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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 21, 2024

AMERICAN STATES WATER COMPANY
(Exact name of registrant as specified in its charter)
California
001-14431
95-4676679
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
630 East Foothill Blvd.
San Dimas
CA
91773-1212
(Address of Principal Executive Offices)
(Zip Code)
(909) 394-3600
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
American States Water Company Common SharesAWRNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Section 2 - Financial Information

Item 2.02.    Results of Operations and Financial Condition

On February 21, 2024, American States Water Company (NYSE:AWR) released earnings for the fourth quarter ended December 31, 2023. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

The information furnished in this Current Report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Section 9 - Financial Statements and Exhibits

Item 9.01.    Financial Statements and Exhibits
The following document is filed as an Exhibit to this report:

Exhibit No.Description
99.1
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERICAN STATES WATER COMPANY
February 21, 2024
/s/ Eva G. Tang
Eva G. Tang
Senior Vice President-Finance, Chief Financial Officer, Corporate Secretary and Treasurer




Exhibit 99.1
awrlogoa04.jpg

American States Water Company Announces
Fourth Quarter and Full Year 2023 Results
•10% increase (or $0.05 per share) in recorded fourth quarter 2023 consolidated diluted EPS compared to fourth quarter of 2022
•$1.25 per share increase in reported consolidated diluted EPS for full year 2023 compared to 2022, or $0.41 per share increase as adjusted (discussed later)
◦Regulated utilities spent $175.7 million in company-funded capital expenditures in 2023, a historic high; and filed a new general rate case at the water utility that outlines a core business infrastructure investment plan of $611.4 million over the rate cycle for the years 2025 - 2027
•8.2% increase in the quarterly dividend during 2023
◦Quarterly dividend rate has grown at a CAGR of 9.4% over the last five years
San Dimas, California, February 21, 2024…. American States Water Company (NYSE:AWR) today reported basic and fully diluted earnings per share of $0.55 for the quarter ended December 31, 2023, as compared to basic and fully diluted earnings per share of $0.50 for the quarter ended December 31, 2022, an increase of 10% (or $0.05 per share), which includes a favorable variance of $0.03 per share resulting from the impact of accounting estimates recorded in the fourth quarter of 2022 for revenues subject to refund related to the pending cost of capital proceeding at that time. The estimates were subsequently reversed during the second quarter of 2023 upon receipt of a final decision adopted by the California Public Utilities Commission (“CPUC”) in June 2023, as discussed immediately below.

On June 29, 2023, a final decision was adopted by the CPUC in the cost of capital proceeding at AWR’s regulated water utility segment, Golden State Water Company (“GSWC”) that, among other things, adopted a lower cost of debt of 5.1% as compared to 6.6% previously authorized. During 2022, GSWC had recorded estimated revenues subject to refund to reflect the lower cost of debt. Based on the final decision, all adjustments to rates are to be prospective and not retroactive. GSWC filed an advice letter that implemented the new cost of capital effective July 31, 2023. As a result, management updated the accounting estimates recorded during 2022 that resulted in the reversal during the second quarter of 2023 of all revenues subject to refund that had been recorded during 2022, of which $1.4 million, or $0.03 per share, was recorded during the fourth quarter of 2022. Excluding the impact from the final cost of capital proceeding recorded in the fourth quarter of 2022, adjusted consolidated diluted earnings were $0.53 per share for the quarter ended December 31, 2022, compared to recorded and adjusted consolidated diluted earnings of $0.55 per share for the quarter ended December 31, 2023, an adjusted increase of $0.02 per share for 2023.



