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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues      
Total revenues $ 3,239,542 $ 3,238,470 $ 3,374,995
Expenses      
Total expenses 2,910,618 2,923,051 3,090,799
Operating income (loss)      
Total operating income 328,924 315,419 284,196
Interest expense, net – other than on deposit liabilities and other bank borrowings (76,352) (75,479) (78,151)
Allowance for borrowed funds used during construction 2,579 2,246 4,355
Allowance for equity funds used during construction 6,771 5,561 [1] 7,007 [1]
Income before income taxes 261,922 247,747 217,407
Income taxes 91,712 84,341 76,859
Net income 170,210 163,406 [1] 140,548 [1]
Preferred stock dividends of subsidiaries 1,890 1,890 1,890
Net income for common stock $ 168,320 $ 161,516 $ 138,658
Basic earnings per common share (in dollars per share) $ 1.65 $ 1.63 $ 1.43
Diluted earnings per common share (in dollars per share) 1.64 1.62 1.42
Dividends per common share (in dollars per share) $ 1.24 $ 1.24 $ 1.24
Weighted-average number of common shares outstanding (in shares) 101,968 98,968 96,908
Net effect of potentially dilutive shares (in shares) 969 655 430
Adjusted weighted-average shares (in shares) 102,937 99,623 97,338
Hawaiian Electric Company, Inc. and Subsidiaries      
Revenues      
Total revenues $ 2,987,323 $ 2,980,172 $ 3,109,439
Expenses      
Total expenses 2,711,555 2,734,659 2,896,427
Fuel oil 1,131,685 1,185,552 1,297,419
Purchased power 722,008 710,681 724,240
Other operation and maintenance 410,612 403,270 397,429
Depreciation 166,387 154,025 144,498
Taxes, other than income taxes 280,863 281,131 292,841
Impairment of utility assets 0 0 40,000
Operating income (loss)      
Total operating income 275,768 245,513 213,012
Allowance for borrowed funds used during construction 2,579 2,246 4,355
Allowance for equity funds used during construction 6,771 5,561 [1] 7,007 [1]
Interest expense and other charges, net (64,757) (59,279) (62,055)
Income before income taxes 220,361 194,041 162,319
Income taxes 80,725 69,117 61,048
Net income 139,636 124,924 [1] 101,271 [1]
Preferred stock dividends of subsidiaries 915 915 915
Net income attributable to Hawaiian Electric 138,721 124,009 100,356
Preferred stock dividends of Hawaiian Electric 1,080 1,080 1,080
Net income for common stock 137,641 122,929 99,276
Electric utility      
Revenues      
Total revenues 2,987,323 2,980,172 3,109,439
Expenses      
Total expenses 2,711,555 2,734,659 2,896,427
Operating income (loss)      
Total operating income 275,768 245,513 213,012
Income before income taxes 220,361 194,041 162,319
Income taxes 80,725 69,117 61,048
Net income 139,636 124,924 101,271
Preferred stock dividends of subsidiaries 1,995 1,995 1,995
Net income for common stock 137,641 122,929 99,276
Bank      
Revenues      
Total revenues 252,497 258,147 265,539
Expenses      
Total expenses 176,878 171,090 177,106
Operating income (loss)      
Total operating income 75,619 87,057 88,433
Income before income taxes 75,619 87,059 89,021
Income taxes 24,127 29,525 30,384
Net income 51,492 57,534 58,637
Preferred stock dividends of subsidiaries 0 0 0
Net income for common stock 51,492 57,534 58,637
Other      
Revenues      
Total revenues (278) 151 17
Expenses      
Total expenses 22,185 17,302 17,266
Operating income (loss)      
Total operating income (22,463) (17,151) (17,249)
Income before income taxes (34,058) (33,353) (33,933)
Income taxes (13,140) (14,301) (14,573)
Net income (20,918) (19,052) (19,360)
Preferred stock dividends of subsidiaries (105) (105) (105)
Net income for common stock $ (20,813) $ (18,947) $ (19,255)
[1] As restated - See Note 1, “Summary of significant accounting policies - Revision and restatements of previously issued financial statements.”