0000276209-12-000009.txt : 20120510 0000276209-12-000009.hdr.sgml : 20120510 20120510082211 ACCESSION NUMBER: 0000276209-12-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120510 DATE AS OF CHANGE: 20120510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT WATER SERVICE INC / CT CENTRAL INDEX KEY: 0000276209 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 060739839 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-153910 FILM NUMBER: 12827808 BUSINESS ADDRESS: STREET 1: 93 W MAIN ST CITY: CLINTON STATE: CT ZIP: 06413 BUSINESS PHONE: 8606698630 MAIL ADDRESS: STREET 1: 93 WEST MAIN ST CITY: CLINTON STATE: CT ZIP: 06413 10-Q 1 form_10-q.htm CTWS FORM 10Q MARCH 31, 2012 form_10-q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2012 or

 
o
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM

TO

Commission File Number 0-8084

Connecticut Water Service, Inc.
(Exact name of registrant as specified in its charter)

Connecticut
(State or other jurisdiction of
incorporation or organization)
06-0739839
(I.R.S. Employer Identification No.)
   
93 West Main Street, Clinton, CT
(Address of principal executive offices)
06413
(Zip Code)

(860) 669-8636
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes x                      No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes x                      No o

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check One).

Large accelerated filer o
Accelerated filer x
Non-accelerated riler o
(Do not check if smaller reporting company)
Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o           No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date

8,799,551

Number of shares of common stock outstanding, March 31, 2012
(Includes 136,915 common stock equivalent shares awarded under the Performance Stock Programs)
 
 
 

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
Financial Report
March 31, 2012 and 2011
 
TABLE OF CONTENTS

Part I, Item 1:  Financial Statements (Unaudited)
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
Exhibit 31.1
Exhibit 31.2
Exhibit 32
Exhibit 101.INS
Exhibit 101.SCH
Exhibit 101.CAL
Exhibit 101.DEF
Exhibit 101.LAB
Exhibit 101.PRE
 
 
 
 

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
 
At March 31, 2012 and December 31, 2011
 
(Unaudited)
 
(In thousands)
 
               
     
March 31,
   
December 31,
 
ASSETS
   
2012
   
2011
 
               
Utility Plant
    $ 560,612     $ 487,540  
Construction Work in Progress
      8,485       6,160  
        569,097       493,700  
Accumulated Provision for Depreciation
      (156,175 )     (133,673 )
Net Utility Plant
      412,922       360,027  
 
                 
Other Property and Investments
      5,899       5,563  
 
                 
Cash and Cash Equivalents
      3,371       1,012  
Accounts Receivable (Less Allowance, 2012 - $1,105; 2011 - $1,088)
      9,367       8,436  
Accrued Unbilled Revenues
      7,260       6,477  
Materials and Supplies
      1,482       1,126  
Prepayments and Other Current Assets
      4,651       1,830  
Total Current Assets
      26,131       18,881  
                   
Restricted Cash
      15,932       15,930  
Unamortized Debt Issuance Expense
      7,672       7,296  
Unrecovered Income Taxes - Regulatory Asset
      31,025       29,255  
Pension Benefits - Regulatory Asset
      13,487       13,862  
Post-Retirement Benefits Other Than Pension - Regulatory Asset
      4,072       3,967  
Goodwill
      22,362       3,608  
Deferred Charges and Other Costs
      8,451       6,442  
Total Regulatory and Other Long-Term Assets
      103,001       80,360  
                   
Total Assets
    $ 547,953     $ 464,831  
                   
CAPITALIZATION AND LIABILITIES
                 
                   
Common Stockholders' Equity:
                 
Common Stock Without Par Value:
                 
Authorized - 25,000,000 Shares - Issued and Outstanding:
                 
  2012 - 8,799,551; 2011 - 8,755,398     $ 72,794     $ 72,345  
Retained Earnings
      46,482       46,669  
Accumulated Other Comprehensive Loss
      (770 )     (825 )
Common Stockholders' Equity
      118,506       118,189  
Preferred Stock
      772       772  
Long-Term Debt
      188,030       135,256  
Total Capitalization
      307,308       254,217  
                     
Current Portion of Long-Term Debt
      1,225       --  
Interim Bank Loans Payable
      27,171       21,372  
Accounts Payable and Accrued Expenses
      5,512       7,166  
Accrued Taxes
      --       302  
Accrued Interest
      2,115       1,002  
Other Current Liabilities
      1,741       586  
Total Current Liabilities
      37,764       30,428  
                     
Advances for Construction
      33,647       32,517  
Contributions in Aid of Construction
      69,571       60,679  
Deferred Federal and State Income Taxes
      41,537       31,075  
Unfunded Future Income Taxes
      29,183       29,255  
Long-Term Compensation Arrangements
      27,402       25,232  
Unamortized Investment Tax Credits
      1,432       1,313  
Other Long-Term Liabilities
      109       115  
Total Long-Term Liabilities
      202,881       180,186  
                     
Commitments and Contingencies
                 
                     
Total Capitalization and Liabilities
    $ 547,953     $ 464,831  
                     
The accompanying footnotes are an integral part of these consolidated financial statements.
                 

 
 
- 3 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
 
For the Three Months Ended March 31, 2012 and 2011
 
(Unaudited)
 
(In thousands, except per share amounts)
 
             
   
2012
   
2011
 
             
             
Operating Revenues
  $ 18,540     $ 15,989  
                 
Operating Expenses
               
  Operation and Maintenance
    9,635       8,010  
  Depreciation
    2,387       1,872  
  Income Taxes
    979       1,102  
  Taxes Other Than Income Taxes
    1,988       1,645  
       Total Operating Expenses
    14,989       12,629  
                 
Net Operating Revenues
    3,551       3,360  
                 
Other Utility Income, Net of Taxes
    176       178  
                 
Total Utility Operating Income
    3,727       3,538  
                 
Other Income (Deductions), Net of Taxes
               
  Non-Water Sales Earnings
    350       193  
  Allowance for Funds Used During Construction
    56       31  
  Other
    (143 )     (134 )
       Total Other Income, Net of Taxes
    263       90  
                 
Interest and Debt Expense
               
  Interest on Long-Term Debt
    1,920       1,149  
  Other Interest Charges
    77       105  
  Amortization of Debt Expense
    83       106  
       Total Interest and Debt Expense
    2,080       1,360  
                 
Net Income
    1,910       2,268  
                 
Preferred Stock Dividend Requirement
    9       9  
Net Income Applicable to Common Stock
  $ 1,901     $ 2,259  
                 
Weighted Average Common Shares Outstanding:
               
   Basic
    8,651       8,579  
   Diluted
    8,781       8,694  
                 
Earnings Per Common Share:
               
   Basic
  $ 0.22     $ 0.26  
   Diluted
  $ 0.22     $ 0.26  
                 
Dividends Per Common Share
  $ 0.2375     $ 0.2325  
                 
The accompanying footnotes are an integral part of these consolidated financial statements.
               

 
 
- 4 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
 
For the Three Months Ended March 31, 2012 and 2011
 
(Unaudited)
 
(In thousands)
 
             
   
2012
   
2011
 
             
             
Net Income Applicable to Common Stock
  $ 1,901     $ 2,259  
                 
Other Comprehensive Income, net of tax
               
      Qualified Cash Flow Hedging Instrument Expense,
               
              net of tax benefit of $0 and $0 in 2012 and 2011
    --       1  
      Reclassification to Pension and Post-Retirement Benefits Other
               
              Than Pension, net of tax benefit of $12 in 2012 and $4 in 2011
    (6 )     (6 )
      Unrealized (loss) gain on investments, net of tax expense of
               
              $40 in 2012 and $1 in 2011
    61       2  
                 
Comprehensive Income
  $ 1,956     $ 2,256  
                 
The accompanying footnotes are an integral part of these consolidated financial statements.
               

 
 
- 5 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
 
 
For the Three Months Ended March 31, 2012 and 2011
 
(Unaudited)
 
(In thousands, except per share amounts)
 
             
   
2012
   
2011
 
             
             
Balance at Beginning of Period
  $ 46,669     $ 43,603  
Net Income
    1,910       2,268  
      48,579       45,871  
                 
Dividends Declared:
               
     Cumulative Preferred, Class A, $0.20 per share
    3       3  
     Cumulative Preferred, Series $0.90, $0.225 per share
    6       6  
     Common Stock - 2012 $0.2375 per share; 2011 $0.2325 per share
    2,088       2,021  
      2,097       2,030  
                 
Balance at End of Period
  $ 46,482     $ 43,841  
                 
The accompanying footnotes are an integral part of these consolidated financial statements.
               

 
 
- 6 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
 
For the Three Months Ended March 31, 2012 and 2011
 
(Unaudited)
 
(In thousands)
 
             
   
2012
   
2011
 
Operating Activities:
           
  Net Income
  $ 1,910     $ 2,268  
                 
  Adjustments to Reconcile Net Income to Net Cash Provided by
               
  Operating Activities:
               
    Deferred Revenues
    60       60  
    Allowance for Funds Used During Construction
    (56 )     (31 )
    Depreciation (including $27 and $201 in 2012 and 2011 charged to other accounts)
    2,414       2,073  
    Change in Assets and Liabilities:
               
      Decrease in Accounts Receivable and Accrued Unbilled Revenues
    131       1,108  
      Increase in Prepayments and Other Current Assets
    (2,230 )     (1,637 )
      Decrease in Other Non-Current Items
    460       1,050  
      Decrease in Accounts Payable, Accrued Expenses and Other
               
           Current Liabilities
    (1,130 )     (301 )
      Increase in Deferred Income Taxes and Investment Tax Credits, Net
    548       486  
          Total Adjustments
    197       2,808  
       Net Cash and Cash Equivalents Provided by Operating Activities
    2,107       5,076  
                 
Investing Activities:
               
   Company Financed Additions to Utility Plant
    (3,880 )     (2,895 )
   Advances to (from) Others for Construction
    70       (70 )
   Net Additions to Utility Plant Used in Continuing Operations
    (3,810 )     (2,965 )
   Purchase of water systems, net of cash acquired
    (35,754 )     --  
        Net Cash and Cash Equivalents Used in Investing Activities
    (39,564 )     (2,965 )
                 
Financing Activities:
               
   Proceeds from Interim Bank Loans
    27,171       26,297  
   Repayment of Interim Bank Loans
    (21,372 )     (26,342 )
   Proceeds from the Issuance of Long-Term Debt
    36,088       --  
   Costs to Issue Long-Term Debt and Common Stock
    60       --  
   Proceeds from Issuance of Common Stock
    354       332  
   Proceeds from the Exercise of Stock Options
    88       --  
   Repayment of Long-Term Debt Including Current Portion
    (406 )     (190 )
   Advances (to) from Others for Construction
    (70 )     70  
   Cash Dividends Paid
    (2,097 )     (2,030 )
         Net Cash and Cash Equivalents (Used in) Provided by Financing Activities
    39,816       (1,863 )
Net Increase (Decrease) in Cash and Cash Equivalents
    2,359       248  
Cash and Cash Equivalents at Beginning of Period
    1,012       952  
Cash and Cash Equivalents at End of Period
  $ 3,371     $ 1,200  
                 
Non-Cash Investing and Financing Activities:
               
   Non-Cash Contributed Utility Plant
  $ 78     $ 112  
   Short-term Investment of Bond Proceeds Held in Restricted Cash
  $ 15,932     $ 1,226  
                 
Supplemental Disclosures of Cash Flow Information:
               
   Cash Paid for:
               
     Interest
  $ 1,007     $ 1,066  
     State and Federal Income Taxes
  $ 1,852     $ 1,225  
                 
The accompanying footnotes are an integral part of these consolidated financial statements.
               
 
 
 
- 7 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
 

1.  Basis of Preparation of Financials

The consolidated financial statements included herein have been prepared by CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments that are of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the results for interim periods.  The Company’s primary operating subsidiaries are The Connecticut Water Company (“Connecticut Water”) and The Maine Water Company (“Maine Water”).  Certain information and footnote disclosures have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.  The Balance Sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  It is suggested that these consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2011.

The results for interim periods are not necessarily indicative of results to be expected for the year since the consolidated earnings are subject to seasonal factors.  Effective January 1, 2012, the Company acquired Maine Water, discussed further in Note 10 below.  As a result, the Company’s consolidated balance sheet at December 31, 2011 and the consolidated statement of net income for the three months ended March 31, 2011 do not include Maine Water.  Maine Water’s results are presented in the consolidated balance sheet and consolidated statement of net income at March 31, 2012.

2.  Pension and Other Post-Retirement Benefits

The following tables set forth the components of pension and other post-retirement benefit costs for the three months ended March 31, 2012 and 2011.

Pension Benefits
Components of Net Periodic Cost (in thousands):

Period ended March 31,
 
2012
   
2011
 
Service Cost
  $ 524     $ 443  
Interest Cost
    645       545  
Expected Return on Plan Assets
    (687 )     (675 )
Amortization of:
               
Transition Obligation
    --       --  
Prior Service Cost
    17       17  
Net Loss
    358       188  
Net Periodic Benefit Cost
  $ 857     $ 518  

The Company does not expect to make a contribution in 2012 for the 2011 plan year, as allowed by the current funding status.

