Equity

6 Months Ended

Jun. 30, 2013

Equity

Equity

Note 4. Equity

The Company’s changes in equity for the six months ended June 30, 2013 were as follows:

	Total Stockholders’ Equity
Balance at December 31, 2012	$	473,712
Common stock issued, net	105,835
Share-based compensation expense	839
Common stock dividends declared	(14,343		)
Net income	12,437
Balance at June 30, 2013	$	578,480

On March 26, 2013, the Company sold 5,750,000 shares of its common stock in an underwritten public offering for cash proceeds of $105.8 million, net of $4.9 million underwriting discounts and commissions and offering expenses. The net proceeds from the sale of common stock were added to our general funds to be used for general corporate purposes.  In April 2013, the Company used a portion of the net proceeds from the offering to repay outstanding borrowings on the Company and Cal Water lines of credit of $68.3 million and $25.0 million, respectively.