Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31
(in millions)	2024		2023
HEI consolidated
Share-based compensation expense 1	$	1.3	$	2.0
Income tax benefit	0.1		0.3
Hawaiian Electric consolidated
Share-based compensation expense 1	0.4		0.7
Income tax benefit	—		0.1

1    For the three months ended March 31, 2024 and 2023, 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 March 31
(dollars in millions)	2024		2023
Shares granted	—		1,509
Fair value	$	—	$	0.1
Income tax benefit	—		—

Schedule of Restricted Stock Units

Information about HEI’s grants of restricted stock units was as follows:

	Three months ended March 31
	2024				2023
	Shares		(1)		Shares		(1)
Outstanding, beginning of period	189,024		$	41.23	182,528		$	39.75
Granted	—		—		100,088		42.41
Vested	(97,050)		40.39		(80,077)		39.30
Forfeited	(1,071)		41.97		(406)		38.39
Outstanding, end of period	90,903		$	42.11	202,133		$	41.25
Total weighted-average grant-date fair value of shares granted (in millions)	$	—			$	4.2

(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 March 31
	2024				2023
	Shares		(1)		Shares		(1)
Outstanding, beginning of period	76,477		$	50.11	71,574		$	47.67
Granted	62,152		17.28		27,123		55.98
Vested (issued or unissued and cancelled)	(28,577)		41.12		(18,691)		48.62
Forfeited	(409)		55.63		—		—
Outstanding, end of period	109,643		$	33.82	80,006		$	50.27
Total weighted-average grant-date fair value of shares granted (in millions)	$	1.1			$	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:

	2024		2023
Risk-free interest rate	4.25	%	4.19	%
Expected life in years	3		3
Expected volatility	52.5	%	33.1	%
Range of expected volatility for Peer Group	12.3% to 52.5%		28.7% to 38.8%
Grant-date fair value (per share)	$17.28		$55.98

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 March 31
	2024				2023
	Shares		(1)		Shares		(1)
Outstanding, beginning of period	327,085		$	39.44	309,589		$	39.50
Granted	362,963		13.09		108,499		42.41
Vested	(113,118)		34.93		(62,778)		48.07
Increase above target (cancelled)	(546)		41.29		—		—
Forfeited	(1,640)		42.04		—		—
Outstanding, end of period	574,744		$	23.68	355,310		$	38.87
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$	4.8			$	4.6

(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.