Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020		2019		2018
HEI consolidated
Share-based compensation expense1	$	5.8	$	10.0	$	7.8
Income tax benefit	1.0		1.4		1.1
Hawaiian Electric consolidated
Share-based compensation expense1	1.8		3.2		2.7
Income tax benefit	0.4		0.6		0.5

1For 2020, 2019 and 2018, 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)	2020		2019		2018
Shares granted	36,100		36,344		38,821
Fair value	$	1.3	$	1.6	$	1.3
Income tax benefit	0.3		0.4		0.3

Schedule of restricted stock units

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

	2020				2019				2018
	Shares		(1)		Shares		(1)		Shares		(1)
Outstanding, January 1	207,641		$	35.36	200,358		$	33.05	197,047		$	31.53
Granted	78,595		47.99		96,565		37.82		93,853		34.12
Vested	(77,719)		34.19		(76,813)		32.61		(75,683)		30.56
Forfeited	(14,578)		36.20		(12,469)		34.20		(14,859)		32.35
Outstanding, December 31	193,939		$	40.89	207,641		$	35.36	200,358		$	33.05
Total weighted-average grant-date fair value of shares granted (in millions)	$	3.8			$	3.7			$	3.2

(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:

	2020				2019				2018
	Shares		(1)		Shares		(1)		Shares		(1)
Outstanding, January 1	96,402		$	39.62	65,578		$	38.81	32,904		$	39.51
Granted	24,630		48.62		35,215		41.07		37,832		38.21
Vested (issued or unissued and cancelled)	(29,409)		39.51		—		—		—		—
Forfeited	(2,401)		41.22		(4,391)		39.19		(5,158)		38.84
Outstanding, December 31	89,222		$	42.10	96,402		$	39.62	65,578		$	38.81
Total weighted-average grant-date fair value of shares granted (in millions)	$	1.2			$	1.4			$	1.4

(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:

	2020			2019			2018
Risk-free interest rate	1.39		%	2.48		%	2.29		%
Expected life in years	3			3			3
Expected volatility	13.1		%	15.8		%	17.0		%
Range of expected volatility for Peer Group	13.6% to 95.4%			15.0% to 73.2%			15.1% to 26.2%
Grant date fair value (per share)	$	48.62		$	41.07		$	38.20

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:

	2020				2019				2018
	Shares		(1)		Shares		(1)		Shares		(1)
Outstanding, January 1	403,768		$	35.15	276,169		$	33.80	131,616		$	33.47
Granted	98,522		48.10		140,855		37.78		151,328		34.12
Vested	(135,804)		33.48		—		—		—		—
Increase above target (cancelled)	(136,163)		36.44		4,314		33.53		13,858		33.49
Forfeited	(9,608)		38.36		(17,570)		34.66		(20,633)		33.80
Outstanding, December 31	220,715		$	41.03	403,768		$	35.15	276,169		$	33.80
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$	4.7			$	5.3			$	5.2

(1)Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.