Consolidated quarterly financial information (unaudited)

12 Months Ended

Dec. 31, 2011

Consolidated quarterly financial information (unaudited)

16 · 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
2011
Revenues 1	$710,633	$794,319	$886,355	$851,028	$3,242,335
Operating income	63,375	63,661	94,490	68,170	289,696
Net income for common stock 1	28,462	27,139	48,404	34,225	138,230
Basic earnings per common share 2	0.30	0.28	0.50	0.36	1.45
Diluted earnings per common share 3	0.30	0.28	0.50	0.36	1.44
Dividends per common share	0.31	0.31	0.31	0.31	1.24
Market price per common share 4
High	26.40	26.38	24.95	26.79	26.79
Low	22.79	23.25	20.59	22.91	20.59
2010
Revenues	$619,040	$655,664	$694,541	$695,737	$2,664,982
Operating income	60,707	63,631	72,631	59,242	256,211
Net income for common stock 5	27,126	29,262	32,449	24,698	113,535
Basic earnings per common share 2	0.29	0.31	0.35	0.26	1.22
Diluted earnings per common share 3	0.29	0.31	0.35	0.26	1.21
Dividends per common share	0.31	0.31	0.31	0.31	1.24
Market price per common share 4
High	23.01	24.04	24.99	23.41	24.99
Low	18.63	21.07	22.04	21.77	18.63

1In the fourth quarter of 2011, HECO recorded an adjustment of $6 million to revenues related to the third quarter of 2011, which decreased net income for the fourth quarter of 2011 by $3 million. Also, in the fourth quarter of 2011, HECO recorded an impairment charge of $6 million (net of taxes) of a transmission project.

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.

4Market prices of HEI common stock (symbol HE) shown are as reported on the NYSE Composite Tape.

5The fourth quarter of 2010 includes $6 million of interest income (net of taxes) at the utilities due to a federal tax settlement and $2 million of taxes for the write-off of a deferred tax asset due to the expiration of a capital loss carryforward period.

Hawaiian Electric Company and Subsidiaries

Consolidated quarterly financial information (unaudited)

17.Consolidated quarterly financial information (unaudited)

Selected quarterly consolidated financial information of the Company for 2011 and 2010 follows:

	Quarters ended				Year ended
2011	March 31	June 30	Sept. 30	Dec. 31	Dec. 31
(in thousands)
Operating revenues (1)	$644,301	$727,652	$818,907	$782,904	$2,973,764
Operating income (1)	32,719	30,540	49,999	41,977	155,235
Net income for common stock (1), (2)	19,189	17,024	37,959	25,814	99,986

	Quarters ended				Year ended
2010	March 31	June 30	Sept. 30	Dec. 31	Dec. 31
(in thousands)
Operating revenues	$546,712	$582,094	$622,223	$616,412	$2,367,441
Operating income	30,407	30,850	36,114	22,470	119,841
Net income for common stock (3)	18,052	17,642	21,980	18,915	76,589

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

(1)In the fourth quarter of 2011, HECO recorded an adjustment of $6 million to revenues related to the third quarter of 2011, which decreased net income for the fourth quarter of 2011 by $3 million.

(2)In the fourth quarter of 2011 HECO recorded an impairment charge of $6 million (net of taxes) of a transmission project.

(3)The fourth quarter of 2010 includes $6 million of interest income (net of taxes), due to a federal tax settlement.