Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2018

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)	2018		2017
HEI consolidated
Share-based compensation expense 1	$	1.7	$	1.1
Income tax benefit	0.2		0.3
Hawaiian Electric consolidated
Share-based compensation expense 1	0.6		0.5
Income tax benefit	0.1		0.2

¹  For the three months ended March 31, 2018 and 2017, 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 March 31
(dollars in thousands)	2018		2017
Shares granted	1,074		770
Fair value	$	39	$	25
Income tax benefit	10		10

Schedule of restricted stock units

Information about HEI’s grants of restricted stock units was as follows:

	Three months ended March 31
	2018					2017
	Shares			(1)		Shares			(1)
Outstanding, beginning of period	197,047			$	31.53	220,683			$	29.57
Granted	88,905			34.10		96,977			33.48
Vested	(75,235		)	30.55		(81,624		)	28.85
Forfeited	(2,629		)	33.09		—			—
Outstanding, end of period	208,088			$	32.97	236,036			$	31.42
Total weighted-average grant-date fair value of shares granted (in millions)	$	3.0				$	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.

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 March 31
	2018					2017
	Shares			(1)		Shares			(1)
Outstanding, beginning of period	32,904			$	39.51	83,106			$	22.95
Granted	35,626			38.21		36,971			39.51
Vested (issued or unissued and cancelled)	—			—		(83,106		)	22.95
Forfeited	(1,739		)	38.83		—			—
Outstanding, end of period	66,791			$	38.84	36,971			$	39.51
Total weighted-average grant-date fair value of shares granted (in millions)	$	1.4				$	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:

	2018		2017
Risk-free interest rate	2.29	%	1.46	%
Expected life in years	3		3
Expected volatility	17.0	%	20.1	%
Range of expected volatility for Peer Group	15.1% to 26.2%		15.4% to 26.0%
Grant date fair value (per share)	$38.20		$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 March 31
	2018					2017
	Shares			(1)		Shares			(1)
Outstanding, beginning of period	131,616			$	33.47	109,816			$	25.18
Granted	142,509			34.10		147,888			33.48
Vested	—			—		(109,816		)	25.18
Forfeited	(6,958		)	33.81		—			—
Outstanding, end of period	267,167			$	33.80	147,888			$	33.48
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$	4.9				$	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.