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Share-based compensation (Tables) | 6 Months Ended
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Jun. 30, 2018
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 June 30 |  | Six months ended June 30
(in millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
HEI consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | $ | 2.8 |  |  | $ | 2.2 |  |  | $ | 4.4 |  |  | $ | 3.3 |
Income tax benefit |  | 0.5 |  |  | 0.8 |  |  | 0.7 |  |  | 1.2 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | 0.9 |  |  | 0.7 |  |  | 1.5 |  |  | 1.1 |
Income tax benefit |  | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.4 |
1 | For the three and six months ended June 30, 2018 and 2017, the Company has not capitalized any share-based compensation.
Schedule of common stock granted to a nonemployee director under the 2011 Director Plan | HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows:
|  | Three months ended June 30 |  | Six months ended June 30
(dollars in millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Shares granted |  | 37,747 |  |  | 35,000 |  |  | 38,821 |  |  | 35,770 |
Fair value |  | $ | 1.3 |  |  | $ | 1.1 |  |  | $ | 1.3 |  |  | $ | 1.2 |
Income tax benefit |  | 0.3 |  |  | 0.4 |  |  | 0.3 |  |  | 0.5 |
Schedule of restricted stock units | Information about HEI’s grants of restricted stock units was as follows:
| Three months ended June 30 |  | Six months ended June 30
| 2018 |  | 2017 |  | 2018 |  | 2017
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 208,088 |  |  | $ | 32.97 |  |  | 236,036 |  |  | $ | 31.42 |  |  | 197,047 |  |  | $ | 31.53 |  |  | 220,683 |  |  | $ | 29.57 |
Granted | 3,159 |  |  | 33.78 |  |  | 896 |  |  | 33.06 |  |  | 92,064 |  |  | 34.09 |  |  | 97,873 |  |  | 33.47 |
Vested | (448 | ) |  | 31.94 |  |  | (7,370 | ) |  | 29.17 |  |  | (75,683 | ) |  | 30.56 |  |  | (88,994 | ) |  | 28.88 |
Forfeited | (9,943 | ) |  | 32.05 |  |  | (23,079 | ) |  | 31.50 |  |  | (12,572 | ) |  | 32.27 |  |  | (23,079 | ) |  | 31.50 |
Outstanding, end of period | 200,856 |  |  | $ | 33.03 |  |  | 206,483 |  |  | $ | 31.50 |  |  | 200,856 |  |  | $ | 33.03 |  |  | 206,483 |  |  | $ | 31.50 |
Total weighted-average grant-date fair value of shares granted (in millions) | $ | 0.1 |  |  |  |  | $ | — |  |  |  |  | $ | 3.1 |  |  |  |  | $ | 3.3 |  |  |
(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 TSR was as follows:
| Three months ended June 30 |  | Six months ended June 30
| 2018 |  | 2017 |  | 2018 |  | 2017
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 66,791 |  |  | $ | 38.84 |  |  | 36,971 |  |  | $ | 39.51 |  |  | 32,904 |  |  | $ | 39.51 |  |  | 83,106 |  |  | $ | 22.95 |
Granted | 1,315 |  |  | 38.20 |  |  | 233 |  |  | 39.51 |  |  | 36,941 |  |  | 38.21 |  |  | 37,204 |  |  | 39.51 |
Vested (issued or unissued and cancelled) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (83,106 | ) |  | 22.95 |
Forfeited | (1,929 | ) |  | 38.85 |  |  | (3,434 | ) |  | 39.51 |  |  | (3,668 | ) |  | 38.84 |  |  | (3,434 | ) |  | 39.51 |
Outstanding, end of period | 66,177 |  |  | $ | 38.82 |  |  | 33,770 |  |  | $ | 39.51 |  |  | 66,177 |  |  | $ | 38.82 |  |  | 33,770 |  |  | $ | 39.51 |
Total weighted-average grant-date fair value of shares granted (in millions) | $ | 0.1 |  |  |  |  | $ | — |  |  |  |  | $ | 1.4 |  |  |  |  | $ | 1.5 |  |  |
(1) | Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of Long-Term Incentive Program fair value awards granted | Key assumptions used in estimating the fair value of ASB’s mortgage servicing rights used in the impairment analysis were as follows:
(dollars in thousands) |  | June 30, 2018 |  |  | December 31, 2017 |
Unpaid principal balance |  | $ | 1,192,901 |  |  | $ | 1,195,454 |
Weighted average note rate |  | 3.96 | % |  | 3.94 | %
Weighted average discount rate |  | 10.0 | % |  | 10.0 | %
Weighted average prepayment speed |  | 6.8 | % |  | 9.0 | %
The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted:
|  | 2018 |  |  | 2017 |
Risk-free interest rate |  | 2.29 | % |  | 1.46 | %
Expected life in years |  | 3 |  |  | 3 |
Expected volatility |  | 17.0 | % |  | 20.1 | %
Range of expected volatility for Peer Group |  | 15.1% to 26.2% |  |  | 15.4% to 26.0% |
Grant date fair value (per share) |  | $38.20 |  | $39.51
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis:
|  |  |  |  |  |  |  | Significant unobservable input value (1)
($ in thousands) |  | Fair value |  | Valuation technique |  | Significant unobservable input |  | Range |  | Weighted Average
June 30, 2018 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 232 |  |  | Fair value of collateral |  | Appraised value less 7% selling cost |  | 62-69% |  | 68%
Total loans |  | $ | 232 |  |  |  |  |  |  |  |  |
December 31, 2017 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 613 |  |  | Fair value of collateral |  | Appraised value less 7% selling cost |  | 71-92% |  | 84%
Commercial loans |  | 2,008 |  |  | Fair value of collateral |  | Appraised value |  | 71-76% |  | 75%
Total loans |  | $ | 2,621 |  |  |  |  |  |  |  |  |
(1) Represent percent of outstanding principal balance.
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 June 30 |  | Six months ended June 30
| 2018 |  | 2017 |  | 2018 |  | 2017
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 267,167 |  |  | $ | 33.80 |  |  | 147,888 |  |  | $ | 33.48 |  |  | 131,616 |  |  | $ | 33.47 |  |  | 109,816 |  |  | $ | 25.18 |
Granted | 5,257 |  |  | 33.52 |  |  | 930 |  |  | 32.58 |  |  | 147,766 |  |  | 34.08 |  |  | 148,818 |  |  | 33.47 |
Vested | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (109,816 | ) |  | 25.18 |
Forfeited | (7,717 | ) |  | 33.80 |  |  | (13,740 | ) |  | 33.48 |  |  | (14,675 | ) |  | 33.80 |  |  | (13,740 | ) |  | 33.48 |
Outstanding, end of period | 264,707 |  |  | $ | 33.79 |  |  | 135,078 |  |  | $ | 33.47 |  |  | 264,707 |  |  | $ | 33.79 |  |  | 135,078 |  |  | $ | 33.47 |
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) | $ | 0.2 |  |  |  |  | $ | — |  |  |  |  | $ | 5.0 |  |  |  |  | $ | 5.0 |  |  |
(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 the number and weighted-average grant date fair value of shares that were outstanding at the beginning and end of the year, and the number of Long-Term Incentive Plan awards that were granted, vested, or forfeited during the year that were linked to other performance conditions. + References No definition available. + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock awards granted to nonemployee directors that were outstanding at the beginning and end of the year, and the number of awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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