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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Total revenues $ 680,257 $ 608,945 $ 1,323,203 $ 1,286,131
Expenses        
Total expenses 578,401 537,389 1,123,316 1,154,873
Operating income (loss)        
Total operating income 101,856 71,556 199,887 131,258
Retirement defined benefits credit (expense)—other than service costs 1,216 (934) 3,651 (1,868)
Interest expense, net—other than on deposit liabilities and other bank borrowings (23,317) (22,613) (47,053) (44,388)
Allowance for borrowed funds used during construction 812 752 1,559 1,440
Allowance for equity funds used during construction 2,377 2,194 4,568 4,209
Gain on sale of investment securities, net 0 9,275 528 9,275
Income before income taxes 82,944 60,230 163,140 99,926
Income taxes 18,599 10,870 33,964 16,673
Net income 64,345 49,360 129,176 83,253
Preferred stock dividends of subsidiaries 473 473 946 946
Net income for common stock $ 63,872 $ 48,887 $ 128,230 $ 82,307
Basic earnings per common share (in dollars per share) $ 0.58 $ 0.45 $ 1.17 $ 0.75
Diluted earnings per common share (in dollars per share) $ 0.58 $ 0.45 $ 1.17 $ 0.75
Weighted-average number of common shares outstanding (in shares) 109,282 109,146 109,252 109,098
Net effect of potentially dilutive shares (in shares) 233 159 305 276
Weighted-average shares assuming dilution (in shares) 109,515 109,305 109,557 109,374
Electric utility        
Revenues        
Total revenues $ 601,879 $ 534,215 $ 1,166,743 $ 1,131,657
Expenses        
Total expenses 534,195 466,414 1,029,945 1,019,898
Operating income (loss)        
Total operating income 67,684 67,801 136,798 111,759
Income before income taxes 53,898 53,027 108,988 82,713
Income taxes 11,498 10,199 22,731 15,481
Net income 42,400 42,828 86,257 67,232
Preferred stock dividends of subsidiaries 499 499 998 998
Net income for common stock 41,901 42,329 85,259 66,234
Bank        
Revenues        
Total revenues 77,260 74,714 154,391 154,452
Expenses        
Total expenses 37,454 66,221 79,289 126,556
Operating income (loss)        
Total operating income 39,806 8,493 75,102 27,896
Income before income taxes 39,992 17,334 77,094 36,303
Income taxes 9,708 3,320 17,254 6,528
Net income 30,284 14,014 59,840 29,775
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 30,284 14,014 59,840 29,775
Other        
Revenues        
Total revenues 1,118 16 2,069 22
Expenses        
Total expenses 6,752 4,754 14,082 8,419
Operating income (loss)        
Total operating income (5,634) (4,738) (12,013) (8,397)
Income before income taxes (10,946) (10,131) (22,942) (19,090)
Income taxes (2,607) (2,649) (6,021) (5,336)
Net income (8,339) (7,482) (16,921) (13,754)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income for common stock (8,313) (7,456) (16,869) (13,702)
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues 601,879 534,215 1,166,743 1,131,657
Expenses        
Fuel oil 139,136 112,451 266,563 285,672
Purchased power 162,465 136,838 304,761 276,654
Other operation and maintenance 118,142 110,041 232,712 237,588
Depreciation 57,381 55,696 114,736 111,546
Taxes, other than income taxes 57,071 51,388 111,173 108,438
Total expenses 534,195 466,414 1,029,945 1,019,898
Operating income (loss)        
Total operating income 67,684 67,801 136,798 111,759
Retirement defined benefits credit (expense)—other than service costs 1,020 (382) 2,041 (763)
Interest expense and other charges, net (17,995) (17,338) (35,978) (33,932)
Allowance for borrowed funds used during construction 812 752 1,559 1,440
Allowance for equity funds used during construction 2,377 2,194 4,568 4,209
Income before income taxes 53,898 53,027 108,988 82,713
Income taxes 11,498 10,199 22,731 15,481
Net income 42,400 42,828 86,257 67,232
Preferred stock dividends of subsidiaries 229 229 458 458
Net income attributable to Hawaiian Electric 42,171 42,599 85,799 66,774
Preferred stock dividends of Hawaiian Electric 270 270 540 540
Net income for common stock $ 41,901 $ 42,329 $ 85,259 $ 66,234