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

Attached files

file filename
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-12 - HEI COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - HAWAIIAN ELECTRIC CO INCdex12.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-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

HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

Years ended December 31

    2009     2008     2007     2006     2005  

(dollars in thousands)

           

Fixed charges

           

Total interest charges

    $ 57,944      $ 54,757      $ 53,268      $ 52,563      $ 49,408   

Interest component of rentals

      2,499        2,211        2,250        1,863        1,311   

Pretax preferred stock dividend requirements of subsidiaries

      1,452        1,458        1,438        1,467        1,461   
                                        

Total fixed charges

    $ 61,895      $ 58,426      $ 56,956      $ 55,893      $ 52,180   
                                        

Earnings

           

Net income attributable to HECO

    $ 80,526      $ 93,055      $ 53,236      $ 76,027      $ 73,882   

Fixed charges, as shown

      61,895        58,426        56,956        55,893        52,180   

Income taxes (see note below)

      47,776        55,763        30,937        46,440        44,623   

Allowance for borrowed funds used during construction

      (5,268 )      (3,741 )      (2,552 )      (2,879 )      (2,020 ) 
                                        

Earnings available for fixed charges

    $ 184,929      $ 203,503      $ 138,577      $ 175,481      $ 168,665   
                                        

Ratio of earnings to fixed charges

      2.99        3.48        2.43        3.14        3.23   
                                        

Note:

           

Income taxes is comprised of the following:

           

Income tax expense relating to operating income from regulated activities

    $ 48,212      $ 56,307      $ 34,126      $ 47,381      $ 45,029   

Income tax benefit relating to results from nonregulated activities

      (436 )      (544 )      (3,189 )      (941 )      (406 ) 
                                        
   $ 47,776      $ 55,763      $ 30,937      $ 46,440      $ 44,623