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Share-based compensation (Tables)
 9 Months Ended
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation expense and related income tax benefit
The Company’s share-based compensation expense and related income tax benefit were as follows:
 
 
 
Three months ended 
 September 30
 
Nine months ended 
 September 30
(in millions)
 
2013
 
2012
 
2013
 
2012
Share-based compensation expense (1)
 
$
2.5

 
$
1.4

 
$
6.0

 
$
5.4

Income tax benefit
 
0.9

 
0.5

 
2.2

 
1.9

 ___________________________________________
(1)
The Company has not capitalized any share-based compensation cost.
Schedule of nonqualified stock options activity and statistics
NQSO activity and statistics were as follows:
 
 
 
Three months ended 
 September 30
 
Nine months ended 
 September 30
(dollars in thousands, except prices)
 
2013
 
2012
 
2013
 
2012
Shares exercised
 
—

 
8,000

 
14,000

 
41,500

Weighted-average exercise price
 
$
—

 
$
20.49

 
$
20.49

 
$
21.06

Cash received from exercise
 
$
—

 
$
164

 
$
287

 
$
874

Intrinsic value of shares exercised (1)
 
$
—

 
$
89

 
$
128

 
$
354

Tax benefit realized for the deduction of exercises
 
$
—

 
$
35

 
$
50

 
$
138

 
___________________________________________
(1)              Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the option.
Schedule of stock appreciation rights by grant year
Stock appreciation rights.  Information about HEI’s SARs was as follows:
 
September 30, 2013
 
Outstanding & Exercisable (Vested)
Year of
grant
 
Range of
exercise prices
 
Number of shares
underlying SARs
 
Weighted-average
remaining
contractual life
 
Weighted-average
exercise price
2004
 
$26.02
 
62,000

 
0.6
 
$
26.02

2005
 
26.18
 
102,000

 
1.5
 
26.18

 
 
$26.02-26.18
 
164,000

 
1.2
 
$
26.12
Schedule of stock appreciation rights activity and statistics
SARs activity and statistics were as follows:
 
 
 
Three months ended 
 September 30
 
Nine months ended 
 September 30
(dollars in thousands, except prices)
 
2013
 
2012
 
2013
 
2012
Shares underlying SARS exercised
 
—

 
2,000

 
—

 
114,000

Weighted-average price of shares exercised
 
—

 
$
26.18

 
—

 
$
26.17

Intrinsic value of shares exercised (1)
 
—

 
$
3

 
—

 
$
197

Tax benefit realized for the deduction of exercises
 
—

 
$
1

 
—

 
$
77

 ___________________________________________
(1)
Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalent rights exceeds the exercise price of the right.
Schedule of restricted share and stock awards
Restricted shares and restricted stock awards.  Information about HEI’s grants of restricted shares and restricted stock awards was as follows:
 
 
Three months ended September 30
 
Nine months ended September 30
 
2013
 
2012
 
2013
 
2012
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
9,005

 
$
22.21

 
14,807

 
$
22.45

 
9,005

 
$
22.21

 
46,807

 
$
24.45

Granted
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Vested
—

 
—

 
(1,000
)
 
24.68

 
—

 
—

 
(33,000
)
 
25.35

Forfeited
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Outstanding, end of period
9,005

 
$
22.21

 
13,807

 
$
22.29

 
9,005

 
$
22.21

 
13,807

 
$
22.29

 ___________________________________________
(1)
Weighted-average grant-date fair value per share based on the closing or average price of HEI common stock on the date of grant.
Schedule of restricted stock units
Restricted stock units.  Information about HEI’s grants of restricted stock units was as follows:
 
 
Three months ended September 30
 
Nine months ended September 30
 
2013
 
2012
 
2013
 
2012
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
300,313

 
$
25.15

 
319,071

 
$
22.81

 
315,094

 
$
22.82

 
247,286

 
$
21.80

Granted
4,000


26.48

 
—

 
—

 
111,231


26.88

 
94,846


26.00

Vested
(2,500
)
 