Fourth Quarter 2023 Results

The table below sets forth a comparison of the fourth quarter 2023 diluted earnings per share contribution recorded by business segment and for the parent company with amounts recorded during the same period in 2022.
 Diluted Earnings per Share
 Three Months Ended 
 12/31/202312/31/2022CHANGE
Water$0.41 $0.28 $0.13 
Electric0.07 0.08 (0.01)
Contracted services0.12 0.17 (0.05)
AWR (parent)(0.04)(0.03)(0.01)
Consolidated diluted earnings per share, as recorded (GAAP)0.55 0.50 0.05 
Adjustment to GAAP measure:
Impact of revenues subject to refund recorded in 2022*— 0.03 (0.03)
Consolidated diluted earnings per share, as adjusted (Non-GAAP)*$0.55 $0.53 $0.02 
Water diluted earnings per share, as adjusted (Non-GAAP)*$0.41 $0.31 $0.10 
Note: Certain amounts in the table above may not foot or crossfoot due to rounding.
* The adjustment to recorded diluted earnings per share relates to the water segment. The water segment’s adjusted earnings for 2022 exclude the impact of accounting estimates made in 2022 for revenues subject to refund related to the pending cost of capital proceeding at that time, and as shown separately in the table above. The lower revenues recorded during the three months ended December 31, 2022 totaled $1.4 million, or $0.03 per share, based on the estimate of revenues subject to refund that were subsequently reversed in June 2023 upon receiving the final decision in the cost of capital proceeding making all adjustments to rates prospective and not retroactive.
Water Segment:
For the three months ended December 31, 2023, recorded diluted earnings from the water utility segment were $0.41 per share, as compared to $0.28 per share for the same period in 2022, an increase of $0.13 per share, which includes a favorable variance of $0.03 per share from the impact of accounting estimates made in the fourth quarter of 2022 for revenues subject to refund related to the pending cost of capital proceeding at that time, which were subsequently reversed during the second quarter of 2023. Excluding this item, adjusted diluted earnings at the water segment for the fourth quarter of 2022 were $0.31 per share, as compared to adjusted and recorded earnings of $0.41 per share for the fourth quarter of 2023, an adjusted increase at the water segment of $0.10 per share, or a 32% increase, due largely to the following items:

•An increase in water operating revenues of approximately $11.0 million largely as a result of the second-year rate increases related to the three months ended December 31, 2023, partially offset by the prospective change in the new cost of capital effective July 31, 2023 that lowered GSWC’s authorized return on rate base. The return on rate base was revised to reflect the new authorized cost of debt, which decreased from 6.6% to 5.1%, partially offset by a higher return on equity which increased from 8.9% to 9.36%. In June 2023, GSWC filed for the implementation of new 2023 rates upon receiving the final decisions on the general rate case and cost of capital proceedings both of which became effective July 31, 2023. The increase in water revenues during the fourth quarter of 2023 represents the difference from the 2023 second-year rate increases and the 2021 adopted rates recorded during the three-month period ended December 31, 2022.

•An increase in water supply costs of $2.0 million, which consist of purchased water, purchased power for pumping, groundwater production assessments and changes in the water supply cost balancing accounts. Adopted supply costs for the fourth quarter of 2023 were based on 2023 authorized amounts approved in the final CPUC decision in the water general rate case as compared to 2021 authorized amounts in place during the same period in 2022. Actual water supply costs are tracked and passed through to customers on a dollar-for-dollar basis by way of the CPUC-approved water supply cost balancing accounts. The increase in water supply costs results in a corresponding increase in water operating revenues and has no net impact on the water segment’s profitability.

•An overall increase in operating expenses of $700,000 (excluding supply costs) due primarily to increases in (i) overall labor costs and other employee-related benefits, (ii) other operation-related expenses resulting primarily from higher water treatment, chemical and conservation costs, (iii) administrative and general


expenses resulting largely from higher outside-services costs, and (iv) property and other taxes; partially offset by a decrease in depreciation expense resulting from a higher amount of fully depreciated assets compared to the same period in 2022, and bad debt expense as a result of additional state relief funds expected to be received for unpaid water bills accumulated during the COVID-19 pandemic period.

•An increase in interest expense (net of interest income) of $1.4 million resulting primarily from an overall increase in interest rates, as well as an overall increase in total borrowing levels to support, among other things, the capital expenditure programs at GSWC; partially offset by higher interest income earned on regulatory assets bearing interest at the current 90-day commercial-paper rate, which increased compared to 2022’s rates, as well as an increase in the level of regulatory assets recorded that resulted, in large part, from the final decision on the water general rate case that had been delayed.

•An overall increase in other income (net of other expense) of $515,000 due primarily to higher gains generated on investments held to fund one of the company's retirement plans for the three months ended December 31, 2023 as compared to the same period in 2022; partially offset by an increase in the non-service cost components related to GSWC’s benefit plans resulting from changes in actuarial assumptions. As a result of GSWC’s two-way pension balancing accounts authorized by the CPUC, changes in total net periodic benefits costs related to the pension plan have no material impact to earnings.

