You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Once again, the employees of American Water delivered solid results as we continue to execute on our low-risk profile and predictable growth story.
Let's move to Slide five to cover the highlights of our second quarter and six-month results.
Our second quarter 2021 earnings per share increased 17.5% compared to the second quarter of 2020.
Included in the results is a $0.03 per share benefit from weather primarily in the Northeast, where we saw a moderate impact from warmer and drier-than-normal conditions.
In the first six months of 2021, we invested $782 million with the majority dedicated to needed infrastructure improvements to better serve our customers.
We continue to work hard to minimize the bill impacts of these investments by focusing on capital and operating efficiencies, constructive regulatory outcomes and by leveraging the size and scale of our business.
As a reminder, we previously announced an O&M efficiency target of 30.4% by 2025.
We also continue our disciplined approach to regulated acquisitions.
We've added approximately 11,200 customer connections to date through closed acquisitions and organic growth and look forward to welcoming an additional 86,900 customer connections through pending acquisitions.
I'll provide more detail on growth in a moment.
Moving to Slide six.
The foundation of our earnings growth continues to be the capital investment we make in our regulated operations.
We plan to spend $1.9 billion in 2021 and about $10.4 billion over the next five years.
The continued investment is critical to improving and maintaining distribution and treatment infrastructure, including improving water quality, fixing leaks and providing water for fire hydrants.
These efforts help our communities remain strong and attractive to residents and businesses.
With a strong first half of 2021 and continued execution of our strategies, we're affirming today our 2021 earnings guidance range of $4.18 to $4.28 per share.
We're also affirming our long-term earnings per share compound annual growth rate range of 7% to 10%.
Turning to Slide seven.
Let's go through some of the regulatory and legislative highlights of the second quarter 2021.
On June 28, the Iowa Utilities Board issued an order approving an increase in annual base revenue of $1 million for Iowa American Water.
The company's investment of almost $87 million in water system improvements was the primary driver behind the rate adjustment request.
We also have pending cases in West Virginia and California.
We cover California American Water's general rate case as well as the cost of capital application on the last call and both cases are progressing as expected.
Let me spend a few minutes on California's drought emergency.
As you've likely heard, Governor Newsom expanded the state's drought emergency declaration in 50 out of 58 counties.
Currently, our water supplies in California are in good shape, but we're activating mandatory conservation measures for our customers in Sonoma County.
We're also conducting extensive outreach to our highest water users and encouraging our customers to voluntarily reduce their water use across our entire service area.
The drought once again highlights the need for the Monterey Peninsula Water Supply Project.
As we previously discussed, California American Water refiled its application to the Coastal Commission on November 6, 2020.
On December 3, 2020, the Coastal Commission sent a notice requesting additional information.
California American Water provided the requested responses in March 2021.
The Coastal Commission then requested additional information on June 18.
Our California team is working on this additional request.
Once we provide that information and staff deems the application complete, by statute, the Coastal Commission would have 180 days to process it.
Additionally, on July 29, The New Jersey Board of Public Utilities issued a final order denying approval of acquisition adjustments and rates associated with the purchase of Shorelands and Haddonfield in 2017 and 2015, respectively.
The order is not the outcome we've been working toward, and we continue to evaluate next steps.
However, we had a counter for this possibility and the decision will not have an impact on our financial results.
Moving to state legislation.
We continue to engage with states as they take action to help address water and wastewater challenges.
In New Jersey, legislation that strengthens the state's Water Quality Accountability Act has passed both houses unanimously and is awaiting the governor signature.
The enhancements include additional enforcement requirements for reporting data, stronger cybersecurity requirements and asset management plans and requirements for the sale of systems with prolonged violations.
New Jersey was the first state to pass the Water Quality Accountability Act, and we're pleased to see the act strengthen on behalf of all water customers in New Jersey.
Also in New Jersey, the Governor signed a lead service line replacement bill that includes O&M expenses and interest accrued on customer-owned lines as recoverable items.
As you know, American Water is long advocated for full service line replacement versus a partial replacement to address lead issues.
In Missouri, the governor signed the Water and Sewer Infrastructure Act, which will become effective on August 28, 2021.
This act establishes a new statewide infrastructure system replacement surcharge program that broadens the list of eligible projects.
It also increases the cap from 10% to 15% of Missouri American Water's revenue requirement for these eligible projects.
Additionally, customer-owned lead service line replacements are excluded from the cap.
Finally, as we mentioned last call, at a national level, we remain supportive of investments in water and wastewater infrastructure.
The proposed bipartisan package supported by the administration includes $55 billion for water infrastructure.
We believe the proposed additions to state revolving funds for drinking water and the possible expansion of a water LIHEAP type program for all water customers would help improve our nation's water infrastructure.
