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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Total revenues $ 632,281 $ 566,244 $ 1,223,843 $ 1,117,204
Expenses        
Purchased power 153,000 139,000 280,000 255,000
Total expenses 556,385 480,789 1,080,085 962,898
Operating income (loss)        
Total operating income 75,896 85,455 143,758 154,306
Interest expense, net—other than on deposit liabilities and other bank borrowings (20,440) (17,301) (40,008) (37,427)
Allowance for borrowed funds used during construction 1,143 760 2,032 1,422
Allowance for equity funds used during construction 3,027 1,997 5,426 3,736
Income before income taxes 59,626 70,911 111,208 122,037
Income taxes 20,492 26,310 37,408 44,611
Net income 39,134 44,601 73,800 77,426
Preferred stock dividends of subsidiaries 473 473 946 946
Net income for common stock $ 38,661 $ 44,128 $ 72,854 $ 76,480
Basic earnings per common share (in dollars per share) $ 0.36 $ 0.41 $ 0.67 $ 0.71
Diluted earnings per common share (in dollars per share) 0.36 0.41 0.67 0.71
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.62 $ 0.62
Weighted-average number of common shares outstanding (in shares) 108,750 107,962 108,712 107,791
Net effect of potentially dilutive shares (in shares) 47 171 157 187
Weighted-average shares assuming dilution (in shares) 108,797 108,133 108,869 107,978
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues $ 556,875 $ 495,395 $ 1,075,486 $ 977,447
Expenses        
Fuel oil 141,259 91,899 285,529 205,639
Purchased power 153,067 139,058 280,191 254,917
Other operation and maintenance 106,374 99,563 206,614 203,471
Depreciation 48,156 46,760 96,372 93,541
Taxes, other than income taxes 52,972 47,429 102,795 93,867
Total expenses 501,828 424,709 971,501 851,435
Operating income (loss)        
Total operating income 55,047 70,686 103,985 126,012
Allowance for borrowed funds used during construction 1,143 760 2,032 1,422
Allowance for equity funds used during construction 3,027 1,997 5,426 3,736
Interest expense and other charges, net (18,214) (15,103) (35,718) (32,411)
Income before income taxes 41,003 58,340 75,725 98,759
Income taxes 14,860 21,984 27,618 36,537
Net income 26,143 36,356 48,107 62,222
Preferred stock dividends of subsidiaries 229 229 458 458
Net income attributable to Hawaiian Electric 25,914 36,127 47,649 61,764
Preferred stock dividends of Hawaiian Electric 270 270 540 540
Net income for common stock 25,644 35,857 47,109 61,224
Electric utility        
Revenues        
Total revenues 556,875 495,395 1,075,486 977,447
Expenses        
Total expenses 501,828 424,709 971,501 851,435
Operating income (loss)        
Total operating income 55,047 70,686 103,985 126,012
Income before income taxes 41,003 58,340 75,725 98,759
Income taxes 14,860 21,984 27,618 36,537
Net income 26,143 36,356 48,107 62,222
Preferred stock dividends of subsidiaries 499 499 998 998
Net income for common stock 25,644 35,857 47,109 61,224
Bank        
Revenues        
Total revenues 75,329 70,749 148,185 139,589
Expenses        
Total expenses 50,533 50,525 99,229 99,771
Operating income (loss)        
Total operating income 24,796 20,224 48,956 39,818
Income before income taxes 24,796 20,224 48,956 39,818
Income taxes 8,063 6,939 16,410 13,860
Net income 16,733 13,285 32,546 25,958
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 16,733 13,285 32,546 25,958
Other        
Revenues        
Total revenues 77 100 172 168
Expenses        
Total expenses 4,024 5,555 9,355 11,692
Operating income (loss)        
Total operating income (3,947) (5,455) (9,183) (11,524)
Income before income taxes (6,173) (7,653) (13,473) (16,540)
Income taxes (2,431) (2,613) (6,620) (5,786)
Net income (3,742) (5,040) (6,853) (10,754)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income for common stock $ (3,716) $ (5,014) $ (6,801) $ (10,702)