Equity

9 Months Ended

Sep. 30, 2013

Equity

Equity

Note 4. Equity

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

	Total Stockholders’ Equity
Balance at December 31, 2012	$	473,712
Common stock issued, net	105,600
Share-based compensation expense	1,335
Common stock dividends declared	(21,981		)
Net income	41,588
Balance at September 30, 2013	$	600,254

On March 26, 2013, the Company sold 5,750,000 shares of its common stock in an underwritten public offering for cash proceeds of $105.6 million, net of $5.1 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.