<SEC-DOCUMENT>0001157523-15-002736.txt : 20150804
<SEC-HEADER>0001157523-15-002736.hdr.sgml : 20150804
<ACCEPTANCE-DATETIME>20150804164537
ACCESSION NUMBER:		0001157523-15-002736
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150804
DATE AS OF CHANGE:		20150804

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:		151026152

	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>a51156046.htm
<DESCRIPTION>AMERICAN STATES WATER COMPANY 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>UNITED STATES</b></font><br><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>Form 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 13pt"><b>CURRENT REPORT</b></font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>Pursuant to Section 13 or 15(d) of the
      Securities Exchange Act of 1934</b></font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>Date of Report (Date of earliest event
      reported) August 4, 2015 </b></font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>AMERICAN STATES WATER COMPANY</b></font><br><font style="font-size: 12pt"><b>(Exact
      name of registrant as specified in its charter)</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <b>California</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <b>001-14431</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <b>95-4676679</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          (Commission File Number)
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer Identification
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            No.)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

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

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

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

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

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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Registrant&#8217;s telephone number, including area code: (909) 394-3600</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <hr style="color: #000000; width: 100%; height: 1.0 pt; text-align: center">


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

    </p>
    <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>

    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 12pt"><b>&#8414;</b></font><b>
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</b><br><font style="font-family: Arial Unicode MS; font-size: 12pt"><b>&#8414;</b></font><b>
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 14a-12)</b><br><font style="font-family: Arial Unicode MS; font-size: 12pt"><b>&#8414;</b></font><font style="font-size: 12pt">&#160;</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-family: Arial Unicode MS; font-size: 12pt"><b>&#8414;</b></font><b>
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</b>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 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 style="text-align: center">
      <b>Section 2-Financial Information</b>
    </p>
    <p style="text-align: left">

    </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>

    </p>
    <p style="text-align: justify">
      On August 4, 2015, American States Water Company released earnings for
      the second quarter ended June&#160;30, 2015. A copy of the Company&#8217;s press
      release is attached hereto as Exhibit 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.
    </p>
    <p style="text-align: justify">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>Section 9-Financial Statements and Exhibits</b>
    </p>
    <p>

    </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>

    </p>
    <p style="white-space: nowrap">
      Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated August 4, 2015
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p>

    </p>
    <p>

    </p>
    <p>
      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.
    </p>
    <p>

    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <b>AMERICAN STATES WATER COMPANY</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; padding-bottom: 2.0px; text-align: left" valign="bottom">
          August 4, 2015
        </td>
        <td style="padding-left: 0.0px; width: 50%; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          /s/ Eva G. Tang
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p>

    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 89%; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 10%; text-align: left" valign="bottom">
          99.1
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 89%; text-align: left" valign="bottom">
          Press Release dated August 4, 2015
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51156046ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <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 Second Quarter of 2015</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      SAN DIMAS, Calif.--(BUSINESS WIRE)--August 4, 2015--American States
      Water Company (NYSE:AWR) today reported net income of $15.6 million, or
      basic and fully diluted earnings per share of $0.41 for the quarter
      ended June&#160;30, 2015, as compared to net income of $15.4 million, or
      basic and fully diluted earnings per share of $0.39 for the quarter
      ended June&#160;30, 2014.
    </p>
    <p>
      <b>Second Quarter 2015 Results</b>
    </p>
    <p>
      The table below sets forth a comparison of the second quarter diluted
      earnings per share by business segment, as reported:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="9" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="4">

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

        </td>
        <td>

        </td>
        <td colspan="4" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>6/30/2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="4" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>6/30/2014</b>
        </td>
        <td>

        </td>
        <td colspan="4" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>CHANGE</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Water
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

