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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of share-based compensation expense and related income tax benefit | The Company’s share-based compensation expense and related income tax benefit were as follows:
(in millions) | 2013 |  |  | 2012 |  |  | 2011 |
Share-based compensation expense 1 | $ | 7.8 |  |  | $ | 6.7 |  |  | $ | 4.3 |
Income tax benefit | 2.8 |  |  | 2.4 |  |  | 1.5 |
1 | The Company has not capitalized any share-based compensation cost.
Schedule of effects of revision on previous disclosure | The table below illustrates the effects of this revision on the previous disclosure (the revised disclosure had no impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Income or Consolidated Statements of Cash Flows):
| 2012 |  | 2011
(in millions) | As previously filed |  |  | As revised |  |  | Difference |  |  | As previously filed |  |  | As revised |  |  | Difference |
Share-based compensation expense | $ | 5.9 |  |  | $ | 6.7 |  |  | $ | 0.8 |  |  | $ | 3.8 |  |  | $ | 4.3 |  |  | $ | 0.5 |
Income tax benefit | 2.0 |  |  | 2.4 |  |  | 0.4 |  |  | 1.3 |  |  | 1.5 |  |  | 0.2 |
Schedule of common stock granted to nonemployee directors | HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows:
($ in millions) | 2013 |  |  | 2012 |  |  | 2011 |
Shares granted | 33,184 |  |  | 29,448 |  |  | 34,908 |
Fair value | $ | 0.8 |  |  | $ | 0.8 |  |  | $ | 0.8 |
Income tax benefit | 0.3 |  |  | 0.3 |  |  | 0.3 |
Summary of information about nonqualified stock options | Information about HEI’s NQSOs was as follows:
| 2013 |  | 2012 |  | 2011
| Shares |  |  | (1) |  | Shares |  |  | (1) |  | Shares |  |  | (1)
Outstanding, January 1 | 14,000 |  |  | $ | 20.49 |  |  | 55,500 |  |  | $ | 20.92 |  |  | 215,500 |  |  | $ | 20.76 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised | (14,000 | ) |  | 20.49 |  |  | (41,500 | ) |  | 21.06 |  |  | (160,000 | ) |  | 20.70 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding, December 31 | — |  |  | $ | — |  |  | 14,000 |  |  | $ | 20.49 |  |  | 55,500 |  |  | $ | 20.92 |
Exercisable, December 31 | — |  |  | $ | — |  |  | 14,000 |  |  | $ | 20.49 |  |  | 55,500 |  |  | $ | 20.92 |
(1) | Weighted-average exercise price
Schedule of nonqualified stock options activity and statistics | NQSO activity and statistics were as follows:
(dollars in thousands) | 2013 |  |  | 2012 |  |  | 2011 |
Cash received from exercise | $ | 287 |  |  | $ | 874 |  |  | $ | 3,312 |
Intrinsic value of shares exercised 1 | 128 |  |  | 354 |  |  | 1,270 |
Tax benefit realized for the deduction of exercises | 50 |  |  | 138 |  |  | 181 |
1 | Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the option.
Summary of information about stock appreciation rights | Information about HEI’s SARs is summarized as follows:
| 2013 |  | 2012 |  | 2011
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, January 1 | 164,000 |  |  | $ | 26.12 |  |  | 282,000 |  |  | $ | 26.14 |  |  | 450,000 |  |  | $ | 26.13 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | (114,000 | ) |  | 26.17 |  |  | (110,000 | ) |  | 26.09 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | (4,000 | ) |  | 26.18 |  |  | (58,000 | ) |  | 26.13 |
Outstanding, December 31 | 164,000 |  |  | $ | 26.12 |  |  | 164,000 |  |  | $ | 26.12 |  |  | 282,000 |  |  | $ | 26.14 |
Exercisable, December 31 | 164,000 |  |  | $ | 26.12 |  |  | 164,000 |  |  | $ | 26.12 |  |  | 282,000 |  |  | $ | 26.14 |
(1) | Weighted-average exercise price
Schedule of stock appreciation rights by grant year |
December 31, 2013 |  | Outstanding & Exercisable (Vested)
Year of Grant |  | Range of exercise prices |  | Number of shares underlying SARs |  |  | Weighted-average remaining contractual life |  | Weighted-average exercise price |
2004 |  | $26.02 |  | 62,000 |  |  | 0.3 |  | $ | 26.02 |
2005 |  | 26.18 |  | 102,000 |  |  | 1.3 |  | 26.18 |
|  | $26.02 –26.18 |  | 164,000 |  |  | 0.9 |  | $ | 26.12 |
Schedule of stock appreciation rights activity and statistics | SARs activity and statistics were as follows:
(dollars in thousands, except prices) | 2013 |  |  | 2012 |  |  | 2011 |
Intrinsic value of shares exercised 1 | $ | — |  |  | $ | 197 |  |  | $ | 64 |
Tax benefit realized for the deduction of exercises | — |  |  | 77 |  |  | 25 |
1 | Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the right.