•Changes in certain flowed-through income taxes and permanent items included in GSWC’s income tax expense for the three months ended December 31, 2023 as compared to the same period in 2022 that unfavorably impacted the water segment’s earnings. As a regulated utility, GSWC treats certain temporary differences as being flowed-through in computing its income tax expense consistent with the income tax method used in its CPUC-jurisdiction rate making. Changes in the magnitude of flowed-through items either increase or decrease tax expense, thereby affecting diluted earnings per share.
Electric Segment:
Diluted earnings from the electric utility segment were $0.07 per share for the three months ended December 31, 2023, as compared to $0.08 per share for the same period in 2022, a decrease of $0.01 per share, largely resulting from not having new rates in 2023 while awaiting the processing of the pending electric general rate case that will set new rates for 2023 – 2026, while also experiencing continued increases in overall operating expenses and interest costs. When a decision is issued in the electric general rate case, new rates are expected to be retroactive to January 1, 2023 and cumulative adjustments will be recorded at that time.
Contracted Services Segment:
Diluted earnings from the contracted services segment decreased $0.05 per share for the fourth quarter of 2023 as compared to the same period in 2022, largely due to a decrease in construction activity resulting from timing differences of when such work was performed throughout 2023 compared to 2022; partially offset by higher management fee revenues as compared to the same period of 2022 resulting from resolution of various economic price adjustments.
AWR (Parent):
For the fourth quarter of 2023, diluted losses from AWR (parent) increased $0.01 per share compared to 2022 due primarily to an increase in interest expense resulting from higher short-term interest rates on borrowings made under AWR’s revolving credit facility and the effect of changes in state unitary taxes.


Full Year 2023 Results
•$1.25 per share increase in recorded full year 2023 consolidated diluted EPS compared to full year 2022, or $0.41 per share increase as adjusted
◦Full year 2023 recorded results reflect the impact of retroactive rates of $0.38 per share related to the full year of 2022 due to receiving a final decision in the water utility general rate case.
◦Full year 2023 recorded results also reflect a net favorable variance of $0.26 per share resulting from the reversal of revenues subject to refund previously recorded in 2022 of $0.13 per share following the receipt of a final decision in the cost of capital proceeding in June 2023.
◦Full year 2023 recorded results also reflect a net favorable variance of $0.20 per share from gains on investments held to fund a retirement plan compared to losses during the same period in 2022.
The table below sets forth a comparison of the diluted earnings per share contribution by business segment and for the parent company as recorded during the year ended December 31, 2023 and 2022.

 Diluted Earnings per Share
 
Year Ended
 
 12/31/202312/31/2022CHANGE
Water$2.77 $1.45 $1.32 
Electric0.20 0.24 (0.04)
Contracted services0.50 0.46 0.04 
AWR (parent)(0.10)(0.04)(0.06)
Consolidated fully diluted earnings per share, as reported (GAAP)
$3.36 $2.11 $1.25 
Adjustments to GAAP measure:
Impact of retroactive rates related to the full year of 2022 from the final decision in the water general rate case*(0.38)— (0.38)
Impact related to the final cost of capital decision*(0.13)0.13 (0.26)
Consolidated diluted earnings per share, as adjusted (Non-GAAP)*$2.85 $2.24 $0.61 
Water diluted earnings per share, as adjusted (Non-GAAP)*$2.26 $1.58 $0.68 
Note: Certain amounts in the table above may not foot or crossfoot due to rounding.
* All adjustments to recorded diluted earnings per share relate to the water segment. The water segment’s adjusted earnings for 2023 exclude the impact of retroactive rates related to the full year of 2022 resulting from the final CPUC decision in the general rate case, and for 2023 and 2022 they exclude the impact of changes in estimates resulting from revenues subject to refund related to the cost of capital proceeding, both shown separately in the table above.
As noted in the table above, fully diluted earnings as reported for the year ended December 31, 2023 were $3.36 per share as compared to $2.11 per share recorded for 2022, a $1.25 per share increase. Included in the results for the year ended December 31, 2023 were: (i) the impact of retroactive new rates related to the full 2022 year of $0.38 per share as a result of receiving a final decision in the water general rate case discussed below and shown separately in the table above, (ii) a net favorable variance of $0.26 per share, also shown separately in the table above, related to the impact of the final cost of capital decision that resulted in the reversal during 2023 of revenues subject to refund of $6.4 million, or $0.13 per share, due to a change in estimate from what had been recorded during 2022, and (iii) a net favorable variance of $0.20 per share from gains totaling $5.0 million, or $0.10 per share, recorded during 2023 on investments held to fund one of the company's retirement plans, as compared to losses of $5.2 million, or $0.10 per share, recorded for the same period in 2022, both due to financial market conditions.