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

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.01
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Contracted services
        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.02
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          AWR (parent)
        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Consolidated diluted earnings per share, as reported
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.41
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.39
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u>Water</u>
    </p>
    <p>
      For the three months ended June&#160;30, 2015 and 2014, diluted earnings from
      the water segment were $0.33 per share. Excluding surcharges for the
      recovery of previously incurred costs, which have no impact on operating
      income, there was an increase in earnings of $0.02 per share due
      primarily to: (i) an increase in the water gross margin due to rate
      increases, (ii) a decrease in interest expense, and (iii) a lower
      effective income tax rate due primarily to changes between book and
      taxable income that are treated as flow-through adjustments in
      accordance with regulatory requirements. These increases to earnings
      were offset by an increase of $0.02 per share in administrative and
      general expenses resulting primarily from higher legal and other outside
      service costs related to condemnation and drought activities. Golden
      State Water Company (&quot;GSWC&quot;) will continue to incur legal costs to
      defend its water systems from condemnation actions. In connection with
      conservation efforts to meet the California Governor's order to reduce
      overall water usage by 25% as compared to 2013, GSWC has been authorized
      by the California Public Utilities Commission (&#8220;CPUC&#8221;) to track
      incremental drought-related costs incurred in a memorandum account for
      possible future recovery. Such incremental costs are being expensed
      until future recovery is approved by the CPUC.
    </p>
    <p>
      Billed water consumption for the second quarter of 2015 decreased by
      approximately 13% as compared to the same period in 2014 due largely to
      water conservation by our customers in response to the ongoing drought
      conditions in California. Mandatory water conservation and rationing
      have been implemented across all of GSWC&#8217;s water systems to help the
      communities it serves meet the state&#8217;s reduction mandates; therefore,
      water consumption is expected to continue decreasing during the
      remainder of 2015 as compared to the same period last year. The decrease
      in water consumption does not have a significant impact on revenues due
      to the CPUC-approved Water Revenue Adjustment Mechanism (&quot;WRAM&quot;) in
      place. GSWC records the difference between what it bills its water
      customers and that which is authorized by the CPUC in the WRAM accounts
      as regulatory assets for future recovery. Excluding surcharges, which
      again have no impact on operating income, GSWC&#8217;s water gross margin
      approximates the authorized water margin approved by the CPUC.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 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 June&#160;30, 2015, diluted earnings from the
      electric segment decreased by $0.01 per share compared to the same
      period in 2014 primarily due to a decrease in the electric gross margin.
      The decrease in the electric gross margin resulted from a change in the
      monthly allocation of the annual adopted base revenues approved by the
      CPUC in November 2014 in connection with the electric rate case.
      Differences in the monthly revenue spread for 2015 versus 2014 are
      expected to reverse during the year.
    </p>
    <p>
      <u>Contracted Services</u>
    </p>
    <p>
      Diluted earnings from contracted services were $0.06 per share during
      the second quarter of 2015, as compared to $0.04 per share for the same
      period in 2014. The increase in earnings was due, in part, to favorable
      changes in cost estimates for certain capital work in progress. Capital
      projects and cost estimates are continuously evaluated and revised
      accordingly. Revenues for these projects are recognized based on the
      percentage-of-completion method of accounting. The favorable changes in
      cost estimates were partially offset by lower construction activity as
      compared to the second quarter of 2014, due largely to the completion of
      several large capital projects during 2014 which did not recur in 2015.
      There was also a decrease in the effective income tax rate at contracted
      services resulting from a reduction in state income taxes, as compared
      to the same period in 2014. State income taxes vary among the
      jurisdictions in which the contracted services business operates.
    </p>
    <p>
      <u>AWR (parent)</u>
    </p>
    <p>
      Diluted earnings from AWR (parent) increased by $0.01 per share during
      the second quarter of 2015 as compared to the same period in 2014 due
      primarily to lower state income taxes.
    </p>
    <p>
      <b>Year-to-Date 2015 Results</b>
    </p>
    <p>
      Basic and fully diluted earnings per share were $0.73 for the
      year-to-date (&#8220;YTD&#8221;) June 30, 2015 as compared to basic and fully
      diluted earnings of $0.68 and $0.67 per share, respectively, for the YTD
      June 30, 2014. The table below sets forth a comparison of the YTD
      diluted earnings per share by business segment, as reported:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          Year-to-Date
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6/30/2015
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6/30/2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="top">
          Change
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Water
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.57
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.54
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          0.02
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            AWR (parent)
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.02
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.01
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Consolidated diluted earnings per share, as reported
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          0.73
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          0.67
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          0.06
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 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="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Increase/</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Reconciliation of Changes in YTD EPS from 2014 to 2015:</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">

        </td>
        <td colspan="3" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>(Decrease)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Water Segment:</u>
          </p>
        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Higher depreciation expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.01
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Lower other operation and maintenance expenses, partially offset
            by higher administrative and general expenses
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Lower interest expense
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Lower electric margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.01
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Lower depreciation expense
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Favorable changes in cost estimates, partially offset by a
            decrease in construction activities
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Higher operating expenses, partially offset by revenue increases due
          to successful price redeterminations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.01
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Lower state income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>AWR Parent:</u>
          </p>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Increase due primarily to state income tax benefits recorded at AWR
          parent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          0.01
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>YTD 2015 EPS increase</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          0.06
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          *
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Surcharges billed to customers for previously incurred costs are
          recorded as revenues with a corresponding increase in operating
          expenses. These surcharges have no impact to earnings and are
          excluded from the table above.
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Regulatory Matters</b>
    </p>
    <p>
      In July 2014, GSWC filed a general rate case for all of its water
      regions and the general office. The application will determine rates for
      the years 2016, 2017 and 2018. Hearings for the rate case were completed
      in June 2015, and settlements for certain items and legal briefs were
      filed in July 2015. A final decision on this rate case is expected by
      the end of 2015, with new rates effective January 1, 2016.
    </p>
    <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 for 61 years. On July 28, 2015, AWR's Board of Directors
      approved a 5.2% increase in the third quarter dividend from $0.213 per
      share to $0.224 per share on the Common Shares of the Company. Dividends
      on the Common Shares will be payable on September 1, 2015 to
      shareholders of record at the close of business on August 14, 2015.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 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>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      This press release includes a discussion on the water and electric gross
      margins for various periods, which are computed by taking total water
      and electric revenues, less total supply costs. The discussion also
      includes AWR&#8217;s operations in terms of diluted earnings per share by
      business segment, which is each business segment&#8217;s earnings divided by
      the Company&#8217;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>
    <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 measurements 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&#8217;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&#8217;s most recent Form 10-Q and Form 10-K filed with the Securities
      and Exchange Commission.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      The Company will host a conference call tomorrow, August 5, 2015 at 2:00
      p.m. Eastern Time to discuss the financial results. Interested parties
      can listen to the live conference call over the Internet by logging on
      to <u>www.aswater.com</u> and clicking the &#8220;Investors&#8221; button at the top
      of the page.
    </p>
    <p>
      The call will also be archived on our website and can be replayed
      beginning Wednesday, August 5, 2015 at 5:00 p.m. Eastern Time and will
      run through Wednesday, August 12, 2015.
    </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 258,000 customers located within 75 communities throughout
      10 counties in Northern, Coastal and Southern California. The Company
      also distributes electricity to approximately 24,000 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-right: 0pt; text-indent: 0pt; margin-left: 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="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>American States Water Company</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Consolidated</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Comparative Condensed Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td colspan="6" style="padding-left: 0.0px; text-align: center" valign="top">
          June 30,
        </td>
        <td>

