Quarterly information (unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

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

- 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.

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