HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended December 31, 2008, 2007, 2006, 2005 and 2004

(in thousands, except per share amounts)	2008		2007		2006		2005			2004
Net income (loss)
Continuing operations	$	90,278	$	84,779	$	108,001	$	127,444		$	107,739
Discontinued operations		—		—		—		(755	)		1,913
	$	90,278	$	84,779	$	108,001	$	126,689		$	109,652
Weighted-average number of common shares outstanding		84,631		82,215		81,145		80,828			79,562
Adjusted weighted-average number of common shares outstanding		84,720		82,419		81,373		81,200			79,719
Basic earnings (loss) per common share
Continuing operations	$	1.07	$	1.03	$	1.33	$	1.58		$	1.36
Discontinued operations		—		—		—		(0.01	)		0.02
	$	1.07	$	1.03	$	1.33	$	1.57		$	1.38
Diluted earnings (loss) per common share
Continuing operations	$	1.07	$	1.03	$	1.33	$	1.57		$	1.36
Discontinued operations		—		—		—		(0.01	)		0.02
	$	1.07	$	1.03	$	1.33	$	1.56		$	1.38

On April 20, 2004, the HEI Board of Directors approved a 2-for-1 stock split in the form of a 100% stock dividend with a record date of May 10, 2004 and a distribution date of June 10, 2004. All share and per share information has been adjusted to reflect the stock split for all periods presented.