        </td>
        <td colspan="6" style="padding-left: 0.0px; text-align: center" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          (in thousands)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          2015
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          2014
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Assets</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Utility Plant-Net
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          $1,015,507
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          $1,003,520
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Goodwill
        </td>
        <td>

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

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          1,116
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other Property and Investments
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          18,728
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          17,536
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current Assets
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          150,228
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          209,451
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Regulatory and Other Assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          157,776
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          146,675
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <b>Total Assets</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          $1,343,355
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          $1,378,298
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Capitalization and Liabilities</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          803,191
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          832,599
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current Liabilities
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          95,167
        </td>
        <td>

        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center" valign="bottom">
          99,290
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Other Credits
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          444,997
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          446,409
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <b>Total Capitalization and Liabilities</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          $1,343,355
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          $1,378,298
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Condensed Statements of Income</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          Three months ended
        </td>
        <td colspan="6" style="padding-left: 0.0px; text-align: center" valign="top">
          Six months ended
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          (in thousands, except per share amounts)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="6" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          June 30,
        </td>
        <td>

        </td>
        <td colspan="6" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          2015
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          2015
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          2014
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6" style="padding-left: 0.0px; text-align: center" valign="top">
          (Unaudited)
        </td>
        <td>

        </td>
        <td colspan="6" style="padding-left: 0.0px; text-align: center" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Operating Revenues</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          87,581
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          86,232
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          159,085
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          156,989
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          7,889
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          18,858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          18,784
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Contracted services
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          19,148
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          21,081
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          37,608
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          41,813
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="top">
          <b>Total operating revenues</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>114,618</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>115,641</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>215,551</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>217,586</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Operating Expenses</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Water purchased
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          16,415
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          16,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          28,706
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          27,487
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Power purchased for pumping
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2,123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2,570
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,534
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Groundwater production assessment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          7,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8,393
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Power purchased for resale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          2,566
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1,988
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          5,065
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,687
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Supply cost balancing accounts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          1,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (106
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3,629
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          712
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other operation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          7,362
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          7,085
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          13,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          14,032
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Administrative and general
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          20,471
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          19,407
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          39,998
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          39,591
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          10,536
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          10,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          21,084
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          21,055
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,327
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          7,682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          7,816
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Property and other taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          4,060
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          3,965
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8,336
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          8,290
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          ASUS construction
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          10,412
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          13,764
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          20,458
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          27,221
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="top">
          <b>Total operating expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          84,088
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          84,641
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          160,131
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          163,818
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>30,530</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>31,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>55,420</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>53,768</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Other Income and Expenses</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (5,527
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (5,778
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (10,755
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (11,405
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          102
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          235
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Other, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          77
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          271
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          350
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          396
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="top">
          <b>Total other income and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (5,348
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (5,384
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (10,191
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          (10,774
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Income Before Income Tax Expense</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>25,182</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>25,616</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>45,229</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>42,994</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          Income tax expense
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          9,534
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          10,262
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          17,432
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          16,619
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <b>Net Income</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>15,648</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>15,354</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>27,797</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          <b>26,375</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Weighted average shares outstanding</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>37,702</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>38,781</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>37,952</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>38,764</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Basic earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.41</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.39</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.73</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.68</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Weighted average diluted shares</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>37,909</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>39,001</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>38,153</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>38,974</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Fully diluted earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.41</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.39</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.73</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.67</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Dividends Declared Per Common Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.2130</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.4260</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>0.4050</b>
        </td>
        <td>

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