HEI Exhibit 11



Hawaiian Electric Industries, Inc.

COMPUTATION OF EARNINGS PER SHARE

OF COMMON STOCK

Years ended December 31, 2005, 2004, 2003, 2002 and 2001



|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- |  | - | ------- | - | ---- | - | ------- |  | - | ------- | -
|(in thousands, except per share
amounts)                      |  | 2005 |         |   | 2004 |   | 2003    |  |   | 2002    |   | 2001 |  
|Net income (loss)                                             |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 127,444 |   |      | $ | 107,739 |  | $ | 118,048 |   |      | $ | 118,217 |  | $ | 107,746 |  
|Discontinued operations                                       |  |      | (755    | ) |      |   | 1,913   |  |   | (3,870  | ) |      |   |        |  |   | (24,041 | )
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|                                                              |  | $    | 126,689 |   |      | $ | 109,652 |  | $ | 114,178 |   |      | $ | 118,217 |  | $ | 83,705  |  
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Weighted-average number of common shares outstanding          |  |      | 80,828  |   |      |   | 79,562  |  |   | 74,696  |   |      |   | 72,556  |  |   | 67,508  |  
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Adjusted weighted-average number of common shares outstanding |  |      | 81,200  |   |      |   | 79,719  |  |   | 74,974  |   |      |   | 72,954  |  |   | 67,884  |  
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Basic earnings (loss) per common share                        |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 1.58    |   |      | $ | 1.36    |  | $ | 1.58    |   |      | $ | 1.63    |  | $ | 1.60    |  
|Discontinued operations                                       |  |      | (0.01   | ) |      |   | 0.02    |  |   | (0.05   | ) |      |   |        |  |   | (0.36   | )
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|                                                              |  | $    | 1.57    |   |      | $ | 1.38    |  | $ | 1.53    |   |      | $ | 1.63    |  | $ | 1.24    |  
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Diluted earnings (loss) per common share                      |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|Continuing operations                                         |  | $    | 1.57    |   |      | $ | 1.36    |  | $ | 1.57    |   |      | $ | 1.62    |  | $ | 1.59    |  
|Discontinued operations                                       |  |      | (0.01   | ) |      |   | 0.02    |  |   | (0.05   | ) |      |   |        |  |   | (0.36   | )
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  
|                                                              |  | $    | 1.56    |   |      | $ | 1.38    |  | $ | 1.52    |   |      | $ | 1.62    |  | $ | 1.23    |  
|                                                              |  |      |         |   |      |   |         |  |   |         |   |      |   |         |  |   |         |  



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.