American States Water Company (NYSE:AWR) reminded shareholders that a 14.1% increase in its third quarter cash dividend from $0.355 per share to $0.405 per share and the two-for-one stock split became effective yesterday, September 3, 2013. When the market opened this morning, September 4, the Company’s common shares began trading on the New York Stock Exchange (NYSE) at the new post split-adjusted price. As a result of the stock split, the total number of common shares outstanding will increase from approximately 19.3 million to approximately 38.6 million.
The increased dividend was applied to the shares prior to the stock split. The annualized dividend rate after this increase is equivalent to $1.62 per share, or $0.20 more than the prior annualized dividend rate of $1.42 per share. The equivalent quarterly dividend rate after the stock split would be $0.2025 per share on the increased number of shares resulting from the stock split or $0.810 per share on an annualized basis. The stock split was effective through a stock distribution of one additional share for each share held through the distribution date, September 3 rd.
American States Water Company has paid dividends to shareholders every year since 1931, increasing the dividends received by shareholders each calendar year since 1954.
American States Water Company is the parent of Golden State Water Company and American States Utility Services, Inc. Through its utility subsidiary, Golden State Water Company, AWR provides water service to approximately 256,000 customers throughout 10 counties in Northern, Coastal and Southern California. The Company also distributes electricity to over 23,000 customers in the Big Bear recreational area of California. Through its contracted services subsidiary, American States Utility Services, Inc., the Company provides operations, maintenance and construction management services for water and wastewater systems located on military bases throughout the country under 50 year privatization contracts.