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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 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:
(in millions)202320222021
HEI consolidated
Share-based compensation expense1
$10.5 $10.4 $9.1 
Income tax benefit2.2 2.1 1.4 
Hawaiian Electric consolidated
Share-based compensation expense1
3.3 3.0 2.7 
Income tax benefit0.8 0.7 0.6 
1For 2023, 2022 and 2021, the Company has not capitalized any share-based compensation.
Schedule of Common Stock Granted to Non-employee Directors HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:
(dollars in millions)202320222021
Shares granted40,450 35,720 29,816 
Fair value$1.5 $1.5 $1.3 
Income tax benefit0.4 0.4 0.3 
Schedule of Restricted Stock Units Information about HEI’s grants of restricted stock units was as follows:
 202320222021
 Shares (1)Shares (1)Shares (1)
Outstanding, January 1182,528 $39.75 233,448 $38.10 193,939 $40.89 
Granted100,088 42.41 98,463 41.31 137,582 34.66 
Vested(84,794)39.41 (96,282)37.75 (79,623)38.51 
Forfeited(8,798)41.63 (53,101)39.01 (18,450)39.92 
Outstanding, December 31189,024 $41.23 182,528 $39.75 233,448 $38.10 
Total weighted-average grant-date fair value of shares granted (in millions)
$4.2 $4.1 $4.8 
(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:
 202320222021
 Shares(1)Shares(1)Shares(1)
Outstanding, January 171,574 $47.67 90,974 $42.86 89,222 $42.10 
Granted27,123 55.98 26,469 54.92 46,024 41.12 
Vested (issued or unissued and cancelled)(18,691)48.62 (29,042)41.07 (32,355)38.20 
Forfeited(3,529)53.72 (16,827)44.45 (11,917)43.07 
Outstanding, December 3176,477 $50.11 71,574 $47.67 90,974 $42.86 
Total weighted-average grant-date fair value of shares granted (in millions)
$1.5 $1.5 $1.9 
(1)Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of Assumptions Used to Determine the Fair Value of Long-Term Incentive Plan (LTIP) Linked to Total Return to Shareholders (TRS)
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:
 202320222021
Risk-free interest rate4.19 %1.71 %0.19 %
Expected life in years333
Expected volatility33.1 %31.0 %29.9 %
Range of expected volatility for Peer Group
28.7% to 38.8%
25.4% to 76.7%
25.6% to 102.9%
Grant date fair value (per share)$55.98 $54.92 $41.12 
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:
 202320222021
 Shares(1)Shares(1)Shares(1)
Outstanding, January 1309,589 $39.50 306,342 $38.42 220,715 $41.03 
Granted108,499 42.41 105,860 41.31 184,102 34.37 
Vested(62,778)48.07 (71,807)37.68 (43,155)34.12 
Increase above target (cancelled)(13,153)36.59 36,505 35.75 (7,646)39.06 
Forfeited(15,072)42.19 (67,311)37.35 (47,674)38.74 
Outstanding, December 31327,085 $39.44 309,589 $39.50 306,342 $38.42 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)
$4.6 $4.4 $6.3 
(1)Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.