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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation expense and related income tax benefit
The Company’s share-based compensation expense and related income tax benefit were as follows:
(in millions)
2014

 
2013

 
2012

HEI consolidated
 
 
 
 
 
Share-based compensation expense1
$
9.3

 
$
7.8

 
$
6.7

Income tax benefit
3.4

 
2.8

 
2.4

Hawaiian Electric consolidated
 
 
 
 
 
Share-based compensation expense1
3.1

 
2.3

 
1.8

Income tax benefit
1.2

 
0.9

 
0.7

1 
$0.16 million, $0.11 million and $0.08 million of this share-based compensation expense was capitalized in 2014, 2013 and 2012, respectively.
Schedule of common stock granted to nonemployee directors
HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows:
(dollars in millions)
2014

 
2013

 
2012

Shares granted
33,170

 
33,184

 
29,448

Fair value
$
0.8

 
$
0.8

 
$
0.8

Income tax benefit
0.3

 
0.3

 
0.3
Summary of information about nonqualified stock options
Information about HEI’s NQSOs was as follows:
 
 
2013
 
2012
 
 
Shares

 
(1)
 
Shares

 
(1)
Outstanding, January 1
 
14,000

 
$
20.49

 
55,500

 
$
20.92

Granted
 
—

 
—

 
—

 
—

Exercised
 
(14,000
)
 
20.49

 
(41,500
)
 
21.06

Forfeited
 
—

 
—

 
—

 
—

Expired
 
—

 
—

 
—

 
—

Outstanding, December 31
 
—

 
$
—

 
14,000

 
$
20.49

Exercisable, December 31
 
—

 
$
—

 
14,000

 
$
20.49

(1)
Weighted-average exercise price
Schedule of nonqualified stock options activity and statistics
NQSO activity and statistics were as follows:
(in thousands)
2013

 
2012

Cash received from exercise
$
287

 
$
874

Intrinsic value of shares exercised 1
128

 
354

Tax benefit realized for the deduction of exercises
50

 
138

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.
Summary of information about stock appreciation rights
Information about HEI’s SARs is summarized as follows:
 
2014
 
2013
 
2012
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, January 1
164,000

 
$
26.12

 
164,000

 
$
26.12

 
282,000

 
$
26.14

Granted
—

 
—

 
—

 
—

 
—

 
—

Exercised
(22,000
)
 
26.18

 
—

 
—

 
(114,000
)
 
26.17

Forfeited
(62,000
)
 
26.02

 
—

 
—

 
—

 
—

Expired
—

 
—

 
—

 
—

 
(4,000
)
 
26.18

Outstanding, December 31
80,000

 
$
26.18

 
164,000

 
$
26.12

 
164,000

 
$
26.12

Exercisable, December 31
80,000

 
$
26.18

 
164,000

 
$
26.12

 
164,000

 
$
26.12

(1)
Weighted-average exercise price
December 31, 2014
 
Outstanding & Exercisable (Vested)
Year of
 Grant
 
Number of shares
underlying SARs

 
Weighted-average
 remaining contractual life
 
Weighted-average
 exercise price

2005
 
80,000

 
0.3
 
$
26.18
Schedule of stock appreciation rights by grant year
(1)
Weighted-average exercise price
December 31, 2014
 
Outstanding & Exercisable (Vested)
Year of
 Grant
 
Number of shares
underlying SARs

 
Weighted-average
 remaining contractual life
 
Weighted-average
 exercise price

2005
 
80,000

 
0.3
 
$
26.18
Schedule of stock appreciation rights activity and statistics
SARs activity and statistics were as follows:
(in thousands)
2014

 
2013

 
2012

Intrinsic value of shares exercised 1
$
29

 
$
—

 
$
197

Tax benefit realized for the deduction of exercises
11

 
—

 
77

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 right.
Schedule of restricted share and stock awards
Information about HEI’s grants of restricted shares and restricted stock awards was as follows:
 
