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Earnings Per Share / Capital Stock | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share / Capital Stock | Earnings Per Share and 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 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 to calculate basic EPS:
Basic: |  | For The Years Ended December 31,
(in thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2021
Net income |  | $ | 124,921 |  |  | $ | 78,396 |  |  | $ | 94,347 |
Less: impact from participating securities |  | 372 |  |  | 197 |  |  | 244 |
Total income available to common shareholders |  | $ | 124,549 |  |  | $ | 78,199 |  |  | $ | 94,103 |
Weighted average Common Shares outstanding, basic |  | 36,976 |  | 36,955 |  |  | 36,921 |
Basic earnings per Common Share |  | $ | 3.37 |  |  | $ | 2.12 |  |  | $ | 2.55 |
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. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used to calculate diluted EPS:
Diluted: |  | For The Years Ended December 31,
(in thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2021
Common shareholders earnings, basic |  | $ | 124,549 |  |  | $ | 78,199 |  |  | $ | 94,103 |
Undistributed earnings for dilutive stock options and restricted stock units |  | 189 |  |  | 55 |  |  | 110 |
Total common shareholders earnings, diluted |  | $ | 124,738 |  |  | $ | 78,254 |  |  | $ | 94,213 |
Weighted average Common Shares outstanding, basic |  | 36,976 |  |  | 36,955 |  |  | 36,921 |
Stock-based compensation (1) |  | 101 |  |  | 84 |  |  | 89 |
Weighted average Common Shares outstanding, diluted |  | 37,077 |  |  | 37,039 |  |  | 37,010 |
Diluted earnings per Common Share |  | $ | 3.36 |  |  | $ | 2.11 |  |  | $ | 2.55 |
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 115,684, 96,988 and 100,020 restricted stock units, including performance awards to officers of AWR, at December 31, 2023, 2022 and 2021, respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share. During the years ended December 31, 2023, 2022 and 2021, AWR issued Common Shares totaling 18,371, 25,956 and 47,182, respectively, under AWR’s employee stock incentive plans and the non-employee directors’ plans. During 2023, 2022 and 2021, there were no cash proceeds received by AWR as a result of the exercise of stock options. AWR has not issued any Common Shares during 2023, 2022 and 2021 under AWR’s Common Share Purchase and Dividend Reinvestment Plan (“DRP”) and the 401(k) Plan. Shares reserved for the 401(k) Plan are in relation to AWR’s matching contributions and investment by participants. As of December 31, 2023, there were 1,055,948 and 387,300 Common Shares authorized for issuance directly by AWR but unissued under the DRP and the 401(k) Plan, respectively. During 2023, GSWC issued one common shares to AWR for $10.0 million. Proceeds from the stock issuances were used to pay down a portion of intercompany borrowings owed to AWR as described in Note 1. No shares were issued by GSWC during 2022 and 2021. During the years ended December 31, 2023, 2022 and 2021, AWR and GSWC made payments 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. GSWC’s outstanding common shares are owned entirely by its parent, AWR. To the extent GSWC does not reimburse AWR for stock-based compensation awarded under various stock compensation plans, such amounts increase the value of GSWC’s common shareholder’s equity.

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