Quarterly information (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]


Note 17 · Quarterly information (unaudited)

Selected quarterly information was as follows:


	Quarters ended								Years ended
(in thousands, except per share amounts)	March 31		June 30		Sept. 30		Dec. 31		December 31
HEI consolidated
2020
Revenues	$	677,186	$	608,945	$	641,427	$	652,217	$	2,579,775
Operating income	59,702		71,556		99,561		80,674		311,493
Net income	33,893		49,360		65,503		50,958		199,714
Net income for common stock	33,420		48,887		65,032		50,485		197,824
Basic earnings per common share 2	0.31		0.45		0.60		0.46		1.81
Diluted earnings per common share 3	0.31		0.45		0.59		0.46		1.81
Dividends per common share	0.33		0.33		0.33		0.33		1.32



2019
Revenues	$	661,615	$	715,485	$	770,882	$	725,966	$	2,873,948
Operating income1	77,937		72,634		96,655		100,795		348,021
Net income1	46,161		42,985		63,890		66,736		219,772
Net income for common stock1	45,688		42,512		63,419		66,263		217,882
Basic earnings per common share 1,2	0.42		0.39		0.58		0.61		2.00
Diluted earnings per common share 1,3	0.42		0.39		0.58		0.61		1.99
Dividends per common share	0.32		0.32		0.32		0.32		1.28



Hawaiian Electric consolidated
2020
Revenues	$	597,442	$	534,215	$	562,568	$	571,095	$	2,265,320
Operating income	43,958		67,801		88,518		68,273		268,550
Net income	24,404		42,828		60,563		43,540		171,335
Net income for common stock	23,905		42,329		60,065		43,041		169,340
2019
Revenues	$	578,495	$	633,784	$	688,330	$	645,333	2,545,942
Operating income	56,560		55,694		71,793		70,331		254,378
Net income	32,625		33,073		47,277		45,860		158,835
Net income for common stock	32,126		32,574		46,779		45,361		156,840

Note: HEI owns all of Hawaiian Electric’s common stock, therefore per share data for Hawaiian Electric is not meaningful.

1Operating income for the fourth quarter of 2019 includes gains on property sales totaling $10.8 million, and net income and net income for common stock includes $7.9 million (or $0.07 per share (basic and diluted) at ASB’s 26.8% statutory tax rate).

2The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter.

3The quarterly diluted earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter plus the dilutive incremental shares at quarter end.