Post-Retirement Benefits Other Than Pension (PBOP)
Components of Net Periodic Cost (in thousands):

Period ended March 31,
 
2012
   
2011
 
Service Cost
  $ 157     $ 187  
Interest Cost
    141       179  
Expected Return on Plan Assets
    (68 )     (75 )
Other
    56       56  
Amortization of:
               
Prior Service Cost
    (201 )     (101 )
Recognized Net Loss
    166       160  
Net Periodic Benefit Cost
  $ 251     $ 406  

On May 16, 2011, Connecticut Water notified participants in its PBOP plan of an amendment that would limit the life-time benefits of participants to $100,000, effective July 1, 2011.
 
 
- 8 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
3.  Earnings per Share

Earnings per weighted average common share are calculated by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding during the respective periods as detailed below (diluted shares include the effect of unexercised stock options):

Three months ended March 31,
 
2012
   
2011
 
             
Common Shares Outstanding End of Period:
    8,799,551       8,704,500  
Weighted Average Shares Outstanding (Days Outstanding Basis):
               
Basic
    8,650,913       8,578,873  
Diluted
    8,781,100       8,694,036  
                 
Basic Earnings per Share
  $ 0.22     $ 0.26  
Dilutive Effect of Unexercised Stock Options
    --       --  
Diluted Earnings per Share
  $ 0.22     $ 0.26  

Total unrecognized compensation expense for all stock awards was approximately $1.4 million as of March 31, 2012 and will be recognized over the next three years.

4.  New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, which amends Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosure (“ASC 820”), to update guidance related to fair value measurements and disclosures as a step towards achieving convergence between generally accepted accounting principles and international financial reporting standards.  ASU 2011-04 clarifies intent about application of existing fair value measurements and disclosures, changes certain requirements for fair value measurements and requires expanded disclosures.  ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011.  Adoption of 2011-04 did not have an impact on the Company’s results of operations, cash flows or financial position.

5.  Long-Term Debt

Long-Term Debt at March 31, 2012, including the debt assumed with the acquisition of The Maine Water Company effective January 1, 2012, and December 31, 2011 consisted of the following (in thousands):

   
2012
 
2011
Connecticut Water Service, Inc.:
       
4.09%
Term Loan Note and Supplement A
 
$18,000
 
$--
Var.
Term Loan Note and Supplement B
 
18,088
 
--
Total Connecticut Water Service, Inc.
 
36,088
 
--
         
The Connecticut Water Company:
       
Unsecured Water Facilities Revenue Bonds
       
5.05%
1998 Series A, Due 2028
 
9,550
 
9,550
5.125%
1998 Series B, Due 2028
 
7,495
 
7,495
4.40%
2003A Series, Due 2020
 
8,000
 
8,000
5.00%
2003C Series, Due 2022
 
14,795
 
14,795
Var.
2004 Series Variable Rate, Due 2029
 
12,500
 
12,500
Var.
2004 Series A, Due 2028
 
5,000
 
5,000
Var.
2004 Series B, Due 2028
 
4,550
 
4,550
5.00%
2005 A Series, Due 2040
 
14,795
 
14,805
5.00%
2007 A Series, Due 2037
 
14,560
 
14,570
5.10%
2009 A Series, Due 2039
 
19,950
 
20,000
5.00%
2011 A Series, Due 2021
 
23,943
 
23,991
Total The Connecticut Water Company
 
135,138
 
135,256
         
The Maine Water Company:
       
8.95%
1994 Series G, Due 2024
 
9,000
 
--
5.05%
1999 Series H, Due 2024
 
1,970
 
--
2.68%
1999 Series J, Due 2019
 
524
 
--
0.00%
2001 Series K, Due 2031
 
780
 
--
2.58%
2002 Series L, Due 2022
 
98
 
--
1.53%
2003 Series M, Due 2023
 
421
 
--
1.73%
2004 Series N, Due 2024
 
491
 
--
0.00%
2004 Series O, Due 2034
 
147
 
--
1.76%
2006 Series P, Due 2026
 
471
 
--
1.57%
2009 Series R, Due 2029
 
247
 
--
0.00%
2009 Series S, Due 2029
 
784
 
--
0.00%
2009 Series T, Due 2029
 
2,200
 
--
Total The Maine Water Company
 
17,133
 
--
         
Add:  Maine Acquisition Fair Value Adjustment
 
896
   
Less:  Current Portion
 
(1,225)
 
--
         
Total Long-Term Debt
 
$188,030
 
$135,256
 
 
- 9 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
As of March 31, 2012, the Company and its subsidiaries will make principal payments of approximately of $1,225,000 over the next twelve months.

In December 2011, Connecticut Water borrowed $22.05 million through the issuance of Water Facilities Revenue Bonds by the Connecticut Development Authority (Authority).  Connecticut Water received approximately $24,000,000 in cash in exchange for the issuance of bonds with an aggregate principal amount of $22,050,000 for a 10-year term and a 5% coupon.  Connecticut Water recorded a bond premium in connection with this transaction and will amortize that premium over the life of the bond.  The proceeds from the sale of the bonds will be used to finance construction and installation of various capital improvements to the Connecticut Water’s existing water system.

There are no mandatory sinking fund payments required on Connecticut Water’s outstanding Unsecured Water Facilities Revenue Refinancing Bonds.  However, certain fixed rate Unsecured Water Facilities Revenue Refinancing Bonds provide for an estate redemption right whereby the estate of deceased bondholders or surviving joint owners may submit bonds to the Trustee for redemption at par, subject to a $25,000 per individual holder and a 3% annual aggregate limitation.

On January 1, 2012,the Company and CoBank entered into an amendment to the CoBank Agreement (the “Amendment”) and two additional Promissory Note and Single Advance Term Loan Supplements providing for two additional Term Loans to the Company (the “Term Loan Notes and Supplements”).  Under the terms of the Amendment and the Term Loan Notes and Supplements, on January 3, 2012 the Company borrowed from CoBank, in the aggregate, an additional $36.1 million of an available $40 million to be applied to the Company’s acquisition of the issued and outstanding capital stock of Aqua Maine, Inc. from Aqua America, Inc., as more fully described in Note 10 below.

Under one Term Loan Note and Supplement, CoBank loaned the Company $18.0 million, which Term Loan shall be repaid by the Company in 60 equal quarterly installments of principal and interest over a 15-year amortizing term, with the first installment paid on April 20, 2012 and the last installment due on January 20, 2027.  Under the other Term Loan Note and Supplement, CoBank loaned the Company $18.1 million, which Term Loan shall be repaid by the Company in quarterly interest payments and repayment of the principal balance in full on the earlier of July 30, 2013 or upon the Company raising equity capital, in the aggregate, up to the outstanding amount owed under the second Term Note and Supplement.

Under the initial Promissory Note and each of the Term Loan Notes and Supplements, the Company will pay interest on any Loans made by CoBank in accordance with one or more of the following interest rate options, as selected periodically by the Company: (1) at a weekly quoted variable rate, a rate per annum equal to the rate of interest established by CoBank on the first business day of each week; (2) at a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance for periods of 180 days or more; or (3) at a fixed rate per annum equal to LIBOR plus 1.75% for 1, 2, 3, 6, 9 or 12 month interest periods.  Interest shall be calculated on the actual number of days each Loan is outstanding on the basis of a year consisting of 360 days.

Financial Covenants – The Company and its subsidiaries are required to comply with certain covenants in connection with various long term loan agreements.  The Company and its subsidiaries were in compliance with all covenants at March 31, 2012.

6.  Fair Value Disclosures

Accounting Standards Codifications (“ASC”) 820, “Fair Value Measurements and Disclosures” (“FASB ASC 820”) provides enhanced guidance for using fair value to measure assets and liabilities and expands disclosure with respect to fair value measurements.

ASC 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs).  The hierarchy consists of three broad levels, as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.
Level 2 – Inputs other than Level 1 that are either directly or indirectly observable.
Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that the Company believes market participants would use.

The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of March 31, 2012 (in thousands):

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Asset Type:
                       
Company Owned Life Insurance
  $ --     $ 2,443     $ --     $ 2,443  
Money Market Fund
    77       --       --       77  
Mutual Funds:
                               
Equity Funds (1)
    835       --       --       835  
Total
  $ 912     $ 2,443     $ --     $ 3,355  

The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2011 (in thousands):

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Asset Type:
                       
Company Owned Life Insurance
  $ --     $ 2,269     $ --     $ 2,269  
Money Market Fund
    28       --       --       28  
Mutual Funds:
                               
Equity Funds (1)
    852       --       --       852  
Total
  $ 880     $ 2,269     $ --     $ 3,149  

(1)  
Mutual funds consisting primarily of equity securities.
 
 
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CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
The fair value of Company Owned Life Insurance is based on the cash surrender value of the contracts. These contracts are based principally on a referenced pool of investment funds that actively redeem shares and are observable and measurable.

The following methods and assumptions were used to estimate the fair value of each of the following financial instruments, which are not recorded at fair value on the financial statements.

Cash and cash equivalents – Cash equivalents consist of highly liquid instruments with original maturities at the time of purchase of three months or less.  The carrying amount approximates fair value.  Under the fair value hierarchy the fair value of cash and cash equivalents is classified as a Level 1 measurement.
 
Restricted Cash – As part of the Connecticut Water’s December 2011 bond offering, the Company recorded unused proceeds from this bond issuance as restricted cash as the funds can only be used for certain capital expenditures.  The Company expects to use the remainder of the proceeds during 2012, as the approved capital expenditures are completed.  The carrying amount approximates fair value.  Under the fair value hierarchy the fair value of restricted cash is classified as a Level 1 measurement.

Long-Term Debt – The fair value of the Company's fixed rate long-term debt is based upon borrowing rates currently available to the Company.  As of March 31, 2012 and December 31, 2011, the estimated fair value of the Company's long-term debt was $202,073,000 and $135,048,000, respectively, as compared to the carrying amounts of $188,030,000 and $135,256,000, respectively. The estimated fair value of long term debt was calculated using a discounted cash flow model that uses comparable interest rates and yield curve data based on the A -rated MMD (Municipal Market Data) Index which is the benchmark of current municipal bond yields. Under the fair value hierarchy the fair value of long term debt is classified as a Level 2 measurement.

The fair values shown above have been reported to meet the disclosure requirements of accounting principles generally accepted in the United States and do not purport to represent the amounts at which those obligations would be settled.
 
7.  Segment Reporting

The Company operates principally in three business segments: Water Activities, Real Estate Transactions, and Services and Rentals.  Results of operations for the three months ended March 31, 2012 include the results of Maine Water.  Financial data for the segments is as follows (in thousands):

Three Months Ended March 31, 2012
 
Segment
 
Revenues
   
Pre-Tax Income
   
Income Tax Expense
   
Net Income
 
Water Activities
  $ 18,889     $ 2,485     $ 925     $ 1,560  
Real Estate Transactions
    --       --       --       --  
Services and Rentals
    1,335       591       241       350  
Total
  $ 20,224     $ 3,076     $ 1,166     $ 1,910  

Three Months Ended March 31, 2011
 
Segment
 
Revenues
   
Pre-Tax Income
   
Income Tax Expense
   
Net Income
 
Water Activities
  $ 16,323     $ 3,257     $ 1,182     $ 2,075  
Real Estate Transactions
    --       --       --       --  
Services and Rentals
    1,167       329       136       193  
Total
  $ 17,490     $ 3,586     $ 1,318     $ 2,268  

The revenues shown in Water Activities above consist of revenues from water customers of $18,540,000 and $15,989,000 for the three months ended March 31, 2012 and 2011, respectively.  Additionally, there were revenues associated with utility plant leased to others of $349,000 and $334,000 for the three months ended March 31, 2012 and 2011, respectively.

The Company owns various small, discrete parcels of land that are no longer required for water supply purposes.  From time to time, the Company may sell or donate these parcels, depending on various factors, including the current market for land, the amount of tax benefits received for donations and the Company’s ability to use any benefits received from donations.  During the three months ended March 31, 2012 and 2011, the Company did not engage in any such transactions.

Assets by segment (in thousands):

   
March 31, 2012
   
December 31, 2011
 
Total Plant and Other Investments:
           
Water Activities
  $ 418,159     $ 364,955  
Non-Water
    662       635  
      418,821       365,590  
Other Assets:
               
Water Activities
    107,990       96,996  
Non-Water
    21,142       2,245  
      129,132       99,241  
Total Assets
  $ 547,953     $ 464,831  
 
 
 
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CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
8.  Income Taxes

ASC 740 “Income Taxes” (“ASC 740”) addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The reassessment of the Company’s tax positions in accordance with ASC 740 did not have an impact on the Company’s results of operations, financial condition or liquidity.

From time to time, the Company may be assessed interest and penalties by taxing authorities.  In those cases, the charges would appear on the Other line item on the Income Statement.  There were no such charges for the three month periods ended March 31, 2012 and 2011.  Additionally, there were no accruals relating to interest, penalties or uncertain tax positions as of March 31, 2012 and December 31, 2011.  The Company remains subject to examination by federal authorities for the 2008 and 2010 tax years, and by state authorities for the 2008 through 2010 tax years.  The Internal Revenue Service commenced an examination of the Company’s federal income tax return for the 2009 tax year during the second quarter of 2011.  The Company received notification in December 2011 that no change will be made to the 2009 federal tax liability.

