Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 |
Basis of Presentation | ' |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents |
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Cash and cash equivalents include cash and money market accounts with maturities at acquisition of three months or less. The majority of cash balances at June 30, 2014 are held in one bank in demand deposit accounts. |
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Supplemental Non-Cash Investing and Financing Activities | ' |
Supplemental Non-Cash Investing and Financing Activities |
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Accounts payable included $13.6 million and $4.4 million at June 30, 2014 and 2013, respectively, for additions to property, plant and equipment. |
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Taxes Collected from Customers | ' |
Taxes Collected from Customers |
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The Company presents taxes collected from customers and remitted to governmental authorities on a gross basis, including such amounts in the Company’s reported operating revenues. Such amounts represent primarily Hawaii state general excise taxes and Hawaii Public Utility Commission fees. Such taxes and fees amounted to $1.8 million and $3.6 million for the three and six months ended June 30, 2014 and $1.8 million and $3.7 million for the three and six months ended June 30, 2013, respectively. |
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Earnings per Share | ' |
Earnings per Share |
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Basic earnings per share is based on the weighted effect of all common shares issued and outstanding, and is calculated by dividing earnings by the weighted average shares outstanding during the period. Diluted earnings per share is calculated by dividing earnings, adjusted for the effect, if any, from assumed conversion of all potentially dilutive common shares outstanding, by the weighted average number of common shares used in the basic earnings per share calculation plus the number of common shares that would be issued assuming conversion of all potentially dilutive common shares outstanding. The denominator used to compute basic and diluted earnings per share was as follows: |
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| | Three Months Ended | | Six Months Ended | |
| | June 30, | | June 30, | |
| | 2014 | | 2013 | | 2014 | | 2013 | |
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Basic earnings per share - weighted average shares | | 10,585,736 | | 10,335,828 | | 10,557,047 | | 10,313,984 | |
Effect of dilutive securities: | | | | | | | | | |
Employee and director restricted stock units | | 87,655 | | 129,361 | | 135,777 | | 139,786 | |
Warrants | | 590,227 | | 629,492 | | 607,784 | | 554,331 | |
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Diluted earnings per share - weighted average shares | | 11,263,618 | | 11,094,681 | | 11,300,608 | | 11,008,101 | |
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The computation of weighted average dilutive shares outstanding excluded restricted stock units to acquire 85,074 shares and 34,721 shares of common stock for the three month and six month period ended June 30, 2014, respectively. For the three months ended June 30, 2013, restricted stock units to acquire 2,945 shares of common stock were excluded. The unrecognized compensation on a per unit basis for these restricted stock units was greater than the average market price of the Company’s common stock for the period presented. Therefore, the effect would be anti-dilutive. For the six month period ended June 30, 2013 the restricted stock units excluded were not significant. |
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Recent Accounting Pronouncement | ' |
Recent Accounting Pronouncement |
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In May 2014, the Financial Accounting Standards Board issued a new accounting standard which provides guidance for revenue recognition. The new accounting standard will supersede the current revenue recognition requirements and most industry-specific guidance. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard will be effective for the Company in the first quarter of 2017 and either full retrospective or modified retrospective adoption is permitted. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this accounting standard on the consolidated financial statements. |
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