Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
SJW Group’s common stock is traded on the New York Stock Exchange under the symbol “SJW”. As of December 31, 2020, there were 312 record holders of SJW Group’s common stock, excluding those shares in street or nominee name.
Five-Year Performance Graph
The following performance graph compares the changes in the cumulative stockholder return on SJW Group’s common stock with the cumulative total return on a Water Utility Index and the Standard & Poor’s 500 Index during the last five years ended December 31, 2020. The comparison assumes $100 was invested on December 31, 2015 in SJW Group’s common stock and in each of the foregoing indices and assumes reinvestment of dividends.
COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN
Among SJW Group, a Water Utility Index and the S&P 500 Index
The following descriptive data of the performance graph is supplied in accordance with Rule 304(d) of Regulation S-T (numbers represent U.S. dollars ($)):
2015 2016 2017 2018 2019 2020
SJW Group $ 100 193 224 199 259 258
Water Utility Index $ 100 122 157 161 226 261
S&P 500 Index $ 100 112 136 130 171 203
The Water Utility Index is the 9 water company Water Utility Index (including CTWS up to the time of its merger with SJW Group) prepared by Wells Fargo Securities, LLC. The above performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the company specifically incorporates it by reference into such filing.
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Item 6. Selected Financial Data
FIVE YEAR FINANCIAL AND STATISTICAL REVIEW
SJW Group and Subsidiaries
2020 2019 2018 2017 2016
CONSOLIDATED RESULTS OF OPERATIONS
(in thousands)
Operating revenue $ 564,526 420,482 397,699 389,225 339,706
Operating expense:
Purchased water 100,723 99,118 97,378 86,456 72,971
Power 13,330 7,443 6,180 7,295 6,102
Groundwater extraction charges 71,359 43,917 46,770 47,817 32,088
Other production expenses 40,380 25,291 18,398 16,571 14,470
Administrative and general 79,741 66,301 48,933 48,940 41,529
Maintenance 22,158 20,505 18,414 18,361 18,361
Property taxes and other non-income taxes 29,886 19,068 14,975 13,642 12,123
Depreciation and amortization 89,279 65,592 54,601 48,292 44,625
Merger related expenses — 15,768 18,610 — —
Total operating expense 446,856 363,003 324,259 287,374 242,269
Operating income 117,670 57,479 73,440 101,851 97,437
Interest expense, other income and expense (47,775) (25,398) (24,608) (5,358) (11,056)
Income before income taxes 69,895 32,081 48,832 96,493 86,381
Provision for income taxes 8,380 8,454 10,065 35,393 33,542
Net income before noncontrolling interest 61,515 23,627 38,767 61,100 52,839
Less net income attributable to the noncontrolling interest — 224 — 1,896 —
SJW Group net income $ 61,515 23,403 38,767 59,204 52,839
Dividends paid $ 36,509 34,134 23,074 21,332 16,559
CONSOLIDATED PER SHARE DATA
Earnings per share - diluted 2.14 0.82 1.82 2.86 2.57
Dividends paid 1.28 1.20 1.12 1.04 0.81
Book value per common share 32.12 31.28 31.31 22.57 20.61
CONSOLIDATED BALANCE SHEET (in thousands)
Utility plant and intangible assets $ 3,380,048 3,168,505 1,935,911 1,792,323 1,666,381
Less accumulated depreciation and amortization 1,045,136 962,019 607,090 553,059 520,018
Net utility plant 2,334,912 2,206,486 1,328,821 1,239,264 1,146,363
Total assets 3,311,465 3,132,470 1,956,389 1,458,001 1,443,376
Capitalization:
Stockholders’ equity 917,160 889,984 889,312 463,209 421,646
Long-term debt, less current portion 1,287,580 1,283,597 431,424 431,092 433,335
Total capitalization $ 2,204,740 2,173,581 1,320,736 894,301 854,981
OTHER STATISTICS—WATER UTILITY SERVICES
Average revenue per connection (in thousands) $ 1,450 1,087 1,609 1,594 1,402
Investment in gross utility plant per connection (in thousands) $ 8,683 8,195 7,832 7,340 6,874
Connections at year-end 389,293 386,607 247,267 244,133 242,421
Miles of main at year-end 5,462 5,465 3,091 3,082 3,069
Water production (million gallons) 53,604 42,216 40,053 38,584 35,847
Maximum daily production (million gallons) 218 206 149 148 136
Population served (estimate) 1,614,866 1,604,442 1,114,200 1,100,200 1,092,600
Note: Information in this table, including Other Statistics, include SJWNE, LLC from the date of October 9, 2019.
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