<SEC-DOCUMENT>0001157523-13-005257.txt : 20131104
<SEC-HEADER>0001157523-13-005257.hdr.sgml : 20131104
<ACCEPTANCE-DATETIME>20131104172124
ACCESSION NUMBER:		0001157523-13-005257
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131104
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131104
DATE AS OF CHANGE:		20131104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN STATES WATER CO
		CENTRAL INDEX KEY:			0001056903
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				954676679
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14431
		FILM NUMBER:		131190105

	BUSINESS ADDRESS:	
		STREET 1:		630 E FOOTHILL BLVD
		CITY:			SAN DIMAS
		STATE:			CA
		ZIP:			91773-9016
		BUSINESS PHONE:		9093943600

	MAIL ADDRESS:	
		STREET 1:		630 E FOOTHILL
		CITY:			SAN DIMAS
		STATE:			CA
		ZIP:			91773-9016
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50742588.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2013 Business Wire, a Berkshire Hathaway company.-->
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  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center; white-space: nowrap">
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-size: 18pt"><b>Form 8-K</b></font><br><b>CURRENT REPORT</b>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <b>Date of Report (Date of earliest event reported) November 4, 2013 </b><br><br>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-size: 14pt"><b>AMERICAN STATES WATER COMPANY</b></font><br><b>(Exact
      name of registrant as specified in its charter)</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <b>California</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 34%; text-align: center; padding-right: 0.0px; padding-left: 0.0px">
          <b>001-14431</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 33%; text-align: center; padding-right: 0.0px; padding-left: 0.0px">
          <b>95-4676679</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td valign="bottom" style="width: 34%; text-align: center; padding-left: 0.0px">
          (Commission File Number)
        </td>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer Identification
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            No.)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <b>630 East Foothill Blvd.</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>San Dimas, California</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td valign="bottom" style="white-space: nowrap; width: 33%; text-align: center; padding-right: 0.0px; padding-left: 0.0px">
          <b>91773</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of principal executive
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            offices)
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          (Zip Code)
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="3" style="text-align: center; padding-left: 0.0px">
          Registrant's telephone number, including area code: (909) 394-3600
        </td>
      </tr>
    </table>
    </div>
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p style="text-align: justify">
      <b>Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (<i>see</i> General Instruction A.2 below):</b>
    </p>
    <p style="margin-left: 30.0px; text-align: justify">
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><b>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</b><br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><b>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 14a-12)</b><br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 12pt">
      </font><b>Pre-commencement communications pursuant to Rule 14d-2(b)
      under the Exchange Act (17 CFR 240.14d-2(b))</b><br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 12pt">
      </font><b>Pre-commencement communications pursuant to Rule 13e-4(c)
      under the Exchange Act (17 CFR 240.13e-4(c)) </b><br><br>
    </p>
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>Section 2-Financial Information</b>
    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02. </b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Results
      of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On November&#160;4, 2013, American States Water Company released earnings for
      the third quarter ended September&#160;30, 2013. A copy of the Company's
      press release is attached hereto as Exhibit&#160;99.1.
    </p>
    <p style="text-align: justify">
      This Form 8-K and the attached exhibits are furnished to, but not filed
      with, the Securities and Exchange Commission.<br><br>
    </p>
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>Section 9-Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Financial
      Statements and Exhibits</b>
    </p>
    <p>
      The following exhibit is furnished hereunder:
    </p>
    <p style="white-space: nowrap">
      Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated November 4, 2013<br><br>
    </p>
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="bottom" style="width: 50%; text-align: center; padding-left: 0.0px">
          <b>AMERICAN STATES WATER COMPANY</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; width: 5%; text-align: left; padding-left: 0.0px">
          Date:
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; width: 45%; text-align: left; padding-left: 0.0px">
          November 4, 2013
        </td>
        <td valign="bottom" style="width: 50%; text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          /s/ Eva G. Tang
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="bottom" style="width: 50%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Eva G. Tang
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President-Finance, Chief Financial Officer,
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Corporate Secretary and Treasurer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>EXHIBIT
      INDEX</b></font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 14%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="bottom" style="width: 86%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; width: 14%; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          99.1
        </td>
        <td valign="bottom" style="width: 86%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release dated November 4, 2013
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50742588ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>American
      States Water Company Announces Earnings for the Third Quarter of 2013</b></font>
    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--November 4, 2013--American States
      Water Company (NYSE:AWR) today reported net income of $20.8 million, or
      basic and fully diluted earnings of $0.54 per share and $0.53 per share,
      respectively, for the quarter ended September&#160;30, 2013, as compared to
      net income of $18.7 million, or basic and fully diluted earnings of
      $0.49 per share and $0.48 per share, respectively, for the quarter ended
      September&#160;30, 2012, a 10.4% increase in diluted earnings per share.
