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Quarterly information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2011

Quarterly information (unaudited)

Schedule of selected quarterly information

		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

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

2 The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter.

3 The 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.

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

5 The 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.