2014
 
2013
 
2012
 
Shares
 
(1)
 
Shares

 
(1)
 
Shares 
(1)
Outstanding, January 1
4,503

 
$
22.21

 
9,005

 
$
22.21

 
46,807

 
$
24.45

Granted
—

 
—

 
—

 
—

 
—

 
—

Vested
(4,503
)
 
22.21

 
(4,502
)
 
22.21

 
(37,802
)
 
24.99

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Outstanding, December 31
—

 
$
—

 
4,503

 
$
22.21

 
9,005

 
$
22.21

(1)
Weighted-average grant-date fair value per share based on the closing or average price of HEI common stock on the date of grant.
Schedule of restricted stock units
Restricted stock units.  Information about HEI’s grants of restricted stock units was as follows:
 
2014
 
2013
 
2012
 
Shares 

 
(1)
 
Shares 

 
(1)
 
Shares 

 
(1)
Outstanding, January 1
288,151

 
$
25.17

 
315,094

 
$
22.82

 
247,286

 
$
21.80

Granted
117,786

 
25.17

 
111,231

 
26.88

 
98,446

 
25.99

Vested
(144,702
)
 
24.09

 
(118,885
)
 
20.48

 
(25,728
)
 
24.68

Forfeited
—

 
—

 
(19,289
)
 
25.62

 
(4,910
)
 
24.92

Outstanding, December 31
261,235

 
$
25.77

 
288,151

 
$
25.17

 
315,094

 
$
22.82

Total weighted-average grant-date fair value of shares granted ($ millions)
$
3.0

 
 
 
$
3.0

 
 
 
$
2.6

 
 
(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
Information about HEI’s LTIP grants linked to TRS was as follows:
 
2014
 
2013
 
2012
 
Shares

 
(1)
 
Shares

 
(1)
 
Shares

 
(1)
Outstanding, January 1
232,127

 
$
32.88

 
239,256

 
$
29.12

 
197,385

 
$
25.94

Granted
97,524

 
22.95

 
91,038

 
32.69

 
81,223

 
30.71

Vested (settled or lapsed)
(70,189
)
 
35.46

 
(87,753
)
 
22.45

 
(35,397
)
 
14.85

Forfeited
(1,506
)
 
28.32

 
(10,414
)
 
32.72

 
(3,955
)
 
30.82

Outstanding, December 31
257,956

 
$
28.45

 
232,127

 
$
32.88

 
239,256

 
$
29.12

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

 
 
 
$
3.0

 
 
 
$
2.5

 
 
(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

 
2012

Risk-free interest rate
0.66
%
 
0.38
%
 
0.33
%
Expected life in years
3

 
3

 
3

Expected volatility
17.8
%
 
19.4
%
 
25.3
%
Range of expected volatility for Peer Group
12.4% to 23.3%

 
12.4% to 25.3%

 
15.5% to 34.5%

Grant date fair value (per share)
$
22.95

 
$
32.69

 
$
30.71
Schedule of Long-Term Incentive Plan (LTIP) linked to other performance conditions
Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:
 
2014
 
2013
 
2012
 
Shares

 
(1)
 
Shares

 
(1)
 
Shares

 
(1)
Outstanding, January 1
296,843

 
$
26.14

 
247,175

 
$
25.04

 
182,498

 
$
22.63

Granted
129,603

 
25.18

 
120,399

 
26.89

 
125,157

 
26.05

Vested and settled
(65,089
)
 
24.95

 
(18,280
)
 
18.95

 
—

 
—

Increase above target (cancelled)
4,949

 
26.70

 
(41,599
)
 
24.97

 
(50,786
)
 
18.95

Forfeited
(1,575
)
 
26.07

 
(10,852
)
 
26.20

 
(9,694
)
 
24.44

Outstanding, December 31
364,731

 
$
26.01

 
296,843

 
$
26.14

 
247,175

 
$
25.04

Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions)
$
3.3

 
 
 
$
3.2

 
 
 
$
3.3

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