    </p>
    <p>
      On May 20, 2013, the Board of Directors of AWR approved a two-for-one
      stock split of the Company's common shares. In September 2013,
      shareholders received one additional share for each AWR common share
      they owned. The two-for-one stock split has been retroactively applied,
      resulting in an increase in the number of shares outstanding for all
      periods presented.
    </p>
    <p>
      <b>Third Quarter 2013 Results</b>
    </p>
    <p>
      The table below sets forth a comparison of the third quarter diluted
      earnings per share by business segment:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="7" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>3 Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>9/30/2013</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>9/30/2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>CHANGE</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Water
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.42
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.06
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Electric
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Contracted services
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.04
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          AWR (parent)
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          0.04
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          ---
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          0.04
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 5.0px">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          0.53
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          0.48
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          0.05
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u>Water</u>
    </p>
    <p>
      For the three months ended September&#160;30, 2013, diluted earnings per
      share from the water segment of AWR's Golden State Water Company
      (&quot;GSWC&quot;) subsidiary increased by $0.06 to $0.42 per share, as compared
      to $0.36 per share for the same period of 2012. Impacting the
      comparability of the two periods were the following items:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        An increase in the water gross margin of approximately $2.6 million,
        or $0.04 per share, due primarily to new rates and a new adopted gross
        margin effective January&#160;1, 2013 approved by the California Public
        Utilities Commission (the &#8220;CPUC&#8221;) on May&#160;9, 2013. In addition, there
        was an increase of $1.5 million in revenues with a corresponding
        increase in operating expenses, representing new surcharges billed to
        customers during the three months ended September 30, 2013 to recover
        previously incurred costs. These surcharges had no net earnings impact.
      </li>
      <li style="margin-bottom: 10.0px">
        Excluding supply costs and the $1.5 million increase in expenses
        resulting from the new surcharges discussed above, operating expenses
        remained relatively unchanged as compared to the same period last
        year. Increases in planned maintenance work were largely offset by
        lower depreciation expense as a result of a decrease in composite
        rates approved in the water rate case.
      </li>
      <li style="margin-bottom: 10.0px">
        A decrease in the water effective income tax rate for the three months
        ended September&#160;30, 2013 as compared to the same period in 2012,
        increasing earnings by $0.02 per share. The change in the tax rate is
        primarily due to changes between book and taxable income from
        plant-related items that are treated as flow-through adjustments in
        accordance with regulatory requirements.
      </li>
    </ul>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>Electric</u>
    </p>
    <p>
      For the three months ended September&#160;30, 2013, diluted earnings from the
      electric segment were $0.01 per share as compared to $0.02 per share for
      the same period in 2012 due primarily to an increase in the effective
      income tax rate as a result of flow-through tax adjustments, which
      decreased earnings by $0.01 per share as compared to the three months
      ended September 30, 2012.
    </p>
    <p>
      <u>Contracted Services</u>
    </p>
    <p>
      For the three months ended September&#160;30, 2013, diluted earnings from
      contracted services decreased by $0.04 per share as compared to the same
      period in 2012 due to: (i) an&#160;increase in administrative expenses mostly
      from labor and other employee related benefits, in part, to pursue new
      military base utility privatization opportunities, and (ii) lower
      construction activities during the three months ended September 30, 2013
      as compared to the same period in 2012 due primarily to excessive
      rainfall in the month of July 2013 at Fort Bragg and an expected
      slowdown of renewal and replacement capital work at Fort Bliss.
    </p>
    <p>
      <u>AWR (parent)</u>
    </p>
    <p>
      For the three months ended September&#160;30, 2013, diluted earnings from AWR
      (parent) increased by $0.04 per share as compared to the same period in
      2012 resulting primarily from a cumulative tax benefit related to an
      employee benefit program of approximately $1.5 million recorded during
      the third quarter of 2013 for deductions taken on recently filed tax
      returns and amounts expected to be taken on amended income tax returns.
      Approximately $1.4 million of this benefit relates to periods prior to
      the third quarter of 2013.
