Note 17 · Quarterly information (unaudited)

Selected quarterly information was as follows:



	Quarters ended								Years ended
(in thousands, except per share amounts)	March 31		June 30		Sept. 30		Dec. 31		December 31
HEI consolidated
2018
Revenues	$	645,874	$	685,277	$	768,048	$	761,650	$	2,860,849
Operating income¹	71,889		78,799		98,064		84,604		333,356
Net income	40,720		46,527		66,371		50,046		203,664
Net income for common stock	40,247		46,054		65,900		49,573		201,774
Basic earnings per common share ²	0.37		0.42		0.61		0.46		1.85
Diluted earnings per common share ³	0.37		0.42		0.60		0.45		1.85
Dividends per common share	0.31		0.31		0.31		0.31		1.24
2017⁴
Revenues	$	591,562	$	632,281	$	673,185	$	658,597	$	2,555,625
Operating income¹	69,738		77,802		111,473		87,220		346,233
Net income	34,666		39,134		60,544		32,843		167,187
Net income for common stock	34,193		38,661		60,073		32,370		165,297
Basic earnings per common share ²	0.31		0.36		0.55		0.30		1.52
Diluted earnings per common share ³	0.31		0.36		0.55		0.30		1.52
Dividends per common share	0.31		0.31		0.31		0.31		1.24
Hawaiian Electric consolidated
2018
Revenues	$	570,427	$	608,126	$	687,409	$	680,563	$	2,546,525
Operating income¹	51,369		55,144		74,036		61,112		241,661
Net income	27,974		31,668		50,210		35,796		145,648
Net income for common stock	27,475		31,169		49,712		35,297		143,653
2017⁵
Revenues	$	518,611	$	556,875	$	598,769	$	583,311	2,257,566
Operating income¹	50,361		56,482		88,497		68,184		263,524
Net income	21,964		26,143		47,985		25,854		121,946
Net income for common stock	21,465		25,644		47,487		25,355		119,951

Note: HEI owns all of Hawaiian Electric’s common stock, therefore per share data for Hawaiian Electric is not meaningful.


¹	The Company and Hawaiian Electric adopted ASU No. 2017-07 in the first quarter of 2018: (1) retrospectively for the presentation in the income statement of the service cost component and the other components of NPPC and NPBC, and (2) prospectively for the capitalization in assets of the service cost component of NPPC and NPBC for Hawaiian Electric and its subsidiaries. See Note 1.


²	The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter.


³	The quarterly diluted earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter plus the dilutive incremental shares at quarter end.

⁴

In the fourth quarter of 2017, the Company recorded a $14.2 million adjustment, primarily to reduce deferred tax net asset balances (not accounted for under Utility regulatory ratemaking) to reflect the lower rates enacted by the Tax Act. Also included in this adjustment is $0.7 million (net of tax) of non-executive bonuses paid by ASB related to the enactment of federal tax reform. See below for the impact of the Utilities lower RAM revenues due to the expiration of the 2013 settlement agreement.

⁵

In the fourth quarter of 2017, Hawaiian Electric consolidated recorded a $9.2 million adjustment to reduce deferred tax net asset balances (not accounted for under regulatory ratemaking) to reflect the lower rates enacted by the Tax Act. In the first five months of 2017, the Utilities recorded lower RAM revenues due to the expiration of the 2013 settlement agreement that allowed the accrual of RAM revenues on January 1 (vs. June 1) for years 2014 to 2016 at Hawaiian Electric. For the first and second quarters of 2017, the Utilities recorded lower revenues of $12 million ($7 million, net of tax impacts) and $8 million ($4 million, net of tax impacts) due to this RAM lag, respectively.