Excluding the three items discussed above, adjusted consolidated diluted earnings for the year ended December 31, 2023 were $2.75 per share as compared to adjusted diluted earnings of $2.34 per share for the same period in 2022, an adjusted increase of $0.41 per share, or a 17.5% increase, largely due to new 2023 water rates approved in GSWC’s final decision in its general rate case proceeding.


On June 29, 2023, the CPUC adopted a final decision in GSWC's general rate case application that determines new water rates for the years 2022–2024 retroactive to January 1, 2022. Among other things, the final decision (i) adopted the full settlement agreement between GSWC and the Public Advocates Office at the CPUC that resolved all issues related to the 2022 annual revenue requirement, and (ii) allowed for additional increases in adopted revenues for 2023 and 2024 subject to an earnings test and inflationary index values at the time of filing for implementation of the new rates. GSWC filed for the implementation of new 2023 rate increases that became effective on July 31, 2023. In October 2023, GSWC also filed with the CPUC to recover all retroactive rate amounts accumulated in memorandum accounts for the full 2022 year and for 2023 through July 30, 2023. Surcharges were implemented to recover these cumulative retroactive rate differences over 36 months. As of December 31, 2023, there is an aggregate cumulative balance of $52.8 million in CPUC-approved general rate case memorandum accounts that have been recognized as regulatory assets with a corresponding increase in water revenues.

For more details on the full year 2023 results, please refer to the company’s Form 10-K filed with the Securities and Exchange Commission.

Regulatory Matters
On June 29, 2023, a final decision was adopted by the CPUC in the cost of capital proceeding that, among other things, adopted a new return on equity of 8.85% for GSWC effective July 31, 2023 as compared to 8.9% previously authorized, and allowed for the continuation of the Water Cost of Capital Mechanism (“WCCM”) through December 31, 2024. The WCCM adjusts the return on equity and rate of return on rate base between the three-year cost of capital proceedings only if there is a positive or negative change of more than 100 basis points in the average of the Moody’s Aa utility bond rate as measured over the period from October 1 through September 30. If there is a positive or negative change of more than 100 basis points, the return on equity is adjusted by one half of the difference. For the period from October 1, 2021 through September 30, 2022, the Moody’s Aa utility bond rate increased by 102.8 basis points from the benchmark, which triggered the WCCM adjustment, which increased GSWC's adopted return on equity to 9.36% effective July 31, 2023. Additionally, for the period from October 1, 2022 through September 30, 2023, the Moody's Aa utility bond rate increased by 139.7 basis points from the benchmark, which triggered another WCCM adjustment. On October 12, 2023, GSWC filed an advice letter to establish the WCCM for 2024, which has been approved by the CPUC and increased GSWC’s 9.36% adopted return on equity to 10.06% effective January 1, 2024.

Investor-owned water utilities serving California are required to file their cost of capital applications on a triennial basis. GSWC’s next cost of capital application was scheduled to be filed on May 1, 2024 effective for the years 2025 - 2027. However, GSWC, along with three other Class A investor-owned water utilities in California, filed a joint request with the CPUC to defer the filing deadline of the next cost of capital applications by one year, which was approved on February 2, 2024. The joint request asked that the utilities keep the cost of capital currently authorized for 2024 in effect through 2025, and file new cost of capital applications by May 1, 2025 to set the cost of debt, return on equity and capital structure starting January 1, 2026. GSWC’s current authorized rate of return on rate base is 7.93% effective January 1, 2024, which will continue in effect through December 31, 2025. Additionally, GSWC’s WCCM will remain active through the one year deferral period.
Dividends
On February 6, 2024, AWR’s Board of Directors approved a 2024 first quarter dividend of $0.43 per share on AWR’s Common Shares. Dividends on the Common Shares will be paid on March 1, 2024 to shareholders of record at the close of business on February 20, 2024. AWR has paid common dividends every year since 1931, and has increased the dividends received by shareholders each calendar year for 69 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result. AWR’s quarterly dividend rate has grown at a compound annual growth rate (“CAGR”) of 9.4% over the last five years. AWR's current policy is to achieve a CAGR in the dividend of more than 7% over the long-term.

Credit Ratings
AWR currently maintains a credit rating of A Stable with Standard and Poor’s Global Ratings (“S&P”), while GSWC maintains an A+ Stable rating with S&P and an A2 Stable rating with Moody’s Investors Service. These are some of the highest credit ratings in the U.S. investor-owned water utility industry.

