XML 18 R2.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues    
Total revenues $ 642,946 $ 677,186
Expenses    
Total expenses 544,915 617,484
Operating income (loss)    
Total operating income 98,031 59,702
Retirement defined benefits credit (expense)—other than service costs 2,435 (934)
Interest expense, net—other than on deposit liabilities and other bank borrowings (23,736) (21,775)
Allowance for borrowed funds used during construction 747 688
Allowance for equity funds used during construction 2,191 2,015
Gain on sale of investment securities, net 528 0
Income before income taxes 80,196 39,696
Income taxes 15,365 5,803
Net income 64,831 33,893
Preferred stock dividends of subsidiaries 473 473
Net income for common stock $ 64,358 $ 33,420
Basic earnings per common share (in dollars per share) $ 0.59 $ 0.31
Diluted earnings per common share (in dollars per share) $ 0.59 $ 0.31
Weighted-average number of common shares outstanding (in shares) 109,221 109,051
Net effect of potentially dilutive shares (in shares) 271 314
Weighted-average shares assuming dilution (in shares) 109,492 109,365
Electric utility    
Revenues    
Total revenues $ 564,864 $ 597,442
Expenses    
Total expenses 495,750 553,484
Operating income (loss)    
Total operating income 69,114 43,958
Income before income taxes 55,090 29,686
Income taxes 11,233 5,282
Net income 43,857 24,404
Preferred stock dividends of subsidiaries 499 499
Net income for common stock 43,358 23,905
Bank    
Revenues    
Total revenues 77,131 79,738
Expenses    
Total expenses 41,835 60,335
Operating income (loss)    
Total operating income 35,296 19,403
Income before income taxes 37,102 18,969
Income taxes 7,546 3,208
Net income 29,556 15,761
Preferred stock dividends of subsidiaries 0 0
Net income for common stock 29,556 15,761
Other    
Revenues    
Total revenues 951 6
Expenses    
Total expenses 7,330 3,665
Operating income (loss)    
Total operating income (6,379) (3,659)
Income before income taxes (11,996) (8,959)
Income taxes (3,414) (2,687)
Net income (8,582) (6,272)
Preferred stock dividends of subsidiaries (26) (26)
Net income for common stock (8,556) (6,246)
Hawaiian Electric Company, Inc. and Subsidiaries    
Revenues    
Total revenues 564,864 597,442
Expenses    
Fuel oil 127,427 173,221
Purchased power 142,296 139,816
Other operation and maintenance 114,570 127,547
Depreciation 57,355 55,850
Taxes, other than income taxes 54,102 57,050
Total expenses 495,750 553,484
Operating income (loss)    
Total operating income 69,114 43,958
Retirement defined benefits credit (expense)—other than service costs 1,021 (381)
Interest expense and other charges, net (17,983) (16,594)
Allowance for borrowed funds used during construction 747 688
Allowance for equity funds used during construction 2,191 2,015
Income before income taxes 55,090 29,686
Income taxes 11,233 5,282
Net income 43,857 24,404
Preferred stock dividends of subsidiaries 229 229
Net income attributable to Hawaiian Electric 43,628 24,175
Preferred stock dividends of Hawaiian Electric 270 270
Net income for common stock $ 43,358 $ 23,905