Share-based compensation (Tables)

12 Months Ended

Dec. 31, 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:

(in millions)	2015		2014		2013
HEI consolidated
Share-based compensation expense1	$	6.5	$	9.3	$	7.8
Income tax benefit	2.3		3.4		2.8
Hawaiian Electric consolidated
Share-based compensation expense1	1.9		3.1		2.3
Income tax benefit	0.7		1.2		0.9

¹  $0.15 million, $0.16 million and $0.11 million of this share-based compensation expense was capitalized in 2015, 2014 and 2013, 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)	2015		2014		2013
Shares granted	28,246		33,170		33,184
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
	Shares		(1)
Outstanding, January 1	14,000		$	20.49
Exercised	(14,000	)	20.49
Outstanding, December 31	—		$	—

(1) Weighted-average exercise price

Schedule of nonqualified stock options activity and statistics

NQSO activity and statistics were as follows:

(in thousands)	2013
Cash received from exercise	$	287
Intrinsic value of shares exercised 1	128
Tax benefit realized for the deduction of exercises	50

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:

	2015				2014				2013
	Shares		(1)		Shares		(1)		Shares	(1)
Outstanding, January 1	80,000		$	26.18	164,000		$	26.12	164,000	$	26.12
Granted	—		—		—		—		—	—
Exercised	(80,000	)	26.18		(22,000	)	26.18		—	—
Forfeited	—		—		(62,000	)	26.02		—	—
Expired	—		—		—		—		—	—
Outstanding, December 31	—		$	—	80,000		$	26.18	164,000	$	26.12
Exercisable, December 31	—		$	—	80,000		$	26.18	164,000	$	26.12

(1) Weighted-average exercise price

Schedule of stock appreciation rights activity and statistics

SARs activity and statistics were as follows:

(in thousands)	2015		2014		2013
Intrinsic value of shares exercised 1	$	502	$	29	$	—
Tax benefit realized for the deduction of exercises	82		11		—

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
	Shares		(1)		Shares		(1)
Outstanding, January 1	4,503		$	22.21	9,005		$	22.21
Granted	—		—		—		—
Vested	(4,503	)	22.21		(4,502	)	22.21
Forfeited	—		—		—		—
Outstanding, December 31	—		$	—	4,503		$	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:

	2015					2014					2013
	Shares			(1)		Shares			(1)		Shares			(1)
Outstanding, January 1	261,235			$	25.77	288,151			$	25.17	315,094			$	22.82
Granted	85,772			33.69		117,786			25.17		111,231			26.88
Vested	(102,173		)	25.67		(144,702		)	24.09		(118,885		)	20.48
Forfeited	(34,200		)	27.09		—			—		(19,289		)	25.62
Outstanding, December 31	210,634			$	28.82	261,235			$	25.77	288,151			$	25.17
Total weighted-average grant-date fair value of shares granted ($ millions)	$	2.9				$	3.0				$	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:

	2015					2014					2013
	Shares			(1)		Shares			(1)		Shares			(1)
Outstanding, January 1	257,956			$	28.45	232,127			$	32.88	239,256			$	29.12
Granted	—			—		97,524			22.95		91,038			32.69
Vested (settled or lapsed)	(75,915		)	30.71		(70,189		)	35.46		(87,753		)	22.45
Forfeited	(19,541		)	26.25		(1,506		)	28.32		(10,414		)	32.72
Outstanding, December 31	162,500			$	27.66	257,956			$	28.45	232,127			$	32.88
Total weighted-average grant-date fair value of shares granted ($ millions)	$	—				$	2.2				$	3.0

(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

Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:

	2015					2014					2013
	Shares			(1)		Shares			(1)		Shares			(1)
Outstanding, January 1	364,731			$	26.01	296,843			$	26.14	247,175			$	25.04
Granted	—			—		129,603			25.18		120,399			26.89
Vested and settled	(121,249		)	26.05		(65,089		)	24.95		(18,280		)	18.95
Increase above target (cancelled)	3,412			26.89		4,949			26.70		(41,599		)	24.97
Forfeited	(24,247		)	25.82		(1,575		)	26.07		(10,852		)	26.20
Outstanding, December 31	222,647			$	26.02	364,731			$	26.01	296,843			$	26.14
Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions)	$	—				$	3.3				$	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.