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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Revenues $ 895,685 $ 895,607 $ 1,823,922 $ 1,680,675
Expenses        
Total expenses 802,706 808,939 1,637,425 1,494,731
Operating income (loss)        
Total operating income 92,979 86,668 186,497 185,944
Retirement defined benefits credit—other than service costs 1,153 1,246 2,305 2,489
Interest expense, net—other than on deposit liabilities and other bank borrowings (29,832) (24,965) (58,630) (49,314)
Allowance for borrowed funds used during construction 1,295 798 2,426 1,576
Allowance for equity funds used during construction 3,772 2,470 7,073 4,879
Gain on sales of equity-method investment 0 0 0 8,123
Income before income taxes 69,367 66,217 139,671 153,697
Income taxes 14,284 13,203 29,394 31,043
Net income attributable to Hawaiian Electric 55,083 53,014 110,277 122,654
Preferred stock dividends of subsidiaries 473 473 946 946
Net income for common stock $ 54,610 $ 52,541 $ 109,331 $ 121,708
Basic earnings per common share (in dollars per share) $ 0.50 $ 0.48 $ 1.00 $ 1.11
Diluted earnings per common share (in dollars per share) $ 0.50 $ 0.48 $ 1.00 $ 1.11
Weighted-average number of common shares outstanding (in shares) 109,573 109,432 109,544 109,397
Net effect of potentially dilutive shares (share-based compensation programs) (in shares) 207 230 326 317
Weighted-average shares assuming dilution (in shares) 109,780 109,662 109,870 109,714
Electric utility        
Revenues        
Revenues $ 794,191 $ 818,873 $ 1,624,552 $ 1,527,665
Expenses        
Total expenses 720,566 747,719 1,475,052 1,382,916
Operating income (loss)        
Total operating income 73,625 71,154 149,500 144,749
Income before income taxes 58,868 56,613 119,976 116,059
Income taxes 13,070 11,979 26,670 24,517
Net income attributable to Hawaiian Electric 45,798 44,634 93,306 91,542
Preferred stock dividends of subsidiaries 499 499 998 998
Net income for common stock 45,299 44,135 92,308 90,544
Bank        
Revenues        
Revenues 96,885 75,324 190,742 150,439
Expenses        
Total expenses 72,017 53,401 142,354 98,486
Operating income (loss)        
Total operating income 24,868 21,923 48,388 51,953
Income before income taxes 25,055 22,109 48,762 52,324
Income taxes 4,851 4,643 9,996 10,988
Net income attributable to Hawaiian Electric 20,204 17,466 38,766 41,336
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 20,204 17,466 38,766 41,336
Other        
Revenues        
Revenues 4,609 1,410 8,628 2,571
Expenses        
Total expenses 10,123 7,819 20,019 13,329
Operating income (loss)        
Total operating income (5,514) (6,409) (11,391) (10,758)
Income before income taxes (14,556) (12,505) (29,067) (14,686)
Income taxes (3,637) (3,419) (7,272) (4,462)
Net income attributable to Hawaiian Electric (10,919) (9,086) (21,795) (10,224)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income for common stock $ (10,893) $ (9,060) $ (21,743) $ (10,172)