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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Total revenues $ 685,277 $ 632,281 $ 1,331,151 $ 1,223,843
Expenses        
Purchased power 161,000 153,000 301,000 280,000
Total expenses 606,478 554,479 1,180,463 1,076,303
Operating income (loss)        
Total operating income 78,799 77,802 150,688 147,540
Less: Retirement defined benefits expense—other than service costs (1,564) (1,906) (3,397) (3,782)
Interest expense, net—other than on deposit liabilities and other bank borrowings (22,001) (20,440) (43,519) (40,008)
Allowance for borrowed funds used during construction 1,365 1,143 2,809 2,032
Allowance for equity funds used during construction 2,983 3,027 6,277 5,426
Income before income taxes 59,582 59,626 112,858 111,208
Income taxes 13,055 20,492 25,611 37,408
Net income 46,527 39,134 87,247 73,800
Preferred stock dividends of subsidiaries 473 473 946 946
Net income for common stock $ 46,054 $ 38,661 $ 86,301 $ 72,854
Basic earnings per common share (in dollars per share) $ 0.42 $ 0.36 $ 0.79 $ 0.67
Diluted earnings per common share (in dollars per share) 0.42 0.36 0.79 0.67
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.62 $ 0.62
Weighted-average number of common shares outstanding (in shares) 108,842 108,750 108,830 108,712
Net effect of potentially dilutive shares (in shares) 121 47 223 157
Weighted-average shares assuming dilution (in shares) 108,963 108,797 109,053 108,869
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues $ 608,126 $ 556,875 $ 1,178,553 $ 1,075,486
Expenses        
Fuel oil 171,717 141,259 338,685 285,529
Purchased power 160,738 153,067 300,648 280,191
Other operation and maintenance 112,642 104,939 220,252 203,756
Depreciation 50,361 48,156 100,827 96,372
Taxes, other than income taxes 57,524 52,972 111,628 102,795
Total expenses 552,982 500,393 1,072,040 968,643
Operating income (loss)        
Total operating income 55,144 56,482 106,513 106,843
Less: Retirement defined benefits expense—other than service costs (988) (1,435) (2,252) (2,858)
Allowance for borrowed funds used during construction 1,365 1,143 2,809 2,032
Allowance for equity funds used during construction 2,983 3,027 6,277 5,426
Interest expense and other charges, net (18,160) (18,214) (35,854) (35,718)
Income before income taxes 40,344 41,003 77,493 75,725
Income taxes 8,676 14,860 17,851 27,618
Net income 31,668 26,143 59,642 48,107
Preferred stock dividends of subsidiaries 229 229 458 458
Net income attributable to Hawaiian Electric 31,439 25,914 59,184 47,649
Preferred stock dividends of Hawaiian Electric 270 270 540 540
Net income for common stock 31,169 25,644 58,644 47,109
Electric utility        
Revenues        
Total revenues 608,126 556,875 1,178,553 1,075,486
Expenses        
Total expenses 552,982 500,393 1,072,040 968,643
Operating income (loss)        
Total operating income 55,144 56,482 106,513 106,843
Income before income taxes 40,344 41,003 77,493 75,725
Income taxes 8,676 14,860 17,851 27,618
Net income 31,668 26,143 59,642 48,107
Preferred stock dividends of subsidiaries 499 499 998 998
Net income for common stock 31,169 25,644 58,644 47,109
Bank        
Revenues        
Total revenues 77,104 75,329 152,523 148,185
Expenses        
Total expenses 50,187 50,332 100,719 98,833
Operating income (loss)        
Total operating income 26,917 24,997 51,804 49,352
Income before income taxes 26,514 24,796 51,014 48,956
Income taxes 5,953 8,063 11,493 16,410
Net income 20,561 16,733 39,521 32,546
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 20,561 16,733 39,521 32,546
Other        
Revenues        
Total revenues 47 77 75 172
Expenses        
Total expenses 3,309 3,754 7,704 8,827
Operating income (loss)        
Total operating income (3,262) (3,677) (7,629) (8,655)
Income before income taxes (7,276) (6,173) (15,649) (13,473)
Income taxes (1,574) (2,431) (3,733) (6,620)
Net income (5,702) (3,742) (11,916) (6,853)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income for common stock $ (5,676) $ (3,716) $ (11,864) $ (6,801)