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Share-based compensation (Tables) | 9 Months Ended
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Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of share-based compensation expense and related income tax benefit | Share-based compensation expense and the related income tax benefit were as follows:
|  | Three months ended September 30 |  | Nine months ended September 30
(in millions) |  | 2014 |  | 2013 |  | 2014 |  | 2013
HEI consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | $ | 2.0 |  |  | $ | 2.5 |  |  | $ | 7.2 |  |  | $ | 6.0 |
Income tax benefit |  | 0.7 |  |  | 0.9 |  |  | 2.6 |  |  | 2.2 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | 0.6 |  |  | 0.8 |  |  | 2.2 |  |  | 1.9 |
Income tax benefit |  | 0.2 |  |  | 0.3 |  |  | 0.9 |  |  | 0.7 |
1 | $0.04 million and $0.03 million of this share-based compensation expense was capitalized in the third quarter of 2014 and 2013, respectively. $0.12 million and $0.09 million of this share-based compensation expense was capitalized in the nine months ended September 30, 2014 and 2013, respectively.
Schedule of effects of this revision on previous disclosures | The table below illustrates the effects of the revisions on the previously filed financial statements:
|  | As previously |  |  | As |  |  |
(in thousands) |  | filed |  |  | revised |  |  | Difference |
HEI consolidated |  |  |  |  |  |
Consolidated Statements of Income |  |  |  |  |  |
Three months ended September 30, 2013 |  |  |  |  |  |
Revenues |  | $ | 831,229 |  |  | $ | 829,168 |  |  | $ | (2,061 | )
Operating income |  | 90,099 |  |  | 88,038 |  |  | (2,061 | )
Interest expense, net—other than on deposit liabilities and other bank borrowings |  | (20,304 | ) |  | (19,043 | ) |  | 1,261 |
Income before income taxes |  | 71,548 |  |  | 70,748 |  |  | (800 | )
Income taxes |  | 22,841 |  |  | 22,041 |  |  | (800 | )
Nine months ended September 30, 2013 |  |  |  |  |  |
Revenues |  | 2,412,023 |  |  | 2,405,967 |  |  | (6,056 | )
Operating income |  | 243,126 |  |  | 237,070 |  |  | (6,056 | )
Interest expense, net—other than on deposit liabilities and other bank borrowings |  | (59,705 | ) |  | (56,216 | ) |  | 3,489 |
Income before income taxes |  | 189,077 |  |  | 186,510 |  |  | (2,567 | )
Income taxes |  | 65,157 |  |  | 62,590 |  |  | (2,567 | )
Consolidated Balance Sheets |  |  |  |  |  |
December 31, 2013 |  |  |  |  |  |
Property, plant and equipment, net of accumulated depreciation |  | 3,858,947 |  |  | 3,865,514 |  |  | 6,567 |
Accumulated depreciation |  | (2,191,199 | ) |  | (2,192,422 | ) |  | (1,223 | )
Other assets |  | 519,194 |  |  | 512,627 |  |  | (6,567 | )
Hawaiian Electric consolidated |  |  |  |  |  |
Consolidated Balance Sheets |  |  |  |  |  |
December 31, 2013 |  |  |  |  |  |
Other assets |  | 73,993 |  |  | 67,426 |  |  | (6,567 | )
Schedule of nonemployee director stock award plan activity | Stock awards. HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows:
| Nine months ended September 30
($ in millions) | 2014 |  | 2013
Shares granted | 33,170 |  |  | 33,184 |
Fair value | $ | 0.8 |  |  | $ | 0.8 |
Income tax benefit | 0.3 |  |  | 0.3 |
Schedule of nonqualified stock options activity and statistics | NQSO activity and statistics were as follows:
(dollars in thousands, except prices) |  | Three months ended September 30, 2013 |  | Nine months ended September 30, 2013
Shares exercised |  | — |  |  | 14,000 |
Weighted-average exercise price |  | $ | — |  |  | $ | 20.49 |
Cash received from exercise |  | $ | — |  |  | $ | 287 |
Intrinsic value of shares exercised 1 |  | $ | — |  |  | $ | 128 |
Tax benefit realized for the deduction of exercises |  | $ | — |  |  | $ | 50 |
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.
