HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS
PER SHARE

OF COMMON STOCK

Years ended December 31, 2009, 2008, 2007, 2006 and 2005



|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|------------------------------------------------------------- |  | ---- | ------ | ---- | - | ------ |  | ---- | ------ | ---- | - | ------- |  | - | ------- | -
|(in thousands, except per share amounts)                      |  | 2009 |        | 2008 |   | 2007   |  | 2006 |        | 2005 |  
|Net income (loss)                                             |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 83,011 |      | $ | 90,278 |  | $    | 84,779 |      | $ | 108,001 |  | $ | 127,444 |  
|Discontinued operations                                       |  |      |       |      |   |       |  |      |       |      |   |        |  |   | (755    | )
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|                                                              |  | $    | 83,011 |      | $ | 90,278 |  | $    | 84,779 |      | $ | 108,001 |  | $ | 126,689 |  
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|Weighted-average number of common shares outstanding          |  |      | 91,396 |      |   | 84,631 |  |      | 82,215 |      |   | 81,145  |  |   | 80,828  |  
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|Adjusted weighted-average number of common shares outstanding |  |      | 91,516 |      |   | 84,720 |  |      | 82,419 |      |   | 81,373  |  |   | 81,200  |  
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|Basic earnings (loss) per common share                        |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 0.91   |      | $ | 1.07   |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.58    |  
|Discontinued operations                                       |  |      |       |      |   |       |  |      |       |      |   |        |  |   | (0.01   | )
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|                                                              |  | $    | 0.91   |      | $ | 1.07   |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.57    |  
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|Diluted earnings (loss) per common share                      |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 0.91   |      | $ | 1.07   |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.57    |  
|Discontinued operations                                       |  |      |       |      |   |       |  |      |       |      |   |        |  |   | (0.01   | )
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |  
|                                                              |  | $    | 0.91   |      | $ | 1.07   |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.56    |  
|                                                              |  |      |        |      |   |        |  |      |        |      |   |         |  |   |         |