HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended
December 31, 2008, 2007, 2006, 2005 and 2004



|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|------------------------------------------------------------- |  | ---- | ------ | ---- | - | ------ |  | ---- | ------- |  | ---- | ------- | - |  | - | -------
|(in thousands, except per share amounts)                      |  | 2008 |        | 2007 |   | 2006   |  | 2005 |         |  | 2004
|Net income (loss)                                             |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|Continuing operations                                         |  | $    | 90,278 |      | $ | 84,779 |  | $    | 108,001 |  | $    | 127,444 |   |  | $ | 107,739
|Discontinued operations                                       |  |      |       |      |   |       |  |      |        |  |      | (755    | ) |  |   | 1,913  
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|                                                              |  | $    | 90,278 |      | $ | 84,779 |  | $    | 108,001 |  | $    | 126,689 |   |  | $ | 109,652
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|Weighted-average number of common shares outstanding          |  |      | 84,631 |      |   | 82,215 |  |      | 81,145  |  |      | 80,828  |   |  |   | 79,562 
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|Adjusted weighted-average number of common shares outstanding |  |      | 84,720 |      |   | 82,419 |  |      | 81,373  |  |      | 81,200  |   |  |   | 79,719 
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|Basic earnings (loss) per common share                        |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|Continuing operations                                         |  | $    | 1.07   |      | $ | 1.03   |  | $    | 1.33    |  | $    | 1.58    |   |  | $ | 1.36   
|Discontinued operations                                       |  |      |       |      |   |       |  |      |        |  |      | (0.01   | ) |  |   | 0.02   
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|                                                              |  | $    | 1.07   |      | $ | 1.03   |  | $    | 1.33    |  | $    | 1.57    |   |  | $ | 1.38   
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|Diluted earnings (loss) per common share                      |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|Continuing operations                                         |  | $    | 1.07   |      | $ | 1.03   |  | $    | 1.33    |  | $    | 1.57    |   |  | $ | 1.36   
|Discontinued operations                                       |  |      |       |      |   |       |  |      |        |  |      | (0.01   | ) |  |   | 0.02   
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        
|                                                              |  | $    | 1.07   |      | $ | 1.03   |  | $    | 1.33    |  | $    | 1.56    |   |  | $ | 1.38   
|                                                              |  |      |        |      |   |        |  |      |         |  |      |         |   |  |   |        

On April 20, 2004, the HEI Board of Directors approved a 2-for-1 stock split in the form of a 100% stock
dividend with a record date of May 10, 2004 and a distribution date of June 10, 2004. All share and per share information has been adjusted to reflect the stock split for all periods presented.