Registrant's business is seasonal, and it is management’s opinion that comparisons of earnings for the quarterly periods do not reflect overall trends and changes in Registrant’s operations.



	AWR
	For The Year Ended December 31, 2017
(in thousands, except per share amounts)	First Quarter		Second Quarter (1)		Third Quarter		Fourth Quarter (2)		Year
Operating revenues	$	98,810	$	113,195	$	124,418	$	104,180	$	440,603
Operating income	24,738		41,816		38,567		21,955		127,076
Net income	12,701		22,792		21,006		12,868		69,367
Basic earnings per share*	0.35		0.62		0.57		0.35		1.88
Diluted earnings per share	0.34		0.62		0.57		0.35		1.88



	GSWC
	For The Year Ended December 31, 2017
(in thousands)	First Quarter		Second Quarter (1)		Third Quarter		Fourth Quarter (2)		Year
Operating revenues	$	76,906	$	88,346	$	99,913	$	75,136	$	340,301
Operating income	22,077		35,079		33,068		15,824		106,048
Net income	10,749		18,363		17,336		7,309		53,757



	AWR
	For The Year Ended December 31, 2016
(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter (3)		Year
Operating revenues	$	93,527	$	111,954	$	123,806	$	106,800	$	436,087
Operating income	21,233		31,774		39,617		22,092		114,716
Net income	10,150		16,742		21,639		11,212		59,743
Basic earnings per share	0.28		0.46		0.59		0.30		1.63
Diluted earnings per share	0.28		0.45		0.59		0.30		1.62



	GSWC
	For The Year Ended December 31, 2016
(in thousands)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter (3)		Year
Operating revenues	$	76,885	$	88,759	$	98,763	$	74,295	$	338,702
Operating income	19,643		27,557		34,142		14,477		95,819
Net income	8,984		13,670		17,883		6,432		46,969

* The sum of the quarterly 2017 basic earnings per share amounts do not agree to the yearly total due to rounding.


(1)	The second quarter of 2017 includes (i) an $8.3 million pretax gain related to the sale of GSWC's Ojai water system, and (ii) retroactive operating revenues at ASUS totaling $1.0 million related to periods prior to 2017 as a result of the U.S. government's approval of ASUS's economic price adjustment for one of its utility privatization contracts.


(2)	The fourth quarter of 2017 includes the remeasurement of deferred taxes as a result of the Tax Cuts and Jobs Act. In addition, a $1.8 million reduction to GSWC's operating expenses was recorded representing cash received for reimbursement of legal and other defense costs incurred related to condemnation matters.

(3)

The fourth quarter of 2016 includes (i) a $5.2 million retroactive downward adjustment to GSWC's water gross margin related to the first nine months of 2016 as a result of the CPUC’s delayed decision issued in GSWC’s water general rate case in December 2016, which was retroactive to January 1, 2016, and (ii) retroactive operating revenues at ASUS totaling $1.7 million related to the period ended September 30, 2016 as a result of the U.S. government’s concurrence with ASUS’s price redetermination for one of its utility privatization contracts.