Grant,
There are several ways to make the calculation, and it depends on what assumptions we make about charged battery voltage vs. discharged battery voltage, etc.. When measuring the output of the battery (input to the driver), one must record both the voltage and current since I am using a current regulator for the LED, so as you lower the input voltage to the driver, the current draw will increase to maintain constant output to the LED.
I like calculating runtime using watts, which is more realistic:
Available watts = 12 volts * 14 AH = 168 watts
Watts for load (high battery voltage) = 12.99 * 0.93 = 12.08 watts
Watts for load (low battery voltage) = 11.99 * 1.0 = 11.99 watts
Average load power = 12.04 watts
Runtime = 168 / 12.04 = 13.96 hours
So your initial high level estimate is about right
However, note that the driver needs only about 0.5 volts or so higher than vf to work (being that this is a buck driver). So if we assume something like Vin = 4-5 volts minimum, the driver will suck the 12 battery dry if you let it. Best to either keep a log of the numbers of hours you are using the light, or re-charge every time after a dive - that way you will not over-discharge the battery.
The good thing is that at close to 14 hours, you can do a LOT of diving before having to recharge
I forgot to mention to you that the hipCC is protected against reverse polarity protection, so if the LED does not turn ON, check that the battery is wired properly.