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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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 from continuing operations were as follows:
(in millions)202420232022
HEI consolidated
Share-based compensation expense1
$3.6 $6.8 $7.5 
Income tax benefit0.3 1.4 1.5 
Hawaiian Electric consolidated
Share-based compensation expense1
1.8 3.3 3.0 
Income tax benefit0.2 0.8 0.7 
1For 2024, 2023 and 2022, the Company has not capitalized any share-based compensation.
Schedule of Common Stock Granted to Non-employee Directors HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:
(dollars in millions)202420232022
Shares granted— 40,450 35,720 
Fair value$— $1.5 $1.5 
Income tax benefit— 0.4 0.4 
Schedule of Restricted Stock Units Information about HEI’s grants of restricted stock units was as follows:
 202420232022
 Shares (1)Shares (1)Shares (1)
Outstanding, January 1189,024 $41.23 182,528 $39.75 233,448 $38.10 
Granted— — 100,088 42.41 98,463 41.31 
Vested(98,084)40.43 (84,794)39.41 (96,282)37.75 
Cancelled (2)
(24,241)42.06 — — — — 
Forfeited(1,071)41.97 (8,798)41.63 (53,101)39.01 
Outstanding, December 3165,628 $42.09 189,024 $41.23 182,528 $39.75 
Total weighted-average grant-date fair value of shares granted (in millions)
$— $4.2 $4.1 
(1)Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
(2)Represents activity of discontinued operations.
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:
 202420232022
 Shares(1)Shares(1)Shares(1)
Outstanding, January 176,477 $50.11 71,574 $47.67 90,974 $42.86 
Granted62,152 17.28 27,123 55.98 26,469 54.92 
Vested (issued or unissued and cancelled)(28,577)41.12 (18,691)48.62 (29,042)41.07 
Cancelled (2)
(10,821)55.46 — — — — 
Forfeited(790)55.64 (3,529)53.72 (16,827)44.45 
Outstanding, December 3198,441 $31.36 76,477 $50.11 71,574 $47.67 
Total weighted-average grant-date fair value of shares granted (in millions)
$1.1 $1.5 $1.5 
(1)Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
(2)Represents activity of discontinued operations.
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:
 202420232022
Risk-free interest rate4.25 %4.19 %1.71 %
Expected life in years333
Expected volatility52.5 %33.1 %31.0 %
Range of expected volatility for Peer Group
12.3% to 52.5%
28.7% to 38.8%
25.4% to 76.7%
Grant date fair value (per share)$17.28 $55.98 $54.92 
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:
 202420232022
 Shares(1)Shares(1)Shares(1)
Outstanding, January 1327,085 $39.44 309,589 $39.50 306,342 $38.42 
Granted362,963 13.09 108,499 42.41 105,860 41.31 
Vested(113,118)34.93 (62,778)48.07 (71,807)37.68 
Increase above target/(cancelled) due to performance
(91,521)41.31 (13,153)36.59 36,505 35.75 
Cancelled (2)
(43,277)41.86 — — — — 
Forfeited(3,165)42.06 (15,072)42.19 (67,311)37.35 
Outstanding, December 31438,967 $18.17 327,085 $39.44 309,589 $39.50 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)
$4.8 $4.6 $4.4 
(1)Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
(2)Represents activity of discontinued operations.