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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Revenues $ 895,607 $ 680,257 $ 1,680,675 $ 1,323,203
Expenses        
Total expenses 808,939 578,401 1,494,731 1,123,316
Operating income (loss)        
Total operating income 86,668 101,856 185,944 199,887
Retirement defined benefits credit—other than service costs 1,246 1,216 2,489 3,651
Interest expense, net—other than on deposit liabilities and other bank borrowings (24,965) (23,317) (49,314) (47,053)
Allowance for borrowed funds used during construction 798 812 1,576 1,559
Allowance for equity funds used during construction 2,470 2,377 4,879 4,568
Gain on sales of investment securities, net and equity-method investment 0 0 8,123 528
Income before income taxes 66,217 82,944 153,697 163,140
Income taxes 13,203 18,599 31,043 33,964
Net income attributable to Hawaiian Electric 53,014 64,345 122,654 129,176
Preferred stock dividends of subsidiaries 473 473 946 946
Net income for common stock $ 52,541 $ 63,872 $ 121,708 $ 128,230
Basic earnings per common share (in dollars per share) $ 0.48 $ 0.58 $ 1.11 $ 1.17
Diluted earnings per common share (in dollars per share) $ 0.48 $ 0.58 $ 1.11 $ 1.17
Weighted-average number of common shares outstanding (in shares) 109,432 109,282 109,397 109,252
Net effect of potentially dilutive shares (in shares) 230 233 317 305
Weighted-average shares assuming dilution (in shares) 109,662 109,515 109,714 109,557
Electric utility        
Revenues        
Revenues $ 818,873 $ 601,879 $ 1,527,665 $ 1,166,743
Expenses        
Total expenses 747,719 534,195 1,382,916 1,029,945
Operating income (loss)        
Total operating income 71,154 67,684 144,749 136,798
Income before income taxes 56,613 53,898 116,059 108,988
Income taxes 11,979 11,498 24,517 22,731
Net income attributable to Hawaiian Electric 44,634 42,400 91,542 86,257
Preferred stock dividends of subsidiaries 499 499 998 998
Net income for common stock 44,135 41,901 90,544 85,259
Bank        
Revenues        
Revenues 75,324 77,260 150,439 154,391
Expenses        
Total expenses 53,401 37,454 98,486 79,289
Operating income (loss)        
Total operating income 21,923 39,806 51,953 75,102
Income before income taxes 22,109 39,992 52,324 77,094
Income taxes 4,643 9,708 10,988 17,254
Net income attributable to Hawaiian Electric 17,466 30,284 41,336 59,840
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 17,466 30,284 41,336 59,840
Other        
Revenues        
Revenues 1,410 1,118 2,571 2,069
Expenses        
Total expenses 7,819 6,752 13,329 14,082
Operating income (loss)        
Total operating income (6,409) (5,634) (10,758) (12,013)
Income before income taxes (12,505) (10,946) (14,686) (22,942)
Income taxes (3,419) (2,607) (4,462) (6,021)
Net income attributable to Hawaiian Electric (9,086) (8,339) (10,224) (16,921)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income for common stock $ (9,060) $ (8,313) $ (10,172) $ (16,869)