The Company’s effective income tax rate for the first three months of 2012 and 2011 was 37.9% and 36.7%, respectively.  The statutory income tax rates during the same periods were 41% and 39%, respectively.  In determining its annual estimated effective tax rate for interim periods, the Company reflects its estimated permanent and flow-through tax differences for the taxable year.
 
9.  Lines of Credit

In November 2008, the Company was authorized by its Board of Directors to increase the available lines of credit from $21 million to $40 million.  On June 30, 2009, the Company let expire one line of credit totaling $6 million and entered into a new $15 million line of credit agreement with CoBank, ACB, which was amended in May 2010 and July 2011 and is currently scheduled to mature on June 25, 2013.  On August 12, 2009, the Company replaced an existing $3 million line of credit with a $10 million line of credit, which expires on August 10, 2013.  Finally, on September 15, 2009, the Company increased a third line of credit from $12 million to $15 million, with an expiration date of June 1, 2013.  On December 30, 2011, the Company terminated its $10 million line of credit.  The Company expects to maintain the two remaining lines of credit totaling $30 million and to renew the lines of credit annually, each with a rolling two year expiration date.  Upon the acquisition of Maine Water, the total lines of credit available to the Company increased to $34 million, due to Maine Water’s $4 million line of credit expiring August 21, 2012.  Maine Water expects to renew the line of credit prior to expiration with similar terms.  Interim Bank Loans Payable at March 31, 2012 and December 31, 2011 was approximately $27.2 million and $21.4 million, respectively, and represents the outstanding aggregate balance on these lines of credit.  As of March 31, 2012, the Company had $6.8 million in unused lines of credit.  Interest expense charged on interim bank loans will fluctuate based on market interest rates.

10.  Acquisitions

Effective January 1, 2012, the Company completed the acquisition of Aqua Maine, Inc. (“AM”) from Aqua America, Inc. (“AA”) for a total cash purchase price, adjusted at closing, of $35.6 million.  Subsequent to the closing, the name of AM was changed to The Maine Water Company (“Maine Water”).  Maine Water is a public water utility regulated by the Maine Public Utilities Commission (“MPUC”) that serves approximately 16,000 customers in 11 water systems in the State of Maine.  The acquisition is consistent with the Company’s growth strategy and makes the Company the largest U.S. based publicly-traded water utility company in New England.  The acquisition expanded the Company’s footprint into another New England state, providing some diversity with respect to weather and regulatory climate and ratemaking.  The Company is accounting for the acquisition in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations”.

The following table summarizes the fair value of the assets acquired on January 1, 2012, the date of the acquisition (in thousands):

Net Utility Plant
  $ 51,861  
Cash and Cash Equivalents
    1,607  
Accounts Receivable, net
    974  
Prepayments and Other Current Assets
    1,819  
Goodwill
    17,540  
Deferred Charges and Other Costs
    4,352  
Total Assets Acquired
  $ 78,153  
         
Long-Term Debt, including current portion
  $ 18,259  
Accounts Payable and Accrued Expenses
    1,137  
Other Current Liabilities
    1,289  
Advances for Construction
    1,186  
Contributions in Aid of Construction
    8,886  
Deferred Federal and State Income Taxes
    8,919  
Other Long-Term Liabilities
    2,737  
Total Liabilities Assumed
  $ 42,413  
         
Net Assets Acquired
  $ 35,740  

The estimated fair values of the assets acquired and the liabilities assumed were determined based on the accounting guidance for fair value measurement under GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value analysis assumes the highest and best use of the assets by market participants. The allocation of the purchase price includes an adjustment to fair value related to the non-regulated customer relationship of Maine Water and any associated deferred taxes, as well as the fair value of Maine Water’s long term debt. The excess of the purchase price paid over the estimated fair value of the assets acquired and the liabilities assumed was recognized as goodwill, none of which is deductible for tax purposes
 
 
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CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
The following unaudited pro forma summary for the quarter ended March 31, 2011 presents information as if Maine Water had been acquired on January 1, 2011 and assumes that there were no other changes in our operations.  The following pro forma information does not necessarily reflect the actual results that would have occurred had the Company operated the business since January 1, 2011, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands):

Quarter ended March 31, 2011
     
Operating Revenues
  $ 18,611  
Other Water Activities Revenues
    334  
Real Estate Revenues
    --  
Service and Rentals Revenues
    1,350  
Total Revenues
  $ 20,295  
         
Net Income
  $ 2,576  
         
Basic Earnings per Average Share Outstanding
  $ 0.30  
Diluted Earnings per Average Share Outstanding
  $ 0.30  

The following table summarizes the results of Maine Water for the quarter ended March 31, 2012, and is included in the Consolidated Statement of Income for the period (in thousands):

Quarter ended March 31, 2012
     
Operating Revenues
  $ 2,644  
Other Water Activities Revenues
    --  
Real Estate Revenues
    --  
Service and Rentals Revenues
    160  
Total Revenues
  $ 2,804  
         
Net Income
  $ 355  
         
Basic Earnings per Average Share Outstanding
  $ 0.04  
Diluted Earnings per Average Share Outstanding
  $ 0.04  

Additionally, in February 2012, The Connecticut Water Company acquired a small water system in Hebron, Connecticut for $130,000.  The water system serves three multi-unit apartment buildings.
 
 
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CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the accompanying unaudited financial statements and related notes thereto and the audited financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2011.

Regulatory Matters and Inflation

Public Utility Regulatory Authority Matters

On July 28, 2011, The Connecticut Water Company (“Connecticut Water”) filed a Water Infrastructure Conservation Act (“WICA”) application with the Connecticut Public Utilities Regulatory Authority (“PURA”) requesting an additional 1.42% surcharge to customer bills representing approximately $7.7 million in WICA related projects.  On September 21, 2011, the PURA approved a 1.40% increase to customers’ bills effective October 1, 2011, for a cumulative 3.09% WICA surcharge.  The surcharge was effective for bills rendered on or after October 1, 2011.

On January 26, 2012, Connecticut Water filed a WICA application with the PURA requesting an additional 1.17% surcharge to customer bills, related to approximately $7.0 million spending on WICA projects.  This application also reduced the surcharge by 0.11% for the prior year reconciliation adjustment which expired April 1, 2012.  On January 30, 2012, Connecticut Water filed for a 0.09% reconciliation adjustment for the 2011 shortfall in WICA, to become effective April 1, 2012.  In March 2012, the PURA approved an increase of 1.16% on the Company’s first WICA application and approved the 0.09% reconciliation surcharge from the second application, effective April 1, 2012.  The Company’s cumulative WICA surcharge is now 4.23%.

Acquisitions

Effective January 1, 2012, the Company completed the acquisition of Aqua Maine, Inc. (“AM”) from Aqua America, Inc. (“AA”) for a total cash purchase price, adjusted at closing, of $35.6 million.  Subsequent to the closing, the name of AM was changed to The Maine Water Company (“Maine Water”).  Maine Water is a public water utility regulated by the Maine Public Utilities Commission (“MPUC”) that serves approximately 16,000 customers in 11 water systems in the State of Maine.  The acquisition is consistent with the Company’s growth strategy and makes the Company the largest U.S. based publicly-traded water utility company in New England.  The acquisition expanded the Company’s footprint into another New England state, providing some diversity with respect to weather and regulatory climate and ratemaking.  The Company is accounting for the acquisition in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations”.

Additionally, in February 2012, Connecticut Water acquired a small water system in Hebron, Connecticut for $130,000.  The water system serves three multi-unit apartment buildings.

Critical Accounting Policies and Estimates

The Company maintains its accounting records in accordance with accounting principles generally accepted in the United States of America and as directed by the PURA and the MPUC to which Connecticut Water and Maine Water, respectively, the Company’s regulated water utility subsidiaries, are subject.  Significant accounting policies employed by the Company, including the use of estimates, were presented in the Notes to Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Critical accounting policies are those that are the most important to the presentation of the Company’s financial condition and results of operations.  The application of such accounting policies requires management’s most difficult, subjective, and complex judgments and involves uncertainties and assumptions.  The Company’s most critical accounting policies pertain to public utility regulation related to ASC 980 “Regulated Operations”, revenue recognition, and accounting for pension and other post-retirement benefit plans.  Each of these accounting policies and the application of critical accounting policies and estimates were discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.  Other than the application of ASC 805 “Business Combinations” to the Company’s acquisition of Maine Water, there were no significant changes in the application of critical accounting policies or estimates during the three months ended March 31, 2012.

Management must use informed judgments and best estimates to properly apply these critical accounting policies.  Because of the uncertainty in these estimates, actual results could differ from estimates used in applying the critical accounting policies.  The Company is not aware of any reasonably likely events or circumstances which would result in different amounts being reported that would materially affect its financial condition or results of operations.

Outlook

The following modifies and updates the “Outlook” section of the Company’s 2011 Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

The Company’s earnings and profitability are primarily dependent upon the sale and distribution of water, the amount of which is dependent on seasonal weather fluctuations, particularly during the summer months when water demand will vary with rainfall and temperature levels.  The Company’s earnings and profitability in future years will also depend upon a number of other factors, such as the ability to maintain our operating costs at current or lower levels, customer growth in the Company’s core regulated water utility businesses, growth in revenues attributable to non-water sales operations, availability and desirability of land no longer needed for water delivery for land sales, and the timing and adequacy of rate relief when requested, from time to time, by our regulated water companies.

The Company expects Net Income from its Water Activities and Real Estate segments to increase in 2012 over 2011 levels, based on the acquisition of Maine Water and the completion of the land sale with the Town of Plymouth, Connecticut, which is expected to close in the second quarter of 2012, along with modest growth in its Services and Rentals segment.

The Company believes that the factors described above and those described in detail below under the heading “Commitments and Contingencies” may have significant impact, either alone or in the aggregate, on the Company’s earnings and profitability in fiscal years 2012 and beyond.  Please also review carefully the risks and uncertainties described in the sections entitled Item 1A – Risk Factors, “Commitments and Contingencies” in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and the risks and uncertainties described in the “Forward-Looking Information” section below.
 
 
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CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
Liquidity and Capital Resources

The Company is not aware of demands, events, or uncertainties that will result in a decrease of liquidity or a material change in the mix or relative cost of its capital resources, other than those outlined below.

Borrowing Facilities

In November 2008, the Company was authorized by its Board of Directors to increase the available lines of credit from $21 million to $40 million.  On June 30, 2009, the Company let expire one line of credit totaling $6 million and entered into a new $15 million line of credit agreement with CoBank, ACB, which was amended in May 2010 and July 2011 and is currently scheduled to mature on June 25, 2013.  On August 12, 2009, the Company replaced an existing $3 million line of credit with a $10 million line of credit, which expires on August 10, 2013.  Finally, on September 15, 2009, the Company increased a third line of credit from $12 million to $15 million, with an expiration date of June 1, 2013.  On December 30, 2011, the Company terminated its $10 million line of credit.  The Company expects to maintain the two remaining lines of credit totaling $30 million and to renew the lines of credit annually, each with a rolling two year expiration date.  Upon the acquisition of Maine Water, the total lines of credit available to the Company increased to $34 million, due to Maine Water’s $4 million line of credit expiring August 21, 2012.  Maine Water expects to renew the line of credit prior to expiration with similar terms.  Interim Bank Loans Payable at March 31, 2012 and December 31, 2011 was approximately $27.2 million and $21.4 million, respectively, and represents the outstanding aggregate balance on these lines of credit.  As of March 31, 2012, the Company had $6.8 million in unused lines of credit.  Interest expense charged on interim bank loans will fluctuate based on market interest rates.

On January 1, 2012, the Company and CoBank entered into an amendment to the CoBank Agreement (the “Amendment”) and two additional Promissory Note and Single Advance Term Loan Supplements providing for two additional Term Loans to the Company (the “Term Loan Notes and Supplements”).  Under the terms of the Amendment and the Term Loan Notes and Supplements, on January 3, 2012 the Company borrowed from CoBank, in the aggregate, an additional $36.1 million of an available $40 million to be applied to the Company’s acquisition of the issued and outstanding capital stock of Aqua Maine, Inc. from Aqua America, Inc., as more fully described in Note 10 above.

Under the CoBank Agreement, as amended, the Company is required to maintain together with its consolidated subsidiaries at all times a ratio of Total Debt to Capitalization (as defined in the Agreement) of not more than .65 to 1.00.  In addition to the foregoing, the two regulated water subsidiaries, Connecticut Water and Maine Water are each required to maintain at all times a ratio of Total Debt to Capitalization of not more than .60 to 1.00.

Under one Term Loan Note and Supplement, CoBank loaned the Company $18.0 million, which Term Loan shall be repaid by the Company in 60 equal quarterly installments of principal and interest over a 15-year amortizing term, with the first installment paid on April 20, 2012 and the last installment due on January 20, 2027.  Under the other Term Loan Note and Supplement, CoBank loaned the Company $18.1 million, which Term Loan shall be repaid by the Company in quarterly interest payments and repayment of the principal balance in full on the earlier of July 30, 2013 or upon the Company raising equity capital, in the aggregate, up to the outstanding amount owed under the second Term Note and Supplement.

