EXHIBIT 12(a)
HAWAIIAN ELECTRIC COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS ENDED SEPTEMBER 30, | YEARS ENDED DECEMBER 31, | |||||||||||||||||||||||||||
2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||
(DOLLARS IN THOUSANDS) | ||||||||||||||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||||||
Total interest charges | $ | 34,055 | $ | 33,248 | $ | 44,232 | $ | 47,056 | $ | 49,062 | $ | 48,461 | $ | 47,921 | ||||||||||||||
Interest component of rentals | 625 | 491 | 663 | 728 | 696 | 784 | 730 | |||||||||||||||||||||
Pretax preferred stock dividend requirements of subsidiaries | 1,094 | 1,080 | 1,434 | 1,433 | 1,438 | 1,479 | 4,081 | |||||||||||||||||||||
Preferred securities distributions of trust subsidiaries | 5,756 | 5,756 | 7,675 | 7,675 | 7,675 | 7,665 | 4,197 | |||||||||||||||||||||
TOTAL FIXED CHARGES | $ | 41,530 | $ | 40,575 | $ | 54,004 | $ | 56,892 | $ | 58,871 | $ | 58,389 | $ | 56,929 | ||||||||||||||
EARNINGS | ||||||||||||||||||||||||||||
Income before preferred stock dividends of HECO | $ | 57,382 | $ | 70,629 | $ | 91,285 | $ | 89,380 | $ | 88,366 | $ | 76,400 | $ | 84,230 | ||||||||||||||
Fixed charges, as shown | 41,530 | 40,575 | 54,004 | 56,892 | 58,871 | 58,389 | 56,929 | |||||||||||||||||||||
Income taxes (see note below) | 36,777 | 44,196 | 56,658 | 55,416 | 55,375 | 48,047 | 54,572 | |||||||||||||||||||||
Allowance for borrowed funds used during construction | (1,385 | ) | (1,392 | ) | (1,855 | ) | (2,258 | ) | (2,922 | ) | (2,576 | ) | (5,915 | ) | ||||||||||||||
EARNINGS AVAILABLE FOR FIXED CHARGES | $ | 134,304 | $ | 154,008 | $ | 200,092 | $ | 199,430 | $ | 199,690 | $ | 180,260 | $ | 189,816 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.23 | 3.80 | 3.71 | 3.51 | 3.39 | 3.09 | 3.33 | |||||||||||||||||||||
NOTE: | ||||||||||||||||||||||||||||
Income taxes is comprised of the following: | ||||||||||||||||||||||||||||
Income tax expense relating to operating income from regulated activities | $ | 36,865 | $ | 44,110 | $ | 56,729 | $ | 55,434 | $ | 55,213 | $ | 48,281 | $ | 54,719 | ||||||||||||||
Income tax expense (benefit) relating to results from nonregulated activities | (88 | ) | 86 | (71 | ) | (18 | ) | 162 | (234 | ) | (147 | ) | ||||||||||||||||
$ | 36,777 | $ | 44,196 | $ | 56,658 | $ | 55,416 | $ | 55,375 | $ | 48,047 | $ | 54,572 | |||||||||||||||