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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended:

September 30, 2024

 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to _______________

Commission

File No.

 

Name of Registrant, State of Incorporation, Address

of Principal Executive Offices, and Telephone No.

 

IRS Employer

Identification No.

000-49965

 

MGE Energy, Inc.

(a Wisconsin Corporation)

133 South Blair Street

Madison, Wisconsin 53788

(608) 252-7000 | mgeenergy.com

 

39-2040501

000-1125

 

Madison Gas and Electric Company

(a Wisconsin Corporation)

133 South Blair Street

Madison, Wisconsin 53788

(608) 252-7000 | mge.com

 

39-0444025

Indicate by check mark whether the registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days:

MGE Energy, Inc. Yes ☒ No ☐

Madison Gas and Electric Company Yes ☒ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files):

MGE Energy, Inc. Yes ☒ No ☐

Madison Gas and Electric Company Yes ☒ No ☐

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 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

MGE Energy, Inc.

Madison Gas and Electric Company

If an emerging growth company, indicate by check mark if the registrants have 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.

MGE Energy, Inc.        ☐

Madison Gas and Electric Company

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):

MGE Energy, Inc. Yes   No ☒

Madison Gas and Electric Company Yes   No ☒

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, $1 Par Value Per Share

 

MGEE

 

The NASDAQ Stock Market

 

Number of Shares Outstanding of Each Class of Common Stock as of October 30, 2024

MGE Energy, Inc.

Common stock, $1.00 par value, 36,207,529 shares outstanding.

Madison Gas and Electric Company

Common stock, $1.00 par value, 17,347,894 shares outstanding (all of which are owned beneficially and of record by MGE Energy, Inc.).

 

1


 

Table of Contents

PART I. FINANCIAL INFORMATION

3

Filing Format

3

Forward-Looking Statements

3

Where to Find More Information

3

Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report

4

Item 1. Financial Statements.

6

MGE Energy, Inc.

6

Consolidated Statements of Income (unaudited)

6

Consolidated Statements of Cash Flows (unaudited)

7

Consolidated Balance Sheets (unaudited)

8

Consolidated Statements of Common Equity (unaudited)

9

Madison Gas and Electric Company

10

Consolidated Statements of Income (unaudited)

10

Consolidated Statements of Cash Flows (unaudited)

11

Consolidated Balance Sheets (unaudited)

12

Consolidated Statements of Equity (unaudited)

13

MGE Energy, Inc., and Madison Gas and Electric Company - Notes to Consolidated Financial Statements (unaudited)

14

1. Summary of Significant Accounting Policies.

14

2. New Accounting Standards.

15

3. Investment in ATC and ATC Holdco.

15

4. Taxes.

16

5. Pension and Other Postretirement Plans.

17

6. Equity and Financing Arrangements.

17

7. Share-Based Compensation.

18

8. Commitments and Contingencies.

18

9. Rate Matters.

21

10. Derivative and Hedging Instruments.

22

11. Fair Value of Financial Instruments.

24

12. Joint Plant Construction Project Ownership.

27

13. Revenue.

28

14. Segment Information.

28

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

30

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

46

Item 4. Controls and Procedures.

46

PART II. OTHER INFORMATION.

47

Item 1. Legal Proceedings.

47

Item 1A. Risk Factors.

47

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

47

Item 3. Defaults Upon Senior Securities.

47

Item 4. Mine Safety Disclosures.

47

Item 5. Other Information.

47

Item 6. Exhibits.

48

Signatures - MGE Energy, Inc.

49

Signatures - Madison Gas and Electric Company

50

 

2


 

PART I. FINANCIAL INFORMATION.

 

Filing Format

 

This combined Form 10-Q is being filed separately by MGE Energy, Inc. (MGE Energy) and Madison Gas and Electric Company (MGE). MGE is a wholly owned subsidiary of MGE Energy and represents a majority of its assets, liabilities, revenues, expenses, and operations. Thus, all information contained in this report relates to, and is filed by, MGE Energy. Information that is specifically identified in this report as relating solely to MGE Energy, such as its financial statements and information relating to its nonregulated business, does not relate to, and is not filed by, MGE. MGE makes no representation as to that information. The terms "we" and "our," as used in this report, refer to MGE Energy and its consolidated subsidiaries, unless otherwise indicated.

 

Forward-Looking Statements

 

This report, and other documents filed by MGE Energy and MGE with the Securities and Exchange Commission (SEC) from time to time, contain forward-looking statements that reflect management's current assumptions and estimates regarding future performance and economic conditions—especially as they relate to economic conditions, future load growth, revenues, expenses, capital expenditures and rate recovery, financial resources, regulatory matters, and the scope and expense associated with future environmental regulation. These forward-looking statements are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "expect," "anticipate," "estimate," "could," "should," "intend," "will," "commit," "target," and other similar words, and words relating to goals, targets and projections, generally identify forward-looking statements. Both MGE Energy and MGE caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed, or implied.

 

The factors that could cause actual results to differ materially from the forward-looking statements made by a registrant include: (a) those factors discussed in the registrants' 2023 Annual Report on Form 10-K: Item 1A. Risk Factors, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, as updated by Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report, and Item 8. Financial Statements and Supplementary Data – Note 16, as updated by Part I, Item 1. Financial Statements – Note 8 in this report, and (b) other factors discussed herein and in other filings made by that registrant with the SEC.

 

Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this report. MGE Energy and MGE undertake no obligation to release publicly any revision to these forward-looking statements to reflect events or circumstances after the date of this report, except as required by law.

 

Where to Find More Information

 

We file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and other information with the SEC. The SEC maintains an internet site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
MGE Energy maintains a website at mgeenergy.com, and MGE maintains a website at mge.com. Copies of the reports and other information that we file with the SEC may be obtained from our websites free of charge. Information contained on MGE Energy's and MGE's websites shall not be deemed incorporated into, or to be a part of, this report.

3


 

Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report

 

Abbreviations, acronyms, and definitions used in the text and notes of this report are defined below.

 

MGE Energy and Subsidiaries:

 

CWDC

Central Wisconsin Development Corporation

MAGAEL

MAGAEL, LLC

MGE

Madison Gas and Electric Company

MGE Energy

MGE Energy, Inc.

MGE Power

MGE Power, LLC

MGE Power Elm Road

MGE Power Elm Road, LLC

MGE Power West Campus

MGE Power West Campus, LLC

MGE Services

MGE Services, LLC

MGE State Energy Services

MGE State Energy Services, LLC

MGE Transco

MGE Transco Investment, LLC

MGEE Transco

MGEE Transco, LLC

North Mendota

North Mendota Energy & Technology Park, LLC

 

Other Defined Terms:

 

2023 Annual Report on Form 10-K

MGE Energy's and MGE's Annual Report on Form 10-K for the year ended December 31, 2023

2021 Incentive Plan

MGE Energy's 2021 Long-Term Incentive Plan

AFUDC

Allowance for Funds Used During Construction

ATC

American Transmission Company LLC

ATC Holdco

ATC Holdco, LLC

Badger Hollow II

Badger Hollow II Solar Farm

Blount

Blount Station

BTA

Best technology available

CA

Certificate of Authority

CBP

U.S. Customs and Border Protection

CCR

Coal Combustion Residual

Codification

Financial Accounting Standards Board Accounting Standards Codification

Columbia

Columbia Energy Center

Cooling degree days (CDD)

Measure of the extent to which the average daily temperature is above 65 degrees Fahrenheit, which is considered an indicator of possible increased demand for energy to provide cooling

CSAPR

Cross-State Air Pollution Rule

Darien

Darien Solar Energy Center

Dth

Dekatherms, a quantity measure for natural gas

ELG

Effluent Limitations Guidelines

Elm Road Units

Elm Road Generating Station

EPA

United States Environmental Protection Agency

FERC

Federal Energy Regulatory Commission

FIP Rule

Federal Implementation Plan

FTR

Financial Transmission Rights

GHG

Greenhouse gas

Heating degree days (HDD)

Measure of the extent to which the average daily temperature is below 65 degrees Fahrenheit, which is considered an indicator of possible increased demand for energy to provide heating

High Noon

High Noon Solar Project

IRS

Internal Revenue Service

Koshkonong

Koshkonkong Solar Energy Center

kWh

Kilowatt-hour, a measure of electric energy produced

MISO

Midcontinent Independent System Operator (a regional transmission organization)

