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Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [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)						2021						2020						2021						2020
HEI consolidated
Share-based compensation expense 1						$	1.3					$	1.4					$	6.7					$	5.4
Income tax benefit						0.1						0.2						1.0						0.9
Hawaiian Electric consolidated
Share-based compensation expense 1						0.1						—						2.1						1.2
Income tax benefit						—						—						0.4						0.3

1    For the three and nine months ended September 30, 2021 and 2020, 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 September 30												Nine months ended September 30
(dollars in millions)						2021						2020						2021						2020
Shares granted						—						—						29,320						36,100
Fair value						$	—					$	—					$	1.2					$	1.3
Income tax benefit						—						—						0.3						0.3

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
			2021												2020												2021												2020
			Shares						(1)						Shares						(1)						Shares						(1)						Shares						(1)
Outstanding, beginning of period			229,775						$	38.02					204,357						$	40.65					193,939						$	40.89					207,641						$	35.36
Granted			1,432						45.09						—						—						133,924						34.49						78,595						47.99
Vested			(343)						37.83						—						—						(79,623)						38.51						(77,719)						34.19
Forfeited			(1,074)						38.52						—						—						(18,450)						39.92						(4,160)						35.81
Outstanding, end of period			229,790						$	38.06					204,357						$	40.65					229,790						$	38.06					204,357						$	40.65
Total weighted-average grant-date fair value of shares granted (in millions)			$	0.1											$	—											$	4.6											$	3.8

(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 TSR was as follows:

			Three months ended September 30																								Nine months ended September 30
			2021												2020												2021												2020
			Shares						(1)						Shares						(1)						Shares						(1)						Shares						(1)
Outstanding, beginning of period			91,159						$	42.87					90,616						$	42.08					89,222						$	42.10					96,402						$	39.62
Granted			281						41.12						—						—						46,024						41.12						24,630						48.62
Vested (issued or unissued and cancelled)			—						—						—						—						(32,355)						38.20						(29,409)						39.51
Forfeited			(466)						42.49						—						—						(11,917)						43.07						(1,007)						41.72
Outstanding, end of period			90,974						$	42.86					90,616						$	42.08					90,974						$	42.86					90,616						$	42.08
Total weighted-average grant-date fair value of shares granted (in millions)			$	—											$	—											$	1.9											$	1.2

(1)    Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.

Schedule of Long-Term Incentive Plan assumptions

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:

						2021						2020
Risk-free interest rate						0.19		%				1.39		%
Expected life in years						3						3
Expected volatility						29.9		%				13.1		%
Range of expected volatility for Peer Group						25.6% to 102.9%						13.6% to 95.4%
Grant date fair value (per share)						$41.12						$48.62

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
			2021												2020												2021												2020
			Shares						(1)						Shares						(1)						Shares						(1)						Shares						(1)
Outstanding, beginning of period			316,005						$	38.38					297,523						$	40.37					220,715						$	41.03					403,768						$	35.15
Granted			1,125						41.12						—						—						184,102						34.37						98,522						48.10
Vested			—						—						—						—						(43,155)						34.12						(135,804)						33.48
Increase above target (cancelled)			(22,354)						37.81						(21,807)						34.11						(21,077)						38.18						(86,739)						34.12
Forfeited			(1,865)						36.77						—						—						(47,674)						38.74						(4,031)						39.67
Outstanding, end of period			292,911						$	38.45					275,716						$	40.86					292,911						$	38.45					275,716						$	40.86
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)			$	—											$	—											$	6.3											$	4.7

(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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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.

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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.

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