HEI Exhibit 12 (page 1 of 2)



Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|------------------------------------------------------------ |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | --- | ------- | - | --- | - | ------- | - |  | - | ------- | -
|                                                             |  | 2005 |         |   | 2004 |   |         | 2003 | 
|Years ended December 31                                      |  | (1)  |         |   | (2)  |   |         | (1)  |  |   | (2)     |   |  | (1) |         |   | (2) |  
|(dollars in thousands)                                       |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |  
|Fixed charges                                                |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Total interest charges (3)                                   |  | $    | 144,671 |   |      | $ | 196,735 |      |  | $ | 142,779 |   |  | $   | 189,963 |   |     | $ | 138,808 |   |  | $ | 192,616 |  
|Interest component of rentals                                |  |      | 4,133   |   |      |   | 4,133   |      |  |   | 3,935   |   |  |     | 3,935   |   |     |   | 4,214   |   |  |   | 4,214   |  
|Pretax preferred stock dividend requirements of subsidiaries |  |      | 2,976   |   |      |   | 2,976   |      |  |   | 2,956   |   |  |     | 2,956   |   |     |   | 3,082   |   |  |   | 3,082   |  
|Preferred securities distributions of trust subsidiaries     |  |      |        |   |      |   |        |      |  |   |        |   |  |     |        |   |     |   | 16,035  |   |  |   | 16,035  |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Total fixed charges                                          |  | $    | 151,780 |   |      | $ | 203,844 |      |  | $ | 149,670 |   |  | $   | 196,854 |   |     | $ | 162,139 |   |  | $ | 215,947 |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Earnings                                                     |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Pretax income from continuing operations                     |  | $    | 201,344 |   |      | $ | 201,344 |      |  | $ | 200,219 |   |  | $   | 200,219 |   |     | $ | 182,415 |   |  | $ | 182,415 |  
|Fixed charges, as shown                                      |  |      | 151,780 |   |      |   | 203,844 |      |  |   | 149,670 |   |  |     | 196,854 |   |     |   | 162,139 |   |  |   | 215,947 |  
|Interest capitalized                                         |  |      | (2,020  | ) |      |   | (2,020  | )    |  |   | (2,542  | ) |  |     | (2,542  | ) |     |   | (1,914  | ) |  |   | (1,914  | )
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Earnings available for fixed charges                         |  | $    | 351,104 |   |      | $ | 403,168 |      |  | $ | 347,347 |   |  | $   | 394,531 |   |     | $ | 342,640 |   |  | $ | 396,448 |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Ratio of earnings to fixed charges                           |  |      | 2.31    |   |      |   | 1.98    |      |  |   | 2.32    |   |  |     | 2.00    |   |     |   | 2.11    |   |  |   | 1.84    |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  



|(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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HEI Exhibit 12 (page 2 of 2)



Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Continued



|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|------------------------------------------------------------ |  | ---- | ------- | - | ---- | - | ------- | --- |  | - | ------- | - |  | - | ------- | -
|                                                             |  | 2002 |         |   | 2001 |  
|Years ended December 31                                      |  | (1)  |         |   | (2)  |   |         | (1) |  |   | (2)     |  
|(dollars in thousands)                                       |  |      |         |   |      |   |         |     |  |   |         |  
|Fixed charges                                                |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Total interest charges (3)                                   |  | $    | 151,543 |   |      | $ | 225,174 |     |  | $ | 175,780 |   |  | $ | 292,311 |  
|Interest component of rentals                                |  |      | 4,501   |   |      |   | 4,501   |     |  |   | 4,268   |   |  |   | 4,268   |  
|Pretax preferred stock dividend requirements of subsidiaries |  |      | 3,069   |   |      |   | 3,069   |     |  |   | 3,069   |   |  |   | 3,069   |  
|Preferred securities distributions of trust subsidiaries     |  |      | 16,035  |   |      |   | 16,035  |     |  |   | 16,035  |   |  |   | 16,035  |  
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Total fixed charges                                          |  | $    | 175,148 |   |      | $ | 248,779 |     |  | $ | 199,152 |   |  | $ | 315,683 |  
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Earnings                                                     |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Pretax income from continuing operations                     |  | $    | 181,909 |   |      | $ | 181,909 |     |  | $ | 165,903 |   |  | $ | 165,903 |  
|Fixed charges, as shown                                      |  |      | 175,148 |   |      |   | 248,779 |     |  |   | 199,152 |   |  |   | 315,683 |  
|Interest capitalized                                         |  |      | (1,855  | ) |      |   | (1,855  | )   |  |   | (2,258  | ) |  |   | (2,258  | )
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Earnings available for fixed charges                         |  | $    | 355,202 |   |      | $ | 428,833 |     |  | $ | 362,797 |   |  | $ | 479,328 |  
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Ratio of earnings to fixed charges                           |  |      | 2.03    |   |      |   | 1.72    |     |  |   | 1.82    |   |  |   | 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.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------