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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2022
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)202220212020
HEI consolidated
Share-based compensation expense1
$10.4 $9.1 $5.8 
Income tax benefit2.1 1.4 1.0 
Hawaiian Electric consolidated
Share-based compensation expense1
3.0 2.7 1.8 
Income tax benefit0.7 0.6 0.4 
1For 2022, 2021 and 2020, 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)202220212020
Shares granted35,720 29,816 36,100 
Fair value$1.5 $1.3 $1.3 
Income tax benefit0.4 0.3 0.3 
Schedule of restricted stock units Information about HEI’s grants of restricted stock units was as follows:
 202220212020
 Shares (1)Shares (1)Shares (1)
Outstanding, January 1233,448 $38.10 193,939 $40.89 207,641 $35.36 
Granted98,463 41.31 137,582 34.66 78,595 47.99 
Vested(96,282)37.75 (79,623)38.51 (77,719)34.19 
Forfeited(53,101)39.01 (18,450)39.92 (14,578)36.20 
Outstanding, December 31182,528 $39.75 233,448 $38.10 193,939 $40.89 
Total weighted-average grant-date fair value of shares granted (in millions)
$4.1 $4.8 $3.8 
(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:
 202220212020
 Shares(1)Shares(1)Shares(1)
Outstanding, January 190,974 $42.86 89,222 $42.10 96,402 $39.62 
Granted26,469 54.92 46,024 41.12 24,630 48.62 
Vested (issued or unissued and cancelled)(29,042)41.07 (32,355)38.20 (29,409)39.51 
Forfeited(16,827)44.45 (11,917)43.07 (2,401)41.22 
Outstanding, December 3171,574 $47.67 90,974 $42.86 89,222 $42.10 
Total weighted-average grant-date fair value of shares granted (in millions)
$1.5 $1.9 $1.2 
(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:
 202220212020
Risk-free interest rate1.71 %0.19 %1.39 %
Expected life in years333
Expected volatility31.0 %29.9 %13.1 %
Range of expected volatility for Peer Group
25.4% to 76.7%
25.6% to 102.9%
13.6% to 95.4%
Grant date fair value (per share)$54.92 $41.12 $48.62 
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:
 202220212020
 Shares(1)Shares(1)Shares(1)
Outstanding, January 1306,342 $38.42 220,715 $41.03 403,768 $35.15 
Granted105,860 41.31 184,102 34.37 98,522 48.10 
Vested(71,807)37.68 (43,155)34.12 (135,804)33.48 
Increase above target (cancelled)36,505 35.75 (7,646)39.06 (136,163)36.44 
Forfeited(67,311)37.35 (47,674)38.74 (9,608)38.36 
Outstanding, December 31309,589 $39.50 306,342 $38.42 220,715 $41.03 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)
$4.4 $6.3 $4.7 
(1)Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.