The Empire District Electric Company is an operating public utility engagedin the generation purchase transmission distribution and sale ofelectricity in parts of Missouri Kansas Oklahoma and Arkansas. TheCompany also provides water service to several towns in Missouri. The Empire District Electric Company has a market cap of $639.5 million; its shares were traded at around $18.54 with a P/E ratio of 15.4 and P/S ratio of 1.2. The dividend yield of The Empire District Electric Company stocks is 6.9%. Highlight of Business Operations: During the third quarter of 2009, basic earnings per weighted average share of common stock were $0.43 as compared to $0.60 in the third quarter of 2008 and diluted earnings per weighted average share of common stock were $0.43 as compared to $0.59 for the third quarter of 2008. For the nine months ended September 30, 2009, basic and diluted earnings per weighted average share of common stock were $0.97 as compared to $0.95 for the nine months ended September 30, 2008. For the twelve months ended September 30, 2009, basic and diluted earnings per weighted average share of common stock were $1.20 as compared to $0.95 for the twelve months ended September 30, 2008.
On July 3, 2009, the generator on State Line Unit 2-1, one of the combustion turbines at SLCC, failed during operation. Unit 2-1 represents about 150 megawatts of the 500 megawatts rated output of SLCC, of which we are entitled to 60%, or 300 megawatts. The remainder of SLCC was undamaged and continued to operate as normal. The cost to replace the turbine was in excess of the $1.5 million insurance deductible on the unit. We expect to recover all the costs from insurance proceeds in excess of the $1.5 million deductible. The unplanned outage did not have a material financial impact. Unit 2-1 returned to service in October 2009.
A major wind storm caused substantial damage to our electric service territory on May 8, 2009. Approximately 83,000 of our electric customers were without power at the height of the storm. Incremental costs associated with the restoration effort due to the wind storm were approximately $6.0 million, of which $5.3 million was capitalized as additions to our utility plant and approximately $0.7 million was maintenance expense that was deferred as a regulatory asset as we believe it is probable that these costs will be recoverable in future electric rate cases.
During the third quarter of 2009, we issued and sold 1,542,682 shares of our common stock, pursuant to our equity distribution agreement with UBS Securities LLC (UBS), at an average price per share of $18.09, resulting in proceeds to us of approximately $26.7 million (after payment of approximately $1.2 million in commissions to the sales agent). Through October 5, 2009, in the aggregate, we have issued and sold 1,692,290 shares pursuant to the program, resulting in net proceeds to us of approximately $29.3 million.
On March 27, 2009, we issued $75 million principal amount of 7% first mortgage bonds due April 1, 2024. The net proceeds (after payment of expenses) of approximately $72.6 million, were used to repay short-term debt incurred, in part, to fund our current construction program.
On March 11, 2009, we entered into a $50 million unsecured credit agreement. This agreement provides for $50 million of revolving loans to be available to us for working capital, general corporate purposes and to back-up our use of commercial paper and terminates on July 15, 2010. This credit agreement is in addition to, and has substantially identical covenants and terms as (other than pricing), our Amended and Restated Unsecured Credit Agreement dated March 14, 2006. There were no borrowings under the new agreement at September 30, 2009.
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