Global Water Resources (GWRS) 10-Q 9 Jun 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Jun. 09, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	GWRS
Entity Registrant Name	Global Water Resources, Inc.
Entity Central Index Key	1,434,728
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		19,581,266

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	$ 260,660	$ 258,244
Less accumulated depreciation	(65,643)	(64,092)
Net property, plant and equipment	195,017	194,152
CURRENT ASSETS:
Cash and cash equivalents	11,418	11,513
Accounts receivable — net	1,195	1,132
Due from affiliates	264	306
Accrued revenue	1,803	1,745
Prepaid expenses and other current assets	2,048	1,179
Assets held for sale	2,805	2,840
Total current assets	19,533	18,715
OTHER ASSETS:
Intangible assets — net	12,772	12,772
Regulatory asset	199	227
Deposits	13	13
Bond service fund and other restricted cash	9,051	9,042
Equity method investment	632	821
Total other assets	22,667	22,875
TOTAL ASSETS	237,217	235,742
CURRENT LIABILITIES:
Accounts payable	2,450	1,322
Accrued expenses	6,699	5,137
Deferred revenue	7	11
Customer and meter deposits	1,639	1,706
Long-term debt — current portion	2,031	1,994
Liabilities relating to assets held for sale	485	493
Total current liabilities	13,311	10,663
NONCURRENT LIABILITIES:
Long-term debt	102,553	102,417
Deferred regulatory gain - ICFA	19,730	19,730
Regulatory liability	7,859	7,859
Advances in aid of construction	62,634	61,480
Contributions in aid of construction — net	4,368	4,426
Deferred income tax liabilities	3,824	4,164
Acquisition liability	4,688	4,688
Other noncurrent liabilities	286	252
Total noncurrent liabilities	205,942	205,016
Total liabilities	$ 219,253	$ 215,679
Commitments and contingencies (see Note 13)
SHAREHOLDERS' EQUITY :
Common stock, $0.01 par value, 60,000,000 shares authorized, 18,241,746 shares issued and outstanding as of March 31, 2016 and December 31, 2015	$ 2	$ 2
Paid in capital	19,938	21,659
Accumulated deficit	(1,976)	(1,598)
Total shareholders' equity	17,964	20,063
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 237,217	$ 235,742

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	18,241,746	18,241,746
Common stock, outstanding	18,241,746	18,241,746

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares
REVENUES:
Water services	$ 2,989	$ 3,893
Wastewater and recycled water services	3,807	3,602
Unregulated revenues	20	127
Total revenues	6,816	7,622
OPERATING EXPENSES:
Operations and maintenance	1,612	1,860
Operations and maintenance - related party	472	611
General and administrative	2,054	2,064
Depreciation	1,617	2,312
Total operating expenses	5,755	6,847
OPERATING INCOME	1,061	775
OTHER INCOME (EXPENSE):
Interest income	3	2
Interest expense	(1,822)	(2,079)
Other	323	(176)
Other - related party	(101)	35
Total other income (expense)	(1,597)	(2,218)
LOSS BEFORE INCOME TAXES	(536)	(1,443)
INCOME TAX BENEFIT	222	528
NET LOSS	$ (314)	$ (915)
Basic loss per common share | $ / shares	$ (0.02)	$ (0.05)
Diluted loss per common share | $ / shares	(0.02)	(0.05)
Dividends declared per common share | (per share)	$ 0.07	$ 0.06
Weighted average number of common shares used in the determination of:
Basic | shares	18,241,746	18,329,456
Diluted | shares	18,241,746	18,329,456

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Deficit
BALANCE at Dec. 31, 2014	$ 27,680	$ 2	$ 50,639	$ (22,961)
Dividend declared	(1,134)		(1,134)
Deemed distribution to related party	(186)		(186)
Net loss	(915)			(915)
BALANCE at Mar. 31, 2015	25,445	2	49,319	(23,876)
BALANCE at Dec. 31, 2015	20,063	2	21,659	(1,598)
Dividend declared	(1,224)		(1,224)
Change in accounting principle	(64)			(64)
Deemed distribution to related party	(497)		(497)
Net loss	(314)			(314)
BALANCE at Mar. 31, 2016	$ 17,964	$ 2	$ 19,938	$ (1,976)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (Unaudited)	3 Months Ended
	Mar. 31, 2016$ / shares	Mar. 31, 2016CAD / shares	Mar. 31, 2015$ / shares	Mar. 31, 2015CAD / shares
Statement Of Stockholders Equity [Abstract]
Dividend declared per share | (per share)	$ 0.07	CAD 0.08	$ 0.06	CAD 0.07

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (314)	$ (915)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred compensation	214	187
Depreciation	1,617	2,312
Amortization of deferred debt issuance costs and discounts	45	56
(Gain) loss on equity investment	188	44
Other gains and losses		176
Provision for doubtful accounts receivable	22	16
Deferred income tax (benefit) expense	(339)	(528)
Changes in assets and liabilities:
Accounts receivable	(85)	161
Other current assets	(1,382)	(332)
Accounts payable and other current liabilities	2,432	(463)
Other noncurrent assets	29	50
Other noncurrent liabilities	9
Net cash provided by operating activities	2,436	764
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,371)	(419)
(Deposits) withdrawals of restricted cash	(9)	(4)
Cash advance to related party		(1,107)
Repayment of related party cash advance		182
Deposits		6
Net cash used in investing activities	(1,380)	(1,342)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan repayments		(196)
Principal payments under capital lease	(36)	(22)
Debt issuance costs paid	(8)
Advances in aid of construction	53	50
Dividends paid	(1,160)	(1,112)
Refunds of advances for construction		(12)
Net cash used in financing activities	(1,151)	(1,292)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(95)	(1,870)
CASH AND CASH EQUIVALENTS — Beginning of period	11,513	6,577
CASH AND CASH EQUIVALENTS – End of period	$ 11,418	$ 4,707

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Interim Financial Statements	1. INTERIM FINANCIAL STATEMENTS Basis of Presentation and Principles of Consolidation – The condensed consolidated financial statements of Global Water Resources, Inc. (the “Company”, “GWRI”, “we”, “us”, or “our”) and related disclosures as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 are unaudited. The December 31, 2015 condensed consolidated balance sheet data was derived from the Company’s audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These financial statements follow the same accounting policies and methods of their application as the Company’s most recent annual consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015. In our opinion, these financial statements include all normal and recurring adjustments necessary for the fair statement of the results for the interim period. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. Further, due to the seasonality of our business, the results for the three months ended March 31, 2016 may not be consistent with results of operations for the full year. We prepare our financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The preparation of the financial statements in conformity with U.S. 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 date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The U.S. dollar is our reporting currency and the Company’s functional currency. As a company with less than $1.0 billion in revenue during our last fiscal year, we qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), under the rules and regulations of the SEC. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. We elected to take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company. We have elected to take advantage of some of the reduced disclosure obligations regarding financial statements. Also, as an emerging growth company we can elect to delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We are choosing to take advantage of this extended accounting transition provision. Certain prior period information has been adjusted to conform to the current year presentation to reflect a 100.68 to 1.00 stock split effectuated on April 28, 2016. All share and per share amounts presented in these financial statements have been retrospectively adjusted to reflect the impact of the stock split. Corporate Transactions — Sale of certain MXA and WMA contracts — In September 2013, the Company sold its Wastewater Facilities Main Extension Agreements (“MXA”) and Offsite Water Management Agreements (“WMA") for the contemplated Loop 303 service area along with their related rights and obligations to EPCOR Water Arizona Inc. (“EPCOR”) (collectively the “Transfer of Project Agreement”, or “Loop 303 Contracts”). Pursuant to the Transfer of Project Agreement, EPCOR agreed to pay GWRI approximately $4.1 million over a multi-year period. As part of the consideration, GWRI agreed to complete certain engineering work required in the WMAs, which work had been completed prior to January 1, 2015. As the engineering work has been completed, the Company effectively has no further obligations under the WMAs, the MXAs or the Transfer of Project Agreement. Prior to January 1, 2015, the Company had received $2.8 million of proceeds and recognized income of approximately $3.3 million within other income (expense) in the statement of operations related to the gain on sale of these agreements and the proceeds received prior to January 1, 2015 for engineering work required in the WMAs. The Company received additional proceeds of approximately $296,000 in April 2015 and recognized those amounts as income at that time. Receipt of the remaining $1.0 million of proceeds will occur and be recorded as additional income over time as certain milestones are met between EPCOR and the developers/landowners. Stipulated condemnation of Valencia — On March 17, 2015, the Company reached a settlement agreement for a stipulated condemnation to sell the utility operating as Valencia Water Company, Inc. (“Valencia”) to the City of Buckeye (“Buckeye”), which was approved by Buckeye's City Council on March 19, 2015 and by the Maricopa County Superior Court on June 9, 2015. On July 14, 2015, the Company closed the stipulated condemnation of Valencia with Buckeye. Terms of the condemnation were agreed upon through a settlement agreement in March 2015, pursuant to which Buckeye acquired the operations and assets of Valencia and assumed operations of the utility upon close. Buckeye paid the Company $55.0 million at close, plus an additional $108,000 in working capital adjustments. As a result of the transaction, the Company recorded a gain of $43.0 million net of tax liability of $20.2 million for the year ended December 31, 2015. Buckeye will also pay a growth premium equal to $3,000 for each new water meter installed within Valencia's prior service areas for a 20-year period ending December 31, 2034, subject to a maximum payout of $45.0 million over the term of the agreement. For the three months ended March 31, 2016, the Company recognized $252,000 in other income within the consolidated financial statements related to the growth premium. In consideration of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 205-20-45-1, the condemnation of Valencia transaction does not meet the criteria of discontinued operations. As the transaction did not change the services provided or the manner in which the Company operates, it was determined the transaction did not represent a strategic shift and therefore does not qualify for presentation as a discontinued operation. S ale of Willow Water Valley Co., Inc. — Per ASC 360-10-45-9, the assets and liabilities in the sale of Willow Valley were determined to meet the criteria to be classified as held for sale beginning with our March 31, 2015 consolidated financial statements. The criteria utilized to make this determination were: (i) management had the authority and had entered into an agreement to sell the assets of Willow Valley; (ii) the assets and liabilities were available for immediate sale in their present condition; (iii) the approval from the ACC was probable within the next year; (iv) a reasonable price had been agreed upon; and (v) it was unlikely that significant changes to the agreement would occur prior to approval. In consideration of ASC 205-20-45-1, the Willow Valley transaction did not meet the criteria for discontinued operations. As the transaction did not change the services provided nor the manner in which the Company operates, it was determined the transaction did not represent a strategic shift and therefore did not qualify for presentation as a discontinued operation. Additionally, as the carrying value of the assets and liabilities of Willow Valley were greater than the agreed upon sales price, a loss of $176,000 was recorded in other expense during the first quarter of 2015, when the assets and liabilities were classified as held for sale, to adjust the carrying value of the assets to the agreed upon fair value less cost to sell. The assets and liabilities included within the agreements are as follows: March 31, 2016 December 31, 2015 Willow Valley Willow Valley (in thousands) Property, plant and equipment $ 5,261 $ 5,223 Less Accumulated Depreciation (2,679 ) (2,606 ) Net property, plant and equipment 2,582 2,617 Goodwill 223 223 Total assets $ 2,805 $ 2,840 Advances in aid of construction $ 70 $ 70 Contributions in aid of construction — net 414 423 Total liabilities $ 484 $ 493 Merger of GWR Global Water Resources Corp. (“GWRC”) — On May 3, 2016, the Company completed the merger of GWRC into GWRI. At the time of the merger, GWRC ceased to exist as a British Columbia corporation and the Company continued as the surviving entity of the merger. See Note 7 and Note 14. Initial Public Offering — On April 27, 2016, the SEC declared effective the registration statement relating to the public offering of our common stock. On May 3, 2016, the Company completed the initial public offering of 1,164,800 shares of common stock at $6.25 per share for gross proceeds of approximately $7.3 million (the “U.S. IPO”). The Company granted the underwriter the option to purchase up to an additional 174,720 shares of common stock at the same price, which was exercised by the underwriter on May 11, 2016, for additional gross proceeds of $1.1 million. Our shares of common stock are listed on the NASDAQ Global Market and the Toronto Stock Exchange under the symbols “GWRS” and “GWR”, respectively. Sonoran Acquisition Liability — On March 17, 2016, the Company entered into an agreement with Sonoran Utility Services, LLC (“Sonoran”) to amend certain provisions of the purchase and sale agreement related to the acquisition of Sonoran’s assets on June 15, 2005. The amended agreement allows the Company to reduce its acquisition liability due to Sonoran to $2.8 million, if the Company settles the amount due within ten days of the closing of the note purchase agreement (See Note 14). As of March 31, 2016, the acquisition liability carried a balance of $3.8 million. The amended provisions of the agreement are contingent on the closing of note purchase agreement, which is expected to close on June 24, 2016. New Accounting Pronouncements In April 2015, the FASB issued Accounting Standard Update (“ASU”) No. 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) This guidance will be effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. For all other entities, the guidance is effective for annual periods beginning after December 31, 2019, and interim periods within fiscal years beginning after December 15, 2020. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting

