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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, 2021
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, 2021
Common stock, $1.00 par value63,820,271 shares



TABLE OF CONTENTS
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Item 4.
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Item 1A.
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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
ALJAdministrative Law Judge
AOCIAccumulated Other Comprehensive Income (Loss)
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).
ASCAccounting Standards Codification
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 PowerBlack Hills Power, Inc., a direct, wholly-owned subsidiary of Black Hills Corporation (doing business as Black Hills Energy). Also known as South Dakota Electric.
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
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.
City of GilletteGillette, Wyoming
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).
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 Day (CDD)A 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.
CorriedaleThe 52.5 MW wind farm near Cheyenne, Wyoming, jointly owned by South Dakota Electric and Wyoming Electric, serving as the dedicated wind energy supply to the Renewable Ready program.
COVID-19The official name for the 2019 novel coronavirus disease announced on February 11, 2020 by the World Health Organization, that is causing a global pandemic.
4


CP ProgramCommercial Paper Program
CPUCColorado Public Utilities Commission
CVACredit Valuation Adjustment
DthDekatherm. A unit of energy equal to 10 therms or approximately one million British thermal units (MMBtu)
Economy EnergyPurchased energy that costs less than that produced with the utilities’ owned generation.
FASBFinancial Accounting Standards Board
FitchFitch Ratings Inc.
GAAPAccounting principles generally accepted in the United States of America
Global SettlementSettlement with a utility’s commission where the revenue requirement is agreed upon, but the specific adjustments used by each party to arrive at the amount are not specified in public rate orders.
Heating Degree Day (HDD)A 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.
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
IRPIntegrated Resource Plan
IRSUnited States Internal Revenue Service
IUBIowa Utilities Board
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
LIBORLondon Interbank Offered Rate
MDUMontana-Dakota Utilities Co., a subsidiary of MDU Resources Group, Inc.
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.
NOLNet Operating Loss
NPSCNebraska Public Service Commission
OCIOther Comprehensive Income
OSHAOccupational Safety & Health Administration
PPAPower Purchase Agreement
PSAPower Sales Agreement
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 285-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 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.
5


Renewable AdvantageA 200 MW solar facility project to be constructed in Pueblo County, Colorado. The project aims to lower customer energy costs and provide economic and environmental benefits to Colorado Electric’s customers and communities. This project, which was approved by the CPUC in September 2020, will be owned by a third-party renewable energy developer with Colorado Electric purchasing all of the energy generated at the facility under the terms of a 15-year PPA. The project is expected to be placed in service in 2023.
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.
SDPUCSouth Dakota Public Utilities Commission
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
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
WRDCWyodak Resources Development Corporation, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing coal supply primarily to five on-site, mine-mouth generating facilities (doing business as Black Hills Energy)
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. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. 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 2020 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;

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;

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,
2021202020212020
(in thousands, except per share amounts)
Revenue$380,590 $346,590 $1,386,594 $1,210,554 
Operating expenses:
Fuel, purchased power and cost of natural gas sold94,057 71,686 495,678 331,194 
Operations and maintenance122,277 122,759 375,201 365,533 
Depreciation, depletion and amortization59,159 56,348 174,871 169,413 
Taxes - property and production15,224 13,563 45,390 42,062 
Total operating expenses290,717 264,356 1,091,140 908,202 
Operating income89,873 82,234 295,454 302,352 
Other income (expense):
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)(38,604)(36,521)(115,098)(108,067)
Interest income586 480 1,278 1,028 
Impairment of investment   (6,859)
Other income (expense), net1,560 (1,193)1,635 (703)
Total other income (expense)(36,458)(37,234)(112,185)(114,601)
Income before income taxes53,415 45,000 183,269 187,751 
Income tax (expense)(5,253)(4,651)(6,333)(25,484)
Net income 48,162 40,349 176,936 162,267 
Net income attributable to non-controlling interest(4,050)(4,066)(11,347)(11,844)
Net income available for common stock$44,112 $36,283 $165,589 $150,423 
Earnings per share of common stock:
Earnings per share, Basic$0.70 $0.58 $2.63 $2.41 
Earnings per share, Diluted$0.70 $0.58 $2.63 $2.41 
Weighted average common shares outstanding:
Basic63,341 62,575 62,950 62,310 
Diluted63,436 62,630 63,046 62,362 

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,
2021202020212020
(in thousands)
Net income$48,162 $40,349 $176,936 $162,267 
Other comprehensive income (loss), net of tax:
Benefit plan liability adjustments - net gain (net of tax of $0, $0, $0 and $(17), respectively)
   55 
Reclassification adjustments of benefit plan liability - prior service cost (net of tax of $6, $6, $21 and $19, respectively)
(19)(18)(53)(60)
Reclassification adjustments of benefit plan liability - net loss (net of tax of $(139), $(149), $(513) and $(426), respectively)
459 448 1,280 1,365 
Derivative instruments designated as cash flow hedges:
Reclassification of net realized losses on settled/amortized interest rate swaps (net of tax of $(55), $(168), $(395) and $(508), respectively)
657 544 1,743 1,630 
Net unrealized gains (losses) on commodity derivatives (net of tax of $(1,437), $(112), $(1,776) and $(44), respectively)
4,430 401 5,476 181 
Reclassification of net realized (gains) losses on settled commodity derivatives (net of tax of $81, $(41), $87 and $(172), respectively)
(250)137 (269)562 
Other comprehensive income, net of tax5,277 1,512 8,177 3,733 
Comprehensive income53,439 41,861 185,113 166,000 
Less: comprehensive income attributable to non-controlling interest(4,050)(4,066)(11,347)(11,844)
Comprehensive income available for common stock$49,389 $37,795 $173,766 $154,156 

