Consolidated quarterly financial information (unaudited) (Tables) - HECO

12 Months Ended

Dec. 31, 2012

Schedule consolidated of quarterly financial information

	Quarters ended				Years ended
(in thousands, except per share amounts)	March 31	June 30	Sept. 30	Dec. 31	December 31
2012
Revenues	$814,860	$854,268	$867,720	$838,147	$3,374,995
Operating income	75,816	79,406	91,702	37,272	284,196
Net income for common stock 1	38,316	38,800	47,706	13,836	138,658
Basic earnings per common share 2	0.40	0.40	0.49	0.14	1.43
Diluted earnings per common share 3	0.40	0.40	0.49	0.14	1.42
Dividends per common share	0.31	0.31	0.31	0.31	1.24
Market price per common share 4
High	26.79	28.87	29.24	26.75	29.24
Low	24.86	24.65	26.26	23.65	23.65
2011
Revenues	$710,633	$794,319	$886,355	$851,028	$3,242,335
Operating income	63,375	63,661	94,490	68,170	289,696
Net income for common stock 5	28,462	27,139	48,404	34,225	138,230
Basic earnings per common share 2	0.30	0.28	0.50	0.36	1.45
Diluted earnings per common share 3	0.30	0.28	0.50	0.36	1.44
Dividends per common share	0.31	0.31	0.31	0.31	1.24
Market price per common share 4
High	26.40	26.38	24.95	26.79	26.79
Low	22.79	23.25	20.59	22.91	20.59

1 In the fourth quarter of 2012, as part of a settlement agreement with the Consumer Advocate, the electric utilities recorded a writedown of $24 million (net of taxes) of CIS project costs in lieu of conducting regulatory audits of the CIP CT-1 and CIS projects.

2 The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter.

3 The quarterly diluted earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter plus the dilutive incremental shares at quarter end.

4 Market prices of HEI common stock (symbol HE) shown are as reported on the NYSE Composite Tape.

5 In the fourth quarter of 2011, HECO recorded an adjustment of $6 million to revenues related to the third quarter of 2011, which decreased net income for the fourth quarter of 2011 by $3 million. Also, in the fourth quarter of 2011, HECO recorded an impairment charge of $6 million (net of taxes) relating to a transmission project.

Hawaiian Electric Company, Inc. and Subsidiaries

Schedule consolidated of quarterly financial information

	Quarters ended				Years ended
(in thousands)	March 31	June 30	Sept. 30	Dec. 31	Dec. 31
2012
Operating revenues	$747,938	$787,685	$799,203	$767,172	$3,101,998
Operating income	38,581	41,507	51,379	40,510	171,977
Net income for common stock 1	27,300	29,376	38,375	4,225	99,276
2011
Operating revenues 2	644,301	727,652	818,907	782,904	2,973,764
Operating income 2	32,719	30,540	49,999	41,977	155,235
Net income for common stock 2,3	19,189	17,024	37,959	25,814	99,986

Note:    HEI owns all of HECO’s common stock, therefore per share data is not meaningful.

1 In the fourth quarter of 2012, as part of a settlement agreement with the Consumer Advocate, the Company recorded a writedown of $24 million (net of taxes) of CIS project costs in lieu of conducting regulatory audits of the CIP CT-1 and CIS projects.

2 In the fourth quarter of 2011, HECO recorded an adjustment of $6 million to revenues related to the third quarter of 2011, which decreased net income for the fourth quarter of 2011 by $3 million.

3 In the fourth quarter of 2011 HECO recorded an impairment charge of $6 million (net of taxes) relating to a transmission project.