HEI Exhibit 11

Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended
December 31, 2007, 2006, 2005, 2004 and 2003



|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|------------------------------------------------------------- |  | ---- | ------ | ---- | - | ------- |  | - | ------- | - | ---- | - | ------- |  | - | ------- | -
|(in thousands, except per share amounts)                      |  | 2007 |        | 2006 |   | 2005    |  |   | 2004    |   | 2003 |  
|Net income (loss)                                             |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 84,779 |      | $ | 108,001 |  | $ | 127,444 |   |      | $ | 107,739 |  | $ | 118,048 |  
|Discontinued operations                                       |  |      |       |      |   |        |  |   | (755    | ) |      |   | 1,913   |  |   | (3,870  | )
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|                                                              |  | $    | 84,779 |      | $ | 108,001 |  | $ | 126,689 |   |      | $ | 109,652 |  | $ | 114,178 |  
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Weighted-average number of common shares outstanding          |  |      | 82,215 |      |   | 81,145  |  |   | 80,828  |   |      |   | 79,562  |  |   | 74,696  |  
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Adjusted weighted-average number of common shares outstanding |  |      | 82,419 |      |   | 81,373  |  |   | 81,200  |   |      |   | 79,719  |  |   | 74,974  |  
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Basic earnings (loss) per common share                        |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.58    |   |      | $ | 1.36    |  | $ | 1.58    |  
|Discontinued operations                                       |  |      |       |      |   |        |  |   | (0.01   | ) |      |   | 0.02    |  |   | (0.05   | )
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|                                                              |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.57    |   |      | $ | 1.38    |  | $ | 1.53    |  
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Diluted earnings (loss) per common share                      |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.57    |   |      | $ | 1.36    |  | $ | 1.57    |  
|Discontinued operations                                       |  |      |       |      |   |        |  |   | (0.01   | ) |      |   | 0.02    |  |   | (0.05   | )
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|                                                              |  | $    | 1.03   |      | $ | 1.33    |  | $ | 1.56    |   |      | $ | 1.38    |  | $ | 1.52    |  
|                                                              |  |      |        |      |   |         |  |   |         |   |      |   |         |  |   |         |  

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.