Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [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)	2019		2018		2017
HEI consolidated
Share-based compensation expense1	$	10.0	$	7.8	$	5.4
Income tax benefit	1.4		1.1		1.9
Hawaiian Electric consolidated
Share-based compensation expense1	3.2		2.7		1.9
Income tax benefit	0.6		0.5		0.7

¹ 

For 2019, 2018 and 2017, the Company has not capitalized any share-based compensation.

Schedule of common stock granted to nonemployee directors

HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:

(dollars in millions)	2019		2018		2017
Shares granted	36,344		38,821		35,770
Fair value	$	1.6	$	1.3	$	1.2
Income tax benefit	0.4		0.3		0.5

Schedule of restricted stock units

Information about HEI’s grants of restricted stock units was as follows:

	2019					2018					2017
	Shares			(1)		Shares			(1)		Shares			(1)
Outstanding, January 1	200,358			$	33.05	197,047			$	31.53	220,683			$	29.57
Granted	96,565			37.82		93,853			34.12		97,873			33.47
Vested	(76,813		)	32.61		(75,683		)	30.56		(92,147		)	28.88
Forfeited	(12,469		)	34.20		(14,859		)	32.35		(29,362		)	31.57
Outstanding, December 31	207,641			$	35.36	200,358			$	33.05	197,047			$	31.53
Total weighted-average grant-date fair value of shares granted (in millions)	$	3.7				$	3.2				$	3.3

(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:

	2019					2018					2017
	Shares			(1)		Shares			(1)		Shares			(1)
Outstanding, January 1	65,578			$	38.81	32,904			$	39.51	83,106			$	22.95
Granted	35,215			41.07		37,832			38.21		37,204			39.51
Vested (issued or unissued and cancelled)	—			—		—			—		(83,106		)	22.95
Forfeited	(4,391		)	39.19		(5,158		)	38.84		(4,300		)	39.51
Outstanding, December 31	96,402			$	39.62	65,578			$	38.81	32,904			$	39.51
Total weighted-average grant-date fair value of shares granted (in millions)	$	1.4				$	1.4				$	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:

	2019			2018			2017
Risk-free interest rate	2.48		%	2.29		%	1.46		%
Expected life in years	3			3			3
Expected volatility	15.8		%	17.0		%	20.1		%
Range of expected volatility for Peer Group	15.0% to 73.2%			15.1% to 26.2%			15.4% to 26.0%
Grant date fair value (per share)	$	41.07		$	38.20		$	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:

	2019					2018					2017
	Shares			(1)		Shares			(1)		Shares			(1)
Outstanding, January 1	276,169			$	33.80	131,616			$	33.47	109,816			$	25.18
Granted	140,855			37.78		151,328			34.12		148,818			33.47
Vested	—			—		—			—		(109,816		)	25.18
Increase above target (cancelled)	4,314			33.53		13,858			33.49		—			—
Forfeited	(17,570		)	34.66		(20,633		)	33.80		(17,202		)	33.48
Outstanding, December 31	403,768			$	35.15	276,169			$	33.80	131,616			$	33.47
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$	5.3				$	5.2				$	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.