Regulatory Decision and Related

Regulatory Decision and Related Accounting and Policy Changes	3 Months Ended
	Mar. 31, 2016
Regulated Operations [Abstract]
Regulatory Decision and Related Accounting and Policy Changes	2 . REGULATORY DECISION AND RELATED ACCOUNTING AND POLICY CHANGES Our regulated utilities and certain other balances are subject to regulation by the ACC and meet the requirements for regulatory accounting found within ASC Topic 980, Regulated Operations In accordance with ASC Topic 980, rates charged to utility customers are intended to recover the costs of the provision of service plus a reasonable return in the same period. Changes to the rates are made through formal rate applications with the ACC, which we have done for all of our operating utilities and which are described below. On July 11, 2012, we filed formal rate applications with the ACC to adjust the revenue requirements for seven utilities representing a collective rate increase of approximately 28% over 2011’s revenue. In August 2013, the Company entered into a settlement agreement with ACC Staff, the Residential Utility Consumers Office, the City of Maricopa, and other parties to the rate case. The settlement required approval by the ACC’s Commissioners before it could take effect. In February 2014, the rate case proceedings were completed and the ACC issued Rate Decision No. 74364, effectively approving the settlement agreement. The rulings of the decision include, but are not limited to, the following: · For the Company’s utilities, adjusting for the condemnation of Valencia, a collective revenue requirement increase of $4.0 million based on 2011 test year service connections, phased-in over time, with the first increase in January 2015 as follows (in thousands): Incremental Cumulative 2015 $ 1,285 $ 1,285 2016 1,089 2,374 2017 335 2,709 2018 335 3,044 2019 335 3,379 2020 335 3,714 2021 335 4,049 Whereas this phase-in of additional revenues was determined using a 2011 test year, to the extent that the number of active service connections increases from 2011 levels, the additional revenues may be greater than the amounts set forth above. On the other hand, if active connections decrease or we experience declining usage per customer, we may not realize all of the anticipated revenues. · Full reversal of the imputation of contributions in aid of construction (“CIAC”) balances associated with funds previously received under infrastructure coordination and financing agreements (“ICFAs”), as required in the Company’s last rate case. The reversal restores rate base or future rate base, and has a significant impact of restoring shareholder equity on the balance sheet. · The Company has agreed to not enter into any new ICFAs. Existing ICFAs will remain in place, but a portion of future payments to be received under the ICFAs will be considered as hook-up fees, which are accounted for as CIAC once expended on plant. · A 9.5% return on common equity was adopted. · None of the Company’s utilities will file another rate application before May 31, 2016. GWRI’s subsidiaries, Global Water - Santa Cruz Water Company (“Santa Cruz”) and Global Water - Palo Verde Utilities Company (“Palo Verde”), may not file for another rate increase before May 31, 2017. The following provides additional discussion on accounting and policy changes resulting from Rate Decision No. 74364. Infrastructure Coordination and Financing Agreements – ICFAs are agreements with developers and homebuilders whereby GWRI, the indirect parent of the operating utilities, provides services to plan, coordinate and finance the water and wastewater infrastructure that would otherwise be required to be performed or subcontracted by the developer or homebuilder. Under the ICFAs, GWRI has a contractual obligation to ensure physical capacity exists through its regulated utilities for water and wastewater to the landowner/developer when needed. This obligation persists regardless of connection growth. Fees for these services are typically a negotiated amount per equivalent dwelling unit for the specified development or portion of land. Payments are generally due in installments, with a portion due upon signing of the agreement, a portion due upon completion of certain milestones, and the final payment due upon final plat approval or sale of the subdivision. The payments are non-refundable. The agreements are generally recorded against the land and must be assumed in the event of a sale or transfer. The regional planning and coordination of the infrastructure in the various service areas has been an important part of GWRI’s business model. Prior to January 1, 2010, GWRI accounted for funds received under ICFAs as revenue once the obligations specified in the ICFA were met. As these arrangements are with developers and not with the end water or wastewater customer, the timing of revenue recognition coincided with the completion of GWRI’s performance obligations under the agreement with the developer and with GWRI’s ability to provide fitted capacity for water and wastewater service through its regulated subsidiaries. The 2010 Regulatory Rate Decision No. 71878 established new rates for the recovery of reasonable costs incurred by the utilities and a return on invested capital. In determining the new annual revenue requirement, the ACC imputed a reduction to rate base for all amounts related to ICFA funds collected by the Company that the ACC deemed to be CIAC for rate making purposes. As a result of the decision by the ACC, GWRI changed its accounting policy for the accounting of ICFA funds. Effective January 1, 2010, GWRI recorded ICFA funds received as CIAC. Thereafter, the ICFA-related CIAC was amortized as a reduction of depreciation expense over the estimated depreciable life of the utility plant at the related utilities. With the issuance of Rate Decision No. 74364, in February 2014, the ACC again changed how ICFA funds would be characterized and accounted for going forward. Most notably, ICFA funds would no longer be required to reduce future rates as a result of the ratemaking process. In conjunction with Rate Decision No. 74364, we eliminated the CIAC liability and reversed the associated regulatory liability brought about by the 2010 ruling. ICFA funds already received or which had become due prior to the date of Rate Decision No. 74364 were accounted for in accordance with the Company’s ICFA revenue recognition policy that had been in place prior to the 2010 Regulatory Rate Decision, wherein the funds received are recognized as revenue once the obligations specified in the ICFA were met. Rate Decision No. 74364 prescribes that of the ICFA funds which come due and are paid subsequent to December 31, 2013, 70% of the ICFA funds will be recorded in the associated utility subsidiary as a hook-up fee (“HUF”) liability, with the remaining 30% to be recorded as deferred revenue, to be accounted for in accordance with the Company's ICFA revenue recognition policy. The Company will account for the portion allocated to the HUF as a CIAC contribution. However, in accordance with the ACC directives the CIAC is not deducted from rate base until the HUF funds are expended for utility plant. Such funds will be segregated in a separate bank account and used for plant. A HUF liability will be established and will be amortized as a reduction of depreciation expense over the useful life of the related plant once the HUF funds are utilized for the construction of plant. For facilities required under a HUF or ICFA, the utilities must first use the HUF moneys received, after which, it may use debt or equity financing for the remainder of construction. The Company will record the 30% as deferred revenue, which is to be recognized as revenue once the obligations specified within the ICFA are met. As of March 31, 2016 and December 31, 2015, ICFA deferred revenue recorded on the consolidated balance sheet totaled $19.7 million, which represents deferred revenue recorded for ICFA funds received on contracts that had become due prior to Rate Decision No. 74364. For ICFA contracts coming due after December 31, 2013, 30% will be added to this balance with the remaining 70% recorded to a HUF liability. Regulatory asset – Under ASC Topic 980, rate regulated entities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that these costs and credits will be recognized in the rate making process in a period different from the period in which they would have been reflected in income by an unregulated company. Certain costs associated with our rate cases have been deferred on our balance sheet as regulatory assets as approved by the ACC. At March 31, 2016 and December 31, 2015, the Company had one regulatory asset in the amount of $199,000 and $227,000, respectively, related to costs incurred in connection with our most recent rate case. This amount began to amortize in January 2015, and will amortize over a three-year period. Intangible assets / Regulatory liability The Company previously recorded certain intangible assets related to ICFA contracts obtained in connection with our Santa Cruz, Palo Verde and Sonoran Utility Services (‘‘Sonoran’’) acquisitions. The intangible assets represented the benefits to be received over time by virtue of having those contracts. Prior to January 1, 2010, the ICFA-related intangibles were amortized when ICFA funds were recognized as revenue. Effective January 1, 2010, in connection with the 2010 Regulatory Rate Decision, these assets became fully offset by a regulatory liability of $11.2 million since the imputation of ICFA funds as CIAC effectively resulted in the Company not being able to benefit (through rates) from the acquired ICFA contracts. Effective January 1, 2010, the gross ICFAs intangibles began to be amortized when cash was received in proportion to the amount of total cash expected to be received under the underlying agreements. However, such amortization expense was offset by a corresponding reduction of the regulatory liability in the same amount. As a result of Rate Decision No. 74364, the Company changed its policy around the ICFA related intangible assets. As discussed above, pursuant to Rate Decision No. 74364, approximately 70% of ICFA funds to be received in the future will be recorded as a HUF at the Company’s applicable utility subsidiary. The remaining approximate 30% of future ICFA funds will be recorded at the parent company level and will be subject to the Company’s ICFA revenue recognition accounting policy. As the Company now expects to experience an economic benefit from the 30% portion of future ICFA funds, 30% of the regulatory liability, or $3.4 million, was reversed in 2014. The remaining 70% of the regulatory liability, or $7.9 million, will continue to be recorded on the balance sheet. At March 31, 2016 and December 31, 2015, this was the Company's sole regulatory liability. Subsequent to Rate Decision No. 74364, the intangible assets will continue to amortize when the corresponding ICFA funds are received in proportion to the amount of total cash expected to be received under the underlying agreements. The recognition of amortization expense will be partially offset by a corresponding reduction of the regulatory liability. Stock Appreciation Rights (“SARs”) — SARs historically were accounted for as liability compensatory awards under ASC 710, Compensation – General, valued using the intrinsic value method, as permitted by ASC 718 for nonpublic entities. Upon becoming a public company, as defined in ASC 718, in the first quarter of 2016, the Company was required to change its methodology for valuing the SARs. While the SARs will continue to be re-measured at each quarterly reporting date, the SARs are required to be accounted for prospectively at fair value using a fair value pricing model, such as Black-Scholes. The Company recorded the impact of the change in valuation methods as a cumulative effect of a change in accounting principle, as permitted by ASC 250. The effect of the change increased the SAR liability by $103,000 which was the difference in compensation cost measured using the intrinsic value method and the fair value method. An equal and offsetting change to accumulated deficit in the consolidated balance sheet was recorded with the revaluation. Any future changes in fair value will be recorded as compensation expense in the consolidated statement of operations.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2016
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	3 . PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment at March 31, 2016 and December 31, 2015 consist of the following ($ in thousands): March 31, 2016 December 31, 2015 Average Depreciation Life (in years) Mains/lines/sewers $ 114,264 $ 113,318 47 Plant 66,174 64,983 25 Equipment 28,609 27,961 10 Meters 4,268 4,253 12 Furniture, fixture and leasehold improvements 391 386 8 Computer and office equipment 1,057 1,022 5 Software 179 177 3 Land and land rights 752 752 Other 149 148 Construction work-in-process 44,817 45,244 Total property, plant and equipment 260,660 258,244 Less accumulated depreciation (65,643 ) (64,092 ) Net property, plant and equipment $ 195,017 $ 194,152

