For the quarter, the company's net income rose to $38.2 million as compared to $5.3 million in the second quarter of 2020.
On an earnings per share basis, that is $0.75 per diluted common share in 2021 as compared to $0.11 for the quarter in 2020.
Here we have a net income of $35.2 million on a year-to-date basis.
That compares to a net loss in 2020 of $15 million.
And on a per share basis, we have earnings of $0.69 per share in 2021 and that compares to a loss of $0.31 in 2020.
And for the year-to-date, the capital investments, I will highlight $138.5 million of capital investments as compared to $133.5 million of capex in 2020.
Capital spending is on track to our target, which is between $270 million and $300 million for the year.
And I'll talk a little bit more extensively about the unbilled revenue accrual because that's giving us a big pop for the quarter and the market value of our -- some of our pension assets reduced our earnings per share by about $0.03 on the quarter.
The unbilled revenue is adding $0.17 on the quarter and I guess I can talk about that now, it's also on the next slide.
As I mentioned, in Q3 of 2020, we recognized $43 million of net income, which was attributable to Q1 and Q2 of 2020 and that was because of the delayed California General Rate Case, we had not booked interim rates and we had not booked the regulatory mechanisms because we weren't sure of the probability of recovery and we did end up booking those in the third quarter.
Once again, our authorized rate base for all operations in total is $1.82 billion.
This rate case, the largest in our history, is requesting approval of just over $1 billion in capital expenditures during the three-year rate case cycle.
We worked very hard on addressing customer affordability when preparing this case and have been able to keep increases under $5 per month for the median residential customer in all of our service areas.
This has led to a 6% lower sales forecast than in our last adopted, but also an innovative rate design, which provides significant discounts for the first 6 units of water used each month and increases the amount of revenue collected in our fixed monthly service charge.
Two areas I want to provide operational updates on, starting off on Page 12, talking about the recently declared droughts and I say droughts as plural, given the approach the state has set forth early on in the second quarter and by doing so they were evaluating drought conditions on a county by county basis.
As we wrapped up the second quarter, the drought kind of quickly spread and we have 51 of the 58 counties in the State of California now under a declared drought emergency.
Accordingly, as part of our planning process and rate case process with the Public Utilities Commission, we filed, what's called, Rule 14.1, which is our water supply master plans in June and within that water supply master plans is something called Schedule 14.1, which is our water supply contingency plans, which cover the various stages of drought.
Very happy to share that on July 14, the Commission approved our Rule 14.1 plan, as well as our Schedule 14.1 water supply contingency plans.
We are officially in a Stage 1 drought in all the districts that we operate in.
We have asked our customers for a voluntary 15% reduction over the summer months and we're utilizing the same model that we developed during the last drought, which is really doing a -- what we call the customer-first approach, trying to give our customers as many options as we can to help them hit their reduction targets.
The foundation has been laid for our contingency plans as we move throughout the stages of the drought and we're going to take the same approach that we had in the last major drought, which all of our customers said then, what was the 25% reduction targets.
Remember that 90% of our employees have been at work every day throughout the pandemic so the one's we phased back in, most of them are corporate staff and jobs that could be worked on remotely during the pandemic.
Again, despite the pandemic, we have been at work every day, 365 days a year, 24 hours a day.
Bills outstanding increased slightly to $12.5 million.
We have continued to increase our reserve for doubtful accounts from $5.7 million now to $6.3 million and within the budget for the State of California, which is our largest operating entity, the states that we operate in and California is the largest, the State of California has reserved a $1 billion for water utilities arrearage management relief.
The incremental cost of COVID-19 for the second quarter continued to run about $200,000 a quarter.
So we're up to about $1.3 million total since the beginning of the pandemic.
It's interesting to note that water sales in California are at 103% of the adopted numbers that were approved in the last General Rate Case.
And year-over-year, residential consumption is up 4% and that's been offset by lower business in industrial sales and, of course, as the economy was slowed and stalled out there for a little bit.
Liquidity remained strong at the end of the quarter with over $66 million cash on hand and additional borrowing capacity of $405 million on the line of credit, subject to various borrowing conditions, but liquidity remained strong, as we move into the warmer summer months.
Also, in May, we closed on our acquisition of the Kapalua Water and Kapalua Wastewater Company and added a 1,000 new Maui customers to our Hawaii Water Service Company.
Last month, in June, we announced the execution of a definitive agreement to acquire a wastewater utility on the island of Kauai in Hawaii, which will bring 1,800 Equivalent Dwelling Units to our Hawaii Water Service Company, and we will be filing the application with the Hawaii Public Utilities Commission shortly for its approval of this purchase.
And next week, we anticipate that the California Public Utilities Commission at its August 5 open meeting will approve our newest California utility known as The Preserve at Millerton, which is a greenfield or new development, water, wastewater and recycled water utility, which will ultimately bring about 2,800 customer connections to California Water Service Company.
We have approximately 2,500 customers and customer commitments today in these -- among these four utilities and anticipate that their combined service areas could build out to over 60,000 customers.
I'm looking now at Slide 17, and as promised in the first quarter, we've updated Slide 17 and 18 which are capex and our rate base slides to reflect the proposal that's been made in the California General Rate Case.
But what it does show for 2022 through 2024 is that we would anticipate our combined capex with California and the other states to be in the range of $355 million to $365 million a year and that corresponds to the $1 billion proposal that Paul's group put to the CPUC plus the capex that we're spending in our other states.
And once again, our current rate base is about $1.82 billion for 2021.
But the proposal that Paul has put forth to the CPUC, his team, would increase our rate base to the point of $2.2 billion, $2.5 billion and $2.75 billion combined, again with the other states, if that proposal were adopted as proposed.
One is the drought, and as I said, we are officially in a Stage 1 drought for our customers.

Summary:
On an earnings per share basis, that is $0.75 per diluted common share in 2021 as compared to $0.11 for the quarter in 2020.