Non-GAAP Financial Measures
This press release includes a discussion on AWR’s operations in terms of diluted earnings per share by business segment and AWR (parent), which is each business segment’s earnings divided by the company’s weighted average number of diluted common shares. The gains and losses generated on the investments held to fund one of the company’s retirement plans during the years ended December 31, 2023 and 2022 have been excluded when communicating the results to help facilitate comparisons of AWR’s performance from period to period. In addition, both the impact of retroactive rates related to the full year 2022 recorded during the year ended December 31, 2023 resulting from the final decision on the water general rate case, and the impact from the estimates of revenues


subject to refund recorded in 2022 and changes to estimates recorded in 2023 following the receipt of a final cost of capital decision in June of 2023 have been excluded when communicating AWR’s consolidated and water segment results for the three months ended December 31, 2022 and the years ended December 31, 2023 and 2022 to help facilitate comparisons of the company’s performance from period to period. All of these measures are derived from consolidated financial information but are not presented in our financial statements that are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States. These items constitute “non-GAAP financial measures” under Securities and Exchange Commission rules, which supplement our GAAP disclosures but should not be considered as an alternative to the respective GAAP measures. Furthermore, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other registrants.

The company uses earnings per share by business segment as an important measure in evaluating its operating results and believes this measure is a useful internal benchmark in evaluating the performance of its operating segments. The company reviews this measurement regularly and compares it to historical periods and to the operating budget. The company has provided the computations and reconciliations of diluted earnings per share from the measure of operating income by business segment to AWR’s consolidated fully diluted earnings per share in this press release.

Forward-Looking Statements
Certain matters discussed in this press release with regard to the company’s expectations may be forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the company’s most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Conference Call
Robert Sprowls, president and chief executive officer, and Eva Tang, senior vice president and chief financial officer, will host a conference call to discuss these results at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time) on Thursday, February 22, 2024. There will be a question and answer session as part of the call. Interested parties can listen to the live conference call and view accompanying slides on the internet at www.aswater.com. The call will be archived on the website and available for replay beginning February 22, 2024 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) through February 29, 2024.

About American States Water Company
American States Water Company is the parent of Golden State Water Company, Bear Valley Electric Service, Inc. and American States Utility Services, Inc., serving over one million people in nine states. Through its water utility subsidiary, Golden State Water Company, the company provides water service to approximately 264,100 customer connections located within more than 80 communities in Northern, Coastal and Southern California. Through its electric utility subsidiary, Bear Valley Electric Service, Inc., the company distributes electricity to approximately 24,800 customer connections in the City of Big Bear Lake and surrounding areas in San Bernardino County, California. Through its contracted services subsidiary, American States Utility Services, Inc., the company provides operations, maintenance and construction management services for water distribution, wastewater collection, and treatment facilities located on twelve military bases throughout the country under 50-year privatization contracts with the U.S. government.

The company has achieved an 8.1% compound annual growth rate in its calendar year dividend payments from 2013 – 2023.

CONTACT:Eva G. Tang
Senior Vice President-Finance, Chief Financial Officer,
Corporate Secretary and Treasurer
Telephone: (909) 394-3600, ext. 707


