HEI Exhibit 12 (page 1 of 2)

Hawaiian Electric Industries, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|------------------------------------------------------------ |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | --- | ------- | - | --- | - | ------- | - |  | - | ------- | -
|                                                             |  | 2006 |         |   | 2005 |   |         | 2004 | 
|Years ended December 31                                      |  | (1)  |         |   | (2)  |   |         | (1)  |  |   | (2)     |   |  | (1) |         |   | (2) |  
|(dollars in thousands)                                       |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|                                                             |  |      |         |   |      |  
|Fixed charges                                                |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Total interest charges (3)                                   |  | $    | 148,160 |   |      | $ | 221,774 |      |  | $ | 144,671 |   |  | $   | 196,735 |   |     | $ | 142,779 |   |  | $ | 189,963 |  
|Interest component of rentals                                |  |      | 4,729   |   |      |   | 4,729   |      |  |   | 4,133   |   |  |     | 4,133   |   |     |   | 3,935   |   |  |   | 3,935   |  
|Pretax preferred stock dividend requirements of subsidiaries |  |      | 2,974   |   |      |   | 2,974   |      |  |   | 2,976   |   |  |     | 2,976   |   |     |   | 2,956   |   |  |   | 2,956   |  
|Preferred securities distributions of trust subsidiaries     |  |      |        |   |      |   |        |      |  |   |        |   |  |     |        |   |     |   |        |   |  |   |        |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Total fixed charges                                          |  | $    | 155,863 |   |      | $ | 229,477 |      |  | $ | 151,780 |   |  | $   | 203,844 |   |     | $ | 149,670 |   |  | $ | 196,854 |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Earnings                                                     |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Pretax income from continuing operations                     |  | $    | 171,055 |   |      | $ | 171,055 |      |  | $ | 201,344 |   |  | $   | 201,344 |   |     | $ | 200,219 |   |  | $ | 200,219 |  
|Fixed charges, as shown                                      |  |      | 155,863 |   |      |   | 229,477 |      |  |   | 151,780 |   |  |     | 203,844 |   |     |   | 149,670 |   |  |   | 196,854 |  
|Interest capitalized                                         |  |      | (2,879  | ) |      |   | (2,879  | )    |  |   | (2,020  | ) |  |     | (2,020  | ) |     |   | (2,542  | ) |  |   | (2,542  | )
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Earnings available for fixed charges                         |  | $    | 324,039 |   |      | $ | 397,653 |      |  | $ | 351,104 |   |  | $   | 403,168 |   |     | $ | 347,347 |   |  | $ | 394,531 |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  
|Ratio of earnings to fixed charges                           |  |      | 2.08    |   |      |   | 1.73    |      |  |   | 2.31    |   |  |     | 1.98    |   |     |   | 2.32    |   |  |   | 2.00    |  
|                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |     |         |   |     |   |         |   |  |   |         |  

---

|(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



|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|------------------------------------------------------------ |  | ---- | ------- | - | ---- | - | ------- | --- |  | - | ------- | - |  | - | ------- | -
|                                                             |  | 2003 |         |   | 2002 |  
|Years ended December 31                                      |  | (1)  |         |   | (2)  |   |         | (1) |  |   | (2)     |  
|(dollars in thousands)                                       |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|                                                             |  |      |         |  
|Fixed charges                                                |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Total interest charges (3)                                   |  | $    | 138,808 |   |      | $ | 192,616 |     |  | $ | 151,543 |   |  | $ | 225,174 |  
|Interest component of rentals                                |  |      | 4,214   |   |      |   | 4,214   |     |  |   | 4,501   |   |  |   | 4,501   |  
|Pretax preferred stock dividend requirements of subsidiaries |  |      | 3,082   |   |      |   | 3,082   |     |  |   | 3,069   |   |  |   | 3,069   |  
|Preferred securities distributions of trust subsidiaries     |  |      | 16,035  |   |      |   | 16,035  |     |  |   | 16,035  |   |  |   | 16,035  |  
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Total fixed charges                                          |  | $    | 162,139 |   |      | $ | 215,947 |     |  | $ | 175,148 |   |  | $ | 248,779 |  
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Earnings                                                     |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Pretax income from continuing operations                     |  | $    | 182,415 |   |      | $ | 182,415 |     |  | $ | 181,909 |   |  | $ | 181,909 |  
|Fixed charges, as shown                                      |  |      | 162,139 |   |      |   | 215,947 |     |  |   | 175,148 |   |  |   | 248,779 |  
|Interest capitalized                                         |  |      | (1,914  | ) |      |   | (1,914  | )   |  |   | (1,855  | ) |  |   | (1,855  | )
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Earnings available for fixed charges                         |  | $    | 342,640 |   |      | $ | 396,448 |     |  | $ | 355,202 |   |  | $ | 428,833 |  
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  
|Ratio of earnings to fixed charges                           |  |      | 2.11    |   |      |   | 1.84    |     |  |   | 2.03    |   |  |   | 1.72    |  
|                                                             |  |      |         |   |      |   |         |     |  |   |         |   |  |   |         |  

---

|(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.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------