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Share-based compensation (Tables)
 3 Months Ended
Mar. 31, 2025
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 from continuing operations were as follows:
 Three months ended March 31
(in millions)20252024
HEI consolidated
Share-based compensation expense 1
$0.8 $0.8 
Income tax benefit0.1 0.1 
Hawaiian Electric consolidated
Share-based compensation expense 1
0.5 0.4 
Income tax benefit
0.1 — 
1    For the three months ended March 31, 2025 and 2024, the Company has not capitalized any share-based compensation.
Schedule of Restricted Stock Units Information about HEI’s grants of restricted stock units was as follows:
Three months ended March 31
 20252024
Shares(1)Shares(1)
Outstanding, beginning of period65,628 $42.09 189,024 $41.23 
Granted— — — — 
Vested(42,452)41.92 (97,050)40.39 
Forfeited(1,004)42.41 (1,071)41.97 
Outstanding, end of period22,172 $42.41 90,903 $42.11 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— 
(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
 20252024
Shares(1)Shares(1)
Outstanding, beginning of period98,441 $31.36 76,477 $50.11 
Granted 462,313 11.25 62,152 17.28 
Vested (issued or unissued and cancelled)(17,287)54.92 (28,577)41.12 
Forfeited— — (409)55.63 
Outstanding, end of period543,467 $13.50 109,643 $33.82 
Total weighted-average grant-date fair value of shares granted (in millions)$5.2 $1.1 
(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:
20252024
Risk-free interest rate4.37 %4.25 %
Expected life in years33
Expected volatility64.7 %52.5 %
Range of expected volatility for Peer Group
15.3% to 64.7%
12.3% to 52.5%
Grant-date fair value (per share) (HEI)
$11.39 $17.28 
Grant-date fair value (per share) (Hawaiian Electric)
$11.12 $17.28 
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
20252024
 Shares(1)Shares(1)
Outstanding, beginning of period438,967 $18.17 327,085 $39.44 
Granted — — 362,963 13.09 
Vested — — (113,118)34.93 
Increase above target/(cancelled) due to performance
— — (546)41.29 
Forfeited— — (1,640)42.04 
Outstanding, end of period438,967 $18.17 574,744 $23.68 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)$— $4.8 
(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.