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Accounts Receivable	4 . ACCOUNTS RECEIVABLE Accounts receivable as of March 31, 2016 and December 31, 2015 consist of the following (in thousands): March 31, 2016 December 31, 2015 Billed receivables $ 1,423 $ 1,326 Less allowance for doubtful accounts (228 ) (194 ) Accounts receivable - net $ 1,195 $ 1,132

Equity Method Investment and Co

Equity Method Investment and Convertible Note	3 Months Ended
	Mar. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
EQUITY METHOD INVESTMENT AND CONVERTIBLE NOTE	5 . EQUITY METHOD INVESTMENT AND CONVERTIBLE NOTE On June 5, 2013, the Company sold Global Water Management, LLC (“GWM”) to an investor group led by a private equity firm that specializes in the water industry. GWM was a wholly-owned subsidiary of GWRI that owned and operated the FATHOM™ business (“FATHOM™”). In connection with the sale of GWM, the Company made an investment in the FATHOM™ Partnership. This limited partnership investment is accounted for under the equity method due to our investment being considered more than minor. The original investment in FATHOM™ consisted of an investment of $750,000 in the Series A preferred units and $98,000 of common units. Additionally, the Company invested $750,000 in a 10% convertible promissory note of GWM with an original maturity of December 31, 2014. We accounted for this investment in accordance with relevant accounting guidance for debt and equity securities which requires the fair value measurement of the investment pursuant to ASC Topic 820, Fair Value Measurement In November 2014, FATHOM™ experienced a qualified financing event (qualified financing was defined as an equity financing by FATHOM™ Partnership in which FATHOM™ Partnership sells its units for at least $1.75 per unit and the aggregate proceeds from such financing was at least $15 million, exclusive of convertible note amounts converted). At the time of the qualified financing, the convertible promissory note was converted into Series B Preferred Units, and accounted for under the equity method. The Company's resulting ownership of common and preferred units represented an approximate 8.0% ownership (on a fully diluted basis). In conjunction with the qualified financing, our equity interest in the Series A and Series B preferred shares was adjusted in accordance with ASC 323, Investment-Equity Method & Joint Ventures, We evaluate our investment in FATHOM™ Partnership/GWM for impairment whenever events or changes in circumstances indicate that the carrying value of our investment may have experienced an “other-than-temporary” decline in value. Since the sale of GWM, the losses incurred on the investment were greater than anticipated; however, based upon our evaluation of various relevant factors, including the 2014 equity event and the ability of FATHOM™ to achieve and sustain an earnings capacity that would justify the carrying amount of our investment, as of March 31, 2016 we do not believe the investment to be impaired. We have evaluated whether GWM qualifies as a variable interest entity (“VIE”) pursuant to the accounting guidance of ASC 810, Consolidations

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	6 . GOODWILL AND INTANGIBLE ASSETS The carrying value of goodwill was zero as of March 31, 2016. An impairment of $176,000 was recorded against the goodwill recorded in the Willow Valley reporting unit during 2015, to bring its carrying value down to $223,000, which balance was included in assets held for sale as of March 31, 2016. Intangible assets as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Amount Amortization Amount Amount Amortization Amount INDEFINITE LIVED INTANGIBLE ASSETS: CP Water CC&N service area $ 1,532 $ — $ 1,532 $ 1,532 $ — $ 1,532 Intangible trademark 13 — 13 13 — 13 1,545 — 1,545 1,545 — 1,545 AMORTIZED INTANGIBLE ASSETS: Acquired ICFAs 17,978 (12,154 ) 5,824 17,978 (12,154 ) 5,824 Sonoran contract rights 7,406 (2,003 ) 5,403 7,406 (2,003 ) 5,403 25,384 (14,157 ) 11,227 25,384 (14,157 ) 11,227 Total intangible assets $ 26,929 $ (14,157 ) $ 12,772 $ 26,929 $ (14,157 ) $ 12,772 Acquired ICFAs and Sonoran contract rights are amortized when cash is received in proportion to the amount of total cash expected to be received under the underlying agreements. Due to the uncertainty of the timing of when cash will be received under ICFA agreements and contract rights, we cannot reliably estimate when the remaining intangible assets' amortization will be recorded. No amortization was recorded for these balances for the three months ended March 31, 2016 and March 31, 2015.

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Transactions With Related Parties	7 . TRANSACTIONS WITH RELATED PARTIES On January 19, 2016, GWRC announced that it agreed to pursue a reorganization transaction with the Company that resulted in GWRC merging with and into the Company (the “Reorganization Transaction”). GWRC was organized in 2010 to acquire shares of the Company, and held an approximate 47.8% interest in the Company as of March 31, 2016. The Reorganization Transaction closed on May 3, 2016. The Reorganization Transaction is part of the Company’s overall plan to simplify its corporate structure by eliminating one level of holding company ownership, refinance its outstanding tax-exempt bonds on more favorable terms (as described below), improve liquidity for shareholders over the medium to long-term and have a single governing jurisdiction in the U.S., where all of the assets, operations and employees of the business are located. As a result of the merger, GWRC ceased to exist as a British Columbia corporation and the Company, governed by the corporate laws of the State of Delaware, is the surviving entity. The Reorganization Transaction was conditioned upon the concurrent completion of the U.S. IPO. See Note 14. With the completion of the U.S. IPO, the Company has the right to redeem all of its outstanding tax-exempt bonds at a price of 103% of the principal amount, plus interest accrued at the redemption date. As of March 31, 2016 and December 31, 2015, the principal balance of such bonds was $106.7 million. For a description of our tax-exempt bonds, see Note 9. Following completion of the U.S. IPO, the Company entered into a note purchase agreement to issue two series of senior secured notes with total principal balance of $115.0 million. See Note 14. GWRC was not part of the consolidated Company as of March 31, 2016. GWRC had no employees and GWRI provided for the ongoing management and general administration of GWRC’s business affairs pursuant to a management agreement between GWRC and GWRI to provide such services. Accordingly, GWRC was economically dependent on the Company. Services provided by the Company under the management agreement were provided at no charge to GWRC, and were not monetarily significant. However, GWRC incurred certain costs not covered by the management agreement. These include GWRC’s accounting fees, listing fees and other costs directly associated with its former status as a publicly traded company. Whereas GWRC did not expect to generate cash flows from operating activities, the operating costs incurred by GWRC and other cash requirements were paid by the Company. Amounts paid by the Company on GWRC’s behalf during the three months ended March 31, 2016 and March 31, 2015 totaled $497,000 and $186,000, respectively. The Company accounted for such payments as equity distributions to GWRC. For the three months ended March 31, 2016 no cash advance was provided to GWRC. For the three months ended March 31, 2015, the Company provided cash advances of approximately $1.1 million to satisfy GWRC's short term cash obligations. The amount advanced was utilized to fund GWRC's monthly dividend and other cash requirements, as needed. The related party balance was reduced upon dividend declaration, when the amount declared is presented as a reduction in the Company’s equity. As of March 31, 2016 and December 31, 2015, the balance of the advance was zero. We provide medical benefits to our employees through our participation in a pooled plan sponsored by an affiliate of a shareholder and director of the Company. Medical claims paid to the plan were approximately $280,000 and $56,000 for the three months ended March 31, 2016 and March 31, 2015, respectively. GWM has historically provided billing, customer service and other support services for the Company’s regulated utilities. Amounts collected by GWM from the Company’s customers that GWM has not yet remitted to the Company are included within the “Due from affiliates” caption on the Company’s consolidated balance sheet. As of March 31, 2016 and December 31, 2015, the unremitted balance totaled $264,000 and $306,000, respectively. Notwithstanding the sale of GWM on June 5, 2013, FATHOM™ will continue to provide these services to the Company’s regulated utilities under a long-term service agreement. Based on current service connections, we estimate that fees to be paid to GWM for FATHOM™ services will be $7.72 per water account/month, which is an annual rate of approximately $1.9 million. For the three months ended March 31, 2016 and March 31, 2015, the Company incurred FATHOM™ service fees of approximately $472,000 and $611,000, respectively. Pursuant to the purchase agreement for the sale of GWM, the Company is entitled to quarterly royalty payments based on a percentage of certain of GWM’s recurring revenues for a 10-year period, up to a maximum of $15.0 million. In addition, the Company entered into a services agreement with GWM whereby the Company has agreed to use the FATHOM™ platform for all of its regulated utility services for an initial term of 10 years. The services agreement is automatically renewable thereafter for successive 10-year periods, unless notice of termination is given prior to any renewal period. The services agreement may be terminated by either party for default only and the termination of the services agreement will also result in the termination of the royalty payments payable to the Company. The Company made the election to record these quarterly royalty payments prospectively in income as the amounts are earned. Royalties recorded within other income totaled approximately $88,000 and $79,000 for the three months ended March 31, 2016 and March 31, 2015, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2016
Accrued Liabilities Current [Abstract]
Accrued Expenses	8 . ACCRUED EXPENSES Accrued expenses at March 31, 2016 and December 31, 2015 consist of the following (in thousands): March 31, 2016 December 31, 2015 Deferred compensation $ 842 $ 598 Interest 2,603 877 Property taxes 496 958 Other accrued liabilities 2,758 2,704 Total accrued liabilities $ 6,699 $ 5,137

