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Share-based compensation (Tables)
 6 Months Ended
Jun. 30, 2017
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 June 30
 
Six months ended June 30
(in millions)
 
2017
 
2016
 
2017
 
2016
HEI consolidated
 
 
 
 
 
 
 
 
Share-based compensation expense 1
 
$
2.2

 
$
1.0

 
$
3.3

 
$
2.0

Income tax benefit
 
0.8

 
0.4

 
1.2

 
0.7

Hawaiian Electric consolidated
 
 
 
 
 
 
 
 
Share-based compensation expense 1
 
0.7

 
0.3

 
1.1

 
0.6

Income tax benefit
 
0.3

 
0.1

 
0.4

 
0.2

1 
For the three months and six months ended June 30, 2017 and 2016, the Company has not capitalized any share-based compensation.
Schedule of common stock granted to a nonemployee director under the 2011 Director Plan
HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows:
 
 
Three months ended June 30
 
Six months ended June 30
($ in millions)
 
2017
 
2016
 
2017
 
2016
Shares granted
 
35,000

 
—

 
35,770

 
—

Fair value
 
$
1.1

 
$
—

 
$
1.2

 
$
—

Income tax benefit
 
0.4

 
—

 
0.5

 
—
Schedule of restricted stock units
Information about HEI’s grants of restricted stock units was as follows:
 
Three months ended June 30
 
Six months ended June 30
 
2017
 
2016
 
2017
 
2016
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
236,036

 
$
31.42

 
226,537

 
$
29.59

 
220,683

 
$
29.57

 
210,634

 
$
28.82

Granted
896


33.06

 
—

 
—

 
97,873


33.47

 
94,282


29.90

Vested
(7,370
)
 
29.17

 
(785
)
 
27.88

 
(88,994
)
 
28.88

 
(79,164
)
 
27.91

Forfeited
(23,079
)
 
31.50

 
—

 
—

 
(23,079
)
 
31.50

 
—

 
—

Outstanding, end of period
206,483

 
$
31.50

 
225,752

 
$
29.59

 
206,483

 
$
31.50

 
225,752

 
$
29.59

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

 
 
 
$
—

 
 
 
$
3.3

 
 
 
$
2.8

 
 
(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 TSR was as follows:
 
Three months ended June 30
 
Six months ended June 30
 
2017
 
2016
 
2017
 
2016
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
36,971

 
$
39.51

 
83,947

 
$
22.95

 
83,106

 
$
22.95

 
162,500

 
$
27.66

Granted (target level)
233

 
39.51

 
—

 
—

 
37,204

 
39.51

 
—


—

Vested (issued or unissued and cancelled)
—

 
—

 
—

 
—

 
(83,106
)
 
22.95

 
(78,553
)
 
32.69

Forfeited
(3,434
)
 
39.51

 
—

 
—

 
(3,434
)
 
39.51

 
—

 
—

Outstanding, end of period
33,770

 
$
39.51

 
83,947

 
$
22.95

 
33,770

 
$
39.51

 
83,947

 
$
22.95

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

 
 
 
$
—

 
 
 
$
1.5

 
 
 
$
—

 
 
(1)
Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of Long-Term Incentive Program fair value awards granted
The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted:
 
 
2017

Risk-free interest rate
 
1.46
%
Expected life in years
 
3

Expected volatility
 
20.1
%
Range of expected volatility for Peer Group
 
15.4% to 26.0%

Grant date fair value (per share)
 
$39.51
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 June 30
 
Six months ended June 30
 
2017
 
2016
 
2017
 
2016
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
147,888

 
$
33.48

 
113,550

 
$
25.18

 
109,816

 
$
25.18

 
222,647

 
$
26.02

Granted (target level)
930

 
32.58

 
—


—

 
148,818

 
33.47

 
—


—

Vested (issued)
—

 
—

 
—

 
—

 
(109,816
)
 
25.18

 
(109,097
)
 
26.89

Forfeited
(13,740
)
 
33.48

 
—

 
—

 
(13,740
)
 
33.48

 
—

 
—

Outstanding, end of period
135,078

 
$
33.47

 
113,550

 
$
25.18

 
135,078

 
$
33.47

 
113,550

 
$
25.18

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

 
 
 
$
—

 
 
 
$
5.0

 
 
 
$
—

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