For the second quarter, we achieved consolidated earnings of $0.72 per share versus $0.69 last year.
After excluding from both periods, gains on investments held to fund one of the company's retirement plans, earnings per share increased by 7.8% on an adjusted basis.
The second quarter contributed to a strong 2021 year-to-date, where we've achieved 12.1% earnings growth over last year on an adjusted earnings per share basis.
In addition, we announced a 9% increase in the quarterly dividend last week, marking our 67th consecutive calendar year of dividend increases.
Excluding gains earned on investments of $0.03 per share and $0.05 per share from the second quarter of 2021 and 2020, respectively, adjusted earnings for the second quarter increased by $0.05 per share, or 7.8%, as compared to adjusted earnings last year.
Our water segment's earnings were $0.57 per share as compared to $0.54 per share.
Adjusting for the gains on investments incurred in both quarters, earnings at water segment increased by $0.05 per share due to a higher water gross margin generated from new rates authorized by the California Public Utilities Commission and a lower effective income tax rate due to certain flow-through and permanent tax items.
Our electric segment's earnings for the quarter were $0.04 per share as compared to $0.03 per share for the same period in 2020 due to an increase in electric gross margins resulting from higher rates as approved by the CPUC.
Earnings from our contracted services segment decreased $0.01 per share for the quarter due to higher construction costs incurred on certain projects.
Our consolidated revenue for the quarter increased by $7.1 million as compared to the same period in 2020.
Water revenues increased $4.5 million due to full third year step increases for 2021 as a result of passing earnings tax.
Contracted services revenue increased $2.2 million, largely due to increases in construction activities and increases in management fees due to the successful resolution of various economic price tests.
Our water and electric supply costs were $28 million for the quarter, an increase of $1.7 million from the same period last year.
Looking at total operating expenses other than supply costs, consolidated expenses increased to $3.5 million as compared to the second quarter of 2020.
Interest expense, net of interest income and other increased by $2 million due in part to higher interest expense resulting from overall increase in borrowings and lower gains generated on investments held for retirement plans during the second quarter as compared to last year, as previously discussed.
This slide reflects our year-to-date earnings per share by segment as reported fully diluted earnings for the six months ended June 30, 2021, were $1.24 as compared to $1.07 for the same period in 2020.
When the $0.04 per share gain on investments held to fund a retirement plan is removed from 2021 year-to-date earnings, this resulted in a 12.1% increase in the adjusted EPS.
Net cash provided by operating activities was $41.1 million for the first six months of 2021 as compared to $46.3 million in 2020.
Our regulated utility invested $75 million in the company-funded capital projects during the first six months.
We estimated our full year 2020 company-funded capital expenditures to be $125 million to $135 million.
The Governor of California has proclaimed the state of emergency for 50 of the 58 counties within the state and signed an executive order asking all Californians to voluntarily reduce water usage by 15% as compared to 2020.
As a result, rate increases are expected to generate an additional $11.1 million in the adopted water gross margin for 2021 as compared to the adopted water gross margin in 2020.
Regarding our cost of capital proceeding, which was filed in May of this year, we requested a capital structure of 57% equity and 43% debt, which is our currently adopted capital structure, a return on equity of 10.5% and a return on rate base of 8.18%.
Among other things, Golden State Water requested capital budgets of approximately $450.6 million for the 3-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.
The weighted average water rate base has grown from 752.2 million in 2018 to $980.4 million in 2021, a compound annual growth rate of 9.2%.
ASUS' earnings contribution decreased by $0.01 per share to $0.11 during the second quarter of 2021 as compared to the same quarter last year, largely due to higher construction costs incurred on certain projects.
For the year-to-date June 30, 2021, and ASUS' earnings contribution is $0.04 per share higher than last year due to an overall increase in construction activity and management fee revenue as well as a decrease in overall operating expenses.
We reaffirm our projection that ASUS will contribute $0.45 to $0.49 per share for 2021.
Board of Directors, last week, approved a 9% increase in the dividend increasing the annual dividend from $1.34 per share to $1.46 per share.
This increase is comparable to the compound annual growth rate of 9% achieved by the company in its quarterly dividend over the last five years.
Our long and consistent history of dividend payments date back to 1931 in addition to an unbroken 67-year history of annual calendar year dividend increases.
Currently, our dividend policy is to provide a compound annual growth rate of more than 7% over the long term.

Summary:
For the second quarter, we achieved consolidated earnings of $0.72 per share versus $0.69 last year.
Board of Directors, last week, approved a 9% increase in the dividend increasing the annual dividend from $1.34 per share to $1.46 per share.