American States Water Company
Consolidated
Comparative Condensed Balance Sheets
(in thousands)December 31, 2023December 31, 2022
Assets
Net Property, Plant and Equipment$1,892,280$1,753,766
Goodwill1,116 1,116 
Other Property and Investments42,932 36,907 
Current Assets205,978 151,294 
Other Assets103,816 91,291 
Total Assets$2,246,122$2,034,374
Capitalization and Liabilities
Capitalization$1,351,664$1,156,096
Current Liabilities166,623 396,522 
Other Credits727,835 481,756 
Total Capitalization and Liabilities$2,246,122$2,034,374
Condensed Statements of Income
Three Months Ended December 31,Twelve Months Ended December 31,
(in thousands, except per share amounts)2023202220232022
(unaudited)
Operating Revenues
Water$87,622 $75,041 $433,473 $340,602 
Electric11,144 10,958 41,832 39,986 
Contracted services26,414 39,368 120,394 110,940 
Total operating revenues125,180 125,367 595,699 491,528 
Operating Expenses
Water purchased17,274 17,824 72,864 75,939 
Power purchased for pumping3,315 2,679 12,829 11,861 
Groundwater production assessment5,662 4,345 20,850 19,071 
Power purchased for resale3,437 5,853 13,275 15,039 
Supply cost balancing accounts(3,008)(5,840)12,118 (12,000)
Other operation10,010 10,067 40,271 38,095 
Administrative and general22,241 21,160 88,273 86,190 
Depreciation and amortization10,758 10,913 42,403 41,315 
Maintenance3,192 3,272 14,218 13,392 
Property and other taxes6,162 5,647 24,046 22,894 
ASUS construction11,358 21,908 57,912 53,171 
Gain on sale of assets(100)(75)(100)(75)
Total operating expenses90,301 97,753 398,959 364,892 
Operating income34,879 27,614 196,740 126,636 
Other Income and Expenses
Interest expense(10,862)(7,781)(42,762)(27,027)
Interest income1,624 939 7,416 2,326 
Other, net2,883 2,495 5,126 125 
Total other income and expenses, net(6,355)(4,347)(30,220)(24,576)
Income Before Income Tax Expense28,524 23,267 166,520 102,060 
Income tax expense8,096 4,638 41,599 23,664 
Net Income$20,428 $18,629 $124,921 $78,396 
Weighted average shares outstanding36,981 36,961 36,976 36,955 
Basic earnings per Common Share$0.55 $0.50 $3.37 $2.12 
Weighted average diluted shares37,085 37,049 37,077 37,039 
Fully diluted earnings per Common Share$0.55 $0.50 $3.36 $2.11 
Dividends paid per Common Share$0.4300 $0.3975 $1.6550 $1.5250 


Computation and Reconciliation of Non-GAAP Financial Measure (Unaudited)
Below are the computation and reconciliation of diluted earnings per share from the measure of operating income by business segment to AWR’s consolidated fully diluted earnings per share for the three and twelve months ended December 31, 2023 and 2022.
WaterElectricContracted ServicesAWR (Parent)Consolidated (GAAP)
In 000's except per share amountsQ4 2023Q4 2022Q4 2023Q4 2022Q4 2023Q4 2022Q4 2023Q4 2022Q4 2023Q4 2022
Operating income$25,171 $15,294 $3,413 $3,767 $6,297 $8,555 $(2)$(2)$34,879 $27,614 
Other (income) and expense
4,037 3,181 243 (6)404 101 1,671 1,071 6,355 4,347 
Income tax expense (benefit)6,015 1,723 721 794 1,488 2,077 (128)44 8,096 4,638 
Net income (loss)$15,119 $10,390 $2,449 $2,979 $4,405 $6,377 $(1,545)$(1,117)$20,428 $18,629 
Weighted Average Number of Diluted Shares37,085 37,049 37,085 37,049 37,085 37,049 37,085 37,049 37,085 37,049 
Diluted earnings (loss) per share
$0.41 $0.28 $0.07 $0.08 $0.12 $0.17 $(0.04)$(0.03)$0.55 $0.50 
WaterElectricContracted ServicesAWR (Parent)Consolidated (GAAP)
In 000's except per share amounts2023202220232022202320222023202220232022
Operating income$159,177 $92,455 $11,196 $11,740 $26,151 $22,449 $216 $(8)$196,740 $126,636 
Other (income) and expense20,780 22,339 2,202 425 1,446 (273)5,792 2,085 30,220 24,576 
Income tax expense (benefit)35,689 16,346 1,515 2,439 6,109 5,476 (1,714)(597)41,599 23,664 
Net income (loss)$102,708 $53,770 $7,479 $8,876 $18,596 $17,246 $(3,862)$(1,496)$124,921 $78,396 
Weighted Average Number of Diluted Shares37,077 37,039 37,077 37,039 37,077 37,039 37,077 37,039 37,077 37,039 
Diluted earnings (loss) per share
$2.77 $1.45 $0.20 $0.24 $0.50 $0.46 $(0.10)$(0.04)$3.36 $2.11 
Note: Certain amounts in the table above may not foot or crossfoot due to rounding.

v3.24.0.1
Document and Entity Information
Feb. 21, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 21, 2024
Entity Registrant Name AMERICAN STATES WATER CO
Entity Incorporation, State or Country Code CA
Entity File Number 001-14431
Entity Tax Identification Number 95-4676679
Entity Address, Address Line One 630 East Foothill Blvd.
Entity Address, City or Town San Dimas
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91773-1212
City Area Code 909
Local Phone Number 394-3600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security American States Water Company Common Shares
Trading Symbol AWR
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001056903
Amendment Flag false
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