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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Total revenues $ 608,945 $ 715,485 $ 1,286,131 $ 1,377,100
Expenses        
Total expenses 537,389 642,851 1,154,873 1,226,529
Operating income (loss)        
Total operating income 71,556 72,634 131,258 150,571
Retirement defined benefits expense—other than service costs (934) (761) (1,868) (1,524)
Interest expense, net—other than on deposit liabilities and other bank borrowings (22,613) (23,533) (44,388) (46,656)
Allowance for borrowed funds used during construction 752 1,179 1,440 2,257
Allowance for equity funds used during construction 2,194 3,175 4,209 6,085
Gain on sale of investment securities, net 9,275 0 9,275 0
Income before income taxes 60,230 52,694 99,926 110,733
Income taxes 10,870 9,709 16,673 21,587
Net income 49,360 42,985 83,253 89,146
Preferred stock dividends of subsidiaries 473 473 946 946
Net income for common stock $ 48,887 $ 42,512 $ 82,307 $ 88,200
Basic earnings per common share (in dollars per share) $ 0.45 $ 0.39 $ 0.75 $ 0.81
Diluted earnings per common share (in dollars per share) $ 0.45 $ 0.39 $ 0.75 $ 0.81
Weighted-average number of common shares outstanding (in shares) 109,146 108,938 109,098 108,925
Net effect of potentially dilutive shares (in shares) 159 317 276 399
Weighted-average shares assuming dilution (in shares) 109,305 109,255 109,374 109,324
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues $ 534,215 $ 633,784 $ 1,131,657 $ 1,212,279
Expenses        
Fuel oil 112,451 181,620 285,672 342,229
Purchased power 136,838 162,854 276,654 297,299
Other operation and maintenance 110,041 119,260 237,588 237,390
Depreciation 55,696 53,913 111,546 107,860
Taxes, other than income taxes 51,388 60,443 108,438 115,247
Total expenses 466,414 578,090 1,019,898 1,100,025
Operating income (loss)        
Total operating income 67,801 55,694 111,759 112,254
Retirement defined benefits expense—other than service costs (382) (701) (763) (1,404)
Allowance for borrowed funds used during construction 752 1,179 1,440 2,257
Allowance for equity funds used during construction 2,194 3,175 4,209 6,085
Interest expense and other charges, net (17,338) (18,530) (33,932) (36,516)
Income before income taxes 53,027 40,817 82,713 82,676
Income taxes 10,199 7,744 15,481 16,978
Net income 42,828 33,073 67,232 65,698
Preferred stock dividends of subsidiaries 229 229 458 458
Net income attributable to Hawaiian Electric 42,599 32,844 66,774 65,240
Preferred stock dividends of Hawaiian Electric 270 270 540 540
Net income for common stock 42,329 32,574 66,234 64,700
Electric utility        
Revenues        
Total revenues 534,215 633,784 1,131,657 1,212,279
Expenses        
Total expenses 466,414 578,090 1,019,898 1,100,025
Operating income (loss)        
Total operating income 67,801 55,694 111,759 112,254
Income before income taxes 53,027 40,817 82,713 82,676
Income taxes 10,199 7,744 15,481 16,978
Net income 42,828 33,073 67,232 65,698
Preferred stock dividends of subsidiaries 499 499 998 998
Net income for common stock 42,329 32,574 66,234 64,700
Bank        
Revenues        
Total revenues 74,714 81,687 154,452 164,739
Expenses        
Total expenses 66,221 60,435 126,556 117,365
Operating income (loss)        
Total operating income 8,493 21,252 27,896 47,374
Income before income taxes 17,334 21,292 36,303 47,454
Income taxes 3,320 4,276 6,528 9,599
Net income 14,014 17,016 29,775 37,855
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 14,014 17,016 29,775 37,855
Other        
Revenues        
Total revenues 16 14 22 82
Expenses        
Total expenses 4,754 4,326 8,419 9,139
Operating income (loss)        
Total operating income (4,738) (4,312) (8,397) (9,057)
Income before income taxes (10,131) (9,415) (19,090) (19,397)
Income taxes (2,649) (2,311) (5,336) (4,990)
Net income (7,482) (7,104) (13,754) (14,407)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income for common stock $ (7,456) $ (7,078) $ (13,702) $ (14,355)