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.


Basic:	For The Three Months Ended June 30,				For The Six Months Ended June 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Net income	$	33,690	$	31,864	$	60,534	$	54,999
Less: impact from participating securities	135		110		213		162
Total income available to common shareholders	$	33,555	$	31,754	$	60,321	$	54,837


Weighted average Common Shares outstanding, basic	38,509		37,309		38,382		37,169

Basic earnings per Common Share	$	0.87	$	0.85	$	1.57	$	1.48

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, 2025 and 2024 under these plans.


Diluted:	For The Three Months Ended June 30,				For The Six Months Ended June 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Common shareholders earnings, basic	$	33,555	$	31,754	$	60,321	$	54,837
Undistributed earnings for dilutive restricted stock units	63		54		87		67
Total common shareholders earnings, diluted	$	33,618	$	31,808	$	60,408	$	54,904

Weighted average Common Shares outstanding, basic	38,509		37,309		38,382		37,169
Stock-based compensation (1)	133		109		118		94
Weighted average Common Shares outstanding, diluted	38,642		37,418		38,500		37,263

Diluted earnings per Common Share	$	0.87	$	0.85	$	1.57	$	1.47

(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in calculating diluted EPS, 158,549 and 132,530 restricted stock units, including performance awards to officers of the Company at June 30, 2025 and 2024, respectively, were deemed to be outstanding and included in the calculation of diluted EPS.

During the three months ended June 30, 2024, AWR sold 227,667 Common Shares, through its ATM offering program and raised proceeds of $16.8 million, net of $0.3 million in commissions paid (Note 1). No Common Shares were issued during the three months ended June 30, 2025. During the six months ended June 30, 2025 and 2024, AWR sold 334,548 and 455,648 Common Shares, respectively, through its ATM offering program and raised proceeds of $25.8 million, net of $0.4 million in commissions paid and $33.0 million, net of $0.5 million in commissions paid, respectively (Note 1).

During the six months ended June 30, 2025 and 2024, AWR also issued 23,463 and 20,939 Common Shares related to restricted stock units, respectively, pursuant to stock-based compensation plans.

During the six months ended June 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 six months ended June 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 June 30, 2025 and 2024, AWR paid quarterly dividends of approximately $17.9 million, or $0.4655 per share, and $16.0 million, or $0.4300 per share, respectively. During the six months ended June 30, 2025 and 2024, AWR paid quarterly dividends of approximately $35.7 million, or $0.9310 per share, and $31.9 million, or 0.8600 per share, respectively. During the three and six months ended June 30, 2025, GSWC paid dividends of $18.0 million to AWR. GSWC did not pay a dividend to AWR during the three and six months ended June 30, 2024. ASUS paid a $16.0 million dividend to AWR during the three months ended June 30, 2024, but did not pay any dividends to AWR during the three and six months ended June 30, 2025.