0000914317-12-001419.txt : 20121026 0000914317-12-001419.hdr.sgml : 20121026 20121026092718 ACCESSION NUMBER: 0000914317-12-001419 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121026 DATE AS OF CHANGE: 20121026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDDLESEX WATER CO CENTRAL INDEX KEY: 0000066004 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 221114430 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00422 FILM NUMBER: 121162923 BUSINESS ADDRESS: STREET 1: 1500 RONSON RD STREET 2: P O BOX 1500 CITY: ISELIN STATE: NJ ZIP: 08830 BUSINESS PHONE: 7326341500 MAIL ADDRESS: STREET 1: 1500 RONON ROAD CITY: ISELIN STATE: NJ ZIP: 08830 10-Q 1 form10q-125924_msx.htm 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)
þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

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 0-422

MIDDLESEX WATER COMPANY

(Exact name of registrant as specified in its charter)

New Jersey

(State of incorporation)

22-1114430

(IRS employer identification no.)

1500 Ronson Road, Iselin, New Jersey 08830

(Address of principal executive offices, including zip code)

(732) 634-1500

(Registrant's telephone number, including area code)

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 for 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 þ No ¨

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 during the preceding 12 months (or such shorter period that the registrant was required to submit and post files).

Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.

Large accelerated filer ¨ Accelerated filer þ Non-accelerated filer ¨ Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ¨ No þ

The number of shares outstanding of each of the registrant's classes of common stock, as of October 26, 2012: Common Stock, No Par Value: 15,754,856 shares outstanding.

INDEX

PART I.	FINANCIAL INFORMATION	PAGE

Item 1.	Financial Statements (Unaudited):

	Condensed Consolidated Statements of Income	1

	Condensed Consolidated Balance Sheets	2

	Condensed Consolidated Statements of Cash Flows	3

	Condensed Consolidated Statements of Capital Stock and Long-Term Debt	4

	Notes to Unaudited Condensed Consolidated Financial Statements	5

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3.	Quantitative and Qualitative Disclosures of Market Risk	22

Item 4.	Controls and Procedures	22

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	23

Item 1A.	Risk Factors	23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23

Item 3.	Defaults upon Senior Securities	23

Item 4.	Mine Safety Disclosures	23

Item 5.	Other Information	23

Item 6.	Exhibits	24

SIGNATURES		25

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011

Operating Revenues	$	32,353		$	28,671		$	83,300		$	78,769

Operating Expenses:
Operations and Maintenance		15,600			14,667			44,740			42,760
Depreciation		2,629			2,421			7,759			7,250
Other Taxes		3,281			3,067			8,871			8,737

Total Operating Expenses		21,510			20,155			61,370			58,747

Operating Income		10,843			8,516			21,930			20,022

Other Income (Expense):
Allowance for Funds Used During Construction		110			235			383			626
Other Income		106			759			423			1,118
Other Expense		(4	)		(20	)		(155	)		(180	)

Total Other Income, net		212			974			651			1,564

Interest Charges		1,808			1,703			4,941			4,631

Income before Income Taxes		9,247			7,787			17,640			16,955

Income Taxes		3,109			2,644			5,970			5,557

Net Income		6,138			5,143			11,670			11,398

Preferred Stock Dividend Requirements		52			52			155			155

Earnings Applicable to Common Stock	$	6,086		$	5,091		$	11,515		$	11,243

Earnings per share of Common Stock:
Basic	$	0.39		$	0.33		$	0.73		$	0.72
Diluted	$	0.38		$	0.32		$	0.73		$	0.72

Average Number of
Common Shares Outstanding :
Basic		15,741			15,622			15,717			15,599
Diluted		16,004			15,885			15,980			15,862

Cash Dividends Paid per Common Share	$	0.1850		$	0.1825		$	0.5550		$	0.5475

See Notes to Unaudited Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

		September 30,		December 31,
ASSETS		2012		2011
UTILITY PLANT:	Water Production	$	129,464	$	127,827
	Transmission and Distribution		334,921		326,629
	General		53,999		47,519
	Construction Work in Progress		12,933		12,575
	TOTAL		531,317		514,550
	Less Accumulated Depreciation		98,027		92,351
	UTILITY PLANT - NET		433,290		422,199

