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Earnings per Share/Capital Stock | 6 Months Ended
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Jun. 30, 2023
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 June 30, |  | For The Six Months Ended June 30,
(in thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income |  | $ | 38,521 |  |  | $ | 19,951 |  |  | $ | 72,928 |  |  | $ | 34,113 |
Less: (a) Distributed earnings to common shareholders |  | 14,698 |  |  | 13,489 |  |  | 29,394 |  |  | 26,974 |
Distributed earnings to participating securities |  | 43 |  |  | 36 |  |  | 80 |  |  | 67 |
Undistributed earnings |  | 23,780 |  |  | 6,426 |  |  | 43,454 |  |  | 7,072 |
(b) Undistributed earnings allocated to common shareholders |  | 23,711 |  |  | 6,409 |  |  | 43,337 |  |  | 7,055 |
Undistributed earnings allocated to participating securities |  | 69 |  |  | 17 |  |  | 117 |  |  | 17 |
Total income available to common shareholders, basic (a)+(b) |  | $ | 38,409 |  |  | $ | 19,898 |  |  | $ | 72,731 |  |  | $ | 34,029 |
Weighted average Common Shares outstanding, basic |  | 36,976 |  |  | 36,956 |  |  | 36,972 |  |  | 36,950 |
Basic earnings per Common Share |  | $ | 1.04 |  |  | $ | 0.54 |  |  | $ | 1.97 |  |  | $ | 0.92 |
Diluted EPS is based upon the weighted average number of Common Shares, including both outstanding shares and shares potentially issuable in connection with restricted stock units granted under AWR’s stock incentive plans for employees and directors, and net income. There were no stock options outstanding as of June 30, 2023 and 2022 under these plans. At June 30, 2023 and 2022, there were 110,576 and 100,820 restricted stock units outstanding, respectively, including performance shares awarded to officers of the Company. 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 June 30, |  | For The Six Months Ended June 30,
(in thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Common shareholders earnings, basic |  | $ | 38,409 |  |  | $ | 19,898 |  |  | $ | 72,731 |  |  | $ | 34,029 |
Undistributed earnings for dilutive stock-based awards |  | 69 |  |  | 17 |  |  | 117 |  |  | 17 |
Total common shareholders earnings, diluted |  | $ | 38,478 |  |  | $ | 19,915 |  |  | $ | 72,848 |  |  | $ | 34,046 |
Weighted average common shares outstanding, basic |  | 36,976 |  |  | 36,956 |  |  | 36,972 |  |  | 36,950 |
Stock-based compensation (1) |  | 91 |  |  | 83 |  |  | 86 |  |  | 79 |
Weighted average common shares outstanding, diluted |  | 37,067 |  |  | 37,039 |  |  | 37,058 |  |  | 37,029 |
Diluted earnings per Common Share |  | $ | 1.04 |  |  | $ | 0.54 |  |  | $ | 1.97 |  |  | $ | 0.92 |
(1) All of the 110,576 and 100,820 restricted stock units at June 30, 2023 and 2022, respectively, were included in the calculation of diluted EPS for the three and six months ended June 30, 2023 and 2022. During the six months ended June 30, 2023 and 2022, AWR issued 14,358 and 19,742 of common shares related to restricted stock units, respectively. During the six months ended June 30, 2023 and 2022, AWR paid $899,000 and $1.2 million, respectively, to taxing authorities on employees’ behalf for shares withheld related to net share settlements. During the six months ended June 30, 2023 and 2022, GSWC paid $821,000 and $1.1 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 June 30, 2023 and 2022, AWR paid quarterly dividends of approximately $14.7 million, or $0.3975 per share, and $13.5 million, or $0.3650 per share, respectively. During the six months ended June 30, 2023 and 2022, AWR paid quarterly dividends of approximately $29.4 million, or $0.7950 per share, and $27.0 million, or $0.7300 per share, respectively. During the six months ended June 30, 2023, GSWC issued one Common Share to AWR for $10.0 million. Proceeds from the stock issuance were used to pay down a portion of intercompany borrowings owed to AWR as described in Note 1. During the three months ended June 30, 2023 and 2022, GSWC paid dividends of $14.7 million and $13.5 million, respectively, to AWR. During the six months ended June 30, 2023 and 2022, GSWC paid dividends of $39.4 million and $27.0 million, respectively, to AWR.

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