MW

Megawatt, a measure of electric energy generating capacity

MWh

Megawatt-hour, a measure of electric energy produced

NAAQS

National Ambient Air Quality Standards

Nasdaq

The Nasdaq Stock Market

NOx

Nitrogen oxide

Paris

Paris Solar and Battery Park

The Petition

Petition for Judicial Review of Agency Action

PGA

Purchased Gas Adjustment clause, a regulatory mechanism used to reconcile natural gas costs recovered in rates to actual costs

PM

Particulate Matter

PSCW

Public Service Commission of Wisconsin

ROE

Return on equity

SEC

Securities and Exchange Commission

4


 

SO2

Sulfur dioxide

Stock Plan

Direct Stock Purchase and Dividend Reinvestment Plan of MGE Energy

Sunnyside

Sunnyside Solar and Battery Project

UFLPA

Uyghur Forced Labor Protection Act

VIE

Variable Interest Entity

WCCF

West Campus Cogeneration Facility

WDNR

Wisconsin Department of Natural Resources

West Riverside

West Riverside Energy Center in Beloit, Wisconsin

Working capital

Current assets less current liabilities

WPDES

Wisconsin Pollutant Discharge Elimination System

WRO

Withhold Release Order

XBRL

eXtensible Business Reporting Language

5


 

Item 1. Financial Statements.

MGE Energy, Inc.

Consolidated Statements of Income (unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Electric revenues

 

$

148,004

 

 

$

139,104

 

 

$

384,768

 

 

$

378,102

 

Gas revenues

 

 

20,476

 

 

 

21,424

 

 

 

120,761

 

 

 

147,677

 

Total Operating Revenues

 

 

168,480

 

 

 

160,528

 

 

 

505,529

 

 

 

525,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Fuel for electric generation

 

 

17,252

 

 

 

19,712

 

 

 

41,193

 

 

 

47,118

 

Purchased power

 

 

8,127

 

 

 

7,021

 

 

 

26,419

 

 

 

28,252

 

Cost of gas sold

 

 

4,628

 

 

 

5,160

 

 

 

52,798

 

 

 

80,296

 

Other operations and maintenance

 

 

57,129

 

 

 

53,997

 

 

 

167,833

 

 

 

156,004

 

Depreciation and amortization

 

 

27,104

 

 

 

25,241

 

 

 

80,636

 

 

 

74,971

 

Other general taxes

 

 

6,100

 

 

 

5,605

 

 

 

18,030

 

 

 

16,922

 

Total Operating Expenses

 

 

120,340

 

 

 

116,736

 

 

 

386,909

 

 

 

403,563

 

Operating Income

 

 

48,140

 

 

 

43,792

 

 

 

118,620

 

 

 

122,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

 

4,839

 

 

 

10,549

 

 

 

12,576

 

 

 

20,841

 

Interest expense, net

 

 

(8,396

)

 

 

(7,654

)

 

 

(24,725

)

 

 

(22,901

)

Income before income taxes

 

 

44,583

 

 

 

46,687

 

 

 

106,471

 

 

 

120,156

 

Income tax provision

 

 

(3,644

)

 

 

(8,830

)

 

 

(7,924

)

 

 

(22,540

)

Net Income

 

$

40,939

 

 

$

37,857

 

 

$

98,547

 

 

$

97,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share of Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.13

 

 

$

1.05

 

 

$

2.72

 

 

$

2.70

 

Diluted

 

$

1.13

 

 

$

1.05

 

 

$

2.72

 

 

$

2.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share of common stock

 

$

0.450

 

 

$

0.428

 

 

$

1.305

 

 

$

1.243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,181

 

 

 

36,163

 

 

 

36,176

 

 

 

36,163

 

Diluted

 

 

36,211

 

 

 

36,189

 

 

 

36,202

 

 

 

36,185

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

6


 

MGE Energy, Inc.

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2024

 

 

2023

 

Operating Activities:

 

 

 

 

 

 

Net income

 

$

98,547

 

 

$

97,616

 

Items not affecting cash:

 

 

 

 

 

 

Depreciation and amortization

 

 

80,636

 

 

 

74,971

 

Deferred income taxes

 

 

170

 

 

 

16,326

 

Provision for doubtful receivables

 

 

6,600

 

 

 

1,323

 

Employee benefit plan cost (credit)

 

 

424

 

 

 

(2,976

)

Equity earnings in investments

 

 

(8,427

)

 

 

(7,930

)

Other items

 

 

1,247

 

 

 

(2,502

)

Changes in working capital items:

 

 

 

 

 

 

Current assets

 

 

27,544

 

 

 

33,976

 

Accounts payable

 

 

(11,699

)

 

 

(16,586

)

Deferred income taxes

 

 

7,146

 

 

 

 

Other current liabilities

 

 

2,120

 

 

 

(3,714

)

Dividends from investments

 

 

6,414

 

 

 

6,305

 

Cash contributions to pension and other postretirement plans

 

 

(5,511

)

 

 

(5,290

)

Other noncurrent items, net

 

 

4,625

 

 

 

2,519

 

Cash Provided by Operating Activities

 

 

209,836

 

 

 

194,038

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

 

(164,064

)

 

 

(150,298

)

Capital contributions to investments

 

 

(4,348

)

 

 

(5,986

)

Other

 

 

801

 

 

 

(206

)

Cash Used for Investing Activities

 

 

(167,611

)

 

 

(156,490

)

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Issuance of common stock, net

 

 

2,591

 

 

 

 

Cash dividends paid on common stock

 

 

(47,210

)

 

 

(44,933

)

Repayments of long-term debt

 

 

(3,847

)

 

 

(53,048

)

Issuance of long-term debt

 

 

 

 

 

109,300

 

Proceeds from (repayments of) short-term debt

 

 

10,500

 

 

 

(48,500

)

Other

 

 

(879

)

 

 

(2,128

)

Cash Used for Financing Activities

 

 

(38,845

)

 

 

(39,309

)

 

 

 

 

 

 

 

Change in cash, cash equivalents, and restricted cash

 

 

3,380

 

 

 

(1,761

)

Cash, cash equivalents, and restricted cash at beginning of period

 

 

15,026

 

 

 

17,968

 

Cash, cash equivalents, and restricted cash at end of period

 

$

18,406

 

 

$

16,207

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Significant noncash investing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

9,194

 

 

$

17,716

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

7


 

MGE Energy, Inc.

Consolidated Balance Sheets (unaudited)

(In thousands)

 

 

 

September 30,

 

 

December 31,

 

ASSETS

 

2024

 

 

2023

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,875

 

 

$

11,140

 

Accounts receivable, less reserves of $5,565 and $6,537, respectively

 

 

44,626

 

 

 

46,734

 

Other accounts receivable, less reserves of $1,976 and $1,561, respectively

 

 

14,744

 

 

 

15,618

 

Unbilled revenues

 

 

25,925

 

 

 

33,181

 

Materials and supplies, at average cost

 

 

34,993

 

 

 

33,385

 

Fuel for electric generation, at average cost

 

 

11,295

 

 

 

13,423

 

Stored natural gas, at average cost

 

 

23,126

 

 

 

25,840

 

Prepaid taxes

 

 

13,674

 

 

 

22,310

 

Regulatory assets - current

 

 

12,291

 

 

 

20,979

 

Other current assets

 

 

14,776

 

 

 

15,587

 

Total Current Assets

 

 

210,325

 

 

 

238,197

 

Regulatory assets

 

 

66,186

 

 

 

81,589

 

Pension benefit asset

 

 

101,584

 

 

 

93,896

 

Other deferred assets and other

 

 

22,273

 

 

 

20,741

 

Property, Plant, and Equipment:

 

 

 

 

 

 

Property, plant, and equipment, net

 

 

2,077,104

 

 

 

2,018,121

 

Construction work in progress

 

 

155,448

 

 

 

110,091

 

Total Property, Plant, and Equipment

 

 

2,232,552

 

 

 

2,128,212

 

Investments

 

 

116,405

 

 

 

112,823

 

Total Assets

 

$

2,749,325

 

 

$

2,675,458

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Long-term debt due within one year

 

$

5,250

 

 

$

5,146

 

Short-term debt

 

 

48,500

 

 

 

38,000

 

Accounts payable

 

 

45,710

 

 

 

65,451

 

Accrued interest and taxes

 

 

10,479

 

 

 

9,372

 

Accrued payroll related items

 

 

14,739

 

 

 

15,888

 

Regulatory liabilities - current

 

 

16,465

 

 

 

15,296

 

Other current liabilities

 

 

8,462

 

 

 

8,003

 

Total Current Liabilities

 

 

149,605

 

 

 

157,156

 

Other Credits:

 

 

 

 

 

 

Deferred income taxes

 

 

299,728

 

 

 

279,029

 

Investment tax credit - deferred

 

 