Moving to Slide eight.
Customers remain at the center of every decision we make.
This means smart investments balanced by efficient operations and capital deployment.
For the 12-month period ending June 30, 2021, our O&M efficiency ratio was 33.9% compared to 34.3% for the 12-month period ended June 30, 2020.
As we note each quarter, our adjusted O&M expenses are just slightly higher today than they were in 2010.
During that period, we've added approximately 333,000 customer connections while expenses only increased at a compound annual growth rate of just over 1%.
On the subject of cost, inflationary pressures and scarcities of some supplies in certain sectors of the U.S. economy, let me remind you that our company does have the advantage of volumetric purchases and economies of scale.
By leveraging our national size and scale and working closely with our suppliers in the water sector, we've been able to shield ourselves for the most part from these effects.
At this time, we've not experienced and do not anticipate any material negative impacts on our supply chain.
Before we move to growth, let me provide a quick update on the sale of New York American Water.
Both American Water and Liberty remain committed to closing the sale and continue to work through the regulatory process.
As noted by 8-K filing on June 29, both parties agreed to extend the closing end date in accordance with the terms of the stock purchase agreement.
We remain confident that the sale will be completed.
Assuming progress continues as expected, we believe that the net impact from New York in 2021 results won't materially impact our 2021 guidance range.
Further, we don't anticipate any impact on the expected timing of our previously discussed future equity needs.
Moving to Slide nine.
We've announced multiple acquisitions in the first half of 2021, including our largest acquisition in York, Pennsylvania, which will add an equivalent customer connection total of more than 45,000.
We continue to make progress on that acquisition, most recently filing an application with the Public Utility Commission on July 1.
As I mentioned earlier, so far in 2021, we've closed on eight acquisitions in four different states, adding approximately 3,000 new customer connections.
We've also added approximately 8,200 customer connections to organic growth in the first six months.
We look forward to adding another 86,900 customer connections through 37 currently signed agreements in eight states.
These new agreements reflect our commitment to provide water and wastewater solutions in communities where we can leverage our scale and expertise.
We know that many communities are facing unprecedented challenges, and we're well positioned to provide them solutions.
Our growth is also a direct result of our commitment to customer service.
I want to congratulate both our New Jersey and Illinois subsidiaries for earning J.D. Power awards for ranking highest in customer satisfaction among large utilities, large water utilities in the Northeast and Midwest.
This is the second year in a row that our Illinois subsidiary, ranked highest.
We're proud of our teams and the way they put our customers first every day.
Let's start on Slide 11 with a review of results.
Second quarter 2021 earnings were $1.14 per share compared to $0.97 per share in the second quarter of 2020.
As Walter mentioned, included in earnings is an estimated $0.03 per share favorable impact from weather, primarily in the Northeast, where we saw conditions warmer and drier than normal through the quarter.
Results for the Regulated Business segment were $1.18 per share, an increase of $0.21 per share compared to 2020 earnings.
Results for the market-based business were $0.11 per share, a decrease of $0.02 per share.
And finally, parent company results decreased $0.02 per share in the second quarter of 2021 as compared to the same period last year.
Our 2021 earnings through June 30 were $1.87 per share, an increase of $0.22 per share compared to the same period last year.
Results for the six-month period include the estimated $0.03 per share favorable impact from weather in the second quarter of '21.
Regulated business results increased $0.27 per share compared to 2020 earnings, and our market-based business results decreased $0.05 per share and parent company results were unchanged year-over-year.
Moving on to Slide 12.
Let me provide just a few more details by business.
As I noted earlier, regulated results increased $0.21 per share.
And we saw a $0.30 per share increase in revenues from new rates in effect from acquisitions and from the lower demand in the second quarter of 2020 from the COVID-19 pandemic.
As a reminder, we saw the 2020 full year impact on demand due to the pandemic to be nearly zero, and we see no real lingering impact on demand in 2021.
Also, as I mentioned previously, results reflect an estimated $0.03 per share increase from warmer and drier-than-normal weather, primarily in the Northeast.
Partially offsetting these results, O&M expense increased by $0.09 per share and depreciation expense increased $0.03 per share in support of growth in the regulated business.
The Market-Based Business results decreased $0.02 per share in the second quarter of '21 as compared to the second quarter of 2020.
The lower results reflect increased claims in 2021 in the Homeowner Services Group.
The parent results decreased $0.02 per share in the second quarter of '21 compared to the second quarter of 2020, largely driven by higher interest expense to support regulated growth.
While on the topic of results, I'd like to also reiterate what we told you last quarter with regard to the company's lower effective income tax rate.