CURRENT ASSETS:	Cash and Cash Equivalents		1,798		3,106
	Accounts Receivable, net		13,213		11,280
	Unbilled Revenues		6,902		4,842
	Materials and Supplies (at average cost)		1,452		2,023
	Prepayments		2,262		1,622
	TOTAL CURRENT ASSETS		25,627		22,873

DEFERRED CHARGES	Unamortized Debt Expense		2,509		2,611
AND OTHER ASSETS:	Preliminary Survey and Investigation Charges		5,216		5,179
	Regulatory Assets		65,438		67,302
	Operations and Developer Contracts Receivable		1,847		5,300
	Restricted Cash		4,053		3,260
	Non-utility Assets - Net		9,638		8,182
	Other		432		630
	TOTAL DEFERRED CHARGES AND OTHER ASSETS		89,133		92,464
	TOTAL ASSETS	$	548,050	$	537,536

CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value	$	143,081	$	141,432
	Retained Earnings		38,344		35,549
	TOTAL COMMON EQUITY		181,425		176,981
	Preferred Stock		3,353		3,353
	Long-term Debt		132,410		132,167
	TOTAL CAPITALIZATION		317,188		312,501

CURRENT	Current Portion of Long-term Debt		5,064		4,569
LIABILITIES:	Notes Payable		27,750		24,250
	Accounts Payable		4,242		5,706
	Accrued Taxes		9,240		7,847
	Accrued Interest		1,321		1,628
	Unearned Revenues and Advanced Service Fees		753		734
	Other		1,489		1,953
	TOTAL CURRENT LIABILITIES		49,859		46,687

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

DEFERRED CREDITS	Customer Advances for Construction		22,042		21,944
AND OTHER LIABILITIES:	Accumulated Deferred Investment Tax Credits		1,087		1,146
	Accumulated Deferred Income Taxes		39,974		37,022
	Employee Benefit Plans		48,735		51,006
	Regulatory Liability - Cost of Utility Plant Removal		8,597		8,029
	Other		977		995
	TOTAL DEFERRED CREDITS AND OTHER LIABILITIES		121,412		120,142

CONTRIBUTIONS IN AID OF CONSTRUCTION			59,591		58,206
	TOTAL CAPITALIZATION AND LIABILITIES	$	548,050	$	537,536

See Notes to Unaudited Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Nine Months Ended Sept 30,
	2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	11,670		$	11,398
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation and Amortization		8,349			7,767
Provision for Deferred Income Taxes and Investment Tax Credits		3,351			1,297
Equity Portion of Allowance for Funds Used During Construction (AFUDC)		(242	)		(405	)
Cash Surrender Value of Life Insurance		(132	)		(42	)
Stock Compensation Expense		456			315
Changes in Assets and Liabilities:
Accounts Receivable		1,520			(578	)
Unbilled Revenues		(2,060	)		(1,567	)
Materials & Supplies		571			187
Prepayments		(640	)		(722	)
Accounts Payable		(1,464	)		(614	)
Accrued Taxes		1,393			1,919
Accrued Interest		(307	)		(703	)
Employee Benefit Plans		182			(1,226	)
Unearned Revenue & Advanced Service Fees		19			(113	)
Other Assets and Liabilities		(1,484	)		158

NET CASH PROVIDED BY OPERATING ACTIVITIES		21,182			17,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $141 in 2012, $221 in 2011		(17,886	)		(17,647	)
Restricted Cash		(793	)		2,504
Investment in Joint Venture		(1,000	)		—

