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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-13883

CALIFORNIA WATER SERVICE GROUP

(Exact name of registrant as specified in its charter)


Delaware						77-0448994
(State or other jurisdiction						(I.R.S. Employer Identification No.)
of incorporation or organization)

1720 North First Street

San Jose, California 95112

(Address of principal executive offices)

408-367-8200

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading Symbol(s)

Name of Each Exchange on Which Registered:

Common Stock, $0.01 par value per share

CWT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act) Yes ☐ No ☒

As of March 31, 2023 — there were approximately 55,991,000 shares of common stock outstanding.

Table of Contents

TABLE OF CONTENTS


			Page
PART I Financial Information			3
Item 1 Financial Statements			3
Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2023 and December 31, 2022			3

Condensed Consolidated Statements of Operations (unaudited) For the Three Months Ended March 31, 2023 and 2022			4
Condensed Consolidated Statements of Cash Flows (unaudited) For the Three Months Ended March 31, 2023 and 2022			5
Notes to Unaudited Condensed Consolidated Financial Statements			6
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations			17
Item 3 Quantitative and Qualitative Disclosure about Market Risk			28
Item 4 Controls and Procedures			28
PART II Other Information			29
Item 1 Legal Proceedings			29
Item 1A Risk Factors			29
Item 6 Exhibits			30
Signatures			31

Table of Contents

PART I FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS

The condensed consolidated financial statements presented in this filing on Form 10-Q have been prepared by management and are unaudited.

CALIFORNIA WATER SERVICE GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited (In thousands, except per share data)


	March 31, 2023		December 31, 2022
ASSETS
Utility plant:
Utility plant	$	4,612,350	$	4,536,272
Less accumulated depreciation and amortization	(1,508,913)		(1,477,402)
Net utility plant	3,103,437		3,058,870
Current assets:
Cash and cash equivalents	52,286		62,100
Restricted cash	34,153		22,925
Receivables:
Customers, net	46,539		55,079
Regulatory balancing accounts	50,335		66,826
Other, net	20,576		20,932
Unbilled revenue, net	29,546		33,140
Materials and supplies	13,287		12,564
Taxes, prepaid expenses, and other assets	22,561		21,969
Total current assets	269,283		295,535
Other assets:
Regulatory assets	293,263		283,620
Goodwill	36,814		36,814
Other assets	184,065		175,913
Total other assets	514,142		496,347
TOTAL ASSETS	$	3,886,862	$	3,850,752
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $0.01 par value; 136,000 shares authorized, 55,991 and 55,598 outstanding in 2023 and 2022, respectively	$	560	$	556
Additional paid-in capital	777,605		760,336
Retained earnings	520,031		556,698
Noncontrolling interests	4,792		4,804
Total equity	1,302,988		1,322,394
Long-term debt, net	1,052,337		1,052,487
Total capitalization	2,355,325		2,374,881
Current liabilities:
Current maturities of long-term debt, net	3,300		3,310
Short-term borrowings	130,000		70,000
Accounts payable	120,198		140,986
Regulatory balancing accounts	17,272		12,240
Accrued interest	16,790		6,490
Accrued expenses and other liabilities	62,744		61,624
Total current liabilities	350,304		294,650
Deferred income taxes	326,401		330,251
Pension	79,245		78,443
Regulatory liabilities and other	288,511		287,294
Advances for construction	199,305		199,832
Contributions in aid of construction	287,771		285,401
Commitments and contingencies (Note 10)
TOTAL CAPITALIZATION AND LIABILITIES	$	3,886,862	$	3,850,752

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Table of Contents

CALIFORNIA WATER SERVICE GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited (In thousands, except per share data)


For the three months ended	March 31, 2023		March 31, 2022
Operating revenue	$	131,100	$	172,993
Operating expenses:
Operations:
Water production costs	55,008		61,538
Administrative and general	35,986		33,411
Other operations	16,604		25,852
Maintenance	7,978		7,341
Depreciation and amortization	29,915		28,770
Income tax benefit	(5,644)		(1,417)
Property and other taxes	8,777		8,360
Total operating expenses	148,624		163,855
Net operating (loss) income	(17,524)		9,138
Other income and expenses:
Non-regulated revenue	4,623		5,197
Non-regulated expenses	(2,275)		(6,986)
Other components of net periodic benefit credit	5,221		4,014
Allowance for equity funds used during construction	1,404		975
Income tax expense on other income and expenses	(1,794)		(512)
Net other income	7,179		2,688
Interest expense:
Interest expense	12,818		11,495
Allowance for borrowed funds used during construction	(829)		(563)
Net interest expense	11,989		10,932
Net (loss) income	(22,334)		894
Net loss attributable to noncontrolling interests	(123)		(192)
Net (loss) income attributable to California Water Service Group	$	(22,211)	$	1,086
(Loss) earnings per share of common stock:
Basic	$	(0.40)	$	0.02
Diluted	$	(0.40)	$	0.02
Weighted average shares outstanding:
Basic	55,666		53,731
Diluted	55,666		53,775

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Table of Contents

CALIFORNIA WATER SERVICE GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited (In thousands)


For the three months ended	March 31, 2023		March 31, 2022
Operating activities:
Net (loss) income	$	(22,334)	$	894
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	30,433		29,482
Change in value of life insurance contracts	(1,641)		2,918
Allowance for equity funds used during construction	(1,404)		(975)
Changes in operating assets and liabilities:
Receivables and unbilled revenue	17,089		(10,079)
Water Arrearages Payment Program	—		20,836
Accounts payable	(11,230)		(11,617)
Other current assets	(1,342)		(75)
Other current liabilities	10,024		12,656
Other changes in noncurrent assets and liabilities	1,375		10,153
Net cash provided by operating activities	20,970		54,193
Investing activities:
Utility plant expenditures	(81,980)		(68,496)
Life insurance proceeds	—		1,727
Purchase of life insurance contracts	—		(1,727)
Asset acquisition	(102)		(180)
Net cash used in investing activities	(82,082)		(68,676)
Financing activities:
Short-term borrowings, net of issuance costs of $1,552 for 2023 and $0 for 2022	93,448		30,000
Repayment of short-term borrowings	(35,000)		(15,000)
Repayment of long-term debt	(214)		(198)
Advances and contributions in aid of construction	3,696		7,774
Refunds of advances for construction	(2,248)		(2,355)
Repurchase of common stock	(1,542)		(1,674)
Issuance of common stock, net	18,842		564
Dividends paid	(14,456)		(13,429)
Net cash provided by financing activities	62,526		5,682
Change in cash, cash equivalents, and restricted cash	1,414		(8,801)
Cash, cash equivalents, and restricted cash at beginning of period	85,025		80,653
Cash, cash equivalents, and restricted cash at end of period	$	86,439	$	71,852
Supplemental information:
Cash paid for interest (net of amounts capitalized)	$	1,578	$	187
Supplemental disclosure of non-cash activities:
Accrued payables for investments in utility plant	$	42,038	$	57,733
Utility plant contribution by developers	$	7,032	$	5,771

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Table of Contents

CALIFORNIA WATER SERVICE GROUP

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2023

Dollar amounts in thousands, unless otherwise stated

Note 1. Organization and Operations and Basis of Presentation

California Water Service Group (Company) is a holding company that provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas through its wholly-owned and non-wholly owned subsidiaries. California Water Service Company (Cal Water), Washington Water Service Company (Washington Water), New Mexico Water Service Company (New Mexico Water), and Hawaii Water Service Company, Inc. (Hawaii Water), provide regulated utility services under the rules and regulations of their respective state’s regulatory commissions (jointly referred to as the Commissions). CWS Utility Services and HWS Utility Services LLC provide non-regulated water utility and utility-related services. TWSC, Inc. (Texas Water) holds regulated and contracted wastewater utilities.

The Company operates in one reportable segment, providing water and water related utility services.

Basis of Presentation

The unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (SEC) and therefore do not contain all of the information and footnotes required by GAAP and the SEC for annual financial statements. Interim financial information includes the Company's accounts and those of its wholly and non-wholly owned subsidiaries. The non-wholly owned subsidiary was consolidated using the voting interest model as the Company owns a majority of the voting interests in the non-wholly owned subsidiary. The interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 1, 2023.

The preparation of the Company’s unaudited condensed consolidated interim financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. These include, but are not limited to, estimates and assumptions used in determining the Company’s regulatory asset and liability balances based upon probability assessments of regulatory recovery, revenues earned but not yet billed, asset retirement obligations, allowance for credit losses, pension and other employee benefit plan liabilities, and income tax-related assets and liabilities. Actual results could materially differ from these estimates.

In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring transactions that are necessary to provide a fair presentation of the results for the periods covered.

Due to the seasonal nature of the water business, the results for interim periods are not indicative of the results for a 12-month period. Revenue and income are generally higher in the warm, dry summer months when water usage and sales are greater. Revenue and income are generally lower in the winter months when cooler temperatures and rainfall curtail water usage and sales.

Noncontrolling Interests

Noncontrolling interests in the Company’s condensed consolidated financial statements represents a 6.2% interest not owned by Texas Water in a consolidated subsidiary. Texas Water obtained control over the subsidiary on May 1, 2021. Since the Company controls this subsidiary, its financial statements are consolidated with those of the Company, and the noncontrolling owner’s 6.2% share of the subsidiary’s net assets and results of operations is deducted and reported as noncontrolling interests on the condensed consolidated balance sheet and as net loss attributable to noncontrolling interests in the condensed consolidated statement of operations. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company’s equity. The Company’s net (loss) income attributable to California Water Service Group excludes a net loss attributable to the noncontrolling interests.

Table of Contents

Note 2. Summary of Significant Accounting Policies

Operating revenue

The following table disaggregates the Company’s operating revenue by source for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31
	2023		2022
Revenue from contracts with customers	$	145,225	$	158,933
Regulatory balancing account revenue	(14,125)		14,060
Total operating revenue	$	131,100	$	172,993

Revenue from contracts with customers

The Company principally generates operating revenue from contracts with customers by providing regulated water and wastewater services at tariff-rates authorized by the Commissions in the states in which they operate and non-regulated water and wastewater services at rates authorized by contracts with government agencies. Revenue from contracts with customers reflects amounts billed for the volume of consumption at authorized per unit rates, for a service charge, and for other authorized charges.

The Company satisfies its performance obligation to provide water and wastewater services over time as services are rendered. The Company applies the invoice practical expedient and recognizes revenue from contracts with customers in the amount for which the Company has a right to invoice. The Company has a right to invoice for the volume of consumption, for the service charge, and for other authorized charges.

The measurement of sales to customers is generally based on the reading of their meters, which occurs on a systematic basis throughout the month. At the end of each month, the Company estimates consumption since the date of the last meter reading and the corresponding unbilled revenue is recognized. The estimate is based upon the number of unbilled days that month and the average daily customer billing rate from the previous month (which fluctuates based upon customer usage).

Contract terms are generally short-term and at will by customers and, as a result, no separate financing component is recognized for the Company's collections from customers, which generally require payment within 30 days of billing. The Company applies judgment, based principally on historical payment experience, in estimating its customers’ ability to pay.

Certain customers are not billed for volumetric consumption, but are instead billed a flat rate at the beginning of each monthly service period. The amount billed is initially deferred and subsequently recognized over the monthly service period, as the performance obligation is satisfied. The deferred revenue balance or contract liability, which is included in "accrued expenses and other liabilities" on the unaudited condensed consolidated balance sheets, is inconsequential.

In the following table, revenue from contracts with customers is disaggregated by class of customers for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31
	2023		2022
Residential	$	84,035	$	91,743
Business	31,974		32,163
Multiple residential	14,997		14,817
Industrial	5,634		5,773
Public authorities	6,425		6,985
Other (a)	2,160		7,452
Total revenue from contracts with customers	$	145,225	$	158,933

(a) Other includes accrued unbilled revenue.

Table of Contents

Regulatory balancing account revenue

Regulatory balancing account revenue is revenue related to revenue mechanisms authorized in California by the California Public Utilities Commission (CPUC), which allow the Company to recognize revenue when it is objectively determinable, probable of recovery and expected to be collected within 24 months of the year-end in which the revenue is recognized, and are not considered contracts with customers. To the extent that revenue is estimated to be collectible beyond 24 months, recognition is deferred. Due to the delay in the resolution of the most recent General Rate Case (GRC) filing in California in July of 2021 by Cal Water (2021 GRC Filing), the Company did not benefit from any revenue mechanisms in the first quarter of 2023. For 2022, the Company's authorized revenue mechanisms included the Water Revenue Adjustment Mechanism (WRAM).

The WRAM decoupled revenue from the volume of the sales and allowed the Company to recognize the adopted level of volumetric revenues. The variance between adopted volumetric revenues and actual billed volumetric revenues for metered accounts was recorded as regulatory balancing account revenue. No WRAM was recorded in 2023 as the revenue mechanism concluded on December 31, 2022.

Regulatory balancing account revenue also includes revenue that is recognized for balancing accounts when it is probable that future recovery of previously incurred costs or future refunds that are to be credited to customers will occur through the ratemaking process. These mechanisms, such as the Modified Cost Balancing Account (MCBA), Conservation Expense Balancing Account (CEBA), Pension Cost Balancing Account (PCBA), and Health Cost Balancing Account (HCBA), generally provide for recovery of the adopted levels of expenses for purchased water, purchased power, pump taxes, water conservation program costs, pension, and health care. Variances between adopted and actual costs were recorded as regulatory balancing account revenue in 2022. In 2023, in connection with the CPUC's disallowance of the use of the WRAM, the variances for CEBA, HCBA, and PCBA are recorded against the originating expense. The MCBA was not recorded in 2023 as the mechanism concluded on December 31, 2022.

