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Share-based compensation (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [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 September 30Nine months ended September 30
(in millions)2020201920202019
HEI consolidated
Share-based compensation expense 1
$1.4 $2.3 $5.4 $8.1 
Income tax benefit0.2 0.3 0.9 1.2 
Hawaiian Electric consolidated
Share-based compensation expense 1
— 0.8 1.2 2.6 
Income tax benefit— 0.1 0.3 0.5 
1    For the three and nine months ended September 30, 2020 and 2019, the Company has not capitalized any share-based compensation.
Schedule of common stock granted to a nonemployee director under the 2011 Director Plan HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:
Three months ended September 30Nine months ended September 30
(dollars in millions)2020201920202019
Shares granted— — 36,100 35,580 
Fair value$— $— $1.3 $1.5 
Income tax benefit— — 0.3 0.4 
Schedule of restricted stock units Information about HEI’s grants of restricted stock units was as follows:
Three months ended September 30Nine months ended September 30
 2020201920202019
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period204,357 $40.65 208,625  $35.28 207,641  $35.36 200,358  $33.05 
Granted— — 1,006 44.16 78,595 47.99 95,565 37.75 
Vested— — (101)36.27 (77,719)34.19 (76,813)32.61 
Forfeited— — (2,889)35.44 (4,160)35.81 (12,469)34.20 
Outstanding, end of period204,357 $40.65 206,641  $35.32 204,357  $40.65 206,641  $35.32 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $3.8 $3.6 
(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 September 30Nine months ended September 30
 2020201920202019
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period90,616 $42.08 98,311 $39.61 96,402 $39.62 65,578 $38.81 
Granted — — 568 41.07 24,630 48.62 35,215 41.07 
Vested (issued or unissued and cancelled)— — — — (29,409)39.51 — — 
Forfeited— — (2,477)39.64 (1,007)41.72 (4,391)39.19 
Outstanding, end of period90,616 $42.08 96,402 $39.62 90,616 $42.08 96,402  $39.62 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $1.2 $1.4 
(1)    Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of Long-Term Incentive Plan assumptions
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:
20202019
Risk-free interest rate1.39 %2.48 %
Expected life in years33
Expected volatility13.1 %15.8 %
Range of expected volatility for Peer Group
13.6% to 95.4%
15.0% to 73.2%
Grant date fair value (per share)$48.62$41.07
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 September 30Nine months ended September 30
2020201920202019
 Shares(1)Shares (1)Shares(1)Shares(1)
Outstanding, beginning of period297,523 $40.37 407,090  $35.12 403,768 $35.15 276,169  $33.80 
Granted — — 2,275 44.05 98,522 48.10 140,855 37.78 
Vested — — —  — (135,804)33.48 —  — 
Increase above target (cancelled)(21,807)34.11 11,131  33.49 (86,739)34.12 11,131  33.49 
Forfeited— — (9,911)35.24 (4,031)39.67 (17,570)34.66 
Outstanding, end of period275,716 $40.86 410,585  $35.12 275,716 $40.86 410,585  $35.12 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)
$— $0.1 $4.7 $5.3 
(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.