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STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating revenues $ 861,994 $ 903,603 $ 916,797
Operating expenses:      
Fuel and purchased power 175,921 229,109 244,751
Operations and maintenance 332,557 334,883 320,281
Depreciation and amortization 102,072 96,382 90,843
Taxes other than income taxes 73,351 71,000 70,863
Utilities operating expense 683,901 731,374 726,738
Operating income 178,093 172,229 190,059
Other income (deductions):      
Allowance for equity funds used during construction 2,545 3,453 3,025
Investment and interest income, net 69,627 18,377 38,853
Miscellaneous non-operating income 15,269 12,823 12,051
Strategic transaction costs (12,110) 0 0
Miscellaneous non-operating deductions (9,946) (11,980) (11,580)
Nonoperating income 65,385 22,673 42,349
Interest charges (credits):      
Interest on long-term debt and revolving credit facility 74,788 75,424 72,970
Other interest 21,366 17,890 18,170
Capitalized interest (5,729) (5,483) (5,022)
Allowance for borrowed funds used during construction (4,015) (3,612) (2,975)
Interest expense 86,410 84,219 83,143
Income before income taxes 157,068 110,683 149,265
Income tax expense 34,031 26,368 51,004
Net income $ 123,037 $ 84,315 $ 98,261
Basic earnings per share $ 3.02 $ 2.070 $ 2.420
Diluted earnings per share 3.01 2.070 2.420
Dividends declared per share of common stock $ 1.515 $ 1.415 $ 1.315
Weighted average number of shares outstanding 40,605,597 40,521,364 40,414,556
Weighted average number of shares and dilutive potential shares outstanding 40,681,221 40,642,640 40,535,191