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Share-based compensation (Tables)
 9 Months Ended
Sep. 30, 2023
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)2023202220232022
HEI consolidated
Share-based compensation expense 1
$2.4 $1.7 $8.3 $7.3 
Income tax benefit0.5 0.4 1.6 1.5 
Hawaiian Electric consolidated
Share-based compensation expense 1
0.7 0.6 2.5 2.1 
Income tax benefit0.1 0.1 0.5 0.5 
1    For the three and nine months ended September 30, 2023 and 2022, the Company has not capitalized any share-based compensation.
Schedule of Common Stock Granted to Nonemployee Directors HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:
Three months ended September 30Nine months ended September 30
(dollars in millions)2023202220232022
Shares granted— 965 40,450 35,720 
Fair value$— $— $1.5 $1.5 
Income tax benefit— — 0.4 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
 2023202220232022
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period199,130 $41.22 208,953 $39.71 182,528 $39.75 233,448 $38.10 
Granted— — — — 100,088 42.41 98,463 41.31 
Vested— — (4,244)39.49 (81,112)39.37 (95,658)37.73 
Forfeited— — (16,540)39.99 (2,374)41.79 (48,084)39.19 
Outstanding, end of period199,130 $41.22 188,169 $39.69 199,130 $41.22 188,169 $39.69 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $4.2 $4.1 
(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
 2023202220232022
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period79,284 $50.28 76,730 $47.74 71,574 $47.67 90,974 $42.86 
Granted — — — — 27,123 55.98 26,469 54.92 
Vested (issued or unissued and cancelled)— — — — (18,691)48.62 (29,042)41.07 
Forfeited— — (4,829)48.52 (722)48.92 (16,500)44.33 
Outstanding, end of period79,284 $50.28 71,901 $47.69 79,284 $50.28 71,901 $47.69 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $1.5 $1.5 
(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:
20232022
Risk-free interest rate4.19 %1.71 %
Expected life in years33
Expected volatility33.1 %31.0 %
Range of expected volatility for Peer Group
28.7% to 38.8%
25.4% to 76.7%
Grant date fair value (per share)$55.98$54.92
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
2023202220232022
 Shares(1)Shares (1)Shares(1)Shares(1)
Outstanding, beginning of period357,477 $38.78 293,711 $39.91 309,589 $39.50 306,342 $38.42 
Granted — — — — 108,499 42.41 105,860 41.31 
Vested — — — — (62,778)48.07 (71,807)37.68 
Increase above target4,277 38.02 — — 10,278 37.77 — — 
Forfeited— — (19,316)38.60 (3,834)43.53 (66,000)37.31 
Outstanding, end of period361,754 $39.17 274,395 $40.00 361,754 $39.17 274,395 $40.00 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)
$— $— $4.6 $4.4 
(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.