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	9 . DEBT The outstanding balances and maturity dates for short-term (including the current portion of long-term debt) and long-term debt as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Short-term Long-term Short-term Long-term BONDS PAYABLE - 5.450% Series 2006, maturing December 1, 2017 $ 985 $ 1,040 $ 1,000 $ 1,040 5.600% Series 2006, maturing December 1, 2022 — 6,215 — 6,215 5.750% Series 2006, maturing December 1, 2032 — 23,370 — 23,370 6.550% Series 2007, maturing December 1, 2037 - net of unamortized discount of $333 and $338 at March 31, 2016 and December 31, 2015, respectively 700 50,182 700 50,177 6.375% Series 2008, maturing December 1, 2018 200 435 185 435 7.500% Series 2008, maturing December 1, 2038 — 23,235 — 23,235 1,885 104,477 1,885 104,472 OTHER Capital lease obligations 146 276 109 178 Debt issuance costs - (2,200 ) - (2,233 ) Total debt $ 2,031 $ 102,553 $ 1,994 $ 102,417 Tax Exempt Bonds – We issued tax-exempt bonds through The Industrial Development Authority of the County of Pima in the amount of $36,495,000 on December 28, 2006; $53,624,000, net of a discount of $511,000, on November 19, 2007; and $24,550,000 on October 1, 2008. The Series 2006, 2007 and 2008 bonds have interest payable semiannually on the first of June and December. Recurring annual payments of principal are payable annually on the first of December for the Series 2006, 2007 and 2008 Bonds. Proceeds from these bonds were used for qualifying costs of constructing and equipping the water and wastewater treatment facilities of our subsidiaries, Palo Verde and Santa Cruz. The Company has not granted any deed of trust, mortgage, or other lien on property of Santa Cruz or Palo Verde. These bonds are secured by a security agreement that gives the trustee rights to the net operating income generated by our Santa Cruz and Palo Verde utilities. The tax exempt bonds require we maintain a minimum debt service coverage ratio of 1.10:1.00, tested annually based on the combined operating results of our Santa Cruz and Palo Verde utilities. 2016 Senior Secured Notes – The tax-exempt bonds were subject to an early redemption option at 103%, plus accrued interest, as a result of the U.S. IPO. On May 20, 2016, the Company entered into a note purchase agreement to issue two series of senior secured notes with a total principal balance of $115.0 million at a blended interest rate of 4.55%. The Company intends to use the proceeds to refinance its existing long-term debt and pay the associated prepayment penalties of approximately $3.2 million. The remaining proceeds will be used by the Company for general corporate purposes. The transaction is expected to close on June 24, 2016. MidFirst Term Loan – In November 2014, we secured a $21.8 million term loan from MidFirst bank (“MidFirst Term Loan”). Principal and interest are paid monthly with payments calculated using a 20 year amortization schedule. The MidFirst Term Loan accrued interest at a variable rate of LIBOR plus 300 basis points. The note was collateralized with a security interest from customer payments for the remaining utilities included within West Maricopa Combine, Inc. The note had a maturity date in November 2024, but was retired early in July 2015 with proceeds received from the condemnation of Valencia, at which time we incurred and paid a prepayment penalty of approximately $213,000. Debt Issuance Costs Reclassification - In April 2015, the FASB issued ASU 2015-03, which requires debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the accounting of debt discounts. The adoption of this guidance resulted in the reclassification of the unamortized debt issuance costs of $ 2.2 million from debt issuance costs to a reduction in long-term debt as of both March 31, 2016 and December 31, 2015. As of March 31, 2016, the Company was in compliance with its financial debt covenants. At March 31, 2016, the remaining aggregate annual maturities of our debt and minimum lease payments under capital lease obligations for the years ended December 31 are as follows (in thousands): Debt Capital Lease Obligations 2016 $ 1,885 $ 173 2017 1,995 141 2018 2,120 98 2019 2,480 62 2020 2,641 1 Thereafter 95,575 — Subtotal 106,696 475 Less: amount representing interest — (53 ) Total $ 106,696 $ 422 At March 31, 2016, the carrying value of the non-current portion of long-term debt was $104.8 million, with an estimated fair value of $120.9 million. At December 31, 2015, the carrying value of the non-current portion of long-term debt was $104.7 million, with an estimated fair value of $116.7 million. The fair value of our debt was estimated based on interest rates considered available for instruments of similar terms and remaining maturities.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	10 . INCOME TAXES The Company utilizes the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of March 31, 2016 and December 31, 2015, the Company did not have any uncertain tax positions. ASC Topic 740, Income Taxes The following table summarizes the Company’s temporary differences between book and tax accounting that give rise to the deferred tax assets and deferred tax liabilities, including the valuation allowance, as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 DEFERRED TAX ASSETS: Taxable meter deposits $ 47 $ 46 Net operating loss carry forwards 4,978 5,322 Balterra intangible asset acquisition 336 336 Deferred gain on Sale of GWM 1,704 1,705 Deferred gain on ICFA funds received 7,346 7,346 Equity investment loss 403 333 Property, plant and equipment 894 863 Other 699 482 Total deferred tax assets 16,407 16,433 Valuation allowance (9 ) (9 ) Net deferred tax asset 16,398 16,424 DEFERRED TAX LIABILITIES: CP Water intangible asset acquisition (571 ) (571 ) ICFA intangible asset (231 ) (141 ) Gain on condemnation of Valencia (19,420 ) (19,876 ) Total deferred tax liabilities (20,222 ) (20,588 ) Net deferred tax liability $ (3,824 ) $ (4,164 ) As of March 31, 2016, we have approximately $13.9 million in federal net operating loss (“NOL”) carry forwards and $6.7 million in state NOLs available to offset future taxable income, with the NOLs expiring in 2029-2032 for the federal return and expiring in 2016-2032 for the state return (effective for the 2012 tax year and thereafter, state NOLs for the state of Arizona expire after 20 years).

