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Share-based compensation (Tables)
 9 Months Ended
Sep. 30, 2015
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 the related income tax benefit were as follows:
 
 
Three months ended September 30
 
Nine months ended September 30
(in millions)
 
2015
 
2014
 
2015
 
2014
HEI consolidated
 
 
 
 
 
 
 
 
Share-based compensation expense 1
 
$
1.0

 
$
2.0

 
$
4.8

 
$
7.2

Income tax benefit
 
0.3

 
0.7

 
1.7

 
2.6

Hawaiian Electric consolidated
 
 
 
 
 
 
 
 
Share-based compensation expense 1
 
0.1

 
0.6

 
1.3

 
2.2

Income tax benefit
 
—

 
0.2

 
0.5

 
0.9

1 
$0.03 million and $0.04 million of this share-based compensation expense was capitalized in the third quarter of 2015 and 2014, respectively. $0.12 million and $0.12 million of this share-based compensation expense was capitalized in the nine months ended September 30, 2015 and 2014, respectively.
Schedule of nonemployee director stock award plan activity
HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows:
 
Nine months ended September 30
($ in millions)
2015
 
2014
Shares granted
28,246

 
33,170

Fair value
$
0.8

 
$
0.8

Income tax benefit
0.3

 
0.3
Schedule of stock appreciation rights by grant year
SARs activity and statistics were as follows:
 
Three months ended September 30
 
Nine months ended September 30
(dollars in thousands, except prices)
2015
 
2014
 
2015
 
2014
Shares underlying SARs exercised
—

 
—

 
80,000

 
—

Weighted-average price of shares exercised
$
—

 
$
—

 
$
26.18

 
$
—

Intrinsic value of shares exercised 1
—

 
—

 
502

 
—

Tax benefit realized for the deduction of exercises
—

 
—

 
82

 
—

1 Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalent rights exceeds the exercise price of the right.
Schedule of restricted stock units
Information about HEI’s grants of restricted stock units was as follows:
 
Three months ended September 30
 
Nine months ended September 30
 
2015
 
2014
 
2015
 
2014
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
252,302

 
$
28.35

 
264,326

 
$
25.74

 
261,235

 
$
25.77

 
288,151

 
$
25.17

Granted
690


30.91

 
2,750

 
24.48

 
85,772


33.69

 
117,786


25.17

Vested
(19,840
)
 
25.35

 
(3,500
)
 
23.50

 
(99,891
)
 
25.69

 
(142,361
)
 
24.07

Forfeited
(14,316
)
 
25.82

 
—

 
—

 
(28,280
)
 
26.66

 
—

 
—

Outstanding, end of period
218,836

 
$
28.79

 
263,576

 
$
25.76

 
218,836

 
$
28.79

 
263,576

 
$
25.76

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

 
 
 
$
0.1

 
 
 
$
2.9

 
 
 
$
3.0

 
 
(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:
 
Three months ended September 30
 
Nine months ended September 30
 
2015
 
2014
 
2015
 
2014
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
163,423

 
$
27.63

 
257,956

 
$
28.45

 
257,956

 
$
28.45

 
232,127

 
$
32.88

Granted (target level)
—

 
—

 
—

 
—

 
—

 
—

 
97,524


22.95

Vested (issued or unissued and cancelled)
—

 
—

 
—

 
—

 
(75,915
)
 
30.71

 
(70,189
)
 
35.46

Forfeited
—

 
—

 
—

 
—

 
(18,618
)
 
26.41

 
(1,506
)
 
28.32

Outstanding, end of period
163,423

 
$
27.63

 
257,956

 
$
28.45

 
163,423

 
$
27.63

 
257,956

 
$
28.45

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

 
 
 
$
—

 
 
 
$
—

 
 
 
$
2.2

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

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

Grant date fair value (per share)
$
22.95
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:
 
Three months ended September 30
 
Nine months ended September 30
 
2015
 
2014
 
2015
 
2014
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
220,158

 
$
26.00

 
359,782

 
$
26.01

 
364,731

 
$
26.01

 
296,843

 
$
26.14

Granted (target level)
—

 
—

 
—


—

 
—

 
—

 
129,603


25.18

Vested (issued)
—

 
—

 
—

 
—

 
(121,249
)
 
26.05

 
(65,089
)
 
24.95

Cancelled
(14,050
)
 
26.89

 
—

 
—

 
(14,050
)
 
26.89

 
—

 
—

Forfeited
—

 
—

 
—

 
—

 
(23,324
)
 
25.85

 
(1,575
)
 
26.07

Outstanding, end of period
206,108

 
$
25.94

 
359,782

 
$
26.01

 
206,108

 
$
25.94

 
359,782

 
$
26.01

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

 
 
 
$
—

 
 
 
$
—

 
 
 
$
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.