45,464

 

 

 

46,892

 

Regulatory liabilities

 

 

151,657

 

 

 

162,316

 

Accrued pension and other postretirement benefits

 

 

56,363

 

 

 

55,058

 

Asset retirement obligations

 

 

72,226

 

 

 

54,430

 

Other deferred liabilities and other

 

 

63,749

 

 

 

61,682

 

Total Other Credits

 

 

689,187

 

 

 

659,407

 

Capitalization:

 

 

 

 

 

 

Common shareholders' equity

 

 

1,195,265

 

 

 

1,140,073

 

Long-term debt

 

 

715,268

 

 

 

718,822

 

Total Capitalization

 

 

1,910,533

 

 

 

1,858,895

 

Commitments and contingencies (see Footnote 8)

 

 

 

 

 

 

Total Liabilities and Capitalization

 

$

2,749,325

 

 

$

2,675,458

 

 

The accompanying notes are an integral part of the above unaudited consolidated financial statements.

8


 

MGE Energy, Inc.

Consolidated Statements of Common Equity (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Income/(Loss)

 

 

Total

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

36,163

 

 

$

36,163

 

 

$

396,281

 

 

$

680,140

 

 

$

 

 

$

1,112,584

 

Net income

 

 

 

 

 

 

 

 

 

 

 

37,857

 

 

 

 

 

 

37,857

 

Common stock dividends declared
   ($
0.428 per share)

 

 

 

 

 

 

 

 

 

 

 

(15,460

)

 

 

 

 

 

(15,460

)

Equity-based compensation plans and other

 

 

 

 

 

 

 

 

272

 

 

 

 

 

 

 

 

 

272

 

Ending Balance - September 30, 2023

 

 

36,163

 

 

$

36,163

 

 

$

396,553

 

 

$

702,537

 

 

$

 

 

$

1,135,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

36,176

 

 

$

36,176

 

 

$

397,614

 

 

$

733,838

 

 

$

 

 

$

1,167,628

 

Net income

 

 

 

 

 

 

 

 

 

 

 

40,939

 

 

 

 

 

 

40,939

 

Common stock dividends declared
   ($
0.450 per share)

 

 

 

 

 

 

 

 

 

 

 

(16,280

)

 

 

 

 

 

(16,280

)

Direct Stock Purchase and Dividend Reinvestment Plan

 

29

 

 

29

 

 

 

2,562

 

 

 

 

 

 

 

 

 

2,591

 

Equity-based compensation plans and other

 

 

 

 

 

 

 

 

387

 

 

 

 

 

 

 

 

 

387

 

Ending Balance - September 30, 2024

 

 

36,205

 

 

$

36,205

 

 

$

400,563

 

 

$

758,497

 

 

$

 

 

$

1,195,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

36,163

 

 

$

36,163

 

 

$

395,657

 

 

$

649,854

 

 

$

 

 

$

1,081,674

 

Net income

 

 

 

 

 

 

 

 

 

 

 

97,616

 

 

 

 

 

 

97,616

 

Common stock dividends declared
   ($
1.243 per share)

 

 

 

 

 

 

 

 

 

 

 

(44,933

)

 

 

 

 

 

(44,933

)

Equity-based compensation plans and other

 

 

 

 

 

 

 

 

896

 

 

 

 

 

 

 

 

 

896

 

Ending Balance - September 30, 2023

 

 

36,163

 

 

$

36,163

 

 

$

396,553

 

 

$

702,537

 

 

$

 

 

$

1,135,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

36,163

 

 

$

36,163

 

 

$

396,750

 

 

$

707,160

 

 

$

 

 

$

1,140,073

 

Net income

 

 

 

 

 

 

 

 

 

 

 

98,547

 

 

 

 

 

 

98,547

 

Common stock dividends declared
   ($
1.305 per share)

 

 

 

 

 

 

 

 

 

 

 

(47,210

)

 

 

 

 

 

(47,210

)

Direct Stock Purchase and Dividend Reinvestment Plan

 

29

 

 

29

 

 

 

2,562

 

 

 

 

 

 

 

 

 

2,591

 

Equity-based compensation plans and other

 

13

 

 

13

 

 

 

1,251

 

 

 

 

 

 

 

 

 

1,264

 

Ending Balance - September 30, 2024

 

 

36,205

 

 

$

36,205

 

 

$

400,563

 

 

$

758,497