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Share-based compensation (Tables)
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation expense and related income tax benefit
Share-based compensation expense and the related income tax benefit were as follows:
 
 
Three months ended March 31
(in millions)
 
2015
 
2014
HEI consolidated
 
 
 
 
Share-based compensation expense 1
 
$
1.8

 
$
2.4

Income tax benefit
 
0.6

 
0.8

Hawaiian Electric consolidated
 
 
 
 
Share-based compensation expense 1
 
0.5

 
0.7

Income tax benefit
 
0.2

 
0.3

1 
$0.04 million and $0.04 million of this share-based compensation expense was capitalized in the three months ended March 31, 2015 and 2014, respectively.
Schedule of stock appreciation rights by grant year
SARs activity and statistics were as follows:
 
Three months ended March 31
(dollars in thousands, except prices)
2015
 
2014
Shares underlying SARS exercised
80,000

 
-  
Weighted-average price of shares exercised
$
26.18

 
-  
Intrinsic value of shares exercised 1
502

 
-  
Tax benefit realized for the deduction of exercises
162

 
-  
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 stock units
Information about HEI’s grants of restricted stock units was as follows:
 
Three months ended March 31
 
2015
 
2014
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
261,235

 
$
25.77

 
288,151

 
$
25.17

Granted
84,294


33.74

 
115,036


25.19

Vested
(79,219
)
 
25.77

 
(71,029
)
 
25.79

Forfeited
(4,619
)
 
25.83

 
—

 
—

Outstanding, end of period
261,691

 
$
28.33

 
332,158

 
$
25.04

Total weighted-average grant-date fair value of shares granted ($ millions)
$
2.8

 
 
 
$
2.9

 
 
(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
Information about HEI’s LTIP grants linked to TRS was as follows:
 
Three months ended March 31
 
2015
 
2014
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
257,956

 
$
28.45

 
232,127

 
$
32.88

Granted (target level)
—

 
—

 
96,793


22.95

Vested (issued or unissued and cancelled)
(75,915
)
 
30.71

 
(70,189
)
 
35.46

Forfeited
(13,264
)
 
26.00

 
(488
)
 
32.13

Outstanding, end of period
168,777

 
$
27.63

 
258,243

 
$
28.46

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

 
 
 
$
2.2

 
 
(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:
 
2014
Risk-free interest rate
0.66
%
Expected life in years
3

Expected volatility
17.8
%
Range of expected volatility for Peer Group
12.4% to 23.3%

Grant date fair value (per share)
$
22.95
Schedule of Long-Term Incentive Plan (LTIP) 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 March 31
 
2015
 
2014
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
364,731

 
$
26.01

 
296,843

 
$
26.14

Granted (target level)
—

 
—

 
128,873


25.19

Vested (issued)
(121,249
)
 
26.05

 
(65,089
)
 
24.95

Forfeited
(13,263
)
 
25.72

 
(557
)
 
26.55

Outstanding, end of period
230,219

 
$
26.00

 
360,070

 
$
26.01

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

 
 
 
$
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.