Schedule of restricted share and stock awards | Information about HEI’s grants of restricted shares and restricted stock awards was as follows:
| 2013 |  | 2012 |  | 2011
| Shares |  | (1) |  | Shares |  |  | (1) |  | Shares | (1)
Outstanding, January 1 | 9,005 |  |  | $ | 22.21 |  |  | 46,807 |  |  | $ | 24.45 |  |  | 89,709 |  |  | $ | 24.64 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | (4,502 | ) |  | 22.21 |  |  | (37,802 | ) |  | 24.99 |  |  | (40,102 | ) |  | 24.83 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | (2,800 | ) |  | 24.93 |
Outstanding, December 31 | 4,503 |  |  | $ | 22.21 |  |  | 9,005 |  |  | $ | 22.21 |  |  | 46,807 |  |  | $ | 24.45 |
(1) | Weighted-average grant-date fair value per share based on the closing or average price of HEI common stock on the date of grant.
Schedule of restricted stock units | Restricted stock units. Information about HEI’s grants of restricted stock units was as follows:
| 2013 |  | 2012 |  | 2011
| Shares |  |  | (1) |  | Shares |  |  | (1) |  | Shares |  |  | (1)
Outstanding, January 1 | 315,094 |  |  | $ | 22.82 |  |  | 247,286 |  |  | $ | 21.80 |  |  | 146,500 |  |  | $ | 19.80 |
Granted | 111,231 |  |  | 26.88 |  |  | 98,446 |  |  | 25.99 |  |  | 101,786 |  |  | 24.68 |
Vested | (118,885 | ) |  | 20.48 |  |  | (25,728 | ) |  | 24.68 |  |  | — |  |  | — |
Forfeited | (19,289 | ) |  | 25.62 |  |  | (4,910 | ) |  | 24.92 |  |  | (1,000 | ) |  | 22.60 |
Outstanding, December 31 | 288,151 |  |  | $ | 25.17 |  |  | 315,094 |  |  | $ | 22.82 |  |  | 247,286 |  |  | $ | 21.80 |
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | 3.0 |  |  |  |  | $ | 2.6 |  |  |  |  | $ | 2.5 |  |  |
(1) | Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
Schedule of Long-Term Incentive Plan (LTIP) linked to total return to shareholders | Information about HEI’s LTIP grants linked to TRS was as follows:
| 2013 |  | 2012 |  | 2011
| Shares |  |  | (1) |  | Shares |  |  | (1) |  | Shares |  |  | (1)
Outstanding, January 1 | 239,256 |  |  | $ | 29.12 |  |  | 197,385 |  |  | $ | 25.94 |  |  | 126,782 |  |  | $ | 20.33 |
Granted | 91,038 |  |  | 32.69 |  |  | 81,223 |  |  | 30.71 |  |  | 75,015 |  |  | 35.46 |
Vested (settled or lapsed) | (87,753 | ) |  | 22.45 |  |  | (35,397 | ) |  | 14.85 |  |  | — |  |  | — |
Forfeited | (10,414 | ) |  | 32.72 |  |  | (3,955 | ) |  | 30.82 |  |  | (4,412 | ) |  | 29.56 |
Outstanding, December 31 | 232,127 |  |  | $ | 32.88 |  |  | 239,256 |  |  | $ | 29.12 |  |  | 197,385 |  |  | $ | 25.94 |
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | 3.0 |  |  |  |  | $ | 2.5 |  |  |  |  | $ | 2.7 |  |  |
(1) | Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of assumptions used to determine the fair value of Long-Term Incentive Plan (LTIP) linked to total return to shareholders (TRS) | The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TRS and the resulting fair value of LTIP awards granted:
| 2013 |  |  | 2012 |  |  | 2011 |
Risk-free interest rate | 0.38 | % |  | 0.33 | % |  | 1.25 | %
Expected life in years | 3 |  |  | 3 |  |  | 3 |
Expected volatility | 19.4 | % |  | 25.3 | % |  | 27.8 | %
Range of expected volatility for Peer Group | 12.4% to 25.3% |  |  | 15.5% to 34.5% |  |  | 21.2% to 82.6% |
Grant date fair value (per share) | $ | 32.69 |  |  | $ | 30.71 |  |  | $ | 35.46 |
Schedule of Long-Term Incentive Plan (LTIP) linked to other performance conditions | Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:
| 2013 |  | 2012 |  | 2011
| Shares |  |  | (1) |  | Shares |  |  | (1) |  | Shares |  |  | (1)
Outstanding, January 1 | 247,175 |  |  | $ | 25.04 |  |  | 182,498 |  |  | $ | 22.63 |  |  | 161,310 |  |  | $ | 18.66 |
Granted | 120,399 |  |  | 26.89 |  |  | 125,157 |  |  | 26.05 |  |  | 113,831 |  |  | 24.96 |
Vested and settled | (18,280 | ) |  | 18.95 |  |  | — |  |  | — |  |  | — |  |  | — |
Cancelled | (41,599 | ) |  | 24.97 |  |  | (50,786 | ) |  | 18.95 |  |  | (81,908 | ) |  | 18.38 |
Forfeited | (10,852 | ) |  | 26.20 |  |  | (9,694 | ) |  | 24.44 |  |  | (10,735 | ) |  | 20.12 |
Outstanding, December 31 | 296,843 |  |  | $ | 26.14 |  |  | 247,175 |  |  | $ | 25.04 |  |  | 182,498 |  |  | $ | 22.63 |
Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) | $ | 3.2 |  |  |  |  | $ | 3.3 |  |  |  |  | $ | 2.8 |  |  |
(1) | Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.

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