Deferred Compensation Awards

Deferred Compensation Awards	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Deferred Compensation Awards	11 . DEFERRED COMPENSATION AWARDS Stock-based compensation — Stock-based compensation related to option awards is measured based on the fair value of the award. The fair value of stock option awards is determined using a Black-Scholes option-pricing model. We recognize compensation expense associated with the options over the vesting period. At March 31, 2016 and December 31, 2015, there were options to acquire 47,422 shares of common stock of GWRI outstanding, adjusting for the 100.68 to 1.00 stock split effected on April 28, 2016. See Note 14. The options were all vested and exercisable as of each date. The stock options have a remaining contractual life of approximately 2.5 years and have a split-adjusted exercise price of $8.65 per share. GWRC stock option grant – In January 2012, GWRC’s Board of Directors granted options to acquire 385,697 GWRC common shares to nine employees of GWRI in lieu of paying cash bonuses for 2011. The options vested in equal installments over the eight quarters of 2012 and 2013, with exercise prices of C$7.50 and C$4.00 per share and expired in January 2016. We accounted for the GWRC stock option grant in accordance with ASC 323. The Company remeasured the fair value of the award at the end of each period until the options fully vested as of December 31, 2013. In the third quarter of 2015, 59,636 GWRC options were exercised by two individuals. As of March 31, 2016, zero GWRC options were outstanding compared to 209,591 as of December 31, 2015, which expired in January 2016. Total GWRC stock options forfeited due to attrition or the sale of GWM totaled 116,470. There was no stock-based compensation expense recorded for the three months ended March 31, 2016 and 2015. Phantom stock compensation – On December 30, 2010, we adopted a phantom stock unit plan authorizing the directors of the Company to issue phantom stock units (‘‘PSUs’’) to our employees. The value of the PSUs issued under the plan tracked the performance of GWRC’s shares and gave rise to a right of the holder to receive a cash payment the value of which, on a particular date, was the market value of the equivalent number of shares of GWRC at that date. The issuance of PSUs as a core component of employee compensation was intended to strengthen the alignment of interests between the employees of the Company and the shareholders of GWRC by linking their holdings and a portion of their compensation to the future value of the common shares of GWRC. On December 30, 2010, 350,000 PSUs were issued to members of management, with an initial value of approximately $2.6 million. The PSUs were accounted for as liability compensatory awards under ASC 710, Compensation – General In January 2012, 135,079 additional PSUs were issued to nine members of management as a reward for performance in 2011. The PSUs issued to management vested ratably over 12 consecutive quarters beginning January 1, 2012 and were accounted for as liability compensatory awards similar to the PSUs issued in December 2010. These PSUs were remeasured each period and a liability was recorded equal to GWRC’s closing share price on the period end date multiplied by the number of units vested. For the three months ended March 31, 2015, the payment of $38,000 was paid to the holders for these vested PSUs. As of March 31, 2016, no additional PSUs issued in 2012 remain outstanding. During the first quarter of 2013, 76,492 PSUs were issued to nine members of management as a reward for performance in 2012. The PSUs issued to management vest ratably over 12 consecutive quarters beginning January 1, 2013 and are accounted for as liability compensatory awards similar to the PSUs issued in December 2010 and January 2012. These PSUs were remeasured each period and a liability was recorded equal to GWRC’s closing share price on the period end date multiplied by the number of units vested. As of March 31, 2016, none of these PSUs issued in 2013 remain outstanding. For the three months ended March 31, 2016 and March 31, 2015, $29,000, and $25,000 was paid to the holders for these vested PSUs, respectively. During the first quarter of 2014, 8,775 PSUs were issued to three members of management as a reward for performance in 2013. These PSUs vest ratably over 12 consecutive quarters beginning January 1, 2014 and are accounted for a liability compensatory awards. As of March 31, 2016, 1,485 of these PSUs remain outstanding. For the three months ended March 31, 2016 and March 31, 2015, $2,000 was paid to holders for these vested PSUs. During the first quarter of 2015, 28,828 PSUs were issued to two members of management as a reward for performance in 2014. These PSUs vest ratably over 12 consecutive quarters beginning January 1, 2015 and are accounted for as liability compensatory awards. As of March 31, 2016, 19,219 of these PSUs remain outstanding. For the three months ended March 31, 2016 and March 31, 2015, $13,000, and zero was paid to holders for these vested PSUs, respectively. During the first quarter of 2016, 34,830 PSUs were issued to two members of management as a reward for performance in 2015. These PSUs vest ratably over 12 consecutive quarters beginning January 1, 2016 and are accounted for as liability compensatory awards. As of March 31, 2016, all of these PSUs remain outstanding. For the three months ended March 31, 2016 and March 31, 2015, zero was paid to holders for these vested PSUs. As a result of the merger of GWRC into GWRI and the U.S. IPO, the PSUs will now track to the performance of the Company’s shares. The vesting of the awards has not changed. Stock appreciation rights compensation – SARs historically were accounted for as liability compensatory awards under ASC 710, Compensation – General, valued using the intrinsic value method, as permitted by ASC 718 for nonpublic entities, with changes to the value of the SARs recognized as compensation expense at each quarterly reporting date. Upon becoming a public company, as defined in ASC 718, in the first quarter of 2016, the Company was required to change its methodology for valuing the SARs. While the SARs will continue to be re-measured at each quarterly reporting date, the SARs are required to be accounted for prospectively at fair value using a fair value pricing model, such as Black-Scholes. The Company recorded the impact of the change in valuation methods as a cumulative effect of a change in accounting principle, as permitted by ASC 250. The effect of the change increased the SAR liability by $103,000 which was the difference in compensation cost measured using the intrinsic value method and the fair value method. An equal and offsetting change to accumulated deficit in the consolidated balance sheet was recorded with the revaluation. Any future changes in fair value will be recorded as compensation expense in the consolidated statement of operations. In January 2012, in an effort to reward employees for their performance in 2011 as well as to recognize performance since 2007, the last year the Company paid bonuses prior to that time, we adopted a stock appreciation rights plan authorizing the directors of the Company to issue SARs to our employees. The value of the SARs issued under the plan tracked the performance of GWRC’s shares. Each holder of the January 2012 award had the right to receive a cash payment amounting to the difference between C$4.00 per share (the “exercise price”) and the closing price of GWRC’s common shares on the exercise date, provided that the closing price was in excess of C$4.00 per share. In total, 152,091 SARs were issued to employees below the senior management level, and zero remain outstanding as of March 31, 2016. The SARs vested in equal installments over the four quarters of 2012 and expired four years after the date of issuance. Holders of SARs could exercise their awards once they vested. Individuals who voluntarily or involuntarily leave the Company forfeit their rights under the awards. For the three months ended March 31, 2016, zero was paid to holders for these vested SARs. For the three months ended March 31, 2015, $18,000, was paid to holders for these vested SARs. In the third quarter of 2013, the Company granted 100,000 SARs to a key executive of the Company. These SARs vest ratably over sixteen quarters from the grant date and give the employee the right to receive a cash payment amounting to the difference between the C$2.00 (USD $1.59) per share exercise price and the closing price of GWRC’s common shares on the exercise date, provided that the closing price is in excess of C$2.00 (USD $1.59) per share. The exercise price was determined by taking the weighted average share price of the five days prior to July 1, 2013. As of March 31, 2016, 92,500 of these SARs remain outstanding. For the three months ended March 31, 2016, zero was paid to the holder for these vested SARs. In the fourth quarter of 2013, the Company granted 100,000 SARs to a newly hired officer of the Company. These SARs vest ratably over sixteen quarters from the grant date and give the employee the right to receive a cash payment amounting to the difference between C$3.38 (USD $2.69) per share exercise price and the closing price of GWRC’s common shares on the exercise date, provided that the closing price is in excess of C$3.38 (USD $2.69) per share. The exercise price was determined by taking the weighted average share price of the 30 days prior to November 14, 2013. As of March 31, 2016, 100,000 of these SARs remain outstanding. For the three months ended March 31, 2016 and March 31, 2015, zero was paid to the holder for these vested SARs. In the first quarter of 2015, the Company granted 299,000 SARs to seven members of management. These SARs vest ratably over 16 quarters from the grant date and give the employee the right to receive a cash payment amounting to the difference between the C$5.35 (USD $4.26) per share exercise price and the closing price of GWRC’s common shares on the exercise date, provided that the closing price is in excess of C$5.35 (USD $4.26) per share. The exercise price was determined to be the fair market value of one share of stock on the grant date of February 11, 2015. As of March 31, 2016, 299,000 of these SARs remain outstanding. For the three months ended March 31, 2016 and March 31, 2015, zero was paid to the holders for these vested SARs. In the second quarter of 2015, the Company granted 300,000 SARs to two key executives of the Company. These SARs vest over 16 quarters, vesting 20% per year for the first three years, with the remainder (40%) vesting in year four. The SARs give the employee the right to receive a cash payment amounting to the difference between the C$6.44 (USD $5.13) per share exercise price and the closing price of GWRC’s common shares on the exercise date, provided that the closing price is in excess of C$6.44 (USD $5.13) per share. The exercise price was determined to be the fair market value of one share of stock on the grant date of May 8, 2015. As of March 31, 2016, 300,000 of these SARs remain outstanding. For the three months ended March 31, 2016 and March 31, 2015, zero was paid to the holder for these vested SARs. As a result of the merger of GWRC into the Company and the U.S. IPO, the exercise prices for the preceding awards were translated to U.S. dollars using the prevailing noon-day Bank of Canada foreign exchange rate of USD$0.7969 per CAD$1.00 as measured on May 2, 2016, the day prior to the closing of the merger. The vesting of the awards has not changed. Subsequent to the merger, each SAR will provide the holder the right to receive a cash payment amounting to the difference between the per share exercise price and the closing price of GWRI’s common shares on the exercise date, provided that the closing price is in excess of exercise price per share. See Note 14. The Company recorded approximately $188,000 and $163,000 of compensation expense related to the PSUs and SARs for the three months ended March 31, 2016 and March 31, 2015, respectively. Based on GWRC’s closing share price on March 31, 2016, deferred compensation expense to be recognized over future periods is estimated for the years ending December 31 as follows (in thousands): Estimated future compensation expense PSUs SARs 2016 $ 134 $ 375 2017 125 428 2018 68 322 2019 — 37 2020 — — Total $ 327 $ 1,162

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	12 . SUPPLEMENTAL CASH FLOW INFORMATION The following is supplemental cash flow information for the three months ended March 31, 2016 and March 31, 2015 (in thousands): For the Three Months Ended March 31, 2016 2015 Cash paid for interest $ 6 $ 181 Capital expenditures included in accounts payable and accrued liabilities 44 88 Deferred compensation change in accounting principle $ 103 $ —

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13 . COMMITMENTS AND CONTINGENCIES Commitments – Prior to the sale of GWM, we leased certain office space in Arizona under operating leases with terms that expired in February 2016. The operating lease agreements were between GWM and the landlord. Accordingly, effective June 2013 through February 2016, the Company was not a party under the lease agreements. GWRI subleased a portion of the office space covered under the GWM lease agreements. In February 2016, the Company entered into a three-year lease agreement with the landlord to occupy the same space previously subleased under GWM's lease agreements, inclusive of necessary facility upgrades. The Company subleased our office space from GWM for approximately $5,000 per month. Beginning in March 2016, the Company began recording approximately $8,000 in monthly rent expense related to the new agreement. Rent expense arising from the operating leases totaled approximately $18,000 and $15,000 for the three months ended March 31, 2016 and March 31, 2015, respectively. Contingencies From time to time, we may become involved in other proceedings arising in the ordinary course of business. Management believes the ultimate resolution of such matters will not materially affect our financial position, results of operations, or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	14 . SUBSEQUENT EVENTS On April 27, 2016, the SEC declared effective the registration statement relating to the public offering of our common stock. On May 3, 2016 the Company completed the initial public offering of 1,164,800 shares of common stock at $6.25 per share for gross proceeds of approximately $7.3 million. The Company granted the underwriter the option to purchase up to an additional 174,720 shares of common stock at the same price, which was exercised by the underwriter on May 11, 2016, for additional gross proceeds of $1.1 million. Our shares of common stock are listed on the NASDAQ Global Market and the Toronto Stock Exchange under the symbols "GWRS" and "GWR", respectively. On April 28, 2016, the Company effected a 100.68 to 1.00 stock split. All amounts presented in these financial statements have been retrospectively adjusted to reflect the impact of the stock split. On May 3, 2016, the Company completed the merger of GWRC into GWRI. At the time of the merger, GWRC ceased to exist as a British Columbia corporation and the Company continued as the surviving entity of the merger. The impact of the merger is not reflected in these interim condensed consolidated financial statements. On March 10, 2016, the ACC approved our agreement to sell the operations, assets and rights of Willow Valley to EPCOR for $2.3 million. The transaction was closed on May 9, 2016. On May 20, 2016, the Company entered into a note purchase agreement to issue two series of senior secured notes with a total principal balance of $115.0 million at a blended interest rate of 4.55%. The Company intends to use the proceeds to refinance its existing long-term debt and pay the associated prepayment penalties of approximately $3.2 million. The remaining proceeds will be used by the Company for general corporate purposes. The transaction is expected to close on June 24, 2016. On May 20, 2016, the Board of Directors authorized the issuance of 325,000 stock options to the Company’s non-employee directors. The option awards vest ratably over a two year period, and have total life of three years. The exercise price was determined to be the market price of the Company’s common shares at the close of business on May 20, 2016. On June 2, 2016, the Company received a Private Letter Ruling that, for purposes of deferring the gain realized from the condemnation of Valencia, determined the water reclamation facility improvements contemplated by the Company are similar or related in service or use to the condemned City potable water facility.

Interim Financial Statements (P

Interim Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In April 2015, the FASB issued Accounting Standard Update (“ASU”) No. 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) This guidance will be effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. For all other entities, the guidance is effective for annual periods beginning after December 31, 2019, and interim periods within fiscal years beginning after December 15, 2020. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting

Interim Financial Statements (T

Interim Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Assets and Liabilities included within Agreements	The assets and liabilities included within the agreements are as follows: March 31, 2016 December 31, 2015 Willow Valley Willow Valley (in thousands) Property, plant and equipment $ 5,261 $ 5,223 Less Accumulated Depreciation (2,679 ) (2,606 ) Net property, plant and equipment 2,582 2,617 Goodwill 223 223 Total assets $ 2,805 $ 2,840 Advances in aid of construction $ 70 $ 70 Contributions in aid of construction — net 414 423 Total liabilities $ 484 $ 493

Regulatory Decision and Relat24

Regulatory Decision and Related Accounting and Policy Changes (Tables)	3 Months Ended
	Mar. 31, 2016
Regulated Operations [Abstract]
Summary of Collective Revenue Requirement Phased-in Over Time	· For the Company’s utilities, adjusting for the condemnation of Valencia, a collective revenue requirement increase of $4.0 million based on 2011 test year service connections, phased-in over time, with the first increase in January 2015 as follows (in thousands): Incremental Cumulative 2015 $ 1,285 $ 1,285 2016 1,089 2,374 2017 335 2,709 2018 335 3,044 2019 335 3,379 2020 335 3,714 2021 335 4,049

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment at March 31, 2016 and December 31, 2015 consist of the following ($ in thousands): March 31, 2016 December 31, 2015 Average Depreciation Life (in years) Mains/lines/sewers $ 114,264 $ 113,318 47 Plant 66,174 64,983 25 Equipment 28,609 27,961 10 Meters 4,268 4,253 12 Furniture, fixture and leasehold improvements 391 386 8 Computer and office equipment 1,057 1,022 5 Software 179 177 3 Land and land rights 752 752 Other 149 148 Construction work-in-process 44,817 45,244 Total property, plant and equipment 260,660 258,244 Less accumulated depreciation (65,643 ) (64,092 ) Net property, plant and equipment $ 195,017 $ 194,152

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Summary of Accounts Receivable	Accounts receivable as of March 31, 2016 and December 31, 2015 consist of the following (in thousands): March 31, 2016 December 31, 2015 Billed receivables $ 1,423 $ 1,326 Less allowance for doubtful accounts (228 ) (194 ) Accounts receivable - net $ 1,195 $ 1,132

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Amount Amortization Amount Amount Amortization Amount INDEFINITE LIVED INTANGIBLE ASSETS: CP Water CC&N service area $ 1,532 $ — $ 1,532 $ 1,532 $ — $ 1,532 Intangible trademark 13 — 13 13 — 13 1,545 — 1,545 1,545 — 1,545 AMORTIZED INTANGIBLE ASSETS: Acquired ICFAs 17,978 (12,154 ) 5,824 17,978 (12,154 ) 5,824 Sonoran contract rights 7,406 (2,003 ) 5,403 7,406 (2,003 ) 5,403 25,384 (14,157 ) 11,227 25,384 (14,157 ) 11,227 Total intangible assets $ 26,929 $ (14,157 ) $ 12,772 $ 26,929 $ (14,157 ) $ 12,772

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Accrued Liabilities Current [Abstract]
Schedule of Accrued Expenses	Accrued expenses at March 31, 2016 and December 31, 2015 consist of the following (in thousands): March 31, 2016 December 31, 2015 Deferred compensation $ 842 $ 598 Interest 2,603 877 Property taxes 496 958 Other accrued liabilities 2,758 2,704 Total accrued liabilities $ 6,699 $ 5,137

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Outstanding Balances and Maturity Dates for Short Term and Long Term Debt	The outstanding balances and maturity dates for short-term (including the current portion of long-term debt) and long-term debt as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Short-term Long-term Short-term Long-term BONDS PAYABLE - 5.450% Series 2006, maturing December 1, 2017 $ 985 $ 1,040 $ 1,000 $ 1,040 5.600% Series 2006, maturing December 1, 2022 — 6,215 — 6,215 5.750% Series 2006, maturing December 1, 2032 — 23,370 — 23,370 6.550% Series 2007, maturing December 1, 2037 - net of unamortized discount of $333 and $338 at March 31, 2016 and December 31, 2015, respectively 700 50,182 700 50,177 6.375% Series 2008, maturing December 1, 2018 200 435 185 435 7.500% Series 2008, maturing December 1, 2038 — 23,235 — 23,235 1,885 104,477 1,885 104,472 OTHER Capital lease obligations 146 276 109 178 Debt issuance costs - (2,200 ) - (2,233 ) Total debt $ 2,031 $ 102,553 $ 1,994 $ 102,417
Schedule of Aggregate Annual Maturities of Debt And Minimum Lease Payments Under Capital Lease Obligations	At March 31, 2016, the remaining aggregate annual maturities of our debt and minimum lease payments under capital lease obligations for the years ended December 31 are as follows (in thousands): Debt Capital Lease Obligations 2016 $ 1,885 $ 173 2017 1,995 141 2018 2,120 98 2019 2,480 62 2020 2,641 1 Thereafter 95,575 — Subtotal 106,696 475 Less: amount representing interest — (53 ) Total $ 106,696 $ 422

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Summary of Deferred Tax Assets and Deferred Tax Liabilities Including Valuation Allowance	The following table summarizes the Company’s temporary differences between book and tax accounting that give rise to the deferred tax assets and deferred tax liabilities, including the valuation allowance, as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 DEFERRED TAX ASSETS: Taxable meter deposits $ 47 $ 46 Net operating loss carry forwards 4,978 5,322 Balterra intangible asset acquisition 336 336 Deferred gain on Sale of GWM 1,704 1,705 Deferred gain on ICFA funds received 7,346 7,346 Equity investment loss 403 333 Property, plant and equipment 894 863 Other 699 482 Total deferred tax assets 16,407 16,433 Valuation allowance (9 ) (9 ) Net deferred tax asset 16,398 16,424 DEFERRED TAX LIABILITIES: CP Water intangible asset acquisition (571 ) (571 ) ICFA intangible asset (231 ) (141 ) Gain on condemnation of Valencia (19,420 ) (19,876 ) Total deferred tax liabilities (20,222 ) (20,588 ) Net deferred tax liability $ (3,824 ) $ (4,164 )

Deferred Compensation Awards (T

Deferred Compensation Awards (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Estimated Future Compensation Expense	Based on GWRC’s closing share price on March 31, 2016, deferred compensation expense to be recognized over future periods is estimated for the years ending December 31 as follows (in thousands): Estimated future compensation expense PSUs SARs 2016 $ 134 $ 375 2017 125 428 2018 68 322 2019 — 37 2020 — — Total $ 327 $ 1,162

Supplemental Cash Flow Inform32

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following is supplemental cash flow information for the three months ended March 31, 2016 and March 31, 2015 (in thousands): For the Three Months Ended March 31, 2016 2015 Cash paid for interest $ 6 $ 181 Capital expenditures included in accounts payable and accrued liabilities 44 88 Deferred compensation change in accounting principle $ 103 $ —

Interim Financial Statements -

Interim Financial Statements - Additional Information (Details)

May. 11, 2016USD ($)shares

May. 09, 2016USD ($)

May. 03, 2016USD ($)$ / sharesshares

Apr. 28, 2016

Jul. 14, 2015USD ($)

Apr. 30, 2015USD ($)

Sep. 30, 2013USD ($)

Mar. 31, 2016USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Mar. 17, 2016USD ($)

Accounting Policies [Line Items]

Revenue threshold to qualify emerging growth company

$ 1,000,000,000

Total proceeds from transfer of project agreement

$ 4,100,000

Proceeds from transfer of project agreement

$ 296,000

$ 2,800,000

other income (expense)

$ 323,000

$ (176,000)

$ 3,300,000

Remaining proceeds from transfer of project agreement

1,000,000

Unamortized debt issuance costs

2,200,000

2,200,000

Sonoran Utility Services, LLC (“Sonoran”)

Accounting Policies [Line Items]

Liability assumed from acquisition

3,800,000

$ 2,800,000

Willow Valley

Accounting Policies [Line Items]

Loss of disposal group recorded in other expense

$ 176,000

Valencia

Accounting Policies [Line Items]

Proceeds from the condemnation of Valencia

$ 55,000,000

Proceeds from additional working capital adjustments

$ 108,000

Gain on condemnation of Valencia

43,000,000

Discontinued operation, tax effect of discontinued operation

$ 20,200,000

Growth premium receivable for each new water meter installed

3,000

Maximum payout of growth premium receivable

$ 45,000,000

Period for maximum payout of growth premium receivable

20 years

Maximum payout of growth premium receivable expiration date

Dec. 31, 2034

Other nonoperating income

$ 252,000

Subsequent Event

Accounting Policies [Line Items]

Stock split, conversion ratio

100.68

Subsequent Event | IPO

Accounting Policies [Line Items]

Stock issued during period, shares, new issues | shares

1,164,800

Stock issued during period, price per share | $ / shares

$ 6.25

Proceeds from issuance initial public offering

$ 7,300,000

Subsequent Event | Underwriter

Accounting Policies [Line Items]

Proceeds from issuance initial public offering

$ 1,100,000

Subsequent Event | Underwriter | Maximum

Accounting Policies [Line Items]

Stock issued during period, shares, new issues | shares

174,720

Subsequent Event | Willow Valley

Accounting Policies [Line Items]

Proceeds from sale of productive assets

$ 2,300,000

Interim Financial Statements 34

Interim Financial Statements - Schedule of Assets and Liabilities included within Agreements (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Long Lived Assets Held For Sale [Line Items]
Property, plant and equipment	$ 260,660,000	$ 258,244,000
Less accumulated depreciation	(65,643,000)	(64,092,000)
Net property, plant and equipment	195,017,000	194,152,000
Goodwill	0
TOTAL ASSETS	237,217,000	235,742,000
Contributions in aid of construction — net	4,368,000	4,426,000
Total liabilities	219,253,000	215,679,000
Willow Valley
Long Lived Assets Held For Sale [Line Items]
Property, plant and equipment	5,261,000	5,223,000
Less accumulated depreciation	(2,679,000)	(2,606,000)
Net property, plant and equipment	2,582,000	2,617,000
Goodwill	223,000	223,000
TOTAL ASSETS	2,805,000	2,840,000
Advances in aid of construction	70,000	70,000
Contributions in aid of construction — net	414,000	423,000
Total liabilities	$ 484,000	$ 493,000