Under the initial Promissory Note and each of the Term Loan Notes and Supplements, the Company will pay interest on any Loans made by CoBank in accordance with one or more of the following interest rate options, as selected periodically by the Company: (1) at a weekly quoted variable rate, a rate per annum equal to the rate of interest established by CoBank on the first business day of each week; (2) at a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance for periods of 180 days or more; or (3) at a fixed rate per annum equal to LIBOR plus 1.75% for 1, 2, 3, 6, 9 or 12 month interest periods.  Interest shall be calculated on the actual number of days each Loan is outstanding on the basis of a year consisting of 360 days.

Credit Rating

On October 28, 2011, Standard & Poor's Ratings Services (S&P) affirmed its 'A' corporate credit rating on the Company, however, S&P revised the Company’s ratings outlook from stable to negative.  The negative outlook reflects S&P’s expectation of weaker credit metrics as a result of the debt the Company planned to incur to complete the acquisition of Aqua Maine as well as additional near-term debt funding of the Company’s capital expenditure program.  S&P also indicated that if the Company were to issue a material amount of common equity in the future, this step could lead S&P to revise the outlook to stable.  On April 25, 2012, S&P reaffirmed this rating and outlook.

Enterprise Resource Planning Implementation

With the implementation of the Company’s new Enterprise Resource Planning (ERP) system in the first quarter of 2010, the Company delayed customer billings in order to verify the integrity of the system and the accuracy of those bills prior to mailing.

The Company has returned to normal billing and collection processes and does not anticipate delays in billing or collection in subsequent periods.  The delay in billing contributed to the increase in the Company’s bad debt expense for the years ending December 31, 2010 and 2011, due to the reserve policy based upon aging of the receivables.  During 2011, the Company saw progress towards resolving the collection issues, primarily through the ability to charge interest and shut off customers for non-payment and expects continued improvement throughout the remainder of 2012.  The Company fully anticipates that the reserve will return to more historical levels during 2012.

Stock Plans

The Company offers a dividend reinvestment and stock purchase plan (“DRIP”) to all registered shareholders, whereby participants can opt to have dividends directly reinvested into additional shares of the Company.  In August 2011, the Board of Directors approved amendments to the DRIP (effective as of January 1, 2012) that can, at the Company’s discretion, add an “up to 5.00% purchase price discount” feature to the DRIP and are intended to encourage greater shareholder, customer and employee participation in the DRIP.  During the three months ended March 31, 2012 and 2011, plan participants invested $354,000 and $332,000, respectively, in additional shares as part of the DRIP.

From 1999 through 2003, the Company issued stock options to certain employees of the Company.  No stock options have been issued by the Company since 2003.  During the three months ended March 31, 2012, 3,431 stock options were exercised, resulting in approximately $88,000 in proceeds to the Company.  During the three months ended March 31, 2011, no stock options were exercised.

 
 
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CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
Future Plans

The Company expects to issue equity at some point between the third quarter of 2012 and the third quarter of 2013, depending on market conditions and other Company activities.  The Company has a target capital structure that is equally balanced with equity and debt.  As noted above, the interim financing utilized in completing the acquisition of Maine Water included two similar sized debt facilities – an $18.0 million fifteen-year fixed loan with an interest rate of 4.09% and a variable rate debt facility with a borrowing of $18.1 million and an initial interest rate of 2.06%.  The latter facility is expected to be paid off with the proceeds of the equity issuance.  The Company has not determined the specific structure nor the specific amount of equity that it will seek to raise.  It currently estimates raising equity of between $35.0 and $50.0 million depending on the Board’s determination of the Company’s needs and market conditions.

The Board of Directors approved a $25.1 million construction budget for 2012, net of amounts to be financed by customer advances and contributions in aid of construction.  The Company is using a combination of its internally generated funds, borrowing under its available lines of credit, and the funds remaining under our 2011 debt issuance to fund this construction budget.

As the Company looks forward to the remainder of 2012 and 2013, it anticipates continued reinvestment to replace aging infrastructure and to seek recovery through periodic WICA applications.  The total cost of that investment is expected to exceed the amount of internally generated funds.  The Company expects that it will require external financing over the next two years.  In order to maintain a balanced capital structure, we expect to consider both debt and equity issuances.  As the capital investment planning process is completed in the coming periods, the Company expects to provide a reasonable range of these potential financings.
 
Results of Operations

Three Months Ended March 31
Net Income for the three months ended March 31, 2012 decreased from the same period in the prior year by $358,000 to $1,910,000, which decreased earnings per basic average common share by $0.04, to $0.22.

This decrease in Net Income is broken down by business segment as follows (in thousands):

Business Segment
 
March 31, 2012
   
March 31, 2011
   
Increase/(Decrease)
 
Water Activities
  $ 1,560     $ 2,075     $ (515 )
Real Estate Transactions
    --       --       --  
Services and Rentals
    350       193       157  
Total
  $ 1,910     $ 2,268     $ (358 )

The decrease in the Water Activity segment’s Net Income was primarily due to the net effects of the variances listed below:

Revenue

Revenue from our water customers increased by $2,551,000, or 16.0%, to $18,540,000 for the three months ended March 31, 2012 when compared to the same period in 2011.  The primary reason for the increase in revenues was attributable to the acquisition of Maine Water which contributed $2,644,000 in additional revenue during the period.  Excluding Maine Water, the Company saw a decrease in revenue from water customers of $93,000, or approximately 0.6% during the three months ended March 31, 2012.  Consumption for the quarter declined approximately 3%.  Offsetting the decline were increased rates in 2012 associated with the recurring WICA surcharge and an increase in customer late payment charges.

Operation and Maintenance Expense

Operation and Maintenance (“O&M”) expense increased by $1,625,000, or 20.3%, for the three months ended March 31, 2012 when compared to the same period of 2011 primarily due to the acquisition of Maine Water which contributed $1,214,000 of incremental O&M expense.  The following table presents the components of O&M expense both including and excluding Maine Water (in thousands):

Expense Components
 
Actual March 31, 2012 O&M
   
Actual March 31, 2011 O&M
   
Actual Increase / (Decrease)
   
Maine Water March 31, 2012 O&M
   
Adjusted Increase / (Decrease)
 
Pension
  $ 857     $ 518     $ 339     $ 59     $ 280  
Other benefits
    457       169       288       36       252  
Amston Lake water quality monitoring costs (non-labor)
    135       --       135       --       135  
Medical
    527       341       186       91       95  
Outside services
    331       207       124       95       29  
Maintenance
    495       398       97       69       28  
Customer
    225       219       6       41       (35 )
Regulatory commission expense
    100       124       (24 )     18       (42 )
Vehicles
    388       435       (47 )     3       (50 )
Utility costs
    980       923       57       114       (57 )
Payroll
    3,322       2,920       402       500       (98 )
Post retirement medical
    251       406       (155 )     1       (156 )
Other
    1,567       1,350       217       187       30  
Total
  $ 9,635     $ 8,010     $ 1,625     $ 1,214     $ 411  
 
 
- 16 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
-  
The increase in O&M expenses excluding the incremental expense as a result of the acquisition of Maine Water, was approximately $411,000, or approximately 5.1%, in the first quarter of 2012 when compared to the same period in 2011.  The changes in individual items, excluding the impact of Maine Water, are described below:
·  
Pension costs increased over the prior year primarily due to a reduction to the discount rate in 2012 and a reduction in the assumed long-term return on plan assets;
·  
The increase in Other benefits was primarily attributable to an increase in costs associated with awards made under the Performance Stock Program of the Company;
·  
During the first quarter of 2012, the Company received notification of elevated copper levels observed in the homes of certain customers in our Amston Lake system.  As a result, Connecticut Water incurred costs associated with the monitoring of water sources and customer homes.  While copper levels have returned to normal, Connecticut Water continues to monitor the copper levels in the Amston Lake system;
·  
Medical costs increased by $95,000 primarily due to the effect, in 2011, of reimbursement payments received from our insurance administrator relating to a stop-loss provision in our agreements which limits the Company's exposure from large claims.  No such stop-loss payments were received in 2012; and
·  
The increase in Outside services is primarily attributable to an increase in legal and consulting costs.
-  
The increases described above were partially offset by the following decreases to O&M expense:
·  
The decrease in Customer costs is primarily driven by the reduction in bad debt expense in the first quarter of 2012 compared to the first quarter of 2011 due to the progress made in resolving issues related to the 2010 ERP implementation discussed above.  Offsetting this decrease was an increase in meter reading costs, collection costs and communications to customers;
·  
Regulatory commission expense decreased due to costs associated with a PURA docket examining the feasibility of a uniform methodology for determining return on equity for water companies occurring in 2011 but not in 2012;
·  
Utility costs decreased primarily due to increased efficiency at our locations after conducting energy audits;
·  
Labor costs decreased primarily due to lower employee levels in the quarter ended March 31, 2012 when compared to the same period of 2011; and
·  
Post-retirement medical costs decreased primarily due to changes made in 2011 to the plan that limited life time benefits to $100,000.  This change was made in May 2011.

-  
The Company saw an approximate 27.5% increase in its Depreciation expense from the three months ended March 31, 2012 compared to the same period in 2011.  The primary driver of this increase was approximately $393,000 in Depreciation expense attributable to Maine Water.  The remainder of the increase in Depreciation expense is due to higher Utility Plant in Service as of March 31, 2012 compared to March 31, 2011.

-  
Income Tax expense associated with Water Activities decreased by $123,000 in the first quarter of 2012 when compared to the same period in 2011 due to lower pre-tax book income.

-  
Total Interest and Debt Expense increased by $720,000 in the first quarter of 2012 when compared to the same period in 2011 due to a December 2011 debt issuance of $24 million, interest costs associated with the debt incurred to acquire Maine Water and interest charged on Maine Water’s debt outstanding.

Commitments and Contingencies

There were no material changes under this subheading to any of the other items previously disclosed by the Company in its Annual Report on Form 10-K for the period year December 31, 2011.

Forward-Looking Information

Certain statements made in this Quarterly Report on Form 10-Q, (“10-Q”) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”) that are made based upon, among other things, our current assumptions, expectations and beliefs concerning future developments and their potential effect on us.  These forward-looking statements involve risks, uncertainties and other factors, many of which are outside our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.  In some cases you can identify forward-looking statements where statements are preceded by, followed by or include the words “believes,” “expects,” “anticipates,” “plans,” “future,” “potential,” “probably,” “predictions,” “continue” or the negative of such terms or similar expressions.  Forward-looking statements included in this 10-Q, include, but are not limited to, statements regarding:

·  
projected capital expenditures and related funding requirements;
·  
the availability and cost of capital;
·  
developments, trends and consolidation in the water and wastewater utility industries;
·  
dividend payment projections;
·  
our ability to successfully acquire and integrate regulated water and wastewater systems, as well as unregulated businesses, that are complementary to our operations and the growth of our business;
·  
the capacity of our water supplies, water facilities and wastewater facilities;
·  
the impact of limited geographic diversity on our exposure to unusual weather;
·  
the impact of conservation awareness of customers and more efficient plumbing fixtures and appliances on water usage per customer;
·  
our capability to pursue timely rate increase requests;
·  
our authority to carry on our business without unduly burdensome restrictions;
·  
our ability to maintain our operating costs at the lowest possible level, while providing good quality water service;
·  
our ability to obtain fair market value for condemned assets;
·  
the impact of fines and penalties;
·  
changes in laws, governmental regulations and policies, including environmental, health and water quality and public utility regulations and policies;
·  
the decisions of governmental and regulatory bodies, including decisions to raise or lower rates;
·  
our ability to successfully extend and expand our service contract work within our Service and Rentals Segment in both Connecticut and Maine;
·  
the development of new services and technologies by us or our competitors;
·  
the availability of qualified personnel;
·  
the condition of our assets;
·  
the impact of legal proceedings;
·  
general economic conditions;
·  
the profitability of our Real Estate Segment, which is subject to the amount of land we have available for sale and/or donation, the demand for any available land, the continuation of the current state tax benefits relating to the donation of land for open space purposes and regulatory approval for land dispositions; and
·  
acquisition-related costs and synergies.
 
 
- 17 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
Because forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to:

·  
changes in general economic, business, credit and financial market conditions;
·  
changes in environmental conditions, including those that result in water use restrictions;
·  
abnormal weather conditions;
·  
increases in energy and fuel costs;
·  
unfavorable changes to the federal and/or state tax codes;
·  
significant changes in, or unanticipated, capital requirements;
·  
significant changes in our credit rating or the market price of our common stock;
·  
our ability to integrate businesses, technologies or services which we may acquire, including the acquisition of The Maine Water Company in January 2012;
·  
our ability to manage the expansion of our business;
·  
the extent to which we are able to develop and market new and improved services;
·  
the continued demand by telecommunication companies for antenna site leases on our property;
·  
the effect of the loss of major customers;
·  
our ability to retain the services of key personnel and to hire qualified personnel as we expand;
·  
labor disputes;
·  
increasing difficulties in obtaining insurance and increased cost of insurance;
·  
cost overruns relating to improvements or the expansion of our operations;
·  
increases in the costs of goods and services;
·  
civil disturbance or terroristic threats or acts; and
·  
changes in accounting pronouncements.

