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Quarterly information (unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract] |
Quarterly information (unaudited) |
17 · 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
HEI consolidated |  |  |  |  |  |  |  |  |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 784,064 |  |  | $ | 796,730 |  |  | $ | 831,229 |  |  | $ | 826,447 |  |  | $ | 3,238,470 |
Operating income | 70,657 |  |  | 82,370 |  |  | 90,099 |  |  | 72,293 |  |  | 315,419 |
Net income | 34,152 |  |  | 41,061 |  |  | 48,707 |  |  | 39,486 |  |  | 163,406 |
Net income for common stock | 33,679 |  |  | 40,588 |  |  | 48,236 |  |  | 39,013 |  |  | 161,516 |
Basic earnings per common share 1 | 0.34 |  |  | 0.41 |  |  | 0.49 |  |  | 0.39 |  |  | 1.63 |
Diluted earnings per common share 2 | 0.34 |  |  | 0.41 |  |  | 0.48 |  |  | 0.39 |  |  | 1.62 |
Dividends per common share | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 1.24 |
Market price per common share 3 |  |  |  |  |  |  |  |  |
High | 27.92 |  |  | 28.30 |  |  | 27.24 |  |  | 27.15 |  |  | 28.30 |
Low | 25.50 |  |  | 23.84 |  |  | 24.12 |  |  | 24.51 |  |  | 23.84 |
2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 814,860 |  |  | $ | 854,268 |  |  | $ | 867,720 |  |  | $ | 838,147 |  |  | $ | 3,374,995 |
Operating income | 75,816 |  |  | 79,406 |  |  | 91,702 |  |  | 37,272 |  |  | 284,196 |
Net income 4 | 38,789 |  |  | 39,273 |  |  | 48,177 |  |  | 14,309 |  |  | 140,548 |
Net income for common stock 4 | 38,316 |  |  | 38,800 |  |  | 47,706 |  |  | 13,836 |  |  | 138,658 |
Basic earnings per common share 1 | 0.40 |  |  | 0.40 |  |  | 0.49 |  |  | 0.14 |  |  | 1.43 |
Diluted earnings per common share 2 | 0.40 |  |  | 0.40 |  |  | 0.49 |  |  | 0.14 |  |  | 1.42 |
Dividends per common share | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 1.24 |
Market price per common share 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |
High | 26.79 |  |  | 28.87 |  |  | 29.24 |  |  | 26.75 |  |  | 29.24 |
Low | 24.86 |  |  | 24.65 |  |  | 26.26 |  |  | 23.65 |  |  | 23.65 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 719,273 |  |  | $ | 730,688 |  |  | $ | 766,115 |  |  | $ | 764,096 |  |  | $ | 2,980,172 |
Operating income | 52,953 |  |  | 61,138 |  |  | 71,914 |  |  | 59,508 |  |  | 245,513 |
Net income | 24,928 |  |  | 29,192 |  |  | 38,315 |  |  | 32,489 |  |  | 124,924 |
Net income for common stock | 24,429 |  |  | 28,693 |  |  | 37,817 |  |  | 31,990 |  |  | 122,929 |
2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | 749,610 |  |  | 789,552 |  |  | 801,095 |  |  | 769,182 |  |  | 3,109,439 |
Operating income | 57,254 |  |  | 61,496 |  |  | 74,819 |  |  | 19,443 |  |  | 213,012 |
Net income 4 | 27,799 |  |  | 29,875 |  |  | 38,873 |  |  | 4,724 |  |  | 101,271 |
Net income for common stock 4 | 27,300 |  |  | 29,376 |  |  | 38,375 |  |  | 4,225 |  |  | 99,276 |
Note: HEI owns all of Hawaiian Electric's common stock, therefore per share data for Hawaiian Electric is not meaningful.
1 | The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter.
2 | 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.
3 | Market prices of HEI common stock (symbol HE) shown are as reported on the NYSE Composite Tape.
4 | In the fourth quarter of 2012, as part of a settlement agreement with the Consumer Advocate, the Utilities recorded a writedown of $24 million (net of taxes) of CIS project costs in lieu of conducting regulatory audits of the CIP CT-1 and CIS projects

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- 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 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 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 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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