June 30,
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C>
(dollars in thousands) 2000 (1) 2000 (2) 1999 (1) 1999 (2)
-------------------------------------------------------------------------------------------------------------------------------
Fixed charges
Total interest charges (3)....................... $ 97,032 $153,447 $ 75,187 $138,782
Interest component of rentals.................... 2,282 2,282 2,225 2,225
Pretax preferred stock dividend requirements of
subsidiaries.................................... 1,679 1,679 1,794 1,794
Preferred securities distributions of
trust subsidiaries............................ 8,018 8,018 8,007 8,007
--------------- --------------- --------------- ---------------
Total fixed charges.............................. $109,011 $165,426 $ 87,213 $150,808
=============== =============== =============== ===============
Earnings
Pretax income from continuing operations......... $ 81,088 $ 81,088 $ 69,986 $ 69,986
Fixed charges, as shown.......................... 109,011 165,426 87,213 150,808
Interest capitalized............................. (1,580) (1,580) (1,374) (1,374)
--------------- ---------- --------- --------
Earnings available for fixed charges............. $188,519 $244,934 $155,825 $219,420
=============== =============== =============== ===============
Ratio of earnings to fixed charges............... 1.73 1.48 1.79 1.45
=============== =============== =============== ===============
</TABLE>
(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.
