XML 29 R112.htm IDEA: XBRL DOCUMENT
v2.4.0.6

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 |
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.
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.

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration