Earnings Per Share / Capital Stock (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating basic net income per share

The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used to calculate basic EPS:


Basic:	For The Years Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Net income	$	130,442	$	119,268	$	124,921
Less: impact from participating securities	455		419		372
Total income available to common shareholders	$	129,987	$	118,849	$	124,549

Weighted average Common Shares outstanding, basic	38,550		37,464		36,976

Basic earnings per Common Share	$	3.37	$	3.17	$	3.37

Schedule of reconciliation of Registrant's net income and weighted average Common Shares outstanding for calculating diluted net income per share

The following is a reconciliation of Registrant’s net income and weighted average Common Shares outstanding used to calculate diluted EPS:


Diluted:	For The Years Ended December 31,
(in thousands, except per share amounts)	2025		2024		2023
Common shareholders earnings, basic	$	129,987	$	118,849	$	124,549
Undistributed earnings for dilutive stock options and restricted stock units	194		183		189
Total common shareholders earnings, diluted	$	130,181	$	119,032	$	124,738

Weighted average Common Shares outstanding, basic	38,550		37,464		36,976
Stock-based compensation (1)	123		119		101
Weighted average Common Shares outstanding, diluted	38,673		37,583		37,077

Diluted earnings per Common Share	$	3.37	$	3.17	$	3.36

(1) In applying the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS, 145,015, 144,799 and 115,684 restricted stock units, including performance awards to officers of AWR, at December 31, 2025, 2024 and 2023, respectively, were deemed to be outstanding in accordance with accounting guidance on earnings per share.