v3.26.1
Share-based compensation (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30Six months ended June 30
(in millions)2026202520262025
HEI consolidated
Share-based compensation expense1
$2.6 $2.8 $3.8 $3.5 
Income tax benefit0.5 0.5 0.6 0.5 
Hawaiian Electric consolidated
Share-based compensation expense1
1.4 1.3 2.1 1.8 
Income tax benefit
0.3 0.2 0.4 0.3 
1    For the three and six months ended June 30, 2026 and 2025, 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 and EIP as follows:
Three months ended June 30Six months ended June 30
(dollars in millions)2026202520262025
Shares granted92,380 117,590 92,380 117,590 
Fair value$1.2 $1.2 $1.2 $1.2 
Income tax benefit0.3 0.3 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 30Six months ended June 30
2026202520262025
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period— $— 22,172 $42.41 22,172 $42.41 65,628 $42.09 
Granted— — — — — — — — 
Vested— — — — (22,172)42.41 (42,452)41.92 
Forfeited— — — — — — (1,004)42.41 
Outstanding, end of period— $— 22,172 $42.41 — $— 22,172 $42.41 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $— $— 
(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 30Six months ended June 30
2026202520262025
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period838,780 $13.87 543,467 $13.50 543,467 $13.50 98,441 $31.36 
Granted — — — — 314,315 17.04 462,313 11.25 
Vested (issued or unissued and cancelled)— — — — (19,002)55.98 (17,287)54.92 
Forfeited(4,263)17.28 — — (4,263)17.28 — — 
Outstanding, end of period834,517 $13.85 543,467 $13.50 834,517 $13.85 543,467 $13.50 
Total weighted-average grant-date fair value of shares granted (in millions)$— $— $5.4 $5.2 
(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:
20262025
Risk-free interest rate3.49%4.37%
Expected life in years33
Expected volatility65.3%64.7%
Range of expected volatility for Peer Group
16.8% to 65.3%
15.3% to 64.7%
Grant-date fair value (per share) (HEI)$17.04 $11.39 
Grant-date fair value (per share) (Hawaiian Electric)$17.04 $11.12 
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 30Six months ended June 30
2026202520262025
Shares(1)Shares(1)Shares(1)Shares(1)
Outstanding, beginning of period362,963 $13.09 438,967 $18.17 362,963 $13.09 438,967 $18.17 
Granted — — — — — — — — 
Vested — — — — — — — — 
Forfeited(17,051)13.09 — — (17,051)13.09 — — 
Outstanding, end of period345,912 $13.09 438,967 $18.17 345,912 $13.09 438,967 $18.17 
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)$— $— $— $— 
(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.