EX-11 3 a12-1072_1ex11.htm HEI EX-11

HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended December 31, 2011, 2010, 2009, 2008 and 2007

(in thousands, except per share amounts) |  | 2011 |  | 2010 |  | 2009 |  | 2008 |  | 2007 |
Net income for common stock |  | $138,230 |  | $113,535 |  | $83,011 |  | $90,278 |  | $84,779 |
Weighted-average number of common shares outstanding |  | 95,510 |  | 93,421 |  | 91,396 |  | 84,631 |  | 82,215 |
Adjusted weighted-average number of common shares outstanding |  | 95,820 |  | 93,693 |  | 91,516 |  | 84,720 |  | 82,419 |
Basic earnings per common share |  | $1.45 |  | $1.22 |  | $0.91 |  | $1.07 |  | $1.03 |
Diluted earnings per common share |  | $1.44 |  | $1.21 |  | $0.91 |  | $1.07 |  | $1.03 |