HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended December 31, 2021, 2020, 2019, 2018 and 2017

(in thousands,  except per share amounts)	2021		2020		2019		2018		2017
Net income for common stock	$	246,166	$	197,824	$	217,882	$	201,774	$	165,297
Weighted-average number of common shares outstanding	109,282		109,140		108,949		108,855		108,749
Adjusted weighted-average number of common shares outstanding	109,580		109,356		109,407		109,146		108,933
Basic earnings per common share	$	2.25	$	1.81	$	2.00	$	1.85	$	1.52
Diluted earnings per common share	$	2.25	$	1.81	$	1.99	$	1.85	$	1.52