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Earnings per Share/Capital Stock | 9 Months Ended
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Sep. 30, 2025
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 September 30, |  | For The Nine Months Ended September 30,
(in thousands, except per share amounts) |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income |  |  | $ | 41,167 |  |  | $ | 35,834 |  |  | $ | 101,701 |  |  | $ | 90,833 |
Less: impact from participating securities |  |  | 164 |  |  | 128 |  |  | 370 |  |  | 294 |
Total income available to common shareholders |  |  | $ | 41,003 |  |  | $ | 35,706 |  |  | $ | 101,331 |  |  | $ | 90,539 |
Weighted average Common Shares outstanding, basic |  |  | 38,567 |  |  | 37,564 |  |  | 38,444 |  |  | 37,302 |
Basic earnings per Common Share |  |  | $ | 1.06 |  |  | $ | 0.95 |  |  | $ | 2.64 |  |  | $ | 2.43 |
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 September 30, 2025 and 2024 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 September 30, |  | For The Nine Months Ended September 30,
(in thousands, except per share amounts) |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Common shareholders earnings, basic |  |  | $ | 41,003 |  |  | $ | 35,706 |  |  | $ | 101,331 |  |  | $ | 90,539 |
Undistributed earnings for dilutive restricted stock units |  |  | 86 |  |  | 66 |  |  | 169 |  |  | 134 |
Total common shareholders earnings, diluted |  |  | $ | 41,089 |  |  | $ | 35,772 |  |  | $ | 101,500 |  |  | $ | 90,673 |
Weighted average Common Shares outstanding, basic |  |  | 38,567 |  |  | 37,564 |  |  | 38,444 |  |  | 37,302 |
Stock-based compensation (1) |  |  | 135 |  |  | 119 |  |  | 125 |  |  | 107 |
Weighted average Common Shares outstanding, diluted |  |  | 38,702 |  |  | 37,683 |  |  | 38,569 |  |  | 37,409 |
Diluted earnings per Common Share |  |  | $ | 1.06 |  |  | $ | 0.95 |  |  | $ | 2.63 |  |  | $ | 2.42 |
(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in calculating diluted EPS, 154,489 and 135,575 restricted stock units, including performance awards to officers of the Company at September 30, 2025 and 2024, respectively, were deemed to be outstanding and included in the calculation of diluted EPS. During the three months ended September 30, 2025 and 2024, AWR sold 201,212 and 335,449 Common Shares, respectively, through its ATM offering program and raised proceeds of $14.7 million, net of $0.2 million in commissions paid and $27.0 million, net of $0.4 million in commissions paid, respectively. During the nine months ended September 30, 2025 and 2024, AWR sold 535,760 and 791,097 Common Shares, respectively, through its ATM offering program and raised proceeds of $40.5 million, net of $0.6 million in commissions paid and $60.0 million, net of $0.9 million in commissions paid, respectively (Note 1). During the nine months ended September 30, 2025 and 2024, AWR also issued 27,639 and 25,164 Common Shares related to restricted stock units, respectively, pursuant to stock-based compensation plans. During the nine months ended September 30, 2025 and 2024, AWR paid $1.3 million and $1.1 million, respectively, to taxing authorities on employees’ behalf for shares withheld related to net share settlements. During the nine months ended September 30, 2025 and 2024, GSWC paid $1.2 million 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 September 30, 2025 and 2024, AWR paid quarterly dividends of approximately $19.4 million, or $0.5040 per share, and $17.5 million, or $0.4655 per share, respectively. During the nine months ended September 30, 2025 and 2024, AWR paid dividends of approximately $55.1 million, or $1.4350 per share, and $49.4 million, or $1.3255 per share, respectively. During the three and nine months ended September 30, 2025 , GSWC paid dividends of $19.5 million and $37.5 million, respectively, to AWR. GSWC paid dividends of $17.5 million to AWR during the three and nine months ended September 30, 2024. ASUS paid dividends of $6.0 million to AWR during the three and nine months ended September 30, 2025. ASUS paid dividends of $16.0 million to AWR during the nine months ended September 30, 2024. During the nine months ended September 30, 2025, GSWC issued 3.6500 Common Shares to AWR for total proceeds of approximately $50.0 million. Proceeds from the stock issuances were used to pay down outstanding borrowings under its revolving credit facility and to fund its operations and capital expenditures.

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