Condensed balance sheets and pro for ma results of operations for these acquisitions have not been presented since the effect of these purchases ar e not material. Acquisitions that involved purchase of assets were accounted for under the purchase method of accounting. As of December 31, 2002 and 2001, intangible assets that will continue to be amortized and those not amortized were: 5  INTANGIBLE ASSETS Perpetual water rights $ 2,425 – $2,425 $ 1,693 – $1,693 2002 2001 Amounts in thousands Gross Net Gross Net Carrying Accumula ted Carrying Carrying Accumulated Carrying Value Amor tiza tion Value Value Amortization Value AMORTIZED INTANGIBLE ASSETS: Hawthorne lease $ 6,515 $2,968 $3,547 $ 6,515 $2,534 $3,981 Water pumping rights 1,046 2 1,044 1,046 – 1,046 Water planning studies 1,783 238 1,545 1,054 109 945 Leasehold improvements and other 2,160 1,027 1,133 1,969 920 1,049 Total $11,504 $4,235 $7,269 $10,584 $3,563 $7,021 45 For the years ending December 31, 2002, 2001 and 2000, amortization of intangible assets was $670,000, $630,000 and $507,000. Estimated futur amortization expense related to intangible assets for the succeeding five years is $671,000 per year for 2003 to 2007 and $3,243,000 beyond 2007. As of December 31, 2002 and 2001, 380,000 shares of preferred stock were authorized. Dividends on outstanding shares are payable quarterl y at a fixed rate before any dividends can be paid on common stock. The outstanding 139,000 shares of $25 par value cumulative, 4.4% Series C preferred shares are not convertible to common stock. A premium of $243,250 would be due upon voluntary liquidation of Series C.There is no premium in the event of an inv oluntary liquidation. Each Series C preferred share is entitled to sixteen votes, with the right to cumulativ e votes at any election of directors. The Company is authorized to issue 25,000,000 shares of $0.01 par value common stock. As of December 31, 2002 and 2001, 15,182,046 shar es of common stock were issued and outstanding. Dividend Reinvestment and Stoc Repurchase Plan The Company has a Dividend Reinvestment and Stock Purchase Plan (Plan), whic allows stockholders to reinvest dividends to purchase additional Company common stock.The Plan also allo ws stockholders and other investors to purchase Company common stock through the transfer agent. The Plan provides that shares required for the Plan may  be purchased on the open market or be newl issued shares. During 2002 and 2001, shares were purchased on the open market. PREFERRED STOCK 6  COMMON STOCKHOLDERS’ EQUITY 7 CALIFORNIA WA TER SERVICE GROUP UNAMORTIZED INTANGIBLE ASSETS: