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Share-based compensation (Tables)
 3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation expense and related income tax benefit
Share-based compensation expense and related income tax benefit were as follows:
 
 
Three months ended March 31
(in millions)
 
2014
 
2013
HEI consolidated
 
 
 
 
Share-based compensation expense 1
 
$
2.4

 
$
2.1

Income tax benefit
 
0.8

 
0.8

Hawaiian Electric consolidated
 
 
 
 
Share-based compensation expense 1
 
0.7

 
0.7

Income tax benefit
 
0.3

 
0.3

1 
$0.04 million and $0.03 million of this share-based compensation expense was capitalized in the three months ended March 31, 2014 and 2013, respectively.
Schedule of nonqualified stock options activity and statistics
NQSO activity and statistics were as follows:
(dollars in thousands, except prices)
 
 
 
Three months ended 
 March 31, 2013
Shares exercised
 
 
 
2,000

Weighted-average exercise price
 
 
 
$
20.49

Cash received from exercise
 
 
 
$
41

Intrinsic value of shares exercised 1
 
 
 
$
15

Tax benefit realized for the deduction of exercises
 
 
 
$
6

 

1          Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the option.
Schedule of stock appreciation rights by grant year
Stock appreciation rights.  Information about HEI’s SARs was as follows:
March 31, 2014
 
Outstanding & Exercisable (Vested)
Year of
grant
 
Range of
exercise prices
 
Number of shares
underlying SARs
 
Weighted-average
remaining
contractual life
 
Weighted-average
exercise price
2004
 
$26.02
 
62,000

 
0.1
 
$
26.02

2005
 
26.18
 
102,000

 
1.0
 
26.18

 
 
$26.02-26.18
 
164,000

 
0.7
 
$
26.12
Schedule of restricted stock units
Restricted stock units.  Information about HEI’s grants of restricted stock units was as follows:
 
 
Three months ended March 31
 
 
2014
 
2013
 
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
 
288,151

 
$
25.17

 
315,094

 
$
22.82

Granted
 
115,036


25.19

 
107,231


26.89

Vested
 
(71,029
)
 
25.79

 
(113,212
)
 
20.30

Forfeited
 
—

 
—

 
(7,968
)
 
25.26

Outstanding, end of period
 
332,158

 
$
25.04

 
301,145

 
$
25.15

Total weighted-average grant-date fair value of shares granted ($ millions)
 
$
2.9

 
 
 
$
2.9

 
 

(1)
Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
Schedule of Long-Term Incentive Plan (LTIP) linked to total return to shareholders
LTIP linked to TRS.  Information about HEI’s LTIP grants linked to TRS was as follows:
 
 
Three months ended March 31
 
 
2014
 
2013
 
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
 
232,127

 
$
32.88

 
239,256

 
$
29.12

Granted (target level)
 
96,793

 
22.95

 
89,533


32.69

Vested (issued or unissued and cancelled)
 
(70,189
)
 
35.46

 
(87,753
)
 
22.45

Forfeited
 
(488
)
 
32.13

 
(5,972
)
 
32.96

Outstanding, end of period
 
258,243

 
$
28.46

 
235,064

 
$
32.87

Total weighted-average grant-date fair value of shares granted ($ millions)
 
$
2.2

 
 
 
$
2.9

 
 
(1)
Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of assumptions used to determine the fair value of Long-Term Incentive Plan (LTIP) linked to total return to shareholders (TRS)
The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TRS and the resulting fair value of LTIP awards granted:
 
2014
 
2013
Risk-free interest rate
0.66
%
 
0.38
%
Expected life in years
3

 
3

Expected volatility
17.8
%
 
19.4
%
Range of expected volatility for Peer Group
12.4% to 23.3%

 
12.4% to 25.3%

Grant date fair value (per share)
$
22.95

 
$
32.69
Schedule of Long-Term Incentive Plan (LTIP) linked to other performance conditions
LTIP awards linked to other performance conditions.  Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:
 
 
Three months ended March 31
 
 
2014
 
2013
 
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
 
296,843

 
$
26.14

 
247,175

 
$
25.04

Granted (target level)
 
128,873

 
25.19

 
118,895


26.89

Vested (issued)
 
(65,089
)
 
24.95

 
(18,275
)
 
18.95

Forfeited
 
(557
)
 
26.55

 
(5,971
)
 
25.94

Outstanding, end of period
 
360,070

 
$
26.01

 
341,824

 
$
26.00

Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions)
 
$
3.2

 
 
 
$
3.2

 
 
(1)
Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.