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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2017
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)
2017

 
2016

 
2015

HEI consolidated
 
 
 
 
 
Share-based compensation expense1
$
5.4

 
$
4.8

 
$
6.5

Income tax benefit
1.9

 
1.6

 
2.3

Hawaiian Electric consolidated
 
 
 
 
 
Share-based compensation expense1
1.9

 
1.4

 
1.9

Income tax benefit
0.7

 
0.5

 
0.7

1 
For 2017 and 2016, the Company has not capitalized any share-based compensation. In 2015, $0.15 million of this share-based compensation expense was capitalized.
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)
2017

 
2016

 
2015

Shares granted
35,770

 
19,846

 
28,246

Fair value
$
1.2

 
$
0.6

 
$
0.8

Income tax benefit
0.5

 
0.2

 
0.3
Schedule of restricted stock units
Information about HEI’s grants of restricted stock units was as follows:
 
2017
 
2016
 
2015
 
Shares 

 
(1)
 
Shares 

 
(1)
 
Shares 

 
(1)
Outstanding, January 1
220,683

 
$
29.57

 
210,634

 
$
28.82

 
261,235

 
$
25.77

Granted
97,873

 
33.47

 
114,431

 
29.70

 
85,772

 
33.69

Vested
(92,147
)
 
28.88

 
(85,003
)
 
27.84

 
(102,173
)
 
25.67

Forfeited
(29,362
)
 
31.57

 
(19,379
)
 
29.82

 
(34,200
)
 
27.09

Outstanding, December 31
197,047

 
$
31.53

 
220,683

 
$
29.57

 
210,634

 
$
28.82

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

 
 
 
$
3.4

 
 
 
$
2.9

 
 
(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 TSR was as follows:
 
2017
 
2016
 
2015
 
Shares

 
(1)
 
Shares

 
(1)
 
Shares

 
(1)
Outstanding, January 1
83,106

 
$
22.95

 
162,500

 
$
27.66

 
257,956

 
$
28.45

Granted
37,204

 
39.51

 
—

 
—

 
—

 
—

Vested (issued or unissued and cancelled)
(83,106
)
 
22.95

 
(78,553
)
 
32.69

 
(75,915
)
 
30.71

Forfeited
(4,300
)
 
39.51

 
(841
)
 
22.95

 
(19,541
)
 
26.25

Outstanding, December 31
32,904

 
$
39.51

 
83,106

 
$
22.95

 
162,500

 
$
27.66

Total weighted-average grant-date fair value of shares granted ($ millions)
$
1.5

 
 
 
$
—

 
 
 
$
—

 
 
(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 TSR and the resulting fair value of LTIP awards granted:
 
 
2017

Risk-free interest rate
 
1.46
%
Expected life in years
 
3

Expected volatility
 
20.1
%
Range of expected volatility for Peer Group
 
15.4% to 26.0%

Grant date fair value (per share)
 
$
39.51
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:
 
2017
 
2016
 
2015
 
Shares

 
(1)
 
Shares

 
(1)
 
Shares

 
(1)
Outstanding, January 1
109,816

 
$
25.18

 
222,647

 
$
26.02

 
364,731

 
$
26.01

Granted
148,818

 
33.47

 
—

 
—

 
—

 
—

Vested
(109,816
)
 
25.18

 
(109,097
)
 
26.89

 
(121,249
)
 
26.05

Increase above target (cancelled)
—

 
—

 
(1,989
)
 
25.26

 
3,412

 
26.89

Forfeited
(17,202
)
 
33.48

 
(1,745
)
 
25.19

 
(24,247
)
 
25.82

Outstanding, December 31
131,616

 
$
33.47

 
109,816

 
$
25.18

 
222,647

 
$
26.02

Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions)
$
5.0

 
 
 
$
—

 
 
 
$
—

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