    </p>
    <p>
      <b>Year-to-Date 2013 Results</b>
    </p>
    <p>
      The table below sets forth a comparison of the year-to-date (&#8220;YTD&#8221;)
      diluted earnings per share contribution by business segment:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="7" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>9 Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>9/30/2013</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>9/30/2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>CHANGE</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Water
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          1.00
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.22
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Electric
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.04
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Contracted services
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.07
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          AWR (parent)
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          0.05
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          ---
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          0.05
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 5.0px">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          1.31
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          1.15
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          0.16
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Basic and fully diluted earnings for the nine months ended September&#160;30,
      2013 increased by $0.16 per share, or 13.9%, over the prior year&#8217;s fully
      diluted earnings per share (&#8220;EPS&#8221;).
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="3" style="text-align: center; padding-left: 0.0px">
          <b>Increase/</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Reconciliation of changes in YTD EPS from 2012 to 2013:</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>(decrease)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>Water Segment</i></u><i>:</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Water gross margin contribution due to rate increases (excluding
          surcharges)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.15
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          One-time recovery of previously incurred costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.04
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Higher operating expenses &#8211; primarily planned maintenance costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.02
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Lower depreciation &amp; amortization expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.03
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Lower effective tax rate due to flow-through adjustments
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          0.02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>Electric Segment</i></u><i>:</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            A decrease in the recovery of costs associated with the Renewables
            Portfolio Standard, an increase in A&amp;G expenses, and a higher
            effective income tax rate
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.04
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>Contracted Services Segment</i></u><i>:</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Higher operating and administrative expenses due, in part, to
            pursue new military base opportunities
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (0.03
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Lower construction activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.03
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Contract modification received in 2012 which did not recur in 2013
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><i>AWR parent</i></u><i>:</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Increase due primarily to a cumulative tax benefit related to an
            employee benefit program
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.05
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            YTD 2013 Consolidated EPS increase
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.16
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Dividends</b>
    </p>
    <p>
      American States Water Company has paid dividends to shareholders every
      year since 1931, increasing the dividends received by shareholders each
      calendar year since 1954. On October&#160;29, 2013, the Board of Directors of
      AWR approved a dividend of $0.2025 per share on the common shares of the
      Company. Dividends on the common shares will be paid on December&#160;2, 2013
      to shareholders of record at the close of business on November 15, 2013.
    </p>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      This press release includes a discussion on water and electric gross
      margins, which are computed by taking total water and electric revenues,
      less total supply costs. The discussion also includes AWR's operations
      in terms of diluted earnings per share by business segment, which is
      each business segment's earnings divided by the Company's weighted
      average number of diluted shares. These items are derived from
      consolidated financial information but are not presented in our
      financial statements that are prepared in accordance with Generally
      Accepted Accounting Principles (&#8220;GAAP&#8221;) in the United States. These
      items constitute &quot;non-GAAP financial measures&quot; under Securities and
      Exchange Commission rules.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The non-GAAP financial measures supplement our GAAP disclosures and
      should not be considered as alternatives to the GAAP measures.
      Furthermore, the non-GAAP financial measures may not be comparable to
      similarly titled non-GAAP financial measures of other registrants. The
      Company uses water and electric gross margins and earnings per share by
      business segment as important measures in evaluating its operating
      results and believes these measures are useful internal benchmarks in
      evaluating the performance of its operating segments. The Company
      reviews these measures regularly and compares them to historical periods
      and to the operating budget.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      Certain matters discussed in this news release with regard to the
      Company's expectations may be forward-looking statements that involve
      risks and uncertainties. The assumptions and risk factors that could
      cause actual results to differ materially include those described in the
      Company's Form 10-Q for the quarter ended September&#160;30, 2013 filed with
      the Securities and Exchange Commission.
    </p>
    <p>
      <b>Third Quarter 2013 Earnings Release Conference Call</b>
    </p>
    <p>
      The Company will host a conference call tomorrow, November&#160;5, 2013 at
      2:00 p.m. Eastern Time (11:00 a.m. Pacific Time). Interested parties can
      listen to the live conference call over the Internet by logging on to <u>www.aswater.com</u>.
    </p>
    <p>
      The call will also be archived on our website and can be replayed
      beginning Tuesday, November 5, 2013 at 2:00 p.m. Pacific Time and will
      run through Tuesday, November 12, 2013. After logging on to the website,
      click the &#8220;Investors&#8221; button at the top of the page. The archive is
      located just above the &#8220;Stock Quote&#8221; section.
