HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended December 31, 2005, 2004, 2003, 2002 and 2001

(in thousands, except per share amounts)	2005			2004		2003			2002		2001
Net income (loss)
Continuing operations	$	127,444		$	107,739	$	118,048		$	118,217	$	107,746
Discontinued operations		(755	)		1,913		(3,870	)		—		(24,041	)
	$	126,689		$	109,652	$	114,178		$	118,217	$	83,705
Weighted-average number of common shares outstanding		80,828			79,562		74,696			72,556		67,508
Adjusted weighted-average number of common shares outstanding		81,200			79,719		74,974			72,954		67,884
Basic earnings (loss) per common share
Continuing operations	$	1.58		$	1.36	$	1.58		$	1.63	$	1.60
Discontinued operations		(0.01	)		0.02		(0.05	)		—		(0.36	)
	$	1.57		$	1.38	$	1.53		$	1.63	$	1.24
Diluted earnings (loss) per common share
Continuing operations	$	1.57		$	1.36	$	1.57		$	1.62	$	1.59
Discontinued operations		(0.01	)		0.02		(0.05	)		—		(0.36	)
	$	1.56		$	1.38	$	1.52		$	1.62	$	1.23

On April 20, 2004, the HEI Board of Directors approved a 2-for-1 stock split in the form of a 100% stock dividend with a record date of May 10, 2004 and a distribution date of June 10, 2004. All share and per share information has been adjusted to reflect the stock split for all periods presented.