Regulatory Decision and Relat35

Regulatory Decision and Related Accounting and Policy Changes - Additional Information (Details)	Jul. 11, 2012Utility	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013	Dec. 31, 2015USD ($)	Jan. 01, 2010USD ($)
Public Utilities General Disclosures [Line Items]
Number of utilities to adjust revenue requirement | Utility	7
Requested collective rate of increase over revenue	28.00%
Approved collective revenue increase		$ 4,000,000
Adopted rate of return on common equity		9.50%
Percentage of hook up fee liability to be recorded on ICFA receipts				70.00%
Percentage of deferred revenue to be recorded on ICFA receipts				30.00%
Regulatory assets		$ 199,000			$ 227,000
Regulatory assets, amortization period		3 years
Intangible assets offset by regulatory liability						$ 11,200,000
Percentage reversal of regulatory liability			30.00%
Reversal of regulatory liability			$ 3,400,000
Percentage of regulatory liability		70.00%
Regulatory liability		$ 7,859,000			7,859,000
Increase in SAR liability		103,000
ICFA [Member]
Public Utilities General Disclosures [Line Items]
Deferred revenue		$ 19,700,000			$ 19,700,000

Regulatory Decision and Relat36

Regulatory Decision and Related Accounting and Policy Changes - Summary of Collective Revenue Requirement Phased-in Over Time (Details) $ in Thousands	Mar. 31, 2016USD ($)
Regulated Operations [Abstract]
2015, Incremental revenue requirement	$ 1,285
2016, Incremental revenue requirement	1,089
2017, Incremental revenue requirement	335
2018, Incremental revenue requirement	335
2019, Incremental revenue requirement	335
2020, Incremental revenue requirement	335
2021, Incremental revenue requirement	335
2015, Cumulative revenue requirement	1,285
2016, Cumulative revenue requirement	2,374
2017, Cumulative revenue requirement	2,709
2018, Cumulative revenue requirement	3,044
2019, Cumulative revenue requirement	3,379
2020, Cumulative revenue requirement	3,714
2021, Cumulative revenue requirement	$ 4,049

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 260,660	$ 258,244
Less accumulated depreciation	(65,643)	(64,092)
Net property, plant and equipment	195,017	194,152
Mains/Lines/Sewers
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 114,264	113,318
Property plant and equipment, average depreciation life	47 years
Plant
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 66,174	64,983
Property plant and equipment, average depreciation life	25 years
Equipment
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 28,609	27,961
Property plant and equipment, average depreciation life	10 years
Meters
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 4,268	4,253
Property plant and equipment, average depreciation life	12 years
Furniture, Fixture and Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 391	386
Property plant and equipment, average depreciation life	8 years
Computer and Office Equipment
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 1,057	1,022
Property plant and equipment, average depreciation life	5 years
Software
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 179	177
Property plant and equipment, average depreciation life	3 years
Land and Land Rights
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 752	752
Other
Property Plant And Equipment [Line Items]
Total property, plant and equipment	149	148
Construction Work-In-Process
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 44,817	$ 45,244

Accounts Receivable - Summary o

Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Billed receivables	$ 1,423	$ 1,326
Less allowance for doubtful accounts	(228)	(194)
Accounts receivable - net	$ 1,195	$ 1,132

Equity Method Investment and 39

Equity Method Investment and Convertible Note - Additional Information (Details) - USD ($)	Jun. 05, 2013	Nov. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Schedule Of Equity Method Investments [Line Items]
Equity method investment			$ 632,000			$ 821,000
Ownership percentage of common and preferred units		8.00%
Gain from qualified financing			$ (188,000)	$ (44,000)	$ 1,000,000
Convertible Promissory Note
Schedule Of Equity Method Investments [Line Items]
Equity method investment	$ 750,000
Convertible promissory note, interest rate	10.00%
Convertible promissory note, maturity date	Dec. 31, 2014
FATHOM | Minimum
Schedule Of Equity Method Investments [Line Items]
Sale price, per unit		$ 1.75
Aggregate proceeds from sale of shares exclusive of conversion amount		$ 15,000,000
FATHOM | Common Units
Schedule Of Equity Method Investments [Line Items]
Equity method investment	$ 98,000
FATHOM | Series A Preferred Units
Schedule Of Equity Method Investments [Line Items]
Equity method investment	$ 750,000

Goodwill and Intangible Asset40

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Goodwill [Line Items]
Goodwill	$ 0
Assets held for sale	2,805,000		$ 2,840,000
Amortization of intangible assets	0	$ 0
Willow Valley
Goodwill [Line Items]
Impairment of goodwill			$ 176,000
Assets held for sale	$ 223,000

Goodwill and Intangible Asset41

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite lived intangible assets, Net Amount	$ 1,545	$ 1,545
Amortized intangible assets, Gross Amount	25,384	25,384
Amortized intangible assets, Accumulated Amortization	(14,157)	(14,157)
Amortized intangible assets, Net Amount	11,227	11,227
Total intangible assets, Gross Amount	26,929	26,929
Total intangible assets, Net Amount	12,772	12,772
Acquired ICFAs
Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	17,978	17,978
Amortized intangible assets, Accumulated Amortization	(12,154)	(12,154)
Amortized intangible assets, Net Amount	5,824	5,824
Sonoran contract rights
Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	7,406	7,406
Amortized intangible assets, Accumulated Amortization	(2,003)	(2,003)
Amortized intangible assets, Net Amount	5,403	5,403
CP Water CC&N service area
Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite lived intangible assets, Net Amount	1,532	1,532
Intangible Trademark
Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite lived intangible assets, Net Amount	$ 13	$ 13

Transactions With Related Par42

Transactions With Related Parties - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)$ / Wateraccount	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Employee medical claims paid	$ 280,000	$ 56,000
Global Water Management
Related Party Transaction [Line Items]
Balance of advance	$ 264,000		$ 306,000
Global Water Management | FATHOM Services
Related Party Transaction [Line Items]
Estimated cost per water account/month | $ / Wateraccount	7.72
Estimated annual cost	$ 1,900,000
Cost of services	$ 472,000	611,000
GWR Global Water Resources Corp
Related Party Transaction [Line Items]
Ownership percentage	47.80%
Equity distribution payments on behalf of related party	$ 497,000	186,000
Cash advance to related parties	1,100,000	0
Balance of advance	0		0
GWR Global Water Resources Corp | Secured Debt
Related Party Transaction [Line Items]
Debt instrument, face amount	$ 115,000,000
GWR Global Water Resources Corp | U.S.Bond
Related Party Transaction [Line Items]
Redemption percentage of principal amount	103.00%
Principal balance of bond	$ 106,700,000		$ 106,700,000
Global Water Management
Related Party Transaction [Line Items]
Purchase agreement period	10 years
Services agreement contract term	10 years
Royalty	$ 88,000	$ 79,000
Global Water Management | Maximum
Related Party Transaction [Line Items]
Royalty payments	$ 15,000,000

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Liabilities Current [Abstract]
Deferred compensation	$ 842	$ 598
Interest	2,603	877
Property taxes	496	958
Other accrued liabilities	2,758	2,704
Total accrued liabilities	$ 6,699	$ 5,137

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Balances and Maturity Dates for Short Term and Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Short-term debt	$ 2,031	$ 1,994
Capital lease obligations, short-term	146	109
Total debt, short-term	2,031	1,994
Capital lease obligations, long-term	276	178
Debt issuance costs	(2,200)	(2,233)
Total debt, long-term	102,553	102,417
Bonds Payable
Debt Instrument [Line Items]
Short-term debt	1,885	1,885
Long-term debt	104,477	104,472
Bonds Payable | 5.450% Series 2006, Maturing December 1, 2017
Debt Instrument [Line Items]
Short-term debt	985	1,000
Long-term debt	1,040	1,040
Bonds Payable | 5.600% Series 2006, Maturing December 1, 2022
Debt Instrument [Line Items]
Long-term debt	6,215	6,215
Bonds Payable | 5.750% Series 2006, Maturing December 1, 2032
Debt Instrument [Line Items]
Long-term debt	23,370	23,370
Bonds Payable | 6.550% Series 2007, Maturing December 1, 2037
Debt Instrument [Line Items]
Short-term debt	700	700
Long-term debt	50,182	50,177
Bonds Payable | 6.375% Series 2008, Maturing December 1, 2018
Debt Instrument [Line Items]
Short-term debt	200	185
Long-term debt	435	435
Bonds Payable | 7.500% Series 2008, Maturing December 1, 2038
Debt Instrument [Line Items]
Long-term debt	$ 23,235	$ 23,235

Debt - Schedule of Outstandin45

Debt - Schedule of Outstanding Balances and Maturity Dates for Short Term and Long Term Debt (Parenthetical) (Details) - Bonds Payable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
5.450% Series 2006, Maturing December 1, 2017
Debt Instrument [Line Items]
Debt instrument, interest rate	5.45%
Debt instrument, maturity date	Dec. 1, 2017
5.600% Series 2006, Maturing December 1, 2022
Debt Instrument [Line Items]
Debt instrument, interest rate	5.60%
Debt instrument, maturity date	Dec. 1, 2022
5.750% Series 2006, Maturing December 1, 2032
Debt Instrument [Line Items]
Debt instrument, interest rate	5.75%
Debt instrument, maturity date	Dec. 1, 2032
6.550% Series 2007, Maturing December 1, 2037
Debt Instrument [Line Items]
Debt instrument, interest rate	6.55%
Debt instrument, maturity date	Dec. 1, 2037
Debt instrument, unamortized discount	$ 333	$ 338
6.375% Series 2008, Maturing December 1, 2018
Debt Instrument [Line Items]
Debt instrument, interest rate	6.375%
Debt instrument, maturity date	Dec. 1, 2018
7.500% Series 2008, Maturing December 1, 2038
Debt Instrument [Line Items]
Debt instrument, interest rate	7.50%
Debt instrument, maturity date	Dec. 1, 2038

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	May. 20, 2016	Jul. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Nov. 30, 2014	Oct. 01, 2008	Nov. 19, 2007	Dec. 28, 2006
Debt Instrument [Line Items]
Unamortized debt Issuance Costs, Net			$ 2,200,000	$ 2,233,000
Long-term debt, noncurrent			104,800,000	104,700,000
Long-term debt, fair value			$ 120,900,000	$ 116,700,000
Tax Exempt Bonds
Debt Instrument [Line Items]
Debt instrument, face amount						$ 24,550,000	$ 53,624,000	$ 36,495,000
Debt instrument, unamortized discount							$ 511,000
Debt instrument, payment description			The Series 2006, 2007 and 2008 bonds have interest payable semiannually on the first of June and December. Recurring annual payments of principal are payable annually on the first of December for the Series 2006, 2007 and 2008 Bonds.
Debt instrument, covenant description			The tax exempt bonds require we maintain a minimum debt service coverage ratio of 1.10:1.00
Debt service coverage ratio			110.00%
Redemption percentage of principal amount			103.00%
2016 Senior Secured Notes | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount	$ 115,000,000
Debt instrument, interest rate	4.55%
Prepayment penalty	$ 3,200,000
Mid First Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount					$ 21,800,000
Debt instrument, payment description			Principal and interest are paid monthly with payments calculated using a 20 year amortization schedule.
Prepayment penalty		$ 213,000
Debt instrument amortization schedule			20 years
Debt instrument, maturity date			2024-11
Mid First Term Loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.00%