22.31

 
(2,500
)
 
22.31

 
(116,544
)
 
20.39

 
(23,997
)
 
24.69

Forfeited
(11,321
)
 
25.88

 
(3,346
)
 
24.63

 
(19,289
)
 
25.62

 
(4,910
)
 
24.92

Outstanding, end of period
290,492

 
$
25.16

 
313,225

 
$
22.80

 
290,492

 
$
25.16

 
313,225

 
$
22.80

 
$ millions

 
 
 
$ millions

 
 
 
$ millions

 
 
 
$ millions

 
 
Total weighted-average grant-date fair value of shares granted
$
0.1

 
 
 
$
—

 
 
 
$
3.0

 
 
 
$
2.5

 
 
 ___________________________________________
(1)
Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
Schedule of Long-Term Incentive Plan (LTIP) linked to total return to shareholders
LTIP linked to TRS.  Information about HEI’s LTIP grants linked to TRS was as follows:
 
 
Three months ended September 30
 
Nine months ended September 30
 
2013
 
2012
 
2013
 
2012
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
235,064

 
$
32.87

 
239,407

 
$
29.12

 
239,256

 
$
29.12

 
197,385

 
$
25.94

Granted
1,505

 
32.69

 
1,723

 
30.71

 
91,038

 
32.69

 
80,647


30.71

Vested (settled or lapsed)
—

 
—

 
—

 
—

 
(87,753
)
 
22.45

 
(35,397
)
 
14.85

Forfeited
(4,442
)
 
32.40

 
(2,450
)
 
31.09

 
(10,414
)
 
32.72

 
(3,955
)
 
30.82

Outstanding, end of period
232,127

 
$
32.88

 
238,680

 
$
29.11

 
232,127

 
$
32.88

 
238,680

 
$
29.11

 
$ millions

 
 
 
$ millions

 
 
 
$ millions

 
 
 
$ millions

 
 
Total weighted-average grant-date fair value of shares granted
$
—

 
 
 
$
0.1

 
 
 
$
3.0

 
 
 
$
2.5

 
 
 
___________________________________________
(1)
Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of assumptions used to determine the fair value of Long-Term Incentive Plan (LTIP) linked to total return to shareholders (TRS)
The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TRS and the resulting fair value of LTIP awards granted:
 
 
2013
 
2012
Risk-free interest rate
0.38
%
 
0.33
%
Expected life in years
3

 
3

Expected volatility
19.4
%
 
25.3
%
Range of expected volatility for Peer Group
12.4% to 25.3%

 
15.5% to 34.5%

Grant date fair value (per share)
$
32.69

 
$
30.71
Schedule of Long-Term Incentive Plan (LTIP) linked to other performance conditions
LTIP awards linked to other performance conditions.  Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:
 
 
Three months ended September 30
 
Nine months ended September 30
 
2013
 
2012
 
2013
 
2012
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
304,473

 
$
26.12

 
295,184

 
$
23.95

 
247,175

 
$
25.04

 
182,498

 
$
22.63

Granted
1,504

 
27.11

 
4,148


27.30

 
120,399

 
26.89

 
122,852


26.05

Vested and settled
—

 
—

 
—

 
—

 
(18,280
)
 
18.95

 
—

 
—

Cancelled
—

 
—

 
(17,911
)
 
18.95

 
(37,346
)
 
24.96

 
(17,911
)
 
18.95

Forfeited
(4,881
)
 
26.53

 
(3,676
)
 
24.78

 
(10,852
)
 
26.20

 
(9,694
)
 
24.44

Outstanding, end of period
301,096

 
$
26.12

 
277,745

 
$
24.31

 
301,096

 
$
26.12

 
277,745

 
$
24.31

 
$ millions

 
 
 
$ millions

 
 
 
$ millions

 
 
 
$ millions

 
 
Total weighted-average grant-date fair value of shares granted (at target performance levels)
$
—

 
 
 
$
0.1

 
 
 
$
3.2

 
 
 
$
3.2

 
 
 ___________________________________________
(1)
Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.