HEI Exhibit 11 Hawaiian Electric Industries, Inc. COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK Years ended December 31, 1994, 1993, 1992, 1991 and 1990 (in thousands, except per share amounts) 1994 1993 1992 1991 1990 ------- ------- -------- ------- ------- Net income (loss) Continuing operations $73,030 $61,684 $ 61,715 $55,620 $42,895 Discontinued operations -- (13,025) (73,297) (794) 707 ------- ------- -------- ------- ------- $73,030 $48,659 $(11,582) $54,826 $43,602 ======= ======= ======== ======= ======= Weighted average number of common shares outstanding 28,137 25,938 24,275 22,882 21,559 ======= ======= ======== ======= ======= Earnings (loss) per common share Continuing operations $2.60 $2.38 $2.54 $2.43 $1.99 Discontinued operations -- (0.50) (3.02) (0.03) 0.03 ------- ------- -------- ------- ------- $2.60 $1.88 $(0.48) $2.40 $2.02 ======= ======= ======== ======= ======= Note: The dilutive effect of stock options is not material. 72