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Quarterly information (unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly information (unaudited) |
16 · 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 |  |  |  |  |  |  |  |  |
2017 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 591,562 |  |  | $ | 632,281 |  |  | $ | 673,185 |  |  | $ | 658,597 |  |  | $ | 2,555,625 |
Operating income | 67,862 |  |  | 75,896 |  |  | 109,545 |  |  | 84,988 |  |  | 338,291 |
Net income | 34,666 |  |  | 39,134 |  |  | 60,544 |  |  | 32,843 |  |  | 167,187 |
Net income for common stock | 34,193 |  |  | 38,661 |  |  | 60,073 |  |  | 32,370 |  |  | 165,297 |
Basic earnings per common share 3 | 0.31 |  |  | 0.36 |  |  | 0.55 |  |  | 0.30 |  |  | 1.52 |
Diluted earnings per common share 4 | 0.31 |  |  | 0.36 |  |  | 0.55 |  |  | 0.30 |  |  | 1.52 |
Dividends per common share | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 1.24 |
2016 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 550,960 |  |  | $ | 566,244 |  |  | $ | 646,055 |  |  | $ | 617,395 |  |  | $ | 2,380,654 |
Operating income | 68,851 |  |  | 85,455 |  |  | 105,442 |  |  | 88,427 |  |  | 348,175 |
Net income | 32,825 |  |  | 44,601 |  |  | 127,613 |  |  | 45,107 |  |  | 250,146 |
Net income for common stock | 32,352 |  |  | 44,128 |  |  | 127,142 |  |  | 44,634 |  |  | 248,256 |
Basic earnings per common share 3 | 0.30 |  |  | 0.41 |  |  | 1.17 |  |  | 0.41 |  |  | 2.30 |
Diluted earnings per common share 4 | 0.30 |  |  | 0.41 |  |  | 1.17 |  |  | 0.41 |  |  | 2.29 |
Dividends per common share | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 0.31 |  |  | 1.24 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |
2017 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 518,611 |  |  | $ | 556,875 |  |  | $ | 598,769 |  |  | $ | 583,311 |  |  | $ | 2,257,566 |
Operating income | 48,938 |  |  | 55,047 |  |  | 87,076 |  |  | 66,460 |  |  | 257,521 |
Net income | 21,964 |  |  | 26,143 |  |  | 47,985 |  |  | 25,854 |  |  | 121,946 |
Net income for common stock | 21,465 |  |  | 25,644 |  |  | 47,487 |  |  | 25,355 |  |  | 119,951 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | 482,052 |  |  | 495,395 |  |  | 572,253 |  |  | 544,668 |  |  | 2,094,368 |
Operating income | 55,326 |  |  | 70,686 |  |  | 89,812 |  |  | 68,644 |  |  | 284,468 |
Net income | 25,866 |  |  | 36,356 |  |  | 47,472 |  |  | 34,618 |  |  | 144,312 |
Net income for common stock | 25,367 |  |  | 35,857 |  |  | 46,974 |  |  | 34,119 |  |  | 142,317 |
Note: HEI owns all of Hawaiian Electric's common stock, therefore per share data for Hawaiian Electric is not meaningful.
1 | In the fourth quarter of 2017, the Company recorded a $14.2 million adjustment, primarily to reduce deferred tax net asset balances (not accounted for under Utility regulatory ratemaking) to reflect the lower rates enacted by the Tax Act. Also included in this adjustment is $0.7 million (net of tax) of non-executive bonuses paid by ASB related to the enactment of federal tax reform. See below for the impact of the Utilities lower RAM revenues due to the expiration of the 2013 settlement agreement.
2 | In the third quarter of 2016, HEI received a $90 million termination fee from NEE and in 2016 received and incurred other merger and spin-off-related amounts (see Note 15 to the Consolidated Financial Statements). For the first quarter of 2016, second quarter of 2016 and third quarter of 2016, the Company recorded merger- and spin-off-related income/(expenses), net of tax impacts of $(2) million, $(2) million and $64 million, respectively.
3 | The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter.
4 | 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.
5 | In the fourth quarter of 2017, Hawaiian Electric consolidated recorded a $9.2 million adjustment to reduce deferred tax net asset balances (not accounted for under regulatory ratemaking) to reflect the lower rates enacted by the Tax Act. In the first five months of 2017, the Utilities recorded lower RAM revenues due to the expiration of the 2013 settlement agreement that allowed the accrual of RAM revenues on January 1 (vs. June 1) for years 2014 to 2016 at Hawaiian Electric. For the first and second quarters of 2017, the Utilities recorded lower revenues of $12 million ($7 million, net of tax impacts) and $8 million ($4 million, net of tax impacts) due to this RAM lag, respectively.
Condensed Consolidated Statements of Cash Flows error. Subsequent to the issuance of interim Condensed Consolidated Financial Statements (unaudited) for the quarter ended September 30, 2017, the Company and the Utilities identified an error within their previously reported interim Condensed Consolidated Statements of Cash Flows (unaudited). The timing of certain capital expenditure payments that had retainage balances or were related to certain capitalized amounts were not reflected timely. The Company and the Utilities have evaluated the effect of the error, both qualitatively and quantitatively, and concluded that it is immaterial to their respective previously issued condensed consolidated financial statements, and will correct prospectively in subsequent quarterly filings. For the nine months ended September 30, 2017, six months ended June 30, 2017 and three months ended March 31, 2017, the correction of this error will result in an increase (decrease) in Net Cash Provided by Operating Activities (impacting the change in Accounts, Interest and Dividends Payable for the Company and Accounts Payable for the Utilities) of $33 million, ($7 million) and ($42 million), respectively, and an increase (decrease) in Capital Expenditures and Net Cash Used in Investing Activities of ($33 million), $7 million and $42 million, respectively.

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