The CPUC issued a decision effective August 27, 2020 requiring that Class A companies submitting GRC filings after the effective date be (i) precluded from proposing the use of a full decoupling WRAM in their next GRCs and (ii) allowed the use of Monterey-Style Water Revenue Adjustment Mechanisms (MWRAM). In addition, the CPUC's decision allowed for Incremental Cost Balancing Accounts (ICBAs) to replace the MCBA. The MWRAM tracks the difference between the revenue received for actual metered sales through the tiered volumetric rate and the revenue that would have been received with the same actual metered sales if a uniform rate had been in effect. The ICBA tracks differences between the authorized per-unit prices of water production costs and actual per-unit prices of water production costs. Cal Water complied with this decision in its 2021 GRC Filing and expects the MWRAM to be implemented in 2023 and effective retroactive back to January 1, 2023. For the first quarter of 2023, the Company did not record a regulatory asset or regulatory liability for the MWRAM or ICBAs.

Non-regulated Revenue

The following table disaggregates the Company’s non-regulated revenue by source for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31
	2023		2022
Operating and maintenance revenue	$	3,235	$	3,405
Other non-regulated revenue	782		1,150
Non-regulated revenue from contracts with customers	4,017		4,555
Lease revenue	606		642
Total non-regulated revenue	$	4,623	$	5,197

Operating and maintenance services are provided for non-regulated water and wastewater systems owned by private companies and municipalities. The Company negotiates formal agreements with the customers, under which they provide operating, maintenance and customer billing services related to the customers’ water system. The formal agreements outline the fee schedule for the services provided. The agreements typically call for a fee-per-service or a flat-rate amount per month. The Company satisfies its performance obligation of providing operating and maintenance services over time as services are rendered; as a result, the Company employs the invoice practical expedient and recognizes revenue in the amount that it has the right to invoice. Contract terms are generally short-term and, as a result, no separate financing component is recognized for its collections from customers, which generally require payment within 30 days of billing.

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Other non-regulated revenue primarily relates to services for the design and installation of water mains and other water infrastructure for customers outside the regulated service areas and insurance program administration.

Lease revenue is not considered revenue from contracts with customers and is recognized following operating lease standards. The Company is the lessor in operating lease agreements with telecommunications companies under which cellular phone antennas are placed on the Company's property.

Allowance for credit losses

The Company measures expected credit losses for Customer Receivables, Other Receivables, and Unbilled Revenue on an aggregated level. These receivables are generally trade receivables due in one year or less or expected to be billed and collected in one year or less. The expected credit losses for Other Receivables and Unbilled Revenue are inconsequential. Customer receivables include receivables for water and wastewater services provided to residential customers, business, industrial, public authorities, and other customers. The expected credit losses for business, industrial, public authorities, and other customers are inconsequential. The overall risks related to the Company’s receivables are low as water and wastewater services are seen as essential services. The estimate for the allowance for credit losses is based on a historical loss ratio, in conjunction with a qualitative assessment of elements that impact the collectability of receivables to determine if the allowance for credit losses should be further adjusted in accordance with the accounting guidance for credit losses. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, payment options and programs available to customers, and the methods that the Company is able to utilize to ensure payment.

The Company reviews its allowance for credit losses utilizing a quantitative assessment, which includes a trend analysis of customer billing and collection, aging by customer class, and unemployment rates. The Company also utilizes a qualitative assessment, which considers the future collectability on customer outstanding balances, management's estimate of the cash recovery, and a general assessment of the economic conditions of the locations the Company serves. Based on these assessments, the Company adjusted its allowance for credit losses accordingly.

The following table presents the activity in the allowance for credit losses for the 3-month period ended March 31, 2023 and 12-month period ended December 31, 2022:


Allowance for credit losses	March 31, 2023		December 31, 2022
Beginning balance	$	5,629	$	3,743
Provision for credit loss expense	939		5,887
Write-offs	(1,592)		(4,380)
Recoveries	141		379
Total ending allowance balance	$	5,117	$	5,629

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown on the Condensed Consolidated Statements of Cash Flows (see Note 10 for further details on restricted cash):


	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	52,286	$	62,100
Restricted cash	34,153		22,925
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	86,439	$	85,025

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Note 3. Stock-based Compensation

The Company's equity incentive plan was approved and amended by stockholders on April 27, 2005 and May 20, 2014, respectively. The Company is authorized to issue awards up to 2,000,000 shares of common stock.