Given these uncertainties, you should not place undue reliance on these forward-looking statements.  You should read this 10-Q, the Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (“10-K”) and the documents that we incorporate by reference into the 10-K completely and with the understanding that our actual future results, performance and achievements may be materially different from what we expect.  These forward-looking statements represent our assumptions, expectations and beliefs only as of the date of this 10-Q.  Except for our ongoing obligations to disclose certain information under the federal securities laws, we are not obligated, and assume no obligation, to update these forward-looking statements, even though our situation may change in the future.  For further information or other factors which could affect our financial results and such forward-looking statements, see Part I, Item 1A“Risk Factors” found in the 10-K.  We qualify all of our forward-looking statements by these cautionary statements.

Part I, Item 3:  Quantitative and Qualitative Disclosure About Market Risk

The primary market risk faced by the Company is interest rate risk.  The Company has no exposure to derivative financial instruments or financial instruments with significant credit risk or off-balance-sheet risks.  In addition, the Company is not subject, in any material respect, to any currency or other commodity risk.

The Company is subject to the risk of fluctuating interest rates in the normal course of business.  The Company’s exposure to interest fluctuations is managed at the Company and subsidiary operations levels through the use of a combination of fixed rate long-term debt, variable long-term debt and short-term variable borrowings under financing arrangements entered into by the Company and its subsidiaries.  The Company has $34.0 million of variable rate lines of credit with two banks, under which the interim bank loans payable at March 31, 2012 were approximately $27.2 million.

As of March 31, 2012, the Company had $40.14 million of variable-rate long-term debt outstanding.  Holding other variables constant, including levels of indebtedness, a one-percentage point change in interest rates would impact pre-tax earnings by approximately $0.4 million, annually.  The Company monitors its exposure to variable rate debt and will make future financing decisions as the need arises.
 
 
- 18 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
Part I, Item 4:  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 2012, management, including the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)).  Based upon, and as of the date of that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

During the quarter ended March 31, 2012, other than changes resulting from the acquisition of Maine Water discussed below, there have been no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting

On January 1, 2012, the acquisition of Maine Water closed. The Company is currently in the process of integrating Maine Water’s operations, processes, and internal controls. See Note 10 to the consolidated financial statements in Part I, Item I for additional information relating to the acquisition.

Part II, Item 1:  Legal Proceedings

We are involved in various legal proceedings from time to time.  Although the results of legal proceedings cannot be predicted with certainty, there are no pending legal proceedings to which we or any of our subsidiaries are a party or to which any of our properties is the subject that presents a reasonable likelihood of a material adverse impact on the Company.

Part II, Item 1A: Risk Factors

Information regarding risk factors appeared in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2011.  Other than as set forth below, there have been no material changes to our risk factors from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

We may encounter difficulties consolidating Maine Water into our business and may not fully attain or retain, or achieve within a reasonable time frame, expected strategic objectives, cost savings and other expected benefits of the acquisition.

We completed the acquisition of Maine Water on January 1, 2012.  This acquisition significantly increased the size of our regulated water utility business and expanded our business to another New England state.  We expect to realize strategic and other benefits as a result of our acquisition of Maine Water.  Our efforts at integrating Maine Water into the Company have been ongoing and have been successful to date.  There can be no assurance that we will achieve higher revenues or benefit from any synergies as a result of the acquisition and our ability to fully realize the strategic benefits from consolidating Maine Water’s business with ours, is subject to certain risks and uncertainties, including, among others:
·  
the challenges of consolidating businesses, including workforces, processes and information systems;
·  
the costs of consolidating Maine Water and managing and enhancing its operations may be higher than we expect and may require more resources, capital investments and management attention than anticipated;
·  
employees important to Maine Water’s operations may decide not to continue employment with us; and
·  
we may be unable to anticipate or manage risks that are unique to Maine Water’s historical business, including those related to its workforce, customer base, local demographics and information systems.

If we fail to complete an effective integration of Maine Water into the Company, our anticipated growth in revenue, profitability, and cash flow resulting from the purchase of Maine Water could be adversely affected.  
 
 
- 19 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

No stock repurchases were made during the quarter ended March 31, 2012.

Part II, Item 6: Exhibits

Exhibit Number
 
Description
     
3.1
 
Certificate of Incorporation of Connecticut Water Service, Inc. amended and restated as of April, 1998.  (Exhibit 3.1 to Form 10-K for the year ended December 31, 1998).
     
3.2
 
By-Laws, as amended, of Connecticut Water Service, Inc. as amended and restated as of August 12, 1999. (Exhibit 3.2 to Form 10-K for the year ended December 31, 1999).
     
3.3
 
Certification of Incorporation of The Connecticut Water Company effective April, 1998.  (Exhibit 3.3 to Form 10-K for the year ended December 31, 1998).
     
3.4
 
Certificate of Amendment to the Certificate of Incorporation of Connecticut Water Service, Inc. dated August 6, 2001 (Exhibit 3.4 to Form 10-K for the year ended December 31, 2001).
     
3.5
 
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Connecticut Water Service, Inc. dated April 23, 2004.  (Exhibit 3.5 to Form 10-Q for the quarter ended March 31, 2003).
     
10.1
 
Dividend Reinvestment and Common Stock Purchase Plan, as amended and restated as of January 1, 2012 (Exhibit 4 to Form S-3, Registration Statement No. 333-176867, filed on September 16, 2011).
     
10.2
 
Amendment to the Master Loan Agreement between Connecticut Water Service, Inc. and CoBank, ACB, dated January 1, 2012 (Exhibit 10.1 to Form 8-K filed on January 3, 2012).
     
10.3
 
Promissory Note and Single Advance Term Loan Supplement (Loan 1) between Connecticut Water Service, Inc. and CoBank, ACB, dated January 1, 2012 (Exhibit 10.2 to Form 8-K filed on January 3, 2012).
     
10.4
 
Promissory Note and Single Advance Term Loan Supplement (Loan 2) between Connecticut Water Service, Inc. and CoBank, ACB, dated January 1, 2012 (Exhibit 10.3 to Form 8-K filed on January 3, 2012).
     
31.1*
 
Rule 13a-14 Certification of Eric W. Thornburg, Chief Executive Officer.
     
31.2*
 
Rule 13a-14 Certification of David C. Benoit, Chief Financial Officer.
     
32**
 
Certification of Eric W. Thornburg, Chief Executive Officer, and David C. Benoit, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS**
 
XBRL Instance Document
     
101.SCH**
 
XBRL Taxonomy Extension Schema
     
101.CAL**
 
XBRL Taxonomy Extension Calculation Linkbase
     
101.DEF**
 
XBRL Taxonomy Extension Definition Linkbase
     
101.LAB**
 
XBRL Taxonomy Extension Label Linkbase
     
101.PRE**
 
XBRL Taxonomy Extension Presentation Linkbase
     
* filed herewith
** furnished herewith
 
 
- 20 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Connecticut Water Service, Inc.
(Registrant)
 
Date:  May 9, 2012
By:  /s/ David C. Benoit
 
David C. Benoit
Vice President – Finance and
Chief Financial Officer
 
Date:  May 9, 2012
By:  /s/ Nicholas A. Rinaldi
 
Nicholas A. Rinaldi
Controller
 
 
 
- 21 -

 
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Exhibit 31.1

Certification of Chief Executive Officer

I, Eric W. Thornburg, certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Connecticut Water Service, Inc. (the “registrant”).

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Eric W. Thornburg
Eric W. Thornburg
President and Chief Executive Officer
May 9, 2012

EX-31.2 4 exhibit_31-2.htm CFO CERTIFICATION exhibit_31-2.htm
Exhibit 31.2

Certification of Chief Financial Officer

I, David C. Benoit, certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Connecticut Water Service, Inc. (the “registrant”).

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a.  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ David C. Benoit
David C. Benoit
Chief Financial Officer and Vice President – Finance
May 9, 2012

EX-32 5 exhibit_32.htm SOX CERTIFICATION exhibit_32.htm
Exhibit 32
CERTIFICATION PURSUANT TO
18 U.S.C. Section 1350
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Connecticut Water Service, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Eric W. Thornburg, the Chief Executive Officer of the Company, and David C. Benoit, the Chief Financial Officer of the Company, do each hereby certify, to the best of his knowledge, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Eric W. Thornburg
Eric W. Thornburg
May 9, 2012


