Our consolidated results for the third quarter were $0.72 per share as compared to adjusted earnings of $0.69 per share for the third quarter of 2019, an increase of $0.03 per share or 4.3%.
The adjusted earnings for the third quarter of 2019 exclude a $0.07 per share retroactive adjustment booked in that quarter for the August 2019 electric general rate case decision for periods prior to the third quarter of 2019.
I'm pleased to report that in July of this year, the Company's Board of Directors approved a 9.8% increase in the quarterly cash dividend from $0.305 per share to $0.335 per share.
This increase is in addition to dividend increases of 10.9% in 2019 and 7.8% in 2018.
Since March, our field personnel have worked tirelessly to keep the water, electricity and wastewater services operating smoothly for over 1 million customers, including 11 military bases.
For the nine months ended September 30, 2020, our water and electric utility segments spend $82.3 million in Company-funded capital expenditures.
On track to spend $105 million to $120 million for the year, barring any scheduling delays resulting from COVID-19.
This would be about 3.5 times our expected annual depreciation expense.
As Bob mentioned, consolidated earnings for the quarter were $0.72 per share compared to $0.69 per share as adjusted for the same period in 2019.
Earnings at our water segment increased $0.04 per share for the quarter.
This volatility resulted in an increase in gains on investments held to fund one of Golden State Water's retirement plan contributing a $0.02 per share increase in the water segment's earnings for the quarter.
Excluding the $0.07 per share retroactive impact front August 2019 CPUC decisions, our electric segment's earnings for the third quarter was $0.04 per share as compared to $0.03 per share as adjusted for the third quarter of 2019 largely due to an increase in the electric gross margins, resulting from new rates authorized by the CPUC partially offset by increases in legal and other outside service costs.
The final August 2019 decision also approved a recovery of previously incurred incremental tree trimming costs totaling $302,000 which resulted in a reduction in maintenance expense that was recorded in the third quarter of last year.
Earnings from our contracted services segment were $0.10 per share for the third quarter of 2020 as compared to $0.12 per share for the same period in 2019.
Water revenues increased $3.5 million during the third quarter of 2020 due to full second -- full second year step increases for 2020 as a result of passing earnings test.
The decrease in electric revenues were largely due to $3.7 million in retroactive revenues recorded in the third quarter of 2019 for periods prior to that.
Contracted services revenue for the quarter decreased to $500,000 for the reasons previously discussed.
Looking at slide 9, our water electric supply costs were $32.3 million for the third quarter of 2020 as compared to $31.8 million for the third quarter of 2019.
Total operating expenses excluding supply costs increased $1.5 million versus the third quarter of 2019.
There was also a $302,000 reduction to maintenance costs to reflect the CPUC's approval in August of 2019 for recovery of previously incurred tree trimming as previously mentioned.
Interest expense, net of interest income and other including investments held in a trust to fund the retirement benefit plan decreased $1.1 million due to higher gain because of the recent market condition.
Fully diluted earnings for the first nine months of 2020 or $1.79 per share as compared to $1.79 per share as adjusted for the same period of 2019.
The 2019 adjusted earnings exclude a $0.04 per share retroactive impact, book the last year, resulting from the August 2019 electric TRC decision for the full year of 2018, which is shown on a separate line in the table on this slide.
In terms of the Company's liquidity, net cash provided by operating activities for the first nine months of 2020 was $87.8 million as compared to $84.3 million for the same periods in 2019.
The increase was largely due to a $7.2 million refund to the water customers in 2019 related to the 2017, tax law changes.
Our regulated utilities invested $82.3 million in Company-funded capital projects during the first nine months of 2020, while the utilities capital program has been somewhat affected by COVID-19 resulting in certain project delays.
However, our regulated utility is still trying to spend $105 million and $520 million in Company-funded capital expenditures for the year, further delays due to the pandemic.
As we mentioned in the last quarter, Golden State Water issued unsecured private placement notes totaling $160 million in July and repaid a large portion of its intercompany note issued to AWR parent.
Currently American States Water has a credit facility of $200 million to support water and contracted services operations.
We also put in place a separate three year $35 million revolving credit facility for the electric segment that is not guaranteed by the parent.
Among other things, Golden State Water requested capital budgets in this application of approximately $450.6 million for the three-year rate cycle and another $11.4 million of capital projects to be filed for revenue recovery through advice letters when those projects are completed.
On August 27, 2020, the CPUC issued a final decision in the first phase of the CPUC's order instituting rule making evaluating the low income payer assistance and affordability objectives contained in the CPUC's 2010 Water Action Plan which also addressed other issues, including matters associated with the continued use of the water revenue adjustment mechanism or RAM by California water utilities.
Based on the language in the final decision, any general rate case application filed by Golden State Water and the other California water utilities after the August 27, 2020 effective date of the decision may not include a proposal to continue the use of the RAM or MCBA but may instead include a proposal to use a limited price adjustment mechanism called the Monterey style Ram and an incremental supply cost balancing account.
As you know there are water utilities in the state that have been under the Monterey-Style RAM and incremental supply cost balancing account since 2008 and they seem to be able to successfully manage the effects of these mechanisms.
As you'll see from this slide, the weighted average water rate base as adopted by the CPUC has grown from $717 million in 2017 to $916 million in 2020 which is a compound annual growth rate of 8.5%.
The rate base amounts for 2020 do not include the $20.4 million of advice letter projects approved in Golden State Waters last general rate case.
ASUS' earnings contribution for the quarter was $0.10 per share versus $0.12 per share in the year prior.
Company expects construction activity to be stronger in the fourth quarter relative to the first three quarters barring any further delays due to weather conditions, but because of the previous delays, we now estimate ASUS' 2020 earnings contribution to be at the low end of the $0.46 to $0.50 per share range we have previously provided.
In light of continued uncertainty associated with the effects of COVID-19, we project ASUS to contribute $0.45 to $0.49 per share for 2021.
American States Water has paid dividends to shareholders every year since 1931, increasing the dividends received by shareholders each calendar year for 66 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result.
Company's current dividend policy is to achieve a compound annual growth rate in the dividend of more than 7% over the long term.

Summary:
Our consolidated results for the third quarter were $0.72 per share as compared to adjusted earnings of $0.69 per share for the third quarter of 2019, an increase of $0.03 per share or 4.3%.
As Bob mentioned, consolidated earnings for the quarter were $0.72 per share compared to $0.69 per share as adjusted for the same period in 2019.