HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended December 31, 2009, 2008, 2007, 2006 and 2005

(in thousands, except per share amounts)	2009		2008		2007		2006		2005
Net income (loss)
Continuing operations	$	83,011	$	90,278	$	84,779	$	108,001	$	127,444
Discontinued operations		—		—		—		—		(755	)
	$	83,011	$	90,278	$	84,779	$	108,001	$	126,689
Weighted-average number of common shares outstanding		91,396		84,631		82,215		81,145		80,828
Adjusted weighted-average number of common shares outstanding		91,516		84,720		82,419		81,373		81,200
Basic earnings (loss) per common share
Continuing operations	$	0.91	$	1.07	$	1.03	$	1.33	$	1.58
Discontinued operations		—		—		—		—		(0.01	)
	$	0.91	$	1.07	$	1.03	$	1.33	$	1.57
Diluted earnings (loss) per common share
Continuing operations	$	0.91	$	1.07	$	1.03	$	1.33	$	1.57
Discontinued operations		—		—		—		—		(0.01	)
	$	0.91	$	1.07	$	1.03	$	1.33	$	1.56