/s/ David C. Benoit
David C. Benoit
May 9, 2012
EX-101.INS 6 ctws-20120331.xml 0000276209 2010-12-31 0000276209 2011-03-31 0000276209 2011-06-30 0000276209 2011-12-31 0000276209 2012-03-31 0000276209 2012-01-01 2012-03-31 0000276209 us-gaap:SeriesAPreferredStockMember 2012-01-01 2012-03-31 0000276209 us-gaap:CumulativePreferredStockMember 2012-01-01 2012-03-31 0000276209 2011-01-01 2011-12-31 0000276209 2011-01-01 2011-03-31 0000276209 us-gaap:SeriesAPreferredStockMember 2011-01-01 2011-03-31 0000276209 us-gaap:CumulativePreferredStockMember 2011-01-01 2011-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares Q1 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8.&#160;&#160;Income Taxes</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ASC 740 &#8220;Income Taxes&#8221; (&#8220;ASC 740&#8221;) addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under <a id="exp3" name="exp3"><!--EFPlaceholder--></a>ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The reassessment of the Company&#8217;s tax positions in accordance with <a id="exp4" name="exp4"><!--EFPlaceholder--></a>ASC 740 did not have an impact on the Company&#8217;s results of operations, financial condition or liquidity.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From time to time, the Company may be assessed interest and penalties by taxing authorities.&#160;&#160;In those cases, the charges would appear on the Other line item on the Income Statement.&#160;&#160;There were no such charges for the three month periods ended March 31, 2012 and 2011.&#160;&#160;Additionally, there were no accruals relating to interest, penalties or uncertain tax positions as of March 31, 2012 and December 31, 2011.&#160;&#160;The Company remains subject to examination by federal authorities for the 2008 and 2010 tax years, and by state authorities for the 2008 through 2010 tax years.&#160;&#160;The Internal Revenue Service commenced an examination of the Company&#8217;s federal income tax return for the 2009 tax year during the second quarter of 2011.&#160;&#160;The Company received notification in December 2011 that no change will be made to the 2009 federal tax liability.</font></div><div style="TEXT-INDENT: 0pt; 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FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="40%" colspan="2" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Connecticut Water Company:</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td></tr><tr bgcolor="white"><td valign="top" width="40%" colspan="2" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unsecured Water Facilities Revenue Bonds</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.05%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.125%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1998 Series B, Due 2028</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,495</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,495</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.40%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2003A Series, Due 2020</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,000</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,795</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,795</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Var.</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2004 Series Variable Rate, Due 2029</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,500</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,500</font></div></td></tr><tr bgcolor="white"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Var.</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2004 Series A, Due 2028</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,000</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,000</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Var.</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2004 Series B, Due 2028</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,550</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,550</font></div></td></tr><tr bgcolor="white"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.00%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2005 A Series, Due 2040</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,795</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,805</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.00%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2007 A Series, Due 2037</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,560</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,570</font></div></td></tr><tr bgcolor="white"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.10%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009 A Series, Due 2039</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,950</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,000</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.00%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2011 A Series, Due 2021</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,943</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,991</font></div></td></tr><tr bgcolor="white"><td valign="top" width="40%" colspan="2" align="left"><div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total The Connecticut Water Company</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">135,138</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">135,256</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="40%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td></tr><tr bgcolor="white"><td valign="top" width="40%" colspan="2" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Maine Water Company:</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.95%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1994 Series G, Due 2024</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,000</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">--</font></div></td></tr><tr bgcolor="white"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.05%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1999 Series H, Due 2024</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,970</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">--</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.68%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1999 Series J, Due 2019</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">524</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">--</font></div></td></tr><tr bgcolor="white"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2001 Series K, Due 2031</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">780</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">--</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.58%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2002 Series L, Due 2022</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">--</font></div></td></tr><tr bgcolor="white"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.53%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2003 Series M, Due 2023</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">421</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">--</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.73%</font></div></td><td valign="top" width="32%" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2004 Series N, Due 2024</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2004 Series O, Due 2034</font></div></td><td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">147</font></div></td><td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td><td valign="bottom" width="9%" align="right"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">--</font></div></td></tr><tr bgcolor="#cceeff"><td valign="top" width="8%" align="left"><div style="TEXT-INDENT: 0pt; 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AND SUBSIDIARIES</font></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"></font>&#160;</div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of March 31, 2012, the Company and its subsidiaries will make principal payments of approximately of $1,225,000 over the next twelve months.</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2011, Connecticut Water borrowed $22.05 million through the issuance of Water Facilities Revenue Bonds by the Connecticut Development Authority (Authority).&#160;&#160;Connecticut Water received approximately $24,000,000 in cash in exchange for the issuance of bonds with an aggregate principal amount of $22,050,000 for a 10-year term and a 5% coupon.&#160;&#160;Connecticut Water recorded a bond premium in connection with this transaction and will amortize that premium over the life of the bond.&#160;&#160;The proceeds from the sale of the bonds will be used to finance construction and installation of various capital improvements to the Connecticut Water&#8217;s existing water system.</font></div><div style="TEXT-INDENT: 0pt; 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Carrying amount as of the balance sheet date of capitalized costs of regulated entities that are not expected to be recovered through revenue sources within one year or the normal operating cycle if longer. Post-Retirement Benefits Other Than Pension Post-Retirement Benefits Other Than Pension - Regulatory Asset Regulatory defined benefit plan amounts recognized on the balance sheet (but not yet recognized in net periodic benefit cost), including the net gain (loss) and net prior service cost (credit) arising during the period, which are attributable to the parent entity. Carrying amount as of the balance sheet date of capitalized costs of regulated entities that are not expected to be recovered through revenue sources within one year or the normal operating cycle if longer. Goodwill Deferred Charges and Other Costs Total Regulatory and Other Long-Term Assets Total Regulatory and Other Long-Term Assets Total Assets Total Assets CAPITALIZATION AND LIABILITIES Common Stockholders' Equity Total Common Stockholders' Equity Stockholders Equity Preferred Stock Total Preferred Stock of Connecticut Water Services, Inc. Long-Term Debt Total Long-Term Debt Long Term Debt Noncurrent Total Capitalization Total Capitalization Interim Bank Loans Payable Accounts Payable and Accrued Expenses Accrued Taxes Accrued Interest Other Current Liabilities Total Current Liabilities Total Current Liabilities Advances for Construction Contributions in Aid of Construction Deferred Federal and State Income Taxes Unfunded Future Income Taxes Represents long-term tax liabilities which will be recovered from ratepayers in future periods. Carrying amount as of the balance sheet date of capitalized costs of regulated entities that are not expected to be recovered through revenue sources within one year or the normal operating cycle if longer. Unfunded Future Income Taxes Long-Term Compensation Arrangements Unamortized Investment Tax Credits Other Long-Term Liabilities Total Long-Term Liabilities Total Long-Term Liabilities Commitments and Contingencies Total Capitalization and Liabilities Total Capitalization and Liabilities Allowance Capitalization Longterm Debt And Equity [Abstract] Common Stockholders' Equity Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2012 - 8,799,551; 2011 - 8,755,398 Stock Issuance Expense Stock Issuance Expense Direct costs (e.g., legal and accounting fees) associated with issuing stock that is deducted from additional paid in capital. Also includes any direct costs associated with stock issues under a shelf registration. Stock Issuance Expense Retained Earnings Balance at Beginning of Period Balance at End of Period Accumulated Other Comprehensive Loss Statement [Table] Statement [Line Items] Income Statement [Abstract] Operating Revenues Operating Expenses Operation and Maintenance Depreciation Income Taxes Income Tax Expense Benefit Taxes Other Than Income Taxes Total Operating Expenses Total Operating Expenses Net Operating Revenues Net Operating Revenues Other Utility Income, Net of Taxes Total Utility Operating Income Total Utility Operating Income Other Income (Deductions), Net of Taxes Non-Water Sales Earnings Allowance for Funds Used During Construction Public Utilities Allowance For Funds Used During Construction Additions Other Total Other Income, Net of Taxes Total Other Income, Net of Taxes Interest and Debt Expense Interest on Long-Term Debt Other Interest Charges Amortization of Debt Expense Total Interest and Debt Expense Total Interest and Debt Expense Net Income Net Income Preferred Stock Dividend Requirement Net Income Applicable to Common Stock Net Income Applicable to Common Stock Weighted Average Common Shares Outstanding: Basic (in shares) Diluted (in shares) Earnings Per Common Share: Basic (in dollars per share) Diluted (in dollars per share) Other Comprehensive Income [Abstract] Other Comprehensive Income, net of tax Qualified Cash Flow Hedging Instrument Expense, net of tax benefit of $0 and $0 in 2012 and 2011 Adjustment to Pension and Post-Retirement Benefits Other Than Pension, net of tax expense of $1 in 2010 and 2009 Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax benefit of $12 in 2012 and $4 in 2011 Unrealized (loss) gain on investments, net of tax expense of $40 in 2012 and $1 in 2011 Comprehensive Income Comprehensive Income Qualified Cash Flow Hedging Instrument Expense, net of tax (benefit) expense of Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of Unrealized Investment loss, net of tax expense (benefit) of Statement of Retained Earnings [Abstract] Statement of Cash Flows [Abstract] Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Deferred Revenues Deferred Revenues Allowance for Funds Used During Construction Allowance for Funds Used During Construction Depreciation (including $27 and $201 in 2012 and 2011 charged to other accounts) Change in Assets and Liabilities: (Increase) Decrease in Accounts Receivable and Accrued Unbilled Revenues Decrease in Accounts Receivable and Accrued Unbilled Revenues Increase in Prepayments and Other Current Assets Increase in Prepayments and Other Current Assets Decrease in Other Non-Current Items Decrease in Other Non-Current Items Decrease in Accounts Payable, Accrued Expenses and Other Current Liabilities Increase in Deferred Income Taxes and Investment Tax Credits, Net Increase in Deferred Income Taxes and Investment Tax Credits, Net Total Adjustments Total Adjustments Net Cash and Cash Equivalents Provided by Operating Activities Net Cash and Cash Equivalents Provided by Operating Activities Investing Activities: Company Financed Additions to Utility Plant Company Financed Additions to Utility Plant Company Financed Additions to Utility Plant Advances from Others for Construction Advances to (from) Others for Construction Advances from Others for Construction Net Additions to Utility Plant Used in Continuing Operations Net Additions to Utility Plant Used in Continuing Operations Purchase of Customer Contracts Purchase of Customer Contracts Purchase of water systems, net of cash acquired of $0 in 2010 and $26 in 2009 Purchase of water systems, net of cash acquired Release of restricted cash Release of restricted cash Net Cash and Cash Equivalents Used in Investing Activities Net Cash and Cash Equivalents Used in Investing Activities Financing Activities: Proceeds from Interim Bank Loans Repayment of Interim Bank Loans Repayment of Interim Bank Loans Proceeds from Issuance of Common Stock Proceeds from the Exercise of Stock Options Costs Incurred to Issue Long-Term Debt and Common Stock Costs to Issue Long-Term Debt and Common Stock Repayment of Long-Term Debt Including Current Portion Repayment of Long-Term Debt Including Current Portion Advances (to) from Others for Construction Proceeds From Advances For Construction Cash Dividends Paid Cash Dividends Paid Net Cash and Cash Equivalents (Used in) Provided by Financing Activities Net Cash and Cash Equivalents (Used in) Provided by Financing Activities Net Decrease in Cash and Cash Equivalents Net Increase (Decrease) in Cash and Cash Equivalents Non-Cash Investing and Financing Activities: Supplemental Disclosures of Cash Flow Information: Cash Paid for: Cash Paid For [Abstract] Interest State and Federal Income Taxes Depreciation Charged To Other Accounts Depreciation charged to other accounts Depreciation charged to other accounts Purchase of water systems, net of cash acquired Purchase of water systems, net of cash acquired Purchase of water systems, net of cash acquired Notes To Financial Statements [Abstract] Basis of Preparation of Financials Pension and Other Post-Retirement Benefits Earnings per Share New Accounting Pronouncements Fair Value Disclosures Segment Reporting Segment Reporting Disclosure [Text Block] Income Taxes Lines of Credit Document Information [Text Block] Document Type Amendment Flag Amendment Description Document Period End Date Entity [Text Block] Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus Dividends Per Common Share (in dollars per share) Common Stock (in dollars per share) Retained Earnings before Dividends Retained Earnings before Dividends Retained Earnings before Dividends Dividends Declared: Cumulative Preferred Stock Cumulative Preferred Stock Series $.90 [Member] Series A Voting Cumulative Preferred Stock Series A [Member] Statement Class Of Stock [Axis] Class Of Stock [Domain] Cumulative Preferred, Class A, $0.20 per share Common Stock - 2012 $0.2375 per share; 2011 $0.2325 per share Total Dividends Declared Debt Instrument [Axis] Debt Instrument, Name [Domain] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 1998, Due 2028 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2028. Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 1998, Due 2028 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 1998, Due 2028 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2028. Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 1998, Due 2028 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2003, Due 2020 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2020. Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2003, Due 2020 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series C Issued 2003, Due 2022 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2022. Unsecured Water Facilities Revenue Refinancing Bonds Series C Issued 2003, Due 2022 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series Issued 2004, Due 2029 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2029. Unsecured Water Facilities Revenue Refinancing Bonds Series Issued 2004, Due 2029 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2004, Due 2028 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2028. Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2004, Due 2028 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 2004 Due 2028 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2028. Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 2004, Due 2028 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A 2005, Due 2040 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2040. Unsecured Water Facilities Revenue Refinancing Bonds Series A 2005, Due 2040 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2007, Due 2037 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2037. Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2007, Due 2037 [Member] Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] A debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date. This series of Unsecured Water Facilities Revenue Refinancing Bonds matures in 2039. Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member] Preferrred Stock [Abstract] Preferrred Stock Common Stock, Par Value (in dollars per share) Common Stock, Shares Authorized (in shares) Common Stock, Shares Issued (in shares) Common Stock, Shares Outstanding (in shares) Preferred stock, par value per share (in dollars per share) Preferred stock, shares authorized (in shares) Preferred stock, shares issued (in shares) Preferred stock, shares outstanding (in shares) Preferred stock, redemption price per share (in dollars per share) Debt instrument, interest rate stated percentage (in hundredths) Debt instrument, interest rate terms Debt instrument, issuance date Debt instrument, maturity date Non-Cash Contributed Utility Plant Long-Term Debt Organizational Review Charge Gain (Loss) on Real Estate Transactions Subsequent Event Proceeds from the Issuance of Long-Term Debt Income Tax Expense Notes to Financial Statement [Abstract] Retained Earnings Footnote [Text Block] Footnote detailing the rollforward of Retained Earnings account. Retained Earnings Organizational Review [Text Block] Description of Company's Organizational Review during 2010. Organizational Review Notes to Finanical Statments [Abstract] Preferred Stock Footnote [Text Block] Describes classes of preferred stock and the rights of preferred stock shareholders. Preferred Stock Taxes Other Than Income Taxes Footnote [Text Block] Details of Taxes Other Than Income Taxes line of the Consolidated Statements of Income. 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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating Activities:    
Net Income $ 1,910 $ 2,268
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Deferred Revenues 60 60
Allowance for Funds Used During Construction (56) (31)
Depreciation (including $27 and $201 in 2012 and 2011 charged to other accounts) 2,414 2,073
Change in Assets and Liabilities:    
Decrease in Accounts Receivable and Accrued Unbilled Revenues 131 1,108
Increase in Prepayments and Other Current Assets (2,230) (1,637)
Decrease in Other Non-Current Items 460 1,050
Decrease in Accounts Payable, Accrued Expenses and Other Current Liabilities (1,130) (301)
Increase in Deferred Income Taxes and Investment Tax Credits, Net 548 486
Total Adjustments 197 2,808
Net Cash and Cash Equivalents Provided by Operating Activities 2,107 5,076
Investing Activities:    
Company Financed Additions to Utility Plant (3,880) (2,895)
Advances to (from) Others for Construction 70 (70)
Net Additions to Utility Plant Used in Continuing Operations (3,810) (2,965)
Purchase of water systems, net of cash acquired (35,754) 0
Net Cash and Cash Equivalents Used in Investing Activities (39,564) (2,965)
Financing Activities:    
Proceeds from Interim Bank Loans 27,171 26,297
Repayment of Interim Bank Loans (21,372) (26,342)
Proceeds from Issuance of Common Stock 354 332
Proceeds from the Exercise of Stock Options 88 0
Costs to Issue Long-Term Debt and Common Stock 60 0
Repayment of Long-Term Debt Including Current Portion (406) (190)
Proceeds from the Issuance of Long-Term Debt 36,088 0
Advances (to) from Others for Construction (70) 70
Cash Dividends Paid (2,097) (2,030)
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities 39,816 (1,863)
Net Increase (Decrease) in Cash and Cash Equivalents 2,359 248
Cash and Cash Equivalents at Beginning of Period 1,012 952
Cash and Cash Equivalents at End of Year 3,371 1,200
Non-Cash Investing and Financing Activities:    
Non-Cash Contributed Utility Plant 78 112
Short-term Investment of Bond Proceeds Held in Restricted Cash 15,932 1,226
Cash Paid for:    
Interest 1,007 1,066
State and Federal Income Taxes $ 1,852 $ 1,225
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CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (Parenthetical) (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Dividends Declared:    
Common Stock (in dollars per share) $ 0.2375 $ 0.2325
Cumulative Preferred Stock
   
Dividends Declared:    
Preferred Stock (in dollars per share) $ 0.225 $ 0.225
Series A Voting
   
