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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, 2022
OR
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 001-31303

Black Hills Corporation

Incorporated in South Dakota IRS Identification Number 46-0458824

7001 Mount Rushmore Road
Rapid City, South Dakota 57702
Registrant’s telephone number (605) 721-1700

Former name, former address, and former fiscal year if changed since last report
NONE

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 ☒ No ☐

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 such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 FilerxAccelerated Filer
Non-accelerated FilerSmaller 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

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock of $1.00 par valueBKHNew York Stock Exchange

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
ClassOutstanding at October 31, 2022
Common stock, $1.00 par value65,078,259 shares



TABLE OF CONTENTS
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TABLE OF CONTENTS
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Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 4.
Item 6.
3


GLOSSARY OF TERMS AND ABBREVIATIONS

The following terms and abbreviations appear in the text of this report and have the definitions described below:
AFUDCAllowance for Funds Used During Construction
AOCIAccumulated Other Comprehensive Income (Loss)
APSCArkansas Public Service Commission
Arkansas GasBlack Hills Energy Arkansas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Arkansas (doing business as Black Hills Energy).
ASUAccounting Standards Update issued by the FASB
ATMAt-the-market equity offering program
AvailabilityThe availability factor of a power plant is the percentage of the time that it is available to provide energy.
BHCBlack Hills Corporation; the Company
Black Hills Colorado IPPBlack Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation
Black Hills Electric GenerationBlack Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our affiliate utilities.
Black Hills EnergyThe name used to conduct the business of our utility companies
Black Hills Energy ServicesBlack Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy).
Black Hills Non-regulated HoldingsBlack Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corporation
Black Hills Utility HoldingsBlack Hills Utility Holdings, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy)
Black Hills WyomingBlack Hills Wyoming, LLC, a direct, wholly-owned subsidiary of Black Hills Electric Generation
Blockchain Interruptible Service (BCIS) tariffThe BCIS tariff was proposed by Wyoming Electric and approved by the WPSC in 2019. The tariff was developed to attract new large electric loads related to blockchain and other industry growth with high energy demand.
Cheyenne LightCheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service in the Cheyenne, Wyoming area (doing business as Black Hills Energy). Also known as Wyoming Electric.
Chief Operating Decision Maker (CODM)Chief Executive Officer
Choice Gas ProgramRegulator-approved programs in Wyoming and Nebraska that allow certain utility customers to select their natural gas commodity supplier, providing for the unbundling of the commodity service from the distribution delivery service.
Colorado ElectricBlack Hills Colorado Electric, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing electric service to customers in Colorado (doing business as Black Hills Energy).
Colorado GasBlack Hills Colorado Gas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Colorado (doing business as Black Hills Energy).
Common Use SystemThe Common Use System is a jointly operated transmission system we participate in with Basin Electric Power Cooperative and Powder River Energy Corporation. The Common Use System provides transmission service over these utilities' combined 230-kilovolt (kV) and limited 69-kV transmission facilities within areas of southwestern South Dakota and northeastern Wyoming.
Consolidated Indebtedness to Capitalization RatioAny indebtedness outstanding at such time, divided by capital at such time. Capital being consolidated net worth (excluding non-controlling interest) plus consolidated indebtedness (including letters of credit and certain guarantees issued) as defined within the current Revolving Credit Facility.
Cooling Degree DayA cooling degree day is equivalent to each degree that the average of the high and low temperatures for a day is above 65 degrees. The warmer the climate, the greater the number of cooling degree days. Cooling degree days are used in the utility industry to measure the relative warmth and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.
CPCNCertificate of Public Convenience and Necessity
CP ProgramCommercial Paper Program
4


CPUCColorado Public Utilities Commission
DthDekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu)
EPAUnited States Environmental Protection Agency
FASBFinancial Accounting Standards Board
FitchFitch Ratings Inc.
GAAPAccounting principles generally accepted in the United States of America
Heating Degree DayA heating degree day is equivalent to each degree that the average of the high and the low temperatures for a day is below 65 degrees. The colder the climate, the greater the number of heating degree days. Heating degree days are used in the utility industry to measure the relative coldness and to compare relative temperatures between one geographic area and another. Normal degree days are based on the National Weather Service data for selected locations.
Integrated GenerationNon-regulated power generation and mining businesses that are vertically integrated within our Electric Utilities segment.
Iowa GasBlack Hills Iowa Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Iowa (doing business as Black Hills Energy).
IPPIndependent Power Producer
IRSUnited States Internal Revenue Service
Kansas GasBlack Hills Kansas Gas Utility Company, LLC, a direct, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Kansas (doing business as Black Hills Energy).
KCCKansas Corporation Commission
kVKilovolt
LIBORLondon Interbank Offered Rate
MEANMunicipal Energy Agency of Nebraska
MMBtuMillion British thermal units
Moody’sMoody’s Investors Service, Inc.
MWMegawatts
MWhMegawatt-hours
Nebraska GasBlack Hills Nebraska Gas, LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Nebraska (doing business as Black Hills Energy).
Neil Simpson IIA mine-mouth, coal-fired power plant owned and operated by South Dakota Electric with a total capacity of 90 MW located at our Gillette, Wyoming energy complex.
NOx
Nitrogen oxide
NPSCNebraska Public Service Commission
OCIOther Comprehensive Income
PPAPower Purchase Agreement
PTCProduction Tax Credit
Pueblo Airport GenerationThe 420 MW combined cycle gas-fired power generating plants jointly owned by Colorado Electric (220 MW) and Black Hills Colorado IPP (200 MW). Black Hills Colorado IPP operates this facility. The plants commenced operation on January 1, 2012.
Ready WyomingA 260-mile, multi-phase transmission expansion project in Wyoming. This transmission project will serve the growing needs of customers by enhancing resiliency of Wyoming Electric’s overall electric system and expanding access to power markets and renewable resources. The project will help Wyoming Electric maintain top-quartile reliability and enable economic development in the Cheyenne, Wyoming region.
Renewable ReadyVoluntary renewable energy subscription program for large commercial, industrial and governmental agency customers in South Dakota and Wyoming.
Revolving Credit FacilityOur $750 million credit facility used to fund working capital needs, letters of credit and other corporate purposes, which was amended and restated on July 19, 2021, and now terminates on July 19, 2026.
RMNGRocky Mountain Natural Gas LLC, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas transmission and wholesale services in western Colorado (doing business as Black Hills Energy).
5


RNGRenewable Natural Gas
SECUnited States Securities and Exchange Commission
Service Guard Comfort PlanAppliance protection plan that provides home appliance repair services through on-going monthly service agreements to residential utility customers.
S&PS&P Global Ratings, a division of S&P Global Inc.
South Dakota ElectricBlack Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in Montana, South Dakota and Wyoming (doing business as Black Hills Energy).
SSIRSystem Safety and Integrity Rider
SPPSouthwest Power Pool
TCJATax Cuts and Jobs Act
Tech ServicesNon-regulated product lines delivered by our Utilities that 1) provide electrical system construction services to large industrial customers of our electric utilities, and 2) serve gas transportation customers throughout its service territory by constructing and maintaining customer-owned gas infrastructure facilities, typically through one-time contracts.
UtilitiesBlack Hills’ Electric and Gas Utilities
Wind Capacity FactorMeasures the amount of electricity a wind turbine produces in a given time period relative to its maximum potential.
Winter Storm UriFebruary 2021 winter weather event that caused extreme cold temperatures in the central United States and led to unprecedented fluctuations in customer demand and market pricing for natural gas and energy.
WPSCWyoming Public Service Commission
Wygen IA mine-mouth, coal-fired power plant with a total capacity of 90 MW located at our Gillette, Wyoming energy complex. Black Hills Wyoming owns 76.5% of the facility and Municipal Energy Agency of Nebraska (MEAN) owns the remaining 23.5%.
Wygen IIA mine-mouth, coal-fired power plant owned by Wyoming Electric with a total capacity of 95 MW located at our Gillette, Wyoming energy complex.
Wygen IIIA mine-mouth, coal-fired power plant operated by South Dakota Electric with a total capacity of 110 MW located at our Gillette, Wyoming energy complex. South Dakota Electric owns 52% of the power plant, MDU owns 25% and the City of Gillette owns the remaining 23%.
Wyodak PlantThe 362 MW mine-mouth, coal-fired generating facility near Gillette, Wyoming, jointly owned by PacifiCorp (80%) and South Dakota Electric (20%). Our WRDC mine supplies all of the fuel for the facility.
Wyoming ElectricCheyenne Light, Fuel and Power Company, a direct, wholly-owned subsidiary of Black Hills Corporation, providing electric service to customers in the Cheyenne, Wyoming area (doing business as Black Hills Energy).
Wyoming GasBlack Hills Wyoming Gas, LLC, an indirect and wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Wyoming (doing business as Black Hills Energy).
6


FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q includes “forward-looking statements” as defined by the SEC. Forward-looking statements are all statements other than statements of historical fact including, without limitation, those statements that are identified by the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts” and similar expressions, and include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements including, without limitation, the risk factors described in Item 1A of Part I of our 2021 Annual Report on Form 10-K, Part II, Item 1A of this Quarterly Report on Form 10-Q and other reports that we file with the SEC from time to time, and the following:

Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect;

Our ability to complete our capital program in a cost-effective and timely manner;

Our ability to execute on our strategy;

Our ability to successfully execute our financing plans;

The effects of changing interest rates;

Our ability to achieve our greenhouse gas emissions intensity reduction goals;

Board of Directors’ approval of any future quarterly dividends;

The impact of future governmental regulation;

Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials;

The effects of inflation and volatile energy prices; and

Other factors discussed from time to time in our filings with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
7


PART I.        FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS



BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in thousands, except per share amounts)
Revenue$462,612 $380,590 $1,760,377 $1,386,594 
Operating expenses:
Fuel, purchased power and cost of natural gas sold168,535 94,057 793,632 495,678 
Operations and maintenance134,449 122,277 403,549 375,201 
Depreciation, depletion and amortization64,019 59,159 188,610 174,871 
Taxes - property and production16,130 15,224 49,365 45,390 
Total operating expenses383,133 290,717 1,435,156 1,091,140 
Operating income79,479 89,873 325,221 295,454 
Other income (expense):
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)(40,580)(38,604)(118,454)(115,098)
Interest income561 586 1,126 1,278 
Other income, net464 1,560 2,731 1,635 
Total other income (expense)(39,555)(36,458)(114,597)(112,185)
Income before income taxes39,924 53,415 210,624 183,269 
Income tax (expense)(2,090)(5,253)(15,920)(6,333)
Net income 37,834 48,162 194,704 176,936 
Net income attributable to non-controlling interest(2,861)(4,050)(8,790)(11,347)
Net income available for common stock$34,973 $44,112 $185,914 $165,589 
Earnings per share of common stock:
Earnings per share, Basic$0.54 $0.70 $2.87 $2.63 
Earnings per share, Diluted$0.54 $0.70 $2.86 $2.63 
Weighted average common shares outstanding:
Basic64,876 63,341 64,722 62,950 
Diluted65,061 63,436 64,910 63,046 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
8


BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in thousands)
Net income$37,834 $48,162 $194,704 $176,936 
Other comprehensive income (loss), net of tax:
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $8, $6, $22 and $21, respectively)
(16)(19)(48)(53)
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(66), $(139), $(179) and $(513), respectively)
122 459 384 1,280 
Derivative instruments designated as cash flow hedges:
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(134), $(55), $(549) and $(395), respectively)
578 657 1,589 1,743 
Net unrealized gains on commodity derivatives (net of tax of $(559), $(1,437), $(165) and $(1,776), respectively)
1,776 4,430 509 5,476 
Reclassification of net realized (gains) on settled commodity derivatives (net of tax of $10, $81, $881 and $87, respectively)
(33)(250)(2,739)(269)
Other comprehensive income (loss), net of tax2,427 5,277 (305)8,177 
Comprehensive income40,261 53,439 194,399 185,113 
Less: comprehensive income attributable to non-controlling interest(2,861)(4,050)(8,790)(11,347)
Comprehensive income available for common stock$37,400 $49,389 $185,609 $173,766 

See Note 9 for additional disclosures.

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
9


BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)As of
September 30, 2022December 31, 2021
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents$11,693 $8,921 
Restricted cash and equivalents5,399 4,889 
Accounts receivable, net249,747 321,652 
Materials, supplies and fuel223,162 150,979 
Derivative assets, current3,868 4,373 
Income tax receivable, net17,112 18,017 
Regulatory assets, current290,087 270,290 
Other current assets48,180 29,012 
Total current assets849,248 808,133 
Property, plant and equipment8,236,053 7,856,573 
Less: accumulated depreciation and depletion(1,538,731)(1,407,397)
Total property, plant and equipment, net6,697,322 6,449,176 
Other assets:
Goodwill1,299,454 1,299,454 
Intangible assets, net9,883 10,770 
Regulatory assets, non-current416,119 526,309 
Other assets, non-current50,268 38,054 
Total other assets, non-current1,775,724 1,874,587 
TOTAL ASSETS$9,322,294 $9,131,896 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
10


BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Continued)
(unaudited)As of
September 30, 2022December 31, 2021
(in thousands, except share amounts)
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$187,046 $217,761 
Accrued liabilities250,835 244,759 
Derivative liabilities, current5,569 1,439 
Regulatory liabilities, current24,797 17,574 
Notes payable501,350 420,180 
Total current liabilities969,597 901,713 
Long-term debt, net of current maturities4,131,033 4,126,923 
Deferred credits and other liabilities:
Deferred income tax liabilities, net491,859 465,388 
Regulatory liabilities, non-current469,963 485,377 
Benefit plan liabilities120,629 123,925 
Other deferred credits and other liabilities155,456 141,447 
Total deferred credits and other liabilities1,237,907 1,216,137 
Commitments, contingencies and guarantees (Note 3)
Equity:
Stockholders’ equity —
Common stock $1 par value; 100,000,000 shares authorized; issued 65,105,205 and 64,793,095 shares, respectively
65,105 64,793 
Additional paid-in capital1,811,093 1,783,436 
Retained earnings1,032,522 962,458 
Treasury stock, at cost – 26,208 and 54,078 shares, respectively
(1,715)(3,509)
Accumulated other comprehensive (loss)(20,389)(20,084)
Total stockholders’ equity2,886,616 2,787,094 
Non-controlling interest97,141 100,029 
Total equity2,983,757 2,887,123 
TOTAL LIABILITIES AND TOTAL EQUITY$9,322,294 $9,131,896 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
11


BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)Nine Months Ended September 30,
20222021
Operating activities:(in thousands)
Net income $194,704 $176,936 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization188,610 174,871 
Deferred financing cost amortization7,430 3,892 
Stock compensation6,779 7,245 
Deferred income taxes16,062 5,844 
Employee benefit plans2,677 6,779 
Other adjustments, net(10,243)2,708 
Changes in certain operating assets and liabilities:
Materials, supplies and fuel(88,405)(29,948)
Accounts receivable and other current assets64,280 97,348 
Accounts payable and other current liabilities5,963 (20,094)
Regulatory assets118,330 (559,389)
Regulatory liabilities (9,533)
Other operating activities, net(11,900)(1,419)
Net cash provided by (used in) operating activities494,287 (144,760)
Investing activities:
Property, plant and equipment additions(466,302)(497,849)
Other investing activities(19)13,743 
Net cash (used in) investing activities(466,321)(484,106)
Financing activities:
Dividends paid on common stock(115,850)(106,957)
Common stock issued20,027 62,977 
Term loan - borrowings 800,000 
Term loan - repayments (800,000)
Net borrowings (payments) of Revolving Credit Facility and CP Program81,170 98,485 
Long-term debt - issuances 600,000 
Long-term debt - repayments (8,436)
Distributions to non-controlling interest(11,678)(10,230)
Other financing activities1,647 (2,778)
Net cash provided by (used in) financing activities(24,684)633,061 
Net change in cash, restricted cash and cash equivalents3,282 4,195 
Cash, restricted cash and cash equivalents at beginning of period13,810 10,739 
Cash, restricted cash and cash equivalents at end of period$17,092 $14,934 
Supplemental cash flow information:
Cash (paid) refunded during the period:
Interest, net of amounts capitalized$(98,227)$(93,325)
Income taxes746 1,486 
Non-cash investing and financing activities:
Accrued property, plant and equipment purchases at September 3042,687 55,619 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these Condensed Consolidated Financial Statements.
12