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, 2021December 31, 2020
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents$10,181 $6,356 
Restricted cash and equivalents4,753 4,383 
Accounts receivable, net181,956 265,961 
Materials, supplies and fuel145,743 117,400 
Derivative assets, current12,316 1,848 
Income tax receivable, net17,472 19,446 
Regulatory assets, current213,031 51,676 
Other current assets42,274 26,221 
Total current assets627,726 493,291 
Property, plant and equipment7,697,880 7,305,530 
Less: accumulated depreciation and depletion(1,380,304)(1,285,816)
Total property, plant and equipment, net6,317,576 6,019,714 
Other assets:
Goodwill1,299,454 1,299,454 
Intangible assets, net11,063 11,944 
Regulatory assets, non-current617,024 226,582 
Other assets, non-current37,547 37,801 
Total other assets, non-current1,965,088 1,575,781 
TOTAL ASSETS$8,910,390 $8,088,786 

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, 2021December 31, 2020
(in thousands, except share amounts)
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$142,130 $183,340 
Accrued liabilities249,835 243,612 
Derivative liabilities, current3,471 2,044 
Regulatory liabilities, current30,156 25,061 
Notes payable332,525 234,040 
Current maturities of long-term debt 8,436 
Total current liabilities758,117 696,533 
Long-term debt, net of current maturities4,125,571 3,528,100 
Deferred credits and other liabilities:
Deferred income tax liabilities, net445,036 408,624 
Regulatory liabilities, non-current496,261 507,659 
Benefit plan liabilities150,727 150,556 
Other deferred credits and other liabilities134,776 134,667 
Total deferred credits and other liabilities1,226,800 1,201,506 
Commitments, contingencies and guarantees (Note 3)
Equity:
Stockholders’ equity —
Common stock $1 par value; 100,000,000 shares authorized; issued 63,865,151 and 62,827,179 shares, respectively
63,865 62,827 
Additional paid-in capital1,726,277 1,657,285 
Retained earnings929,369 870,738 
Treasury stock, at cost – 43,885 and 32,492 shares, respectively
(2,819)(2,119)
Accumulated other comprehensive income (loss)(19,169)(27,346)
Total stockholders’ equity2,697,523 2,561,385 
Non-controlling interest102,379 101,262 
Total equity2,799,902 2,662,647 
TOTAL LIABILITIES AND TOTAL EQUITY$8,910,390 $8,088,786 

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,
20212020
Operating activities:(in thousands)
Net income $176,936 $162,267 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization174,871 169,413 
Deferred financing cost amortization3,892 5,523 
Impairment of investment 6,859 
Stock compensation7,245 2,696 
Deferred income taxes5,844 28,502 
Employee benefit plans6,779 9,294 
Other adjustments, net2,708 7,910 
Changes in certain operating assets and liabilities:
Materials, supplies and fuel(29,948)(10,905)
Accounts receivable and other current assets97,348 75,960 
Accounts payable and other current liabilities(20,094)(11,136)
Regulatory assets(559,389)1,954 
Regulatory liabilities(9,533)(17,686)
Contributions to defined benefit pension plans (12,700)
Other operating activities, net(1,419)1,508 
Net cash provided by (used in) operating activities(144,760)419,459 
Investing activities:
Property, plant and equipment additions(497,849)(535,993)
Other investing activities13,743 6,269 
Net cash (used in) investing activities(484,106)(529,724)
Financing activities:
Dividends paid on common stock(106,957)(99,999)
Common stock issued62,977 99,316 
Term loan - borrowings800,000  
Term loan - repayments(800,000) 
Net borrowings (payments) of Revolving Credit Facility and CP Program98,485 (265,180)
Long-term debt - issuances600,000 400,000 
Long-term debt - repayments(8,436)(7,163)
Distributions to non-controlling interest(10,230)(12,636)
Other financing activities(2,778)(6,519)
Net cash provided by financing activities633,061 107,819 
Net change in cash, restricted cash and cash equivalents4,195 (2,446)
Cash, restricted cash and cash equivalents at beginning of period10,739 13,658 
Cash, restricted cash and cash equivalents at end of period$14,934 $11,212 
Supplemental cash flow information:
Cash (paid) refunded during the period:
Interest, net of amounts capitalized$(93,325)$(87,453)
Income taxes1,486 1,256 
Non-cash investing and financing activities:
Accrued property, plant and equipment purchases at September 3055,619 86,474 

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, 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 ($0.565 per share)
— — — — — (35,578)— — (35,578)
Share-based compensation20,905 21 6,588 (424)3,698 — — — 3,295 
Issuance of common stock596,035 596 — — 39,636 — — — 40,232 
Issuance costs— — — — (466)— — — (466)
Other— — — — — 1 — — 1 
Distributions to non-controlling interest— — — — — — — (4,061)(4,061)
June 30, 202163,526,913 $63,527 46,528 $(2,988)$1,701,825 $921,122 $(24,446)$99,854 $2,758,894 
Net income— — — — — 44,112 — 4,050 48,162 
Other comprehensive income, net of tax— — — — — — 5,277 — 5,277 
Dividends on common stock ($0.565 per share)
— — — — — (35,865)— — (35,865)
Share-based compensation17  (2,643)169 1,849 — — — 2,018 
Issuance of common stock338,221 338 —