    </p>
    <p>
      <b>About American States Water Company</b>
    </p>
    <p>
      American States Water Company is the parent of Golden State Water
      Company and American States Utility Services, Inc. Through its utility
      subsidiary, Golden State Water Company, AWR provides water service to
      approximately 256,000 customers located within 75 communities throughout
      10 counties in Northern, Coastal and Southern California. The Company
      also distributes electricity to over 23,000 customers in the City of Big
      Bear and surrounding areas in San Bernardino County, California. Through
      its contracted services subsidiary, American States Utility Services,
      Inc., the Company provides operations, maintenance and construction
      management services for water and wastewater systems located on military
      bases throughout the country through 50-year privatization contracts
      with the U.S. government.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="23" style="text-align: center; padding-left: 0.0px">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="23" style="text-align: center; padding-left: 0.0px">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          <b>Comparative Condensed Balance Sheets (unaudited)</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="10">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>(in thousands)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="7" style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>September 30, 2013</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="10" style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>December 31, 2012</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="10">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Property, Plant and Equipment &#8211; Net
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          968,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="7" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          917,791
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Goodwill
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          1,116
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="8" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          1,116
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Other Property and Investments
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          15,343
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="8" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          13,755
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Current Assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          202,565
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="8" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          184,033
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          Regulatory and Other Assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          163,570
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="8" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          164,248
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>1,351,053</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="7" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>1,280,943</b>
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="4" style="text-align: left; padding-left: 0.0px">
          <b>Capitalization and Liabilities</b>
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="10">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Capitalization
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          818,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="8" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          787,042
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Current Liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          115,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="8" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          93,697
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          Other Credits
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          416,405
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="8" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          400,204
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>1,351,053</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="7" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>1,280,943</b>
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" colspan="12" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended</b>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" colspan="8" style="text-align: center; padding-left: 0.0px">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          <b>Condensed Statements of Income (unaudited)</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" colspan="12" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>September 30,</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px">

        </td>
        <td valign="bottom" colspan="8" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>September 30,</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>(in thousands, except per share amounts)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="6" style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>2013</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>2013</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>2012</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Operating Revenues</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>130,914</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>133,893</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>362,161</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>355,367</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Operating Expenses:</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="text-align: right; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: right; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: right; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: right; padding-left: 0.0px">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Water purchased
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          19,246
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          18,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          46,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          42,257
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Power purchased for pumping
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          3,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          3,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          7,385
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          6,642
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Groundwater production assessment
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          4,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          3,923
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          11,666
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          11,228
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Power purchased for resale
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          3,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          2,854
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          9,894
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          8,725
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Supply cost balancing accounts
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (1,003
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          1,960
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (9
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          9,560
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Other operation
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          7,185
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          7,394
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          19,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          21,671
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Administrative and general
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          20,083
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          17,734
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          56,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          52,626
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          9,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          10,230
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          29,337
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          31,127
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Maintenance
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          4,666
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          4,232
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          13,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          11,415
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Property and other taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          4,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          3,878
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          12,004
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          11,699
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          ASUS construction
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          19,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          23,332
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          59,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          58,513
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Net gain on sale of property
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (65
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (12
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (68
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          94,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          97,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          264,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          265,395
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Operating Income</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>36,164</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>36,480</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>97,421</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>89,972</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Other Income and Expenses</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="text-align: right; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="text-align: right; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="text-align: right; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="text-align: right; padding-left: 0.0px">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (5,852
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (6,018
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (17,398
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (17,808
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Interest income
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          185
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          1,129
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Other, net
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          247
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          219
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          673
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          435
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Total other income and expenses
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (5,420
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (5,380
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (16,213
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          (16,244
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Income from operations before income tax expense</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          30,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          31,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          81,208
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          73,728
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 10.0px">
          Income tax expense
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          9,905
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          12,436
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          30,302
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          29,871
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>Net Income</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>20,839</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>18,664</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>50,906</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>43,857</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Basic Earnings Per Common Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.54</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.49</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>1.31</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>1.15</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Fully Diluted Earnings Per Common Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.53</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.48</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>1.31</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>1.15</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Weighted Average Common Shares Outstanding, Basic</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>38,696</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>38,117</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>38,613</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>37,849</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Weighted Average Common Shares Outstanding, Diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>38,923</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>38,205</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>38,835</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>38,077</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Dividends Paid Per Common Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="4" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.2025</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.1775</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.5575</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px">
          <b>0.4575</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>American States Water Company<br>Eva G. Tang<br>Senior Vice
      President-Finance, Chief Financial Officer,<br>Corporate Secretary and
      Treasurer<br>Telephone: (909) 394-3600, ext. 707
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
