SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2012
SUBSEQUENT EVENTS	NOTE 11 — SUBSEQUENT EVENTS Stock-based Awards Grant On April 2, 2012, the Company granted to employees 605,500 stock appreciation rights (“SARs”) under the Company’s 2004 Incentive Plan. The exercise price of each SAR is $20.13, which represented the fair market value of the Company’s common stock on the date of grant. Such SARs will expire seven years from the date of grant and will cliff vest and are exercisable from the grant date as follows: 25% after 24 months, an additional 25% after 36 months, and the remaining 50% after 48 months. Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. Swap Contracts on Oil Prices On April 18, 2012, the Company entered into two swap contracts with a bank effective from May 1, 2012 until March 31, 2013 to reduce the Company’s exposure to fluctuations in the energy rate under the 25 MW PPA for the Puna complex as a result of fluctuations in oil prices. The Company decided to enter into a NYMEX Heating Oil swap contract (85%) and an ICE Brent swap contract (15%) as both swaps had a high correlation with the avoided costs that Hawaii Electric Light Company uses to calculate the energy rate. The current fuel prices are at historically high levels and the Company wanted to protect itself from a decrease in prices over the next twelve months. The contracts did not have up-front costs. Under these contracts the Company will make floating rate payments to the bank and receive fixed rate payments from the bank on each settlement date. The swap contracts have monthly settlements whereby the difference between the fixed price and the monthly average price will be settled on a cash basis. These contracts will not be accounted for as hedge transactions and will be marked to market with the corresponding gains or losses which will be recognized within electricity revenues. Cash Dividend On May 8, 2012, the Company’s Board of Directors declared, approved and authorized payment of a quarterly dividend of $1.8 million ($0.04 per share) to all holders of the Company’s issued and outstanding shares of common stock on May 21, 2012, payable on May 30, 2012.

NOTE 11 — SUBSEQUENT EVENTS

Stock-based Awards Grant

On April 2, 2012, the Company granted to employees 605,500 stock appreciation rights (“SARs”) under the Company’s 2004 Incentive Plan. The exercise price of each SAR is $20.13, which represented the fair market value of the Company’s common stock on the date of grant. Such SARs will expire seven years from the date of grant and will cliff vest and are exercisable from the grant date as follows: 25% after 24 months, an additional 25% after 36 months, and the remaining 50% after 48 months. Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.

Swap Contracts on Oil Prices

On April 18, 2012, the Company entered into two swap contracts with a bank effective from May 1, 2012 until March 31, 2013 to reduce the Company’s exposure to fluctuations in the energy rate under the 25 MW PPA for the Puna complex as a result of fluctuations in oil prices. The Company decided to enter into a NYMEX Heating Oil swap contract (85%) and an ICE Brent swap contract (15%) as both swaps had a high correlation with the avoided costs that Hawaii Electric Light Company uses to calculate the energy rate. The current fuel prices are at historically high levels and the Company wanted to protect itself from a decrease in prices over the next twelve months. The contracts did not have up-front costs. Under these contracts the Company will make floating rate payments to the bank and receive fixed rate payments from the bank on each settlement date. The swap contracts have monthly settlements whereby the difference between the fixed price and the monthly average price will be settled on a cash basis. These contracts will not be accounted for as hedge transactions and will be marked to market with the corresponding gains or losses which will be recognized within electricity revenues.

Cash Dividend

On May 8, 2012, the Company’s Board of Directors declared, approved and authorized payment of a quarterly dividend of $1.8 million ($0.04 per share) to all holders of the Company’s issued and outstanding shares of common stock on May 21, 2012, payable on May 30, 2012.