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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Revenues $ 1,042,197 $ 756,904 $ 2,722,872 $ 2,080,107
Expenses        
Total expenses 940,082 659,588 2,434,813 1,782,904
Operating income (loss)        
Total operating income 102,115 97,316 288,059 297,203
Retirement defined benefits credit—other than service costs 1,039 1,058 3,528 4,709
Interest expense, net—other than on deposit liabilities and other bank borrowings (26,626) (23,477) (75,940) (70,530)
Allowance for borrowed funds used during construction 825 827 2,401 2,386
Allowance for equity funds used during construction 2,552 2,427 7,431 6,995
Gain on sales of investment securities, net and equity-method investment 0 0 8,123 528
Income before income taxes 79,905 78,151 233,602 241,291
Income taxes 17,352 14,265 48,395 48,229
Net income attributable to Hawaiian Electric 62,553 63,886 185,207 193,062
Preferred stock dividends of subsidiaries 471 471 1,417 1,417
Net income for common stock $ 62,082 $ 63,415 $ 183,790 $ 191,645
Basic earnings per common share (in dollars per share) $ 0.57 $ 0.58 $ 1.68 $ 1.75
Diluted earnings per common share (in dollars per share) $ 0.57 $ 0.58 $ 1.68 $ 1.75
Weighted-average number of common shares outstanding (in shares) 109,470 109,311 109,421 109,272
Net effect of potentially dilutive shares (in shares) 235 264 291 316
Weighted-average shares assuming dilution (in shares) 109,705 109,575 109,712 109,588
Electric utility        
Revenues        
Revenues $ 955,971 $ 679,499 $ 2,483,636 $ 1,846,242
Expenses        
Total expenses 876,922 604,307 2,259,838 1,634,252
Operating income (loss)        
Total operating income 79,049 75,192 223,798 211,990
Income before income taxes 63,712 61,175 179,771 170,163
Income taxes 13,450 10,335 37,967 33,066
Net income attributable to Hawaiian Electric 50,262 50,840 141,804 137,097
Preferred stock dividends of subsidiaries 498 498 1,496 1,496
Net income for common stock 49,764 50,342 140,308 135,601
Bank        
Revenues        
Revenues 81,411 76,208 231,850 230,599
Expenses        
Total expenses 54,311 51,151 152,797 130,440
Operating income (loss)        
Total operating income 27,100 25,057 79,053 100,159
Income before income taxes 27,281 25,241 79,605 102,335
Income taxes 6,525 5,976 17,513 23,230
Net income attributable to Hawaiian Electric 20,756 19,265 62,092 79,105
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 20,756 19,265 62,092 79,105
Other        
Revenues        
Revenues 4,815 1,197 7,386 3,266
Expenses        
Total expenses 8,849 4,130 22,178 18,212
Operating income (loss)        
Total operating income (4,034) (2,933) (14,792) (14,946)
Income before income taxes (11,088) (8,265) (25,774) (31,207)
Income taxes (2,623) (2,046) (7,085) (8,067)
Net income attributable to Hawaiian Electric (8,465) (6,219) (18,689) (23,140)
Preferred stock dividends of subsidiaries (27) (27) (79) (79)
Net income for common stock $ (8,438) $ (6,192) $ (18,610) $ (23,061)