BLACK HILLS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)Common StockTreasury Stock
(in thousands except share amounts)SharesValueSharesValueAdditional Paid in CapitalRetained EarningsAOCINon-controlling InterestTotal
December 31, 202164,793,095 $64,793 54,078 $(3,509)$1,783,436 $962,458 $(20,084)$100,029 $2,887,123 
Net income— — — — — 117,526 — 3,498 121,024 
Other comprehensive income, net of tax— — — — — — 6 — 6 
Dividends on common stock ($0.595 per share)
— — — — — (38,533)— — (38,533)
Share-based compensation425 — (34,393)2,222 (191)— — — 2,031 
Issuance of common stock55,707 56 — — 3,776 — — — 3,832 
Issuance costs— — — — (41)— — — (41)
Distributions to non-controlling interest— — — — — — — (4,420)(4,420)
March 31, 202264,849,227 $64,849 19,685 $(1,287)$1,786,980 $1,041,451 $(20,078)$99,107 $2,971,022 
Net income— — — — — 33,415 — 2,431 35,846 
Other comprehensive (loss), net of tax— — — — — — (2,738)— (2,738)
Dividends on common stock ($0.595 per share)
— — — — — (38,603)— — (38,603)
Share-based compensation39,066 39 4,006 (255)5,370 — — — 5,154 
Issuance of common stock216,885 217 — — 16,353 — — — 16,570 
Issuance costs— — — — (266)— — — (266)
Distributions to non-controlling interest— — — — — — — (4,184)(4,184)
June 30, 202265,105,178 $65,105 23,691 $(1,542)$1,808,437 $1,036,263 $(22,816)$97,354 $2,982,801 
Net income— — — — — 34,973 — 2,861 37,834 
Other comprehensive income, net of tax— — — — — — 2,427 — 2,427 
Dividends on common stock ($0.595 per share)
— — — — — (38,714)— — (38,714)
Share-based compensation27 — 2,517 (173)2,724 — — — 2,551 
Issuance costs— — — — (68)— — — (68)
Distributions to non-controlling interest— — — — — — — (3,074)(3,074)
September 30, 202265,105,205 $65,105 26,208 $(1,715)$1,811,093 $1,032,522 $(20,389)$97,141 $2,983,757 


13


(unaudited)Common StockTreasury Stock
(in thousands except share amounts)SharesValueSharesValueAdditional Paid in CapitalRetained EarningsAOCINon-controlling InterestTotal
December 31, 202062,827,179 $62,827 32,492 $(2,119)$1,657,285 $870,738 $(27,346)$101,262 $2,662,647 
Net income— — — — — 96,316 — 4,171 100,487 
Other comprehensive income, net of tax— — — — — — 1,018 — 1,018 
Dividends on common stock ($0.565 per share)
— — — — — (35,514)— — (35,514)
Share-based compensation82,794 83 7,448 (445)1,672 — — — 1,310 
Other— — — — — (2)— — (2)
Distributions to non-controlling interest— — — — — — — (4,644)(4,644)
March 31, 202162,909,973 $62,910 39,940 $(2,564)$1,658,957 $931,538 $(26,328)$100,789 $2,725,302 
Net income— — — — — 25,161 — 3,126 28,287 
Other comprehensive income, net of tax— — — — — — 1,882 — 1,882 
Dividends on common stock ($