XML 23 R10.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Earnings per Share/Capital Stock | 3 Months Ended
--- | ---
Mar. 31, 2024
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 to calculate basic EPS:
Basic: |  | For The Three Months Ended March 31,
(in thousands, except per share amounts) |  | 2024 |  | 2023
Net income |  | $ | 23,135 |  |  | $ | 34,407 |
Less: impact from participating securities |  | 56 |  |  | 87 |
Total income available to common shareholders |  | $ | 23,079 |  |  | $ | 34,320 |
Weighted average Common Shares outstanding, basic |  | 37,030 |  |  | 36,968 |
Basic earnings per Common Share |  | $ | 0.62 |  |  | $ | 0.93 |
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 March 31, 2024 and 2023 under these plans. The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used to calculate diluted EPS:
Diluted: |  | For The Three Months Ended March 31,
(in thousands, except per share amounts) |  | 2024 |  | 2023
Common shareholders earnings, basic |  | $ | 23,079 |  |  | $ | 34,320 |
Undistributed earnings for dilutive stock options and restricted stock units |  | 17 |  |  | 50 |
Total common shareholders earnings, diluted |  | $ | 23,096 |  |  | $ | 34,370 |
Weighted average Common Shares outstanding, basic |  | 37,030 |  |  | 36,968 |
Stock-based compensation (1) |  | 77 |  |  | 79 |
Weighted average Common Shares outstanding, diluted |  | 37,107 |  |  | 37,047 |
Diluted earnings per Common Share |  | $ | 0.62 |  |  | $ | 0.93 |
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in calculating diluted EPS, 128,668 and 106,817 restricted stock units, including performance awards to officers of the Company at March 31, 2024 and 2023, respectively, were deemed to be outstanding and included in the calculation of diluted EPS. During the three months ended March 31, 2024, AWR sold 227,981 Common Shares through its ATM offering program and raised proceeds of $16.2 million, net of $247,000 in commissions paid (Note 1). During the three months ended March 31, 2024 and 2023, AWR also issued 20,290 and 14,043 Common Shares related to restricted stock units, respectively, pursuant to stock-based compensation plans. During the three months ended March 31, 2024 and 2023, AWR paid $1.1 million and $883,000, respectively, to taxing authorities on employees’ behalf for shares withheld related to net share settlements. During the three months ended March 31, 2024 and 2023, GSWC paid $1.0 million and $808,000, 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 March 31, 2024 and 2023, AWR paid quarterly dividends of approximately $15.9 million, or $0.4300 per share, and $14.7 million, or $0.3975 per share, respectively. GSWC did not pay a dividend to AWR during the three months ended March 31, 2024. During the three months ended March 31, 2023, GSWC paid dividends of $24.7 million to AWR. During the three months ended March 31, 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.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration