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Earnings per Share/Capital Stock | 9 Months Ended
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Sep. 30, 2019
Earnings Per Share [Abstract] |
Earnings per Share/Capital Stock | Earnings per Share/Capital Stock In accordance with the accounting guidance for participating securities and earnings per share (“EPS”), Registrant uses the “two-class” method of computing EPS. The “two-class” method is an earnings allocation formula that determines EPS for each class of common stock and participating security. AWR has participating securities related to restricted stock units that earn dividend equivalents on an equal basis with AWR’s Common Shares, and that have been issued under AWR's stock incentive plans for employees and the non-employee directors stock plans. In applying the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used for calculating basic net income per share:
Basic: |  | For The Three Months Ended September 30, |  | For The Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net income |  | $ | 26,530 |  |  | $ | 28,006 |  |  | $ | 66,214 |  |  | $ | 67,642 |
Less: (a) Distributed earnings to common shareholders |  | 12,356 |  |  | 11,234 |  |  | 34,848 |  |  | 31,466 |
Distributed earnings to participating securities |  | 43 |  |  | 50 |  |  | 116 |  |  | 137 |
Undistributed earnings |  | 14,131 |  |  | 16,722 |  |  | 31,250 |  |  | 36,039 |
(b) Undistributed earnings allocated to common shareholders |  | 14,083 |  |  | 16,647 |  |  | 31,146 |  |  | 35,882 |
Undistributed earnings allocated to participating securities |  | 48 |  |  | 75 |  |  | 104 |  |  | 157 |
Total income available to common shareholders, basic (a)+(b) |  | $ | 26,439 |  |  | $ | 27,881 |  |  | $ | 65,994 |  |  | $ | 67,348 |
Weighted average Common Shares outstanding, basic |  | 36,886 |  |  | 36,835 |  |  | 36,877 |  |  | 36,804 |
Basic earnings per Common Share |  | $ | 0.72 |  |  | $ | 0.76 |  |  | $ | 1.79 |  |  | $ | 1.83 |
Diluted EPS is based upon the weighted average number of Common Shares, including both outstanding shares and shares potentially issuable in connection with stock options and restricted stock units granted under AWR’s stock incentive plans for employees and the non-employee directors stock plans, and net income. There were no options outstanding as of September 30, 2020 and there were 8,556 options outstanding as of September 30, 2019 under these plans. At September 30, 2020 and 2019, there were also 127,234 and 165,783 restricted stock units outstanding, respectively, including performance shares awarded to officers of the Registrant. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding for calculating diluted net income per share:
Diluted: |  | For The Three Months Ended September 30, |  | For The Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Common shareholders earnings, basic |  | $ | 26,439 |  |  | $ | 27,881 |  |  | $ | 65,994 |  |  | $ | 67,348 |
Undistributed earnings for dilutive stock-based awards |  | 48 |  |  | 75 |  |  | 104 |  |  | 157 |
Total common shareholders earnings, diluted |  | $ | 26,487 |  |  | $ | 27,956 |  |  | $ | 66,098 |  |  | $ | 67,505 |
Weighted average common shares outstanding, basic |  | 36,886 |  |  | 36,835 |  |  | 36,877 |  |  | 36,804 |
Stock-based compensation (1) |  | 116 |  |  | 161 |  |  | 113 |  |  | 156 |
Weighted average common shares outstanding, diluted |  | 37,002 |  |  | 36,996 |  |  | 36,990 |  |  | 36,960 |
Diluted earnings per Common Share |  | $ | 0.72 |  |  | $ | 0.76 |  |  | $ | 1.79 |  |  | $ | 1.83 |
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 8,556 stock options at September 30, 2019, respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share. All of the 127,234 and 165,783 restricted stock units at September 30, 2020 and 2019, respectively, were included in the calculation of diluted EPS for the three months ended September 30, 2020 and 2019. There were no stock options outstanding at either September 30, 2020 or September 30, 2019 that were anti-dilutive. During the nine months ended September 30, 2020 and 2019, AWR issued 42,447 and 81,459 common shares related to stock options and restricted stock units, for approximately $30,000 and $416,000, respectively, under Registrant’s stock incentive plans for employees. During the nine months ended September 30, 2020 and 2019, AWR paid $1.9 million and $1.6 million, respectively, to taxing authorities on employees' behalf for shares withheld related to net share settlements. During the nine months ended September 30, 2020 and 2019, GSWC paid $1.7 million and $1.3 million, respectively, to taxing authorities on employees' behalf for shares withheld related to net share settlements. These payments are included in the stock-based compensation caption of the statements of equity. During the three months ended September 30, 2020 and 2019, AWR paid quarterly dividends of approximately $12.4 million, or $0.335 per share, and $11.2 million, or $0.305 per share, respectively. During the nine months ended September 30, 2020 and 2019, AWR paid quarterly dividends of approximately $34.8 million, or $0.945 per share, and $31.5 million, or $0.855 per share, respectively. During the three months ended September 30, 2020 and 2019, GSWC did not pay a dividend to AWR. Instead, ASUS paid dividends of $12.4 million and $12.3 million, respectively, to AWR during these periods. During the nine months ended September 30, 2020 and 2019, GSWC paid dividends of $22.5 million and $20.2 million, respectively, to AWR.

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