HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended December 31, 2019, 2018, 2017, 2016 and 2015

(in thousands,  except per share amounts)	2019		2018		2017		2016		2015
Net income for common stock	$	217,882	$	201,774	$	165,297	$	248,256	$	159,877
Weighted-average number of common shares outstanding	108,949		108,855		108,749		108,102		106,418
Adjusted weighted-average number of common shares outstanding	109,407		109,146		108,933		108,309		106,721
Basic earnings per common share	$	2.00	$	1.85	$	1.52	$	2.30	$	1.50
Diluted earnings per common share	$	1.99	$	1.85	$	1.52	$	2.29	$	1.50