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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Total revenues $ 771,535 $ 768,048 $ 2,148,635 $ 2,099,199
Expenses        
Purchased power 176,000 177,000 472,000 478,000
Total expenses 674,227 669,984 1,900,756 1,850,447
Operating income (loss)        
Total operating income 97,308 98,064 247,879 248,752
Retirement defined benefits expense—other than service costs (648) (1,276) (2,172) (4,673)
Interest expense, net—other than on deposit liabilities and other bank borrowings (22,425) (22,523) (69,081) (66,042)
Allowance for borrowed funds used during construction 1,208 1,006 3,465 3,815
Allowance for equity funds used during construction 3,250 1,962 9,335 8,239
Income before income taxes 78,693 77,233 189,426 190,091
Income taxes 14,803 10,862 36,390 36,473
Net income 63,890 66,371 153,036 153,618
Preferred stock dividends of subsidiaries 471 471 1,417 1,417
Net income for common stock $ 63,419 $ 65,900 $ 151,619 $ 152,201
Basic earnings per common share (in dollars per share) $ 0.58 $ 0.61 $ 1.39 $ 1.40
Diluted earnings per common share (in dollars per share) $ 0.58 $ 0.60 $ 1.39 $ 1.40
Weighted-average number of common shares outstanding (in shares) 108,973 108,879 108,941 108,847
Net effect of potentially dilutive shares (in shares) 390 176 437 243
Weighted-average shares assuming dilution (in shares) 109,363 109,055 109,378 109,090
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues $ 688,330 $ 687,409 $ 1,900,609 $ 1,865,962
Expenses        
Fuel oil 199,093 206,551 541,322 545,236
Purchased power 175,037 177,590 472,336 478,238
Other operation and maintenance 124,415 113,553 361,805 333,805
Depreciation 53,935 50,983 161,795 151,810
Taxes, other than income taxes 64,057 64,696 179,304 176,324
Total expenses 616,537 613,373 1,716,562 1,685,413
Operating income (loss)        
Total operating income 71,793 74,036 184,047 180,549
Retirement defined benefits expense—other than service costs (723) (682) (2,127) (2,934)
Allowance for borrowed funds used during construction 1,208 1,006 3,465 3,815
Allowance for equity funds used during construction 3,250 1,962 9,335 8,239
Interest expense and other charges, net (17,429) (18,968) (53,945) (54,822)
Income before income taxes 58,099 57,354 140,775 134,847
Income taxes 10,822 7,144 27,800 24,995
Net income 47,277 50,210 112,975 109,852
Preferred stock dividends of subsidiaries 228 228 686 686
Net income attributable to Hawaiian Electric 47,049 49,982 112,289 109,166
Preferred stock dividends of Hawaiian Electric 270 270 810 810
Net income for common stock 46,779 49,712 111,479 108,356
Electric utility        
Revenues        
Total revenues 688,330 687,409 1,900,609 1,865,962
Expenses        
Total expenses 616,537 613,373 1,716,562 1,685,413
Operating income (loss)        
Total operating income 71,793 74,036 184,047 180,549
Income before income taxes 58,099 57,354 140,775 134,847
Income taxes 10,822 7,144 27,800 24,995
Net income 47,277 50,210 112,975 109,852
Preferred stock dividends of subsidiaries 498 498 1,496 1,496
Net income for common stock 46,779 49,712 111,479 108,356
Bank        
Revenues        
Total revenues 83,201 80,496 247,940 233,019
Expenses        
Total expenses 54,240 53,232 171,605 153,951
Operating income (loss)        
Total operating income 28,961 27,264 76,335 79,068
Income before income taxes 29,157 26,831 76,611 77,845
Income taxes 6,269 5,610 15,868 17,103
Net income 22,888 21,221 60,743 60,742
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 22,888 21,221 60,743 60,742
Other        
Revenues        
Total revenues 4 143 86 218
Expenses        
Total expenses 3,450 3,379 12,589 11,083
Operating income (loss)        
Total operating income (3,446) (3,236) (12,503) (10,865)
Income before income taxes (8,563) (6,952) (27,960) (22,601)
Income taxes (2,288) (1,892) (7,278) (5,625)
Net income (6,275) (5,060) (20,682) (16,976)
Preferred stock dividends of subsidiaries (27) (27) (79) (79)
Net income for common stock $ (6,248) $ (5,033) $ (20,603) $ (16,897)