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Share-based compensation (Tables)
 9 Months Ended
Sep. 30, 2024
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 30Nine months ended September 30
(in millions)2024202320242023
HEI consolidated
Share-based compensation expense 1
$0.1 $2.4 $3.2 $8.3 
Income tax benefit— 0.5 0.3 1.6 
Hawaiian Electric consolidated
Share-based compensation expense (benefit) 1
(0.1)0.7 1.1 2.5 
Income tax benefit (expense)
(0.1)0.1 0.1 0.5 
1    For the three and nine months ended September 30, 2024 and 2023, the Company has not capitalized any share-based compensation.
Schedule of Common Stock Granted to Nonemployee Directors HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:
Three months ended September 30Nine months ended September 30
(dollars in millions)2024202320242023
Shares granted— — — 40,450 
Fair value$— $— $— $1.5 
Income tax benefit— — — 0.4 
Schedule of Restricted Stock Units Information about HEI’s grants of restricted stock units was as follows:
Three months ended September 30Nine months ended September 30
 2024202320242023
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period89,869 $42.08 199,130 $41.22 189,024 $41.23 182,528 $39.75 
Granted— — — — — — 100,088 42.41 
Vested— — — — (98,084)40.43 (81,112)39.37 
Forfeited— — — — (1,071)41.97 (2,374)41.79 
Outstanding, end of period89,869 $42.08 199,130 $41.22 89,869 $42.08 199,130 $41.22 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $— $4.2 
(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 30Nine months ended September 30
 2024202320242023
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period109,262 $33.75 79,284 $50.28 76,477 $50.11 71,574 $47.67 
Granted — — — — 62,152 17.28 27,123 55.98 
Vested (issued or unissued and cancelled)— — — — (28,577)41.12 (18,691)48.62 
Forfeited— — — — (790)55.64 (722)48.92 
Outstanding, end of period109,262 $33.75 79,284 $50.28 109,262 $33.75 79,284 $50.28 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $1.1 $1.5 
(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:
20242023
Risk-free interest rate4.25 %4.19 %
Expected life in years33
Expected volatility52.5 %33.1 %
Range of expected volatility for Peer Group
12.3% to 52.5%
28.7% to 38.8%
Grant-date fair value (per share)
$17.28$55.98
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 30Nine months ended September 30
2024202320242023
 Shares(1)Shares (1)Shares(1)Shares(1)
Outstanding, beginning of period561,812 $23.25 357,477 $38.78 327,085 $39.44 309,589 $39.50 
Granted — — — — 362,963 13.09 108,499 42.41 
Vested — — — — (113,118)34.93 (62,778)48.07 
Increase above target (cancelled)(49,603)41.32 4,277 38.02 (61,556)41.52 10,278 37.77 
Forfeited— — — — (3,165)42.06 (3,834)43.53 
Outstanding, end of period512,209 $21.50 361,754 $39.17 512,209 $21.50 361,754 $39.17 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)$— $— $4.8 $4.6 
(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.