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Share-based compensation (Tables) | 6 Months Ended
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Jun. 30, 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 June 30 |  | Six months ended June 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
HEI consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | $ | 2.8 |  |  | $ | 1.6 |  |  | $ | 3.5 |  |  | $ | 2.5 |
Income tax benefit |  | 0.5 |  |  | 0.1 |  |  | 0.5 |  |  | 0.2 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |
Share-based compensation expense 1 |  | 1.3 |  |  | 0.8 |  |  | 1.8 |  |  | 1.2 |
Income tax benefit |  | 0.2 |  |  | 0.1 |  |  | 0.3 |  |  | 0.1 |
1 For the three and six months ended June 30, 2025 and 2024, the Company has not capitalized any share-based compensation.
Schedule of Common Stock Granted to Non-employee Directors | HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:
|  | Three months ended June 30 |  | Six months ended June 30
(dollars in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Shares granted |  | 117,590 |  |  | — |  |  | 117,590 |  |  | — |
Fair value |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |
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 June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 22,172 |  |  | $ | 42.41 |  |  | 90,903 |  |  | $ | 42.11 |  |  | 65,628 |  |  | $ | 42.09 |  |  | 189,024 |  |  | $ | 41.23 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | — |  |  | — |  |  | (1,034) |  |  | 44.31 |  |  | (42,452) |  |  | 41.92 |  |  | (98,084) |  |  | 40.43 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | (1,004) |  |  | 42.41 |  |  | (1,071) |  |  | 41.97 |
Outstanding, end of period | 22,172 |  |  | $ | 42.41 |  |  | 89,869 |  |  | $ | 42.08 |  |  | 22,172 |  |  | $ | 42.41 |  |  | 89,869 |  |  | $ | 42.08 |
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 June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 543,467 |  |  | $ | 13.50 |  |  | 109,643 |  |  | $ | 33.82 |  |  | 98,441 |  |  | $ | 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 | — |  |  | — |  |  | (381) |  |  | 55.66 |  |  | — |  |  | — |  |  | (790) |  |  | 55.64 |
Outstanding, end of period | 543,467 |  |  | $ | 13.50 |  |  | 109,262 |  |  | $ | 33.75 |  |  | 543,467 |  |  | $ | 13.50 |  |  | 109,262 |  |  | $ | 33.75 |
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:
|  | 2025 |  | 2024
Risk-free interest rate |  | 4.37 | % |  | 4.25 | %
Expected life in years |  | 3 |  | 3
Expected volatility |  | 64.7 | % |  | 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 June 30 |  | Six months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 438,967 |  |  | $ | 18.17 |  |  | 574,744 |  |  | $ | 23.68 |  |  | 438,967 |  |  | $ | 18.17 |  |  | 327,085 |  |  | $ | 39.44 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 362,963 |  |  | 13.09 |
Vested | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (113,118) |  |  | 34.93 |
Increase above target/(cancelled) due to performance | — |  |  | — |  |  | (11,407) |  |  | 42.37 |  |  | — |  |  | — |  |  | (11,953) |  |  | 42.32 |
Forfeited | — |  |  | — |  |  | (1,525) |  |  | 42.07 |  |  | — |  |  | — |  |  | (3,165) |  |  | 42.06 |
Outstanding, end of period | 438,967 |  |  | $ | 18.17 |  |  | 561,812 |  |  | $ | 23.25 |  |  | 438,967 |  |  | $ | 18.17 |  |  | 561,812 |  |  | $ | 23.25 |
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.

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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 cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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