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Share-based compensation (Tables)
 3 Months Ended
Mar. 31, 2016
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 March 31
(in millions)
 
2016
 
2015
HEI consolidated
 
 
 
 
Share-based compensation expense 1
 
$
1.0

 
$
1.8

Income tax benefit
 
0.3

 
0.6

Hawaiian Electric consolidated
 
 
 
 
Share-based compensation expense 1
 
0.3

 
0.5

Income tax benefit
 
0.1

 
0.2

1 
For the three months ended March 31, 2016, the Company has not capitalized any share-based compensation. $0.04 million of this share-based compensation expense was capitalized in the three months ended March 31, 2015.
Schedule of stock appreciation rights by grant year
SARs activity and statistics were as follows:
 
 
Three months ended
(dollars in thousands, except prices)
 
March 31, 2015
Shares underlying SARs exercised
 
80,000

Weighted-average price of shares exercised
 
$
26.18

Intrinsic value of shares exercised 1
 
502

Tax benefit realized for the deduction of exercises
 
162

1 Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalent rights exceeds the exercise price of the right.
Schedule of restricted stock units
Information about HEI’s grants of restricted stock units was as follows:
 
 
Three months ended March 31
 
 
2016
 
2015
 
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
 
210,634

 
$
28.82

 
261,235

 
$
25.77

Granted
 
94,282


29.90

 
84,294


33.74

Vested
 
(78,379
)
 
27.92

 
(79,219
)
 
25.77

Forfeited
 
—

 
—

 
(4,619
)
 
25.83

Outstanding, end of period
 
226,537

 
$
29.59

 
261,691

 
$
28.33

Total weighted-average grant-date fair value of shares granted ($ millions)
 
$
2.8

 
 
 
$
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.
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:
 
 
Three months ended March 31
 
 
2016
 
2015
 
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
 
162,500

 
$
27.66

 
257,956

 
$
28.45

Granted (target level)
 
—

 
—

 
—


—

Vested (issued or unissued and cancelled)
 
(78,553
)
 
32.69

 
(75,915
)
 
30.71

Forfeited
 
—

 
—

 
(13,264
)
 
26.00

Outstanding, end of period
 
83,947

 
$
22.95

 
168,777

 
$
27.63

(1)
Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
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:
 
 
Three months ended March 31
 
 
2016
 
2015
 
 
Shares
 
(1)
 
Shares
 
(1)
Outstanding, beginning of period
 
222,647

 
$
26.02

 
364,731

 
$
26.01

Granted (target level)
 
—

 
—

 
—


—

Vested (issued)
 
(109,097
)
 
26.89

 
(121,249
)
 
26.05

Forfeited
 
—

 
—

 
(13,263
)
 
25.72

Outstanding, end of period
 
113,550

 
$
25.18

 
230,219

 
$
26.00

(1)
Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.