XML 72 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues      
Total revenues $ 3,238,470 $ 3,374,995 $ 3,242,335
Expenses      
Total expenses 2,923,051 3,090,799 2,952,639
Operating income (loss)      
Total operating income 315,419 284,196 289,696
Interest expense - other than on deposit liabilities and other bank borrowings (75,479) (78,151) (82,106)
Allowance for borrowed funds used during construction 2,246 4,355 2,498
Allowance for equity funds used during construction 5,561 7,007 5,964
Income before income taxes 247,747 217,407 216,052
Income taxes 84,341 76,859 75,932
Net income 163,406 140,548 140,120
Preferred stock dividends of subsidiaries 1,890 1,890 1,890
Net income for common stock 161,516 138,658 138,230
Basic earnings per common share (in dollars per share) $ 1.63 $ 1.43 $ 1.45
Diluted earnings per common share (in dollars per share) $ 1.62 $ 1.42 $ 1.44
Dividends per common share (in dollars per share) $ 1.24 $ 1.24 $ 1.24
Weighted-average number of common shares outstanding (in shares) 98,968 96,908 95,510
Net effect of potentially dilutive shares (in shares) 655 430 310
Adjusted weighted-average shares (in shares) 99,623 97,338 95,820
Hawaiian Electric Company, Inc. and Subsidiaries
      
Revenues      
Total revenues 2,980,172 3,109,439 2,978,690
Expenses      
Total expenses 2,734,659 2,896,427 2,763,556
Fuel oil 1,185,552 1,297,419 1,265,126
Purchased power 710,681 724,240 689,652
Other operation and maintenance 403,270 397,429 380,084
Depreciation 154,025 144,498 142,975
Taxes, other than income taxes 281,131 292,841 276,504
Impairment of utility assets 0 40,000 9,215
Operating income (loss)      
Total operating income 245,513 213,012 215,134
Allowance for borrowed funds used during construction 2,246 4,355 2,498
Allowance for equity funds used during construction 5,561 7,007 5,964
Interest expense and other charges, net (59,279) (62,055) (60,031)
Income before income taxes 194,041 162,319 163,565
Income taxes 69,117 61,048 61,584
Net income 124,924 101,271 101,981
Preferred stock dividends of subsidiaries 915 915 915
Net income (loss) attributable to Hawaiian Electric 124,009 100,356 101,066
Preferred stock dividends of Hawaiian Electric 1,080 1,080 1,080
Net income for common stock 122,929 99,276 99,986
Electric utility
      
Revenues      
Total revenues 2,980,172 3,109,439 2,978,690
Expenses      
Total expenses 2,734,659 2,896,427 2,763,556
Operating income (loss)      
Total operating income 245,513 213,012 215,134
Income before income taxes 194,041 162,319 163,565
Income taxes 69,117 61,048 61,584
Net income 124,924 101,271 101,981
Preferred stock dividends of subsidiaries 1,995 1,995 1,995
Net income for common stock 122,929 99,276 99,986
Bank
      
Revenues      
Total revenues 258,147 265,539 264,407
Expenses      
Total expenses 171,090 177,106 172,806
Operating income (loss)      
Total operating income 87,057 88,433 91,601
Income before income taxes 87,059 89,021 91,536
Income taxes 29,525 30,384 31,693
Net income 57,534 58,637 59,843
Preferred stock dividends of subsidiaries 0 0 0
Net income for common stock 57,534 58,637 59,843
Other
      
Revenues      
Total revenues 151 17 (762)
Expenses      
Total expenses 17,302 17,266 16,277
Operating income (loss)      
Total operating income (17,151) (17,249) (17,039)
Income before income taxes (33,353) (33,933) (39,049)
Income taxes (14,301) (14,573) (17,345)
Net income (19,052) (19,360) (21,704)
Preferred stock dividends of subsidiaries (105) (105) (105)
Net income for common stock $ (18,947) $ (19,255) $ (21,599)