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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Total revenues $ 673,185 $ 646,055 $ 1,897,028 $ 1,763,259
Expenses        
Purchased power 161,000 158,000 441,000 413,000
Total expenses 563,640 540,613 1,643,725 1,503,511
Operating income (loss)        
Total operating income 109,545 105,442 253,303 259,748
Merger termination fee 0 90,000 0 90,000
Interest expense, net—other than on deposit liabilities and other bank borrowings (19,227) (19,365) (59,235) (56,792)
Allowance for borrowed funds used during construction 1,339 854 3,371 2,276
Allowance for equity funds used during construction 3,482 2,274 8,908 6,010
Income before income taxes 95,139 179,205 206,347 301,242
Income taxes 34,595 51,592 72,003 96,203
Net income 60,544 127,613 134,344 205,039
Preferred stock dividends of subsidiaries 471 471 1,417 1,417
Net income for common stock $ 60,073 $ 127,142 $ 132,927 $ 203,622
Basic earnings per common share (in dollars per share) $ 0.55 $ 1.17 $ 1.22 $ 1.89
Diluted earnings per common share (in dollars per share) 0.55 1.17 1.22 1.88
Dividends declared per common share (in dollars per share) $ 0.31000 $ 0.31 $ 0.93 $ 0.93
Weighted-average number of common shares outstanding (in shares) 108,786 108,268 108,737 107,951
Net effect of potentially dilutive shares (in shares) 79 204 172 220
Weighted-average shares assuming dilution (in shares) 108,865 108,472 108,909 108,171
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues $ 598,769 $ 572,253 $ 1,674,255 $ 1,549,700
Expenses        
Fuel oil 146,258 128,624 431,787 334,263
Purchased power 160,347 157,750 440,538 412,667
Other operation and maintenance 100,102 94,789 306,716 298,260
Depreciation 48,206 46,759 144,578 140,300
Taxes, other than income taxes 56,780 54,519 159,575 148,386
Total expenses 511,693 482,441 1,483,194 1,333,876
Operating income (loss)        
Total operating income 87,076 89,812 191,061 215,824
Allowance for borrowed funds used during construction 1,339 854 3,371 2,276
Allowance for equity funds used during construction 3,482 2,274 8,908 6,010
Interest expense and other charges, net (16,907) (17,323) (52,625) (49,734)
Income before income taxes 74,990 75,617 150,715 174,376
Income taxes 27,005 28,145 54,623 64,682
Net income 47,985 47,472 96,092 109,694
Preferred stock dividends of subsidiaries 228 228 686 686
Net income attributable to Hawaiian Electric 47,757 47,244 95,406 109,008
Preferred stock dividends of Hawaiian Electric 270 270 810 810
Net income for common stock 47,487 46,974 94,596 108,198
Electric utility        
Revenues        
Total revenues 598,769 572,253 1,674,255 1,549,700
Expenses        
Total expenses 511,693 482,441 1,483,194 1,333,876
Operating income (loss)        
Total operating income 87,076 89,812 191,061 215,824
Income before income taxes 74,990 75,617 150,715 174,376
Income taxes 27,005 28,145 54,623 64,682
Net income 47,985 47,472 96,092 109,694
Preferred stock dividends of subsidiaries 498 498 1,496 1,496
Net income for common stock 47,487 46,974 94,596 108,198
Bank        
Revenues        
Total revenues 74,289 73,708 222,474 213,297
Expenses        
Total expenses 47,525 50,981 146,754 150,752
Operating income (loss)        
Total operating income 26,764 22,727 75,720 62,545
Income before income taxes 26,764 22,727 75,720 62,545
Income taxes 9,172 7,623 25,582 21,483
Net income 17,592 15,104 50,138 41,062
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 17,592 15,104 50,138 41,062
Other        
Revenues        
Total revenues 127 94 299 262
Expenses        
Total expenses 4,422 7,191 13,777 18,883
Operating income (loss)        
Total operating income (4,295) (7,097) (13,478) (18,621)
Income before income taxes (6,615) 80,861 (20,088) 64,321
Income taxes (1,582) 15,824 (8,202) 10,038
Net income (5,033) 65,037 (11,886) 54,283
Preferred stock dividends of subsidiaries (27) (27) (79) (79)
Net income for common stock $ (5,006) $ 65,064 $ (11,807) $ 54,362