This results from an increase in the amortization of excess, accumulated deferred income taxes as agreed to through the regulatory process and is largely offset with lower revenue, resulting in no material impact to earnings, and we will continue to see this impact as that amortization continues.
Moving on to Slide 13.
Consolidated results increased $0.22 per share for the year-to-date period compared to the same period last year.
Results for the regulated operations increased $0.27 per share for the year-to-date period.
We saw a $0.50 per share increase from additional revenue -- additional authorized revenue from acquisitions and from the lower demand in the second quarter of '20 attributable to the pandemic.
Year-to-date results also reflect the estimated $0.03 per share favorable weather benefit.
Offsetting these increases were increases in O&M expense of $0.18 per share and depreciation of $0.08 per share, all as a result of growth in the business.
The Market-Based Businesses results decreased $0.05 per share due to higher claims in 2021 in Homeowner Services Group, including the extreme cold weather across the country during the first quarter of '21, primarily in Texas and Illinois.
And parent results were flat compared to the same period in '20 as higher interest expense to support regulated growth was offset by a number of small items that increased expenses in 2020.
Moving on to Slide 14.
The continued successful execution of our regulatory strategy is a key element of our ability to consistently deliver financial results.
And to date, the regulated business has received $146 million in annualized new revenues in 2021.
This includes $100 million from general rate cases and step increases, excluding the agreed reduction in revenue from the amortization of excess accumulated deferred income taxes and $46 million from infrastructure surcharges.
We have also filed requests and are awaiting final orders on the two rate cases previously mentioned by Walter and two infrastructure surcharge proceedings for a total annualized revenue request of $71 million.
I'd also like to add that generally, we have received favorable regulatory decisions addressing our incremental financial impacts of the COVID-19 pandemic.
We have received favorable deferral orders in most jurisdictions, including cost recovery orders approved by our regulators in Illinois, Missouri and Iowa.
In Pennsylvania, the administrative law judge issued a recommendation that would allow us to defer our incremental, uncollectible expense resulting from the pandemic, but would exclude other financial impacts, such as waive delayed fees and additional interest costs.
Our Pennsylvania subsidiary has filed exceptions to the ALG recommendation -- recommended decision, highlighting among other things, the favorable decisions we have received in other jurisdictions.
We expect a final Pennsylvania deferral order addressing these matters later in the third quarter.
Moving on to Slide 15.
I want to provide a few details of the very favorable debt offering we executed in May.
The company successfully completed a $1.1 billion debt offering in support of our $10.4 billion five-year capital plan and to refinance approximately $327 million of high coupon debt.
We issued $550 million each of 10- and 30-year debt with coupon rates of 2.3% and 3.25%, respectively.
These are the lowest rates American Water has ever achieved on a public debt offering and is representative of the company's healthy balance sheet and strong credit profile, and we're pleased to have achieved such favorable rates to the benefit of our customers.
Moving on to Slide 16.
I'd like to reiterate Walter's comments earlier because of our strong performance and continued focus on execution, we are affirming our 2021 earnings guidance range of $4.18 to $4.28 per share.
We are also affirming our long-term earnings per share, compound annual growth rate of 7% to 10%.
As shown on Slide 17, and as our results demonstrate, we continue to deliver on our earnings commitment.
We believe that delivering on results, combined with our strong earnings growth and superior dividend growth expectations provides excellent value for our shareholders.
We continue to outperform our peers.
And as you can see on this slide, measured currently, we have delivered a total shareholder return of 126% over the last five years, outpacing our peers in the Philadelphia Utility Index as well as the S&P 500 Index.
We've been hearing from stakeholders if they'd like to receive more ESG data on an annual basis.
We've published two new documents on our website.
First, we made our environmental policy more visible by posting it on our ESG page.
We also posted an ESG data summary, which we'll update annually.
We also continue to implement best practices and respond to surveys and reports.
For example, just last week, we submitted our annual CDP climate change response which highlights American Water's efforts to address greenhouse gas emissions and risks associated with climate variability.
As we've discussed previously, since 2007 through year-end 2020, we've reduced our greenhouse gas emissions by approximately 36%.
This means we're close to our goal of a 40% reduction by 2025.
I also want to mention our recent recognition as a top score in the Disability Equality Index for a third year in a row.
We firmly believe we're more successful when our workforce reflects the communities that we serve.
We're proud to be recognized by DEI and to be an ally to those with different abilities.
Finally, as a reminder, we'll be publishing and posting our 2019 to 2020 sustainability report this fall.

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american water works company q2 earnings per share $1.14.
q2 earnings per share $1.14.
compname says affirms its 2021 earnings per share guidance range of $4.18 to $4.28.

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