XML 45 R31.htm IDEA: XBRL DOCUMENT v3.19.1

Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2019

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)		2019				2018
HEI consolidated
Share-based compensation expense 1		$	2.2			$	1.7
Income tax benefit		0.3				0.2
Hawaiian Electric consolidated
Share-based compensation expense 1		0.8				0.6
Income tax benefit		0.1				0.1

¹ 

For the three months ended March 31, 2019 and 2018, 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 under the 2011 Director Plan as follows:

		Three months ended March 31
(dollars in thousands)		2019				2018
Shares granted		—				1,074
Fair value		$	—			$	39
Income tax benefit		—				10

Schedule of restricted stock units

Information about HEI’s grants of restricted stock units was as follows:

		Three months ended March 31
		2019								2018
		Shares				(1)				Shares				(1)
Outstanding, beginning of period		200,358				$	33.05			197,047				$	31.53
Granted		94,559				37.68				88,905				34.10
Vested		(76,712		)		32.61				(75,235		)		30.55
Forfeited		(6,980		)		33.18				(2,629		)		33.09
Outstanding, end of period		211,225				$	35.28			208,088				$	32.97
Total weighted-average grant-date fair value of shares granted (in millions)		$	3.6							$	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

Information about HEI’s LTIP grants linked to TSR was as follows:

		Three months ended March 31
		2019								2018
		Shares				(1)				Shares				(1)
Outstanding, beginning of period		65,578				$	38.81			32,904				$	39.51
Granted		34,647				41.07				35,626				38.21
Vested (issued or unissued and cancelled)		—				—				—				—
Forfeited		(1,914		)		38.62				(1,739		)		38.83
Outstanding, end of period		98,311				$	39.61			66,791				$	38.84
Total weighted-average grant-date fair value of shares granted (in millions)		$	1.4							$	1.4

(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)		March 31, 2019				December 31, 2018
Unpaid principal balance		$	1,172,573			$	1,188,514
Weighted average note rate		3.99		%		3.98		%
Weighted average discount rate		10.0		%		10.0		%
Weighted average prepayment speed		7.4		%		6.5		%

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:

		2019			2018
Risk-free interest rate		2.48	%		2.29	%
Expected life in years		3			3
Expected volatility		15.8	%		17.0	%
Range of expected volatility for Peer Group		15.0% to 73.2%			15.1% to 26.2%
Grant date fair value (per share)		$41.07			$38.20

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

March 31, 2019

Residential loan

$

192

Fair value of property or collateral

Appraised value less 7% selling cost

N/A (2)

Commercial loan

45

Fair value of property or collateral

Fair value of business assets

N/A (2)

Total loans

$

237

December 31, 2018

Home equity line of credit

$

77

Fair value of property or collateral

Appraised value less 7% selling cost

N/A (2)

Total loans

$

77

Real estate acquired in settlement of loans

$

186

Fair value of property or collateral

Appraised value less 7% selling cost

N/A (2)

(1) Represent percent of outstanding principal balance.

(2) N/A - Not applicable. There is one asset 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 March 31
		2019								2018
		Shares				(1)				Shares				(1)
Outstanding, beginning of period		276,169				$	33.80			131,616				$	33.47
Granted		138,580				37.68				142,509				34.10
Vested		—				—				—				—
Forfeited		(7,659		)		33.91				(6,958		)		33.81
Outstanding, end of period		407,090				$	35.12			267,167				$	33.80
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)		$	5.2							$	4.9

(1)

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

X

- 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

Name:	he_ScheduleOfShareBasedCompensationLongTermIncentivePlanLinkedToOtherPerformanceConditionsActivityTableTextBlock
Namespace Prefix:	he_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the number and weighted-average grant date fair value for long-term incentive plan awards that were outstanding at the beginning and end of the year, and the number that were granted, vested, or forfeited during the year.

+ References

No definition available.

+ Details

Name:	he_ScheduleOfShareBasedCompensationLongTermIncentivePlanLinkedToTotalReturnToShareholdersTableTextBlock
Namespace Prefix:	he_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfShareBasedCompensationNonemployeeDirectorStockAwardPlanActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited 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 (c)(1)
-URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration