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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues        
Total revenues $ 768,048 $ 673,185 $ 2,099,199 $ 1,897,028
Expenses        
Purchased power 177,000 161,000 478,000 441,000
Total expenses 669,984 561,712 1,850,447 1,638,015
Operating income (loss)        
Total operating income 98,064 111,473 248,752 259,013
Retirement defined benefits expense—other than service costs (1,276) (1,928) (4,673) (5,710)
Interest expense, net—other than on deposit liabilities and other bank borrowings (22,523) (19,227) (66,042) (59,235)
Allowance for borrowed funds used during construction 1,006 1,339 3,815 3,371
Allowance for equity funds used during construction 1,962 3,482 8,239 8,908
Income before income taxes 77,233 95,139 190,091 206,347
Income taxes 10,862 34,595 36,473 72,003
Net income 66,371 60,544 153,618 134,344
Preferred stock dividends of subsidiaries 471 471 1,417 1,417
Net income for common stock $ 65,900 $ 60,073 $ 152,201 $ 132,927
Basic earnings per common share (in dollars per share) $ 0.61 $ 0.55 $ 1.40 $ 1.22
Diluted earnings per common share (in dollars per share) $ 0.60 $ 0.55 $ 1.40 $ 1.22
Weighted-average number of common shares outstanding (in shares) 108,879 108,786 108,847 108,737
Net effect of potentially dilutive shares (in shares) 176 79 243 172
Weighted-average shares assuming dilution (in shares) 109,055 108,865 109,090 108,909
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues $ 687,409 $ 598,769 $ 1,865,962 $ 1,674,255
Expenses        
Fuel oil 206,551 146,258 545,236 431,787
Purchased power 177,590 160,347 478,238 440,538
Other operation and maintenance 113,553 98,681 333,805 302,437
Depreciation 50,983 48,206 151,810 144,578
Taxes, other than income taxes 64,696 56,780 176,324 159,575
Total expenses 613,373 510,272 1,685,413 1,478,915
Operating income (loss)        
Total operating income 74,036 88,497 180,549 195,340
Retirement defined benefits expense—other than service costs (682) (1,421) (2,934) (4,279)
Allowance for borrowed funds used during construction 1,006 1,339 3,815 3,371
Allowance for equity funds used during construction 1,962 3,482 8,239 8,908
Interest expense and other charges, net (18,968) (16,907) (54,822) (52,625)
Income before income taxes 57,354 74,990 134,847 150,715
Income taxes 7,144 27,005 24,995 54,623
Net income 50,210 47,985 109,852 96,092
Preferred stock dividends of subsidiaries 228 228 686 686
Net income attributable to Hawaiian Electric 49,982 47,757 109,166 95,406
Preferred stock dividends of Hawaiian Electric 270 270 810 810
Net income for common stock 49,712 47,487 108,356 94,596
Electric utility        
Revenues        
Total revenues 687,409 598,769 1,865,962 1,674,255
Expenses        
Total expenses 613,373 510,272 1,685,413 1,478,915
Operating income (loss)        
Total operating income 74,036 88,497 180,549 195,340
Income before income taxes 57,354 74,990 134,847 150,715
Income taxes 7,144 27,005 24,995 54,623
Net income 50,210 47,985 109,852 96,092
Preferred stock dividends of subsidiaries 498 498 1,496 1,496
Net income for common stock 49,712 47,487 108,356 94,596
Bank        
Revenues        
Total revenues 80,496 74,289 233,019 222,474
Expenses        
Total expenses 53,232 47,313 153,951 146,146
Operating income (loss)        
Total operating income 27,264 26,976 79,068 76,328
Income before income taxes 26,831 26,764 77,845 75,720
Income taxes 5,610 9,172 17,103 25,582
Net income 21,221 17,592 60,742 50,138
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 21,221 17,592 60,742 50,138
Other        
Revenues        
Total revenues 143 127 218 299
Expenses        
Total expenses 3,379 4,127 11,083 12,954
Operating income (loss)        
Total operating income (3,236) (4,000) (10,865) (12,655)
Income before income taxes (6,952) (6,615) (22,601) (20,088)
Income taxes (1,892) (1,582) (5,625) (8,202)
Net income (5,060) (5,033) (16,976) (11,886)
Preferred stock dividends of subsidiaries (27) (27) (79) (79)
Net income for common stock $ (5,033) $ (5,006) $ (16,897) $ (11,807)