During the first three months of 2023, the Company granted Restricted Stock Awards (RSAs) to Officers and members of the Board of Directors. An RSA share represents the right to receive a restricted share of the Company's common stock and is valued based on the fair market value of the Company's common stock at the date of grant. RSAs granted to Officers vest over 36 months with the first year cliff vesting. In general, RSAs granted to Board members vest at the end of 12 months. The RSAs are recognized as expense evenly over 36 months for the shares granted to Officers and 12 months for the shares granted to Board members. As of March 31, 2023, there was approximately $3.5 million of total unrecognized compensation cost related to RSAs. The cost is expected to be recognized over a weighted average period of 2.0 years.

A summary of the status of the outstanding RSAs as of March 31, 2023 is presented below:


	Number of RSA Shares	Weighted-Average Grant-Date Fair Value
RSAs at January 1, 2023	52,066	$	55.77
Granted	42,301	55.46
Vested	(28,426)	56.02
Forfeited	—	—
RSAs at March 31, 2023	65,941	$	55.47

During the first three months of 2023, the Company granted performance-based Restricted Stock Units (RSUs) to Officers. An RSU represents the right to receive a share of the Company's common stock. Each award reflects a target number shares of common stock that may be issued to the award recipient. The 2023 awards may be earned upon the completion of a 3-year performance period. Whether RSUs are earned at the end of the performance period will be determined based on the achievement of certain performance objectives set by the Organization and Compensation Committee of the Board of Directors in connection with the issuance of the RSUs. The performance objectives are based on the Company's business plan covering the performance period. The performance objectives include achieving the budgeted return on equity, growth in stockholders' equity, and environmental, social, and governance targets. Depending on the results achieved during the 3-year performance period, the actual number of shares that a grant recipient receives at the end of the performance period may range from 0% to 200% of the target shares granted, provided that the grantee is continuously employed by the Company through the vesting date. If prior to the vesting date employment is terminated by reason of death, disability or normal retirement, then a pro rata portion of this award will vest. The RSUs are recognized as expense ratably over the 3-year performance period using a fair market value of the Company's common share at the date of grant and an estimated number of RSUs that will vest during the performance period. As of March 31, 2023, there was approximately $3.9 million of total unrecognized compensation cost related to RSUs. The cost is expected to be recognized over a weighted average period of 2.1 years.

A summary of the status of the outstanding RSUs as of March 31, 2023 is presented below:


	Number of RSU Shares	Weighted-Average Grant-Date Fair Value
RSUs at January 1, 2023	92,625	$	54.06
Granted	42,464	55.46
Performance criteria adjustment	14,822	56.84
Vested	(40,589)	56.84
Forfeited	(9,250)	53.66
RSUs at March 31, 2023	100,072	$	55.38

The Company has recorded compensation costs for the RSAs and RSUs that are included in administrative and general operating expenses in the amount of $0.1 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively.

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Note 4. Equity

On April 29, 2022, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million from time to time depending on market conditions through an at-the-market equity program over the next three years. The Company intends to use the net proceeds from these sales, after deducting commissions on such sales and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. The Company sold 326,042 shares of common stock through its at-the-market equity program and raised proceeds of $18.2 million, net of $0.2 million in commissions paid under the equity distribution agreement, during the three months ended March 31, 2023.

As approved by the Company's stockholders at the 2022 Annual Meeting, effective July 26, 2022, the aggregate number of shares of common stock which the Company shall have authority to issue was increased from 68.0 million shares to 136.0 million shares. All of said 136.0 million shares shall be of one and the same series, namely shares with par value of $0.01 per share.

The Company’s changes in total equity for the three months ended March 31, 2023 and 2022 were as follows:


	Three months ended March 31, 2023
	Common Stock			Additional Paid-in Capital		Retained Earnings		Noncontrolling Interests		Total Equity
	Shares	Amount
	(In thousands)
Balance at January 1, 2023	55,598	$	556	$	760,336	$	556,698	$	4,804	$	1,322,394
Net loss	—	—		—		(22,211)		(123)		(22,334)
Issuance of common stock	420	4		17,380		—		—		17,384
Repurchase of common stock	(27)	—		—		—		—		—
Dividends paid on common stock ($0.2600 per share)	—	—		—		(14,456)		—		(14,456)
Investment in business with noncontrolling interest	—	—		(111)		—		111