HAWAIIAN ELECTRIC CO INC - FORM 10-K - EX-12 - HEI COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 26, 2010

Attached files

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10-K - FORM 10-K - HAWAIIAN ELECTRIC CO INCd10k.htm
EX-21 - SUBSIDIARIES OF HEI - HAWAIIAN ELECTRIC CO INCdex21.htm
EX-11 - HEI COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK - HAWAIIAN ELECTRIC CO INCdex11.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - HAWAIIAN ELECTRIC CO INCdex231.htm
EX-31.2 - HEI SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER - HAWAIIAN ELECTRIC CO INCdex312.htm
EX-32.4 - HECO SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER - HAWAIIAN ELECTRIC CO INCdex324.htm
EX-12 - HECO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - HAWAIIAN ELECTRIC CO INCdex121.htm
EX-4.6(P) - FIFTEENTH AMENDMENT TO TRUST AGREEMENT - HAWAIIAN ELECTRIC CO INCdex46p.htm
EX-31.1 - HEI SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - HAWAIIAN ELECTRIC CO INCdex311.htm
EX-32.2 - HEI SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER - HAWAIIAN ELECTRIC CO INCdex322.htm
EX-32.3 - HECO SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - HAWAIIAN ELECTRIC CO INCdex323.htm
EX-31.3 - HECO SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - HAWAIIAN ELECTRIC CO INCdex313.htm
EX-32.1 - HEI SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - HAWAIIAN ELECTRIC CO INCdex321.htm
EX-99.1 - RECONCILIATION OF ELECTRIC UTILITY OPERATING INCOME PER HEI AND HECO - HAWAIIAN ELECTRIC CO INCdex991.htm
EX-23.2 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - HAWAIIAN ELECTRIC CO INCdex232.htm
EX-31.4 - HECO SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER - HAWAIIAN ELECTRIC CO INCdex314.htm
EX-21 - SUBSIDIARIES OF HECO - HAWAIIAN ELECTRIC CO INCdex211.htm
EX-10.18 - RELEASE, TRANSITION AND CONSULTING AGREEMENT - HAWAIIAN ELECTRIC CO INCdex1018.htm
EX-10.10(C) - HEI EXCESS PAY PLAN - HAWAIIAN ELECTRIC CO INCdex1010c.htm
EX-10.17 - SEPARATION AGREEMENT - HAWAIIAN ELECTRIC CO INCdex1017.htm
EX-10.7(C) - SECOND AMENDMENT TO LOW SULFUR FUEL OIL SUPPLY CONTRACT - HAWAIIAN ELECTRIC CO INCdex107c.htm

HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     2009     2008     2007  

Years ended December 31

    (1)     (2)     (1)     (2)     (1)     (2)  

(dollars in thousands)

             

Fixed charges

             

Total interest charges (3)

    $ 85,827      $ 119,873      $ 120,083      $ 181,566      $ 156,575      $ 238,454   

Interest component of rentals

      5,339        5,339        5,354        5,354        5,367        5,367   

Pretax preferred stock dividend requirements of subsidiaries

      2,868        2,868        2,894        2,894        2,899        2,899   
                                                

Total fixed charges

    $ 94,034      $ 128,080      $ 128,331      $ 189,814      $ 164,841      $ 246,720   
                                                

Earnings

             

Pretax income from continuing operations

    $ 128,824      $ 128,824      $ 139,256      $ 139,256      $ 131,057      $ 131,057   

Fixed charges, as shown

      94,034        128,080        128,331        189,814        164,841        246,720   

Interest capitalized

      (5,268 )      (5,268 )      (3,741 )      (3,741 )      (2,552 )      (2,552 ) 
                                                

Earnings available for fixed charges

    $ 217,590      $ 251,636      $ 263,846      $ 325,329      $ 293,346      $ 375,225   
                                                

Ratio of earnings to fixed charges

      2.31        1.96        2.06        1.71        1.78        1.52   
                                                

 

(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.

HEI Exhibit 12 (page 2 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued

 

     2006     2005  

Years ended December 31

    (1)     (2)     (1)     (2)  

(dollars in thousands)

         

Fixed charges

         

Total interest charges (3)

    $ 148,160      $ 221,774      $ 144,671      $ 196,735   

Interest component of rentals

      4,729        4,729        4,133        4,133   

Pretax preferred stock dividend requirements of subsidiaries

      2,974        2,974        2,976        2,976   
                                

Total fixed charges

    $ 155,863      $ 229,477      $ 151,780      $ 203,844   
                                

Earnings

         

Pretax income from continuing operations

    $ 171,055      $ 171,055      $ 201,344      $ 201,344   

Fixed charges, as shown

      155,863        229,477        151,780        203,844   

Interest capitalized

      (2,879 )      (2,879 )      (2,020 )      (2,020 ) 
                                

Earnings available for fixed charges

    $ 324,039      $ 397,653      $ 351,104      $ 403,168   
                                

Ratio of earnings to fixed charges

      2.08        1.73        2.31        1.98   
                                

 

(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.

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