Dividends Declared:    
Preferred Stock (in dollars per share) $ 0.200 $ 0.200
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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Utility Plant $ 560,612 $ 487,540
Construction Work in Progress 8,485 6,160
Gross Utility Plant 569,097 493,700
Accumulated Provision for Depreciation (156,175) (133,673)
Net Utility Plant 412,922 360,027
Other Property and Investments 5,899 5,563
Cash and Cash Equivalents 3,371 1,012
Accounts Receivable (Less Allowance, 2012 - $1,105; 2011 - $1,088) 9,367 8,436
Accrued Unbilled Revenues 7,260 6,477
Materials and Supplies 1,482 1,126
Prepayments and Other Current Assets 4,651 1,830
Total Current Assets 26,131 18,881
Restricted Cash 15,932 15,930
Unamortized Debt Issuance Expense 7,672 7,296
Unrecovered Income Taxes - Regulatory Asset 31,025 29,255
Pension Benefits - Regulatory Asset 13,487 13,862
Post-Retirement Benefits Other Than Pension - Regulatory Asset 4,072 3,967
Goodwill 22,362 3,608
Deferred Charges and Other Costs 8,451 6,442
Total Regulatory and Other Long-Term Assets 103,001 80,360
Total Assets 547,953 464,831
CAPITALIZATION AND LIABILITIES    
Common Stock Without Par Value: Authorized - 25,000,000 Shares - Issued and Outstanding: 2012 - 8,799,551; 2011 - 8,755,398 72,794 72,345
Retained Earnings 46,482 46,669
Accumulated Other Comprehensive Loss (770) (825)
Common Stockholders' Equity 118,506 118,189
Preferred Stock 772 772
Long-Term Debt 188,030 135,256
Total Capitalization 307,308 254,217
Current Portion of Long-Term Debt 1,225 0
Interim Bank Loans Payable 27,171 21,372
Accounts Payable and Accrued Expenses 5,512 7,166
Accrued Taxes 0 302
Accrued Interest 2,115 1,002
Other Current Liabilities 1,741 586
Total Current Liabilities 37,764 30,428
Advances for Construction 33,647 32,517
Contributions in Aid of Construction 69,571 60,679
Deferred Federal and State Income Taxes 41,537 31,075
Unfunded Future Income Taxes 29,183 29,255
Long-Term Compensation Arrangements 27,402 25,232
Unamortized Investment Tax Credits 1,432 1,313
Other Long-Term Liabilities 109 115
Total Long-Term Liabilities 202,881 180,186
Commitments and Contingencies      
Total Capitalization and Liabilities $ 547,953 $ 464,831
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Other Comprehensive Income, net of tax    
Qualified Cash Flow Hedging Instrument Expense, net of tax (benefit) expense of $ 0 $ 0
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of 12 4
Unrealized Investment loss, net of tax expense (benefit) of $ 40 $ 1
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XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Balance at Beginning of Period $ 46,669 $ 43,603
Net Income 1,910 2,268
Retained Earnings before Dividends 48,579 45,871
Dividends Declared:    
Common Stock - 2012 $0.2375 per share; 2011 $0.2325 per share 2,088 2,021
Total Dividends Declared 2,097 2,030
Balance at End of Period 46,482 43,841
Cumulative Preferred Stock
   
Dividends Declared:    
Cumulative Preferred, Class A, $0.20 per share 6 6
Series A Voting
   
Dividends Declared:    
Cumulative Preferred, Class A, $0.20 per share $ 3 $ 3
XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Allowance $ 1,105 $ 1,088
Capitalization Longterm Debt And Equity [Abstract]    
Common Stock, Par Value (in dollars per share) $ 0 $ 0
Common Stock, Shares Authorized (in shares) 25,000,000 25,000,000
Common Stock, Shares Issued (in shares) 8,799,551 8,755,398
Common Stock, Shares Outstanding (in shares) 8,799,551 8,755,398
XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Reporting
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Segment Reporting
7.  Segment Reporting

The Company operates principally in three business segments: Water Activities, Real Estate Transactions, and Services and Rentals.  Results of operations for the three months ended March 31, 2012 include the results of Maine Water.  Financial data for the segments is as follows (in thousands):

Three Months Ended March 31, 2012
 
Segment
 
Revenues
  
Pre-Tax Income
  
Income Tax Expense
  
Net Income
 
Water Activities
 $18,889  $2,485  $925  $1,560 
Real Estate Transactions
  --   --   --   -- 
Services and Rentals
  1,335   591   241   350 
Total
 $20,224  $3,076  $1,166  $1,910 

Three Months Ended March 31, 2011
 
Segment
 
Revenues
  
Pre-Tax Income
  
Income Tax Expense
  
Net Income
 
Water Activities
 $16,323  $3,257  $1,182  $2,075 
Real Estate Transactions
  --   --   --   -- 
Services and Rentals
  1,167   329   136   193 
Total
 $17,490  $3,586  $1,318  $2,268 

The revenues shown in Water Activities above consist of revenues from water customers of $18,540,000 and $15,989,000 for the three months ended March 31, 2012 and 2011, respectively.  Additionally, there were revenues associated with utility plant leased to others of $349,000 and $334,000 for the three months ended March 31, 2012 and 2011, respectively.

The Company owns various small, discrete parcels of land that are no longer required for water supply purposes.  From time to time, the Company may sell or donate these parcels, depending on various factors, including the current market for land, the amount of tax benefits received for donations and the Company’s ability to use any benefits received from donations.  During the three months ended March 31, 2012 and 2011, the Company did not engage in any such transactions.

Assets by segment (in thousands):

   
March 31, 2012
  
December 31, 2011
 
Total Plant and Other Investments:
      
Water Activities
 $418,159  $364,955 
Non-Water
  662   635 
    418,821   365,590 
Other Assets:
        
Water Activities
  107,990   96,996 
Non-Water
  21,142   2,245 
    129,132   99,241 
Total Assets
 $547,953  $464,831 
 
XML 23 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
3 Months Ended
Mar. 31, 2012
Jun. 30, 2011
Entity Registrant Name CONNECTICUT WATER SERVICE INC / CT  
Entity Central Index Key 0000276209  
Current Fiscal Year End Date --12-31  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Accelerated Filer  
Entity Public Float   $ 214,731,952
Entity Common Stock, Shares Outstanding 8,799,551  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2012  
XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Tax Expense
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Income Taxes
8.  Income Taxes

ASC 740 “Income Taxes” (“ASC 740”) addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The reassessment of the Company’s tax positions in accordance with ASC 740 did not have an impact on the Company’s results of operations, financial condition or liquidity.

From time to time, the Company may be assessed interest and penalties by taxing authorities.  In those cases, the charges would appear on the Other line item on the Income Statement.  There were no such charges for the three month periods ended March 31, 2012 and 2011.  Additionally, there were no accruals relating to interest, penalties or uncertain tax positions as of March 31, 2012 and December 31, 2011.  The Company remains subject to examination by federal authorities for the 2008 and 2010 tax years, and by state authorities for the 2008 through 2010 tax years.  The Internal Revenue Service commenced an examination of the Company’s federal income tax return for the 2009 tax year during the second quarter of 2011.  The Company received notification in December 2011 that no change will be made to the 2009 federal tax liability.

The Company’s effective income tax rate for the first three months of 2012 and 2011 was 37.9% and 36.7%, respectively.  The statutory income tax rates during the same periods were 41% and 39%, respectively.  In determining its annual estimated effective tax rate for interim periods, the Company reflects its estimated permanent and flow-through tax differences for the taxable year.
XML 25 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Income Statement [Abstract]    
Operating Revenues $ 18,540 $ 15,989
Operating Expenses    
Operation and Maintenance 9,635 8,010
Depreciation 2,387 1,872
Income Taxes 979 1,102
Taxes Other Than Income Taxes 1,988 1,645
Total Operating Expenses 14,989 12,629
Net Operating Revenues 3,551 3,360
Other Utility Income, Net of Taxes 176 178
Total Utility Operating Income 3,727 3,538
Other Income (Deductions), Net of Taxes    
Non-Water Sales Earnings 350 193
Allowance for Funds Used During Construction 56 31
Other (143) (134)
Total Other Income, Net of Taxes 263 90
Interest and Debt Expense    
Interest on Long-Term Debt 1,920 1,149
Other Interest Charges 77 105
Amortization of Debt Expense 83 106
Total Interest and Debt Expense 2,080 1,360
Net Income 1,910 2,268
Preferred Stock Dividend Requirement 9 9
Net Income Applicable to Common Stock $ 1,901 $ 2,259
Weighted Average Common Shares Outstanding:    
Basic (in shares) 8,651 8,579
Diluted (in shares) 8,781 8,694
Earnings Per Common Share:    
Basic (in dollars per share) $ 0.22 $ 0.26
Diluted (in dollars per share) $ 0.22 $ 0.26
Dividends Per Common Share (in dollars per share) $ 0.2375 $ 0.2325
XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pension and Other Post-Retirement Benefits
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Pension and Other Post-Retirement Benefits
2.  Pension and Other Post-Retirement Benefits

The following tables set forth the components of pension and other post-retirement benefit costs for the three months ended March 31, 2012 and 2011.

Pension Benefits
Components of Net Periodic Cost (in thousands):

Period ended March 31,
 
2012
  
2011
 
Service Cost
 $524  $443 
Interest Cost
  645   545 
Expected Return on Plan Assets
  (687)  (675)
Amortization of:
        
Transition Obligation
  --   -- 
Prior Service Cost
  17   17 
Net Loss
  358   188 
Net Periodic Benefit Cost
 $857  $518 

The Company does not expect to make a contribution in 2012 for the 2011 plan year, as allowed by the current funding status.

Post-Retirement Benefits Other Than Pension (PBOP)
Components of Net Periodic Cost (in thousands):

Period ended March 31,
 
2012
  
2011
 
Service Cost
 $157  $187 
Interest Cost
  141   179 
Expected Return on Plan Assets
  (68)  (75)
Other
  56   56 
Amortization of:
        
Prior Service Cost
  (201)  (101)
Recognized Net Loss
  166   160 
Net Periodic Benefit Cost
 $251  $406 

On May 16, 2011, Connecticut Water notified participants in its PBOP plan of an amendment that would limit the life-time benefits of participants to $100,000, effective July 1, 2011.
XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Preparation of Financials
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Basis of Preparation of Financials
1.  Basis of Preparation of Financials

The consolidated financial statements included herein have been prepared by CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments that are of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the results for interim periods.  The Company’s primary operating subsidiaries are The Connecticut Water Company (“Connecticut Water”) and The Maine Water Company (“Maine Water”).  Certain information and footnote disclosures have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.  The Balance Sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  It is suggested that these consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2011.

The results for interim periods are not necessarily indicative of results to be expected for the year since the consolidated earnings are subject to seasonal factors.  Effective January 1, 2012, the Company acquired Maine Water, discussed further in Note 10 below.  As a result, the Company’s consolidated balance sheet at December 31, 2011 and the consolidated statement of net income for the three months ended March 31, 2011 do not include Maine Water.  Maine Water’s results are presented in the consolidated balance sheet and consolidated statement of net income at March 31, 2012.

XML 28 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Lines of Credit
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Lines of Credit
9.  Lines of Credit

In November 2008, the Company was authorized by its Board of Directors to increase the available lines of credit from $21 million to $40 million.  On June 30, 2009, the Company let expire one line of credit totaling $6 million and entered into a new $15 million line of credit agreement with CoBank, ACB, which was amended in May 2010 and July 2011 and is currently scheduled to mature on June 25, 2013.  On August 12, 2009, the Company replaced an existing $3 million line of credit with a $10 million line of credit, which expires on August 10, 2013.  Finally, on September 15, 2009, the Company increased a third line of credit from $12 million to $15 million, with an expiration date of June 1, 2013.  On December 30, 2011, the Company terminated its $10 million line of credit.  The Company expects to maintain the two remaining lines of credit totaling $30 million and to renew the lines of credit annually, each with a rolling two year expiration date.  Upon the acquisition of Maine Water, the total lines of credit available to the Company increased to $34 million, due to Maine Water’s $4 million line of credit expiring August 21, 2012.  Maine Water expects to renew the line of credit prior to expiration with similar terms.  Interim Bank Loans Payable at March 31, 2012 and December 31, 2011 was approximately $27.2 million and $21.4 million, respectively, and represents the outstanding aggregate balance on these lines of credit.  As of March 31, 2012, the Company had $6.8 million in unused lines of credit.  Interest expense charged on interim bank loans will fluctuate based on market interest rates.
XML 29 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Debt
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Long-Term Debt
5.  Long-Term Debt

Long-Term Debt at March 31, 2012, including the debt assumed with the acquisition of The Maine Water Company effective January 1, 2012, and December 31, 2011 consisted of the following (in thousands):

   
2012
 
2011
Connecticut Water Service, Inc.:
       
4.09%
Term Loan Note and Supplement A
 
$18,000
 
$--
Var.
Term Loan Note and Supplement B
 
18,088
 
--
Total Connecticut Water Service, Inc.
 