Debt - Schedule of Aggregate An

Debt - Schedule of Aggregate Annual Maturities of Debt And Minimum Lease Payments Under Capital Lease Obligations (Details) $ in Thousands	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
Debt, 2016	$ 1,885
Debt, 2017	1,995
Debt, 2018	2,120
Debt, 2019	2,480
Debt, 2020	2,641
Debt, thereafter	95,575
Debt, subtotal	106,696
Capital lease obligations, 2016	173
Capital lease obligations, 2017	141
Capital lease obligations, 2018	98
Capital lease obligations, 2019	62
Capital lease obligations, 2020	1
Capital lease obligations, subtotal	475
amount representing interest	(53)
Capital lease obligations, total	$ 422

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Valuation allowance related to state net operating loss carryforwards	$ 8,500	$ 8,500
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 6,700,000
State | Arizona
Income Taxes [Line Items]
Operating loss carryforwards expiration period	20 years
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 13,900,000
Minimum | State
Income Taxes [Line Items]
Operating loss carryforwards expiration year	2,016
Minimum | Federal
Income Taxes [Line Items]
Operating loss carryforwards expiration year	2,029
Maximum | State
Income Taxes [Line Items]
Operating loss carryforwards expiration year	2,032
Maximum | Federal
Income Taxes [Line Items]
Operating loss carryforwards expiration year	2,032

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities Including Valuation Allowance (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
DEFERRED TAX ASSETS:
Taxable meter deposits	$ 47	$ 46
Net operating loss carry forwards	4,978	5,322
Balterra intangible asset acquisition	336	336
Deferred gain on Sale of GWM	1,704	1,705
Deferred gain on ICFA funds received	7,346	7,346
Equity investment loss	403	333
Property, plant and equipment	894	863
Other	699	482
Total deferred tax assets	16,407	16,433
Valuation allowance	(9)	(9)
Net deferred tax asset	16,398	16,424
DEFERRED TAX LIABILITIES:
CP Water intangible asset acquisition	(571)	(571)
ICFA intangible asset	(231)	(141)
Gain on condemnation of Valencia	(19,420)	(19,876)
Total deferred tax liabilities	(20,222)	(20,588)
Net deferred tax liability	$ (3,824)	$ (4,164)

Deferred Compensation Awards -

Deferred Compensation Awards - Additional Information (Details)

Apr. 28, 2016

Dec. 30, 2010USD ($)shares

Jan. 31, 2015USD ($)

Jan. 31, 2012EmployeeMemberCAD / sharesshares

Mar. 31, 2016USD ($)Member$ / sharesshares

Sep. 30, 2015Individualshares

Jun. 30, 2015Executive$ / sharesshares

Jun. 30, 2015ExecutiveCAD / sharesshares

Mar. 31, 2015USD ($)Member$ / sharesshares

Mar. 31, 2015MemberCAD / shares

Mar. 31, 2014Membershares

Dec. 31, 2013$ / sharesshares

Dec. 31, 2013CAD / sharesshares

Sep. 30, 2013$ / sharesshares

Sep. 30, 2013CAD / sharesshares

Mar. 31, 2013Membershares

Dec. 31, 2013CAD / shares

Dec. 31, 2012CAD / shares

May. 02, 2016$ / CAD

Dec. 31, 2015shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of options outstanding, to acquire shares of GWRI common stock

47,422

47,422

Stock options, remaining contractual life

2 years 6 months

Split-adjusted exercise price of options | $ / shares

$ 8.65

Increase in SAR liability | $

$ 103,000

Phantom Stock Units (PSUs)

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares issued

350,000

Initial value of shares issued to members | $

$ 2,600,000

PSUs vesting period

4 years

Payment to holders for vested shares | $

$ 1,300,000

Phantom Stock Units (PSUs) | 2011 Performance Reward

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares issued

135,079

Payment to holders for vested shares | $

$ 38,000

Members of management | Member

9

Vesting terms

PSUs issued to management vested ratably over 12 consecutive quarters beginning January 1, 2012

Awards and units remaining outstanding

0

Phantom Stock Units (PSUs) | 2012 Performance Reward

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares issued

76,492

Payment to holders for vested shares | $

$ 29,000

25,000

Members of management | Member

9

Vesting terms

PSUs issued to management vest ratably over 12 consecutive quarters beginning January 1, 2013

Awards and units remaining outstanding

0

Phantom Stock Units (PSUs) | 2013 Performance Reward

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares issued

8,775

Payment to holders for vested shares | $

$ 2,000

$ 2,000

Members of management | Member

3

Vesting terms

PSUs vest ratably over 12 consecutive quarters beginning January 1, 2014

Awards and units remaining outstanding

1,485

Phantom Stock Units (PSUs) | 2014 Performance Reward

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares issued

28,828

Payment to holders for vested shares | $

$ 13,000

$ 0

Members of management | Member

2

2

Vesting terms

PSUs vest ratably over 12 consecutive quarters beginning January 1, 2015

Awards and units remaining outstanding

19,219

Phantom Stock Units (PSUs) | 2015 Performance Reward

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares issued

34,830

Payment to holders for vested shares | $

$ 0

$ 0

Members of management | Member

2

Vesting terms

PSUs vest ratably over 12 consecutive quarters beginning January 1, 2016

Awards and units remaining outstanding

34,830

Stock Appreciation Rights (SARs)

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares issued

152,091

Payment to holders for vested shares | $

$ 0

18,000

Vesting terms

Equal installments over the four quarters of 2012.

Awards and units remaining outstanding

0

Exercise price | CAD / shares

CAD 4

Expiration period

4 years

Increase in SAR liability | $

$ 103,000

Stock Appreciation Rights (SARs) | Exercise Price C$5.35

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Payment to holders for vested shares | $

$ 0

$ 0

Members of management | Member

7

7

Vesting terms

SARs vest ratably over 16 quarters from the grant date

Awards and units remaining outstanding

299,000

Exercise price | (per share)

$ 4.26

CAD 5.35

Stock appreciation rights, granted

299,000

Stock Appreciation Rights (SARs) | Key Executive | Exercise Price C$2.00

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Payment to holders for vested shares | $

$ 0

Vesting terms

SARs vest ratably over sixteen quarters from the grant date

Awards and units remaining outstanding

92,500

Exercise price | (per share)

$ 1.59

CAD 2

Stock appreciation rights, granted

100,000

100,000

Stock Appreciation Rights (SARs) | Key Executive | Exercise Price C$6.44

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Payment to holders for vested shares | $

$ 0

$ 0

Vesting terms

SARs vest over 16 quarters, vesting 20% per year for the first three years, with the remainder (40%) vesting in year four.

Awards and units remaining outstanding

300,000

Exercise price | (per share)

$ 5.13

CAD 6.44

Stock appreciation rights, granted

300,000

300,000

Number of key executives | Executive

2

2

Stock Appreciation Rights (SARs) | Key Executive | Exercise Price C$6.44 | First Three Years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Vesting percentage

20.00%

20.00%

Stock Appreciation Rights (SARs) | Key Executive | Exercise Price C$6.44 | Year Four

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Vesting percentage

40.00%

40.00%

Stock Appreciation Rights (SARs) | Newly Hired Officer | Exercise Price C$3.38

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Payment to holders for vested shares | $

$ 0

0

Vesting terms

SARs vest ratably over sixteen quarters from the grant date

Awards and units remaining outstanding

100,000

Exercise price | (per share)

$ 2.69

CAD 3.38

Stock appreciation rights, granted

100,000

100,000

PSUs and SARs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock-based compensation expense | $

$ 188,000

163,000

GWR Global Water Resources Corp

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of options outstanding, to acquire shares of GWRI common stock

0

209,591

Common stock, options granted

385,697

Number of employees granted shares | Employee

9

Options, exercise price per share | CAD / shares

CAD 4

CAD 7.50

Options outstanding, expiration date

Jan. 31, 2016

Stock options, exercised

59,636

Number of individuals exercised stock options | Individual

2

Stock options, forfeited

116,470

Stock-based compensation expense | $

$ 0

$ 0

Subsequent Event

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock split, conversion ratio

100.68

Foreign exchange rate translation | $ / CAD

0.7969

Deferred Compensation Awards 51

Deferred Compensation Awards - Schedule of Estimated Future Compensation Expense (Details) $ in Thousands	Mar. 31, 2016USD ($)
Phantom Stock Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2,016	$ 134
2,017	125
2,018	68
Total	327
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
2,016	375
2,017	428
2,018	322
2,019	37
Total	$ 1,162

Supplemental Cash Flow Inform52

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 6,000	$ 181,000
Capital expenditures included in accounts payable and accrued liabilities	44,000	$ 88,000
Deferred compensation change in accounting principle	$ 103,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Office Space - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015
Loss Contingencies [Line Items]
Operating leases term of expiration		2016-02
Operating leases term of lease agreement	3 years
Operating leases monthly rental payment		$ 5,000
Operating leases monthly rental expense related to new agreement		8,000
Operating leases Rent expense		$ 18,000	$ 15,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	May. 20, 2016USD ($)shares	May. 11, 2016USD ($)shares	May. 09, 2016USD ($)	May. 03, 2016USD ($)$ / sharesshares	Apr. 28, 2016	Mar. 31, 2016
Willow Valley
Subsequent Event [Line Items]
Agreement approval date						Mar. 10, 2016
Subsequent Event
Subsequent Event [Line Items]
Stock split, conversion ratio					100.68
Subsequent Event | Non-Employee Stock Option
Subsequent Event [Line Items]
Number of options authorized | shares	325,000
Options, vesting period	2 years
Expiration period	3 years
Subsequent Event | Secured Debt
Subsequent Event [Line Items]
Debt instrument, face amount	$ 115,000,000
Debt instrument, interest rate	4.55%
Prepayment penalty	$ 3,200,000
Transaction expected closing date	Oct. 24, 2016
Subsequent Event | Willow Valley
Subsequent Event [Line Items]
Proceeds from sale of productive assets			$ 2,300,000
Subsequent Event | IPO
Subsequent Event [Line Items]
Stock issued during period, shares, new issues | shares				1,164,800
Stock issued during period, price per share | $ / shares				$ 6.25
Proceeds from issuance initial public offering				$ 7,300,000
Subsequent Event | Underwriter
Subsequent Event [Line Items]
Proceeds from issuance initial public offering		$ 1,100,000
Subsequent Event | Underwriter | Maximum
Subsequent Event [Line Items]
Stock issued during period, shares, new issues | shares		174,720