Schedule of stock appreciation rights by grant year | Stock appreciation rights. Information about HEI’s SARs was as follows:
September 30, 2014 | Outstanding & Exercisable (Vested)
Year of grant |  | Number of shares underlying SARs |  | Weighted-average remaining contractual life |  | Weighted-average exercise price
2005 |  | 102,000 |  |  | 0.5 |  | $ | 26.18 |
Schedule of restricted stock units | Restricted stock units. Information about HEI’s grants of restricted stock units was as follows:
| Three months ended September 30 |  | Nine months ended September 30
| 2014 |  | 2013 |  | 2014 |  | 2013
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 264,326 |  |  | $ | 25.74 |  |  | 300,313 |  |  | $ | 25.15 |  |  | 288,151 |  |  | $ | 25.17 |  |  | 315,094 |  |  | $ | 22.82 |
Granted | 2,750 |  |  | 24.48 |  |  | 4,000 |  |  | 26.48 |  |  | 117,786 |  |  | 25.17 |  |  | 111,231 |  |  | 26.88 |
Vested | (3,500 | ) |  | 23.50 |  |  | (2,500 | ) |  | 22.31 |  |  | (142,361 | ) |  | 24.07 |  |  | (116,544 | ) |  | 20.39 |
Forfeited | — |  |  | — |  |  | (11,321 | ) |  | 25.88 |  |  | — |  |  | — |  |  | (19,289 | ) |  | 25.62 |
Outstanding, end of period | 263,576 |  |  | $ | 25.76 |  |  | 290,492 |  |  | $ | 25.16 |  |  | 263,576 |  |  | $ | 25.76 |  |  | 290,492 |  |  | $ | 25.16 |
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | 0.1 |  |  |  |  | $ | 0.1 |  |  |  |  | $ | 3.0 |  |  |  |  | $ | 3.0 |  |  |
(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 | LTIP linked to TRS. Information about HEI’s LTIP grants linked to TRS was as follows:
| Three months ended September 30 |  | Nine months ended September 30
| 2014 |  | 2013 |  | 2014 |  | 2013
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 257,956 |  |  | $ | 28.45 |  |  | 235,064 |  |  | $ | 32.87 |  |  | 232,127 |  |  | $ | 32.88 |  |  | 239,256 |  |  | $ | 29.12 |
Granted (target level) | — |  |  | — |  |  | 1,505 |  |  | 32.69 |  |  | 97,524 |  |  | 22.95 |  |  | 91,038 |  |  | 32.69 |
Vested (issued or unissued and cancelled) | — |  |  | — |  |  | — |  |  | — |  |  | (70,189 | ) |  | 35.46 |  |  | (87,753 | ) |  | 22.45 |
Forfeited | — |  |  | — |  |  | (4,442 | ) |  | 32.40 |  |  | (1,506 | ) |  | 28.32 |  |  | (10,414 | ) |  | 32.72 |
Outstanding, end of period | 257,956 |  |  | $ | 28.45 |  |  | 232,127 |  |  | $ | 32.88 |  |  | 257,956 |  |  | $ | 28.45 |  |  | 232,127 |  |  | $ | 32.88 |
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 2.2 |  |  |  |  | $ | 3.0 |  |  |
(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:
| 2014 |  | 2013
Risk-free interest rate | 0.66 | % |  | 0.38 | %
Expected life in years | 3 |  |  | 3 |
Expected volatility | 17.8 | % |  | 19.4 | %
Range of expected volatility for Peer Group | 12.4% to 23.3% |  |  | 12.4% to 25.3% |
Grant date fair value (per share) | $ | 22.95 |  |  | $ | 32.69 |
Schedule of Long-Term Incentive Plan (LTIP) linked to other performance conditions | LTIP awards linked to other performance conditions. Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:
| Three months ended September 30 |  | Nine months ended September 30
| 2014 |  | 2013 |  | 2014 |  | 2013
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 359,782 |  |  | $ | 26.01 |  |  | 304,473 |  |  | $ | 26.12 |  |  | 296,843 |  |  | $ | 26.14 |  |  | 247,175 |  |  | $ | 25.04 |
Granted (target level) | — |  |  | — |  |  | 1,504 |  |  | 27.11 |  |  | 129,603 |  |  | 25.18 |  |  | 120,399 |  |  | 26.89 |
Vested (issued) | — |  |  | — |  |  | — |  |  | — |  |  | (65,089 | ) |  | 24.95 |  |  | (18,280 | ) |  | 18.95 |
Cancelled | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (37,346 | ) |  | 24.96 |
Forfeited | — |  |  | — |  |  | (4,881 | ) |  | 26.53 |  |  | (1,575 | ) |  | 26.07 |  |  | (10,852 | ) |  | 26.20 |
Outstanding, end of period | 359,782 |  |  | $ | 26.01 |  |  | 301,096 |  |  | $ | 26.12 |  |  | 359,782 |  |  | $ | 26.01 |  |  | 301,096 |  |  | $ | 26.12 |
Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 3.3 |  |  |  |  | $ | 3.2 |  |  |
(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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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 + Details
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