36,088
 
--
         
The Connecticut Water Company:
       
Unsecured Water Facilities Revenue Bonds
       
5.05%
1998 Series A, Due 2028
 
9,550
 
9,550
5.125%
1998 Series B, Due 2028
 
7,495
 
7,495
4.40%
2003A Series, Due 2020
 
8,000
 
8,000
5.00%
2003C Series, Due 2022
 
14,795
 
14,795
Var.
2004 Series Variable Rate, Due 2029
 
12,500
 
12,500
Var.
2004 Series A, Due 2028
 
5,000
 
5,000
Var.
2004 Series B, Due 2028
 
4,550
 
4,550
5.00%
2005 A Series, Due 2040
 
14,795
 
14,805
5.00%
2007 A Series, Due 2037
 
14,560
 
14,570
5.10%
2009 A Series, Due 2039
 
19,950
 
20,000
5.00%
2011 A Series, Due 2021
 
23,943
 
23,991
Total The Connecticut Water Company
 
135,138
 
135,256
         
The Maine Water Company:
       
8.95%
1994 Series G, Due 2024
 
9,000
 
--
5.05%
1999 Series H, Due 2024
 
1,970
 
--
2.68%
1999 Series J, Due 2019
 
524
 
--
0.00%
2001 Series K, Due 2031
 
780
 
--
2.58%
2002 Series L, Due 2022
 
98
 
--
1.53%
2003 Series M, Due 2023
 
421
 
--
1.73%
2004 Series N, Due 2024
 
491
 
--
0.00%
2004 Series O, Due 2034
 
147
 
--
1.76%
2006 Series P, Due 2026
 
471
 
--
1.57%
2009 Series R, Due 2029
 
247
 
--
0.00%
2009 Series S, Due 2029
 
784
 
--
0.00%
2009 Series T, Due 2029
 
2,200
 
--
Total The Maine Water Company
 
17,133
 
--
         
Add:  Maine Acquisition Fair Value Adjustment
 
896
   
Less:  Current Portion
 
(1,225)
 
--
         
Total Long-Term Debt
 
$188,030
 
$135,256
 
 
- 9 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
As of March 31, 2012, the Company and its subsidiaries will make principal payments of approximately of $1,225,000 over the next twelve months.

In December 2011, Connecticut Water borrowed $22.05 million through the issuance of Water Facilities Revenue Bonds by the Connecticut Development Authority (Authority).  Connecticut Water received approximately $24,000,000 in cash in exchange for the issuance of bonds with an aggregate principal amount of $22,050,000 for a 10-year term and a 5% coupon.  Connecticut Water recorded a bond premium in connection with this transaction and will amortize that premium over the life of the bond.  The proceeds from the sale of the bonds will be used to finance construction and installation of various capital improvements to the Connecticut Water’s existing water system.

There are no mandatory sinking fund payments required on Connecticut Water’s outstanding Unsecured Water Facilities Revenue Refinancing Bonds.  However, certain fixed rate Unsecured Water Facilities Revenue Refinancing Bonds provide for an estate redemption right whereby the estate of deceased bondholders or surviving joint owners may submit bonds to the Trustee for redemption at par, subject to a $25,000 per individual holder and a 3% annual aggregate limitation.

On January 1, 2012,the Company and CoBank entered into an amendment to the CoBank Agreement (the “Amendment”) and two additional Promissory Note and Single Advance Term Loan Supplements providing for two additional Term Loans to the Company (the “Term Loan Notes and Supplements”).  Under the terms of the Amendment and the Term Loan Notes and Supplements, on January 3, 2012 the Company borrowed from CoBank, in the aggregate, an additional $36.1 million of an available $40 million to be applied to the Company’s acquisition of the issued and outstanding capital stock of Aqua Maine, Inc. from Aqua America, Inc., as more fully described in Note 10 below.

Under one Term Loan Note and Supplement, CoBank loaned the Company $18.0 million, which Term Loan shall be repaid by the Company in 60 equal quarterly installments of principal and interest over a 15-year amortizing term, with the first installment paid on April 20, 2012 and the last installment due on January 20, 2027.  Under the other Term Loan Note and Supplement, CoBank loaned the Company $18.1 million, which Term Loan shall be repaid by the Company in quarterly interest payments and repayment of the principal balance in full on the earlier of July 30, 2013 or upon the Company raising equity capital, in the aggregate, up to the outstanding amount owed under the second Term Note and Supplement.

Under the initial Promissory Note and each of the Term Loan Notes and Supplements, the Company will pay interest on any Loans made by CoBank in accordance with one or more of the following interest rate options, as selected periodically by the Company: (1) at a weekly quoted variable rate, a rate per annum equal to the rate of interest established by CoBank on the first business day of each week; (2) at a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance for periods of 180 days or more; or (3) at a fixed rate per annum equal to LIBOR plus 1.75% for 1, 2, 3, 6, 9 or 12 month interest periods.  Interest shall be calculated on the actual number of days each Loan is outstanding on the basis of a year consisting of 360 days.

Financial Covenants – The Company and its subsidiaries are required to comply with certain covenants in connection with various long term loan agreements.  The Company and its subsidiaries were in compliance with all covenants at March 31, 2012.
XML 30 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings per Share
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Earnings per Share
3.  Earnings per Share

Earnings per weighted average common share are calculated by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding during the respective periods as detailed below (diluted shares include the effect of unexercised stock options):

Three months ended March 31,
 
2012
  
2011
 
        
Common Shares Outstanding End of Period:
  8,799,551   8,704,500 
Weighted Average Shares Outstanding (Days Outstanding Basis):
        
Basic
  8,650,913   8,578,873 
Diluted
  8,781,100   8,694,036 
          
Basic Earnings per Share
 $0.22  $0.26 
Dilutive Effect of Unexercised Stock Options
  --   -- 
Diluted Earnings per Share
 $0.22  $0.26 

Total unrecognized compensation expense for all stock awards was approximately $1.4 million as of March 31, 2012 and will be recognized over the next three years.
XML 31 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
New Accounting Pronouncements
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
New Accounting Pronouncements
4.  New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, which amends Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosure (“ASC 820”), to update guidance related to fair value measurements and disclosures as a step towards achieving convergence between generally accepted accounting principles and international financial reporting standards.  ASU 2011-04 clarifies intent about application of existing fair value measurements and disclosures, changes certain requirements for fair value measurements and requires expanded disclosures.  ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011.  Adoption of 2011-04 did not have an impact on the Company’s results of operations, cash flows or financial position.
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Fair Value Disclosures
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Fair Value Disclosures
6.  Fair Value Disclosures

Accounting Standards Codifications (“ASC”) 820, “Fair Value Measurements and Disclosures” (“FASB ASC 820”) provides enhanced guidance for using fair value to measure assets and liabilities and expands disclosure with respect to fair value measurements.

ASC 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs).  The hierarchy consists of three broad levels, as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.
Level 2 – Inputs other than Level 1 that are either directly or indirectly observable.
Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that the Company believes market participants would use.

The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of March 31, 2012 (in thousands):

   
Level 1
  
Level 2
  
Level 3
  
Total
 
Asset Type:
            
Company Owned Life Insurance
 $--  $2,443  $--  $2,443 
Money Market Fund
  77   --   --   77 
Mutual Funds:
                
Equity Funds (1)
  835   --   --   835 
Total
 $912  $2,443  $--  $3,355 

The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2011 (in thousands):

   
Level 1
  
Level 2
  
Level 3
  
Total
 
Asset Type:
            
Company Owned Life Insurance
 $--  $2,269  $--  $2,269 
Money Market Fund
  28   --   --   28 
Mutual Funds:
                
Equity Funds (1)
  852   --   --   852 
Total
 $880  $2,269  $--  $3,149 

(1)  
Mutual funds consisting primarily of equity securities.
 
 
- 10 -

CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
The fair value of Company Owned Life Insurance is based on the cash surrender value of the contracts. These contracts are based principally on a referenced pool of investment funds that actively redeem shares and are observable and measurable.

The following methods and assumptions were used to estimate the fair value of each of the following financial instruments, which are not recorded at fair value on the financial statements.

Cash and cash equivalents – Cash equivalents consist of highly liquid instruments with original maturities at the time of purchase of three months or less.  The carrying amount approximates fair value.  Under the fair value hierarchy the fair value of cash and cash equivalents is classified as a Level 1 measurement.
 
Restricted Cash – As part of the Connecticut Water’s December 2011 bond offering, the Company recorded unused proceeds from this bond issuance as restricted cash as the funds can only be used for certain capital expenditures.  The Company expects to use the remainder of the proceeds during 2012, as the approved capital expenditures are completed.  The carrying amount approximates fair value.  Under the fair value hierarchy the fair value of restricted cash is classified as a Level 1 measurement.

Long-Term Debt – The fair value of the Company's fixed rate long-term debt is based upon borrowing rates currently available to the Company.  As of March 31, 2012 and December 31, 2011, the estimated fair value of the Company's long-term debt was $202,073,000 and $135,048,000, respectively, as compared to the carrying amounts of $188,030,000 and $135,256,000, respectively. The estimated fair value of long term debt was calculated using a discounted cash flow model that uses comparable interest rates and yield curve data based on the A -rated MMD (Municipal Market Data) Index which is the benchmark of current municipal bond yields. Under the fair value hierarchy the fair value of long term debt is classified as a Level 2 measurement.

The fair values shown above have been reported to meet the disclosure requirements of accounting principles generally accepted in the United States and do not purport to represent the amounts at which those obligations would be settled.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Other Comprehensive Income [Abstract]    
Net Income Applicable to Common Stock $ 1,901 $ 2,259
Other Comprehensive Income, net of tax    
Qualified Cash Flow Hedging Instrument Expense, net of tax benefit of $0 and $0 in 2012 and 2011 0 1
Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax benefit of $12 in 2012 and $4 in 2011 (6) (6)
Unrealized (loss) gain on investments, net of tax expense of $40 in 2012 and $1 in 2011 61 2
Comprehensive Income $ 1,956 $ 2,256
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation charged to other accounts $ 27 $ 201
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Aquisitions
3 Months Ended
Mar. 31, 2012
Notes To Financial Statements [Abstract]  
Business Combination Disclosure [Text Block]
10.  Acquisitions

Effective January 1, 2012, the Company completed the acquisition of Aqua Maine, Inc. (“AM”) from Aqua America, Inc. (“AA”) for a total cash purchase price, adjusted at closing, of $35.6 million.  Subsequent to the closing, the name of AM was changed to The Maine Water Company (“Maine Water”).  Maine Water is a public water utility regulated by the Maine Public Utilities Commission (“MPUC”) that serves approximately 16,000 customers in 11 water systems in the State of Maine.  The acquisition is consistent with the Company’s growth strategy and makes the Company the largest U.S. based publicly-traded water utility company in New England.  The acquisition expanded the Company’s footprint into another New England state, providing some diversity with respect to weather and regulatory climate and ratemaking.  The Company is accounting for the acquisition in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations”.

The following table summarizes the fair value of the assets acquired on January 1, 2012, the date of the acquisition (in thousands):

Net Utility Plant
 $51,861 
Cash and Cash Equivalents
  1,607 
Accounts Receivable, net
  974 
Prepayments and Other Current Assets
  1,819 
Goodwill
  17,540 
Deferred Charges and Other Costs
  4,352 
Total Assets Acquired
 $78,153 
      
Long-Term Debt, including current portion
 $18,259 
Accounts Payable and Accrued Expenses
  1,137 
Other Current Liabilities
  1,289 
Advances for Construction
  1,186 
Contributions in Aid of Construction
  8,886 
Deferred Federal and State Income Taxes
  8,919 
Other Long-Term Liabilities
  2,737 
Total Liabilities Assumed
 $42,413 
      
Net Assets Acquired
 $35,740 

The estimated fair values of the assets acquired and the liabilities assumed were determined based on the accounting guidance for fair value measurement under GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value analysis assumes the highest and best use of the assets by market participants. The allocation of the purchase price includes an adjustment to fair value related to the non-regulated customer relationship of Maine Water and any associated deferred taxes, as well as the fair value of Maine Water’s long term debt. The excess of the purchase price paid over the estimated fair value of the assets acquired and the liabilities assumed was recognized as goodwill, none of which is deductible for tax purposes
 
 
- 12 -

 
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
 
The following unaudited pro forma summary for the quarter ended March 31, 2011 presents information as if Maine Water had been acquired on January 1, 2011 and assumes that there were no other changes in our operations.  The following pro forma information does not necessarily reflect the actual results that would have occurred had the Company operated the business since January 1, 2011, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands):

Quarter ended March 31, 2011
   
Operating Revenues
 $18,611 
Other Water Activities Revenues
  334 
Real Estate Revenues
  -- 
Service and Rentals Revenues
  1,350 
Total Revenues
 $20,295 
      
Net Income
 $2,576 
      
Basic Earnings per Average Share Outstanding
 $0.30 
Diluted Earnings per Average Share Outstanding
 $0.30 

The following table summarizes the results of Maine Water for the quarter ended March 31, 2012, and is included in the Consolidated Statement of Income for the period (in thousands):

Quarter ended March 31, 2012
   
Operating Revenues
 $2,644 
Other Water Activities Revenues
  -- 
Real Estate Revenues
  -- 
Service and Rentals Revenues
  160 
Total Revenues
 $2,804 
      
Net Income
 $355 
      
Basic Earnings per Average Share Outstanding
 $0.04 
Diluted Earnings per Average Share Outstanding
 $0.04 

Additionally, in February 2012, The Connecticut Water Company acquired a small water system in Hebron, Connecticut for $130,000.  The water system serves three multi-unit apartment buildings.