HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended
December 31, 2006, 2005, 2004, 2003 and 2002



|                                                              |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|------------------------------------------------------------- |  | ---- | ------- | ---- | - | ------- | ---- |  | ---- | ------- |  | ---- | ------- | - |  | - | -------
|(in thousands, except per share amounts)                      |  | 2006 |         | 2005 |   |         | 2004 |  | 2003 |         |  | 2002
|Net income (loss)                                             |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|Continuing operations                                         |  | $    | 108,001 |      | $ | 127,444 |      |  | $    | 107,739 |  | $    | 118,048 |   |  | $ | 118,217
|Discontinued operations                                       |  |      |        |      |   | (755    | )    |  |      | 1,913   |  |      | (3,870  | ) |  |   |       
|                                                              |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|                                                              |  | $    | 108,001 |      | $ | 126,689 |      |  | $    | 109,652 |  | $    | 114,178 |   |  | $ | 118,217
|                                                              |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|Weighted-average number of common shares outstanding          |  |      | 81,145  |      |   | 80,828  |      |  |      | 79,562  |  |      | 74,696  |   |  |   | 72,556 
|Adjusted weighted-average number of common shares outstanding |  |      | 81,373  |      |   | 81,200  |      |  |      | 79,719  |  |      | 74,974  |   |  |   | 72,954 
|Basic earnings (loss) per common share                        |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|Continuing operations                                         |  | $    | 1.33    |      | $ | 1.58    |      |  | $    | 1.36    |  | $    | 1.58    |   |  | $ | 1.63   
|Discontinued operations                                       |  |      |        |      |   | (0.01   | )    |  |      | 0.02    |  |      | (0.05   | ) |  |   |       
|                                                              |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|                                                              |  | $    | 1.33    |      | $ | 1.57    |      |  | $    | 1.38    |  | $    | 1.53    |   |  | $ | 1.63   
|                                                              |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|Diluted earnings (loss) per common share                      |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|Continuing operations                                         |  | $    | 1.33    |      | $ | 1.57    |      |  | $    | 1.36    |  | $    | 1.57    |   |  | $ | 1.62   
|Discontinued operations                                       |  |      |        |      |   | (0.01   | )    |  |      | 0.02    |  |      | (0.05   | ) |  |   |       
|                                                              |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        
|                                                              |  | $    | 1.33    |      | $ | 1.56    |      |  | $    | 1.38    |  | $    | 1.52    |   |  | $ | 1.62   
|                                                              |  |      |         |      |   |         |      |  |      |         |  |      |         |   |  |   |        

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.