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Share-based compensation (Tables) | 9 Months Ended
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Sep. 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 September 30 |  | Nine months ended September 30
(in millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
HEI consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | $ | 1.5 |  |  | $ | 1.1 |  |  | $ | 5.9 |  |  | $ | 4.4 |
Income tax benefit |  | 0.2 |  |  | 0.4 |  |  | 0.9 |  |  | 1.5 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | 0.6 |  |  | 0.4 |  |  | 2.1 |  |  | 1.6 |
Income tax benefit |  | 0.1 |  |  | 0.2 |  |  | 0.4 |  |  | 0.6 |
1 | For the three and nine months ended September 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 September 30 |  | Nine months ended September 30
(dollars in millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Shares granted |  | — |  |  | — |  |  | 38,821 |  |  | 35,770 |
Fair value |  | $ | — |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 1.2 |
Income tax benefit |  | — |  |  | — |  |  | 0.3 |  |  | 0.5 |
Schedule of 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
| 2018 |  | 2017 |  | 2018 |  | 2017
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 200,856 |  |  | $ | 33.03 |  |  | 206,483 |  |  | $ | 31.50 |  |  | 197,047 |  |  | $ | 31.53 |  |  | 220,683 |  |  | $ | 29.57 |
Granted | 1,789 |  |  | 35.61 |  |  | — |  |  | — |  |  | 93,853 |  |  | 34.12 |  |  | 97,873 |  |  | 33.47 |
Vested | — |  |  | — |  |  | (687 | ) |  | 24.48 |  |  | (75,683 | ) |  | 30.56 |  |  | (89,681 | ) |  | 28.84 |
Forfeited | (2,287 | ) |  | 32.83 |  |  | — |  |  | — |  |  | (14,859 | ) |  | 32.35 |  |  | (23,079 | ) |  | 31.50 |
Outstanding, end of period | 200,358 |  |  | $ | 33.05 |  |  | 205,796 |  |  | $ | 31.53 |  |  | 200,358 |  |  | $ | 33.05 |  |  | 205,796 |  |  | $ | 31.53 |
Total weighted-average grant-date fair value of shares granted (in millions) | $ | 0.1 |  |  |  |  | $ | — |  |  |  |  | $ | 3.2 |  |  |  |  | $ | 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 September 30 |  | Nine months ended September 30
| 2018 |  | 2017 |  | 2018 |  | 2017
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 66,177 |  |  | $ | 38.82 |  |  | 33,770 |  |  | $ | 39.51 |  |  | 32,904 |  |  | $ | 39.51 |  |  | 83,106 |  |  | $ | 22.95 |
Granted | 878 |  |  | 38.20 |  |  | — |  |  | — |  |  | 37,819 |  |  | 38.21 |  |  | 37,204 |  |  | 39.51 |
Vested (issued or unissued and cancelled) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (83,106 | ) |  | 22.95 |
Forfeited | (1,490 | ) |  | 38.85 |  |  | — |  |  | — |  |  | (5,158 | ) |  | 38.84 |  |  | (3,434 | ) |  | 39.51 |
Outstanding, end of period | 65,565 |  |  | $ | 38.81 |  |  | 33,770 |  |  | $ | 39.51 |  |  | 65,565 |  |  | $ | 38.81 |  |  | 33,770 |  |  | $ | 39.51 |
Total weighted-average grant-date fair value of shares granted (in millions) | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 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 MSRs used in the impairment analysis were as follows:
(dollars in thousands) |  | September 30, 2018 |  |  | December 31, 2017 |
Unpaid principal balance |  | $ | 1,206,025 |  |  | $ | 1,195,454 |
Weighted average note rate |  | 3.98 | % |  | 3.94 | %
Weighted average discount rate |  | 10.0 | % |  | 10.0 | %
Weighted average prepayment speed |  | 7.0 | % |  | 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
September 30, 2018 |  |  |  |  |  |  |  |  |  |
Home equity lines of credit |  | $ | 77 |  |  | Fair value of collateral |  | Appraised value less 7% selling cost |  |  |  | N/A (2)
Total loans |  | $ | 77 |  |  |  |  |  |  |  |  |
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. (2) N/A - Not applicable. There is one loan in each fair value measurement type.
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 September 30 |  | Nine months ended September 30
| 2018 |  | 2017 |  | 2018 |  | 2017
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 264,707 |  |  | $ | 33.79 |  |  | 135,078 |  |  | $ | 33.47 |  |  | 131,616 |  |  | $ | 33.47 |  |  | 109,816 |  |  | $ | 25.18 |
Granted | 3,511 |  |  | 35.58 |  |  | — |  |  | — |  |  | 151,277 |  |  | 34.12 |  |  | 148,818 |  |  | 33.47 |
Vested | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (109,816 | ) |  | 25.18 |
Forfeited | (5,958 | ) |  | 33.80 |  |  | — |  |  | — |  |  | (20,633 | ) |  | 33.80 |  |  | (13,740 | ) |  | 33.48 |
Outstanding, end of period | 262,260 |  |  | $ | 33.82 |  |  | 135,078 |  |  | $ | 33.47 |  |  | 262,260 |  |  | $ | 33.82 |  |  | 135,078 |  |  | $ | 33.47 |
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) | $ | 0.1 |  |  |  |  | $ | — |  |  |  |  | $ | 5.2 |  |  |  |  | $ | 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 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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