NET CASH USED IN INVESTING ACTIVITIES		(19,679	)		(15,143	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt		(4,191	)		(3,818	)
Proceeds from Issuance of Long-term Debt		4,929			2,747
Net Short-term Bank Borrowings		3,500			7,250
Deferred Debt Issuance Expense		(22	)		(34	)
Repurchase of Preferred Stock		—			(9	)
Proceeds from Issuance of Common Stock		1,193			1,168
Payment of Common Dividends		(8,720	)		(8,538	)
Payment of Preferred Dividends		(155	)		(155	)
Construction Advances and Contributions-Net		655			1,142

NET CASH USED IN FINANCING ACTIVITIES		(2,811	)		(247	)
NET CHANGES IN CASH AND CASH EQUIVALENTS		(1,308	)		1,681
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,106			2,453
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	1,798		$	4,134


SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	$	828		$	6,400

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash Paid During the Year for:
Interest	$	5,276		$	5,365
Interest Capitalized	$	141		$	221
Income Taxes	$	1,313		$	2,614

See Notes to Unaudited Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK

AND LONG-TERM DEBT

(Unaudited)

(In thousands)

		September 30,				December 31,
		2012				2011
Common Stock, No Par Value
Shares Authorized -	40,000
Shares Outstanding -	2012 - 15,752		$	143,081			$	141,432
	2011 - 15,682

Retained Earnings				38,344				35,549
TOTAL COMMON EQUITY			$	181,425			$	176,981

Cumulative Preferred Stock, No Par Value:
Shares Authorized -	134
Shares Outstanding -	32
Convertible:
Shares Outstanding, $7.00 Series - 14				1,457				1,457
Shares Outstanding, $8.00 Series - 7				816				816
Nonredeemable:
Shares Outstanding, $7.00 Series - 1				80				80
Shares Outstanding, $4.75 Series - 10				1,000				1,000
TOTAL PREFERRED STOCK			$	3,353			$	3,353

Long-term Debt:
8.05%, Amortizing Secured Note, due December 20, 2021			$	2,208			$	2,319
6.25%, Amortizing Secured Note, due May 19, 2028				6,580				6,895
6.44%, Amortizing Secured Note, due August 25, 2030				5,017				5,227
6.46%, Amortizing Secured Note, due September 19, 2031				5,297				5,507
4.22%, State Revolving Trust Note, due December 31, 2022				527				546
3.30% to 3.60%, State Revolving Trust Note, due May 1, 2025				3,502				3,623
3.49%, State Revolving Trust Note, due January 25, 2027				602				633
4.03%, State Revolving Trust Note, due December 1, 2026				805				825
4.00% to 5.00%, State Revolving Trust Note, due August 1, 2021				389				434
0.00%, State Revolving Fund Note, due August 1, 2021				320				359
3.64%, State Revolving Trust Note, due July 1, 2028				356				364
3.64%, State Revolving Trust Note, due January 1, 2028				119				122
3.45%, State Revolving Trust Note, due August 1, 2031				392				39
6.59%, Amortizing Secured Note, due April 20, 2029				5,784				6,046
7.05%, Amortizing Secured Note, due January 20, 2030				4,333				4,521
5.69%, Amortizing Secured Note, due January 20, 2030				8,889				9,273
3.75%, State Revolving Trust Note, due July 1, 2031				2,664				2,021
3.75%, State Revolving Trust Note, due November 30, 2030				1,415				1,404
First Mortgage Bonds:
5.20%, Series S, due October 1, 2022				12,000				12,000
5.25%, Series T, due October 1, 2023				6,500				6,500
5.25%, Series V, due February 1, 2029				10,000				10,000
5.35%, Series W, due February 1, 2038				23,000				23,000
0.00%, Series X, due September 1, 2018				322				375
4.25% to 4.63%, Series Y, due September 1, 2018				355				410
0.00%, Series Z, due September 1, 2019				782				894
5.25% to 5.75%, Series AA, due September 1, 2019				955				1,080
0.00%, Series BB, due September 1, 2021				1,085				1,206
4.00% to 5.00%, Series CC, due September 1, 2021				1,275				1,400
5.10%, Series DD, due January 1, 2032				6,000				6,000
0.00%, Series EE, due August 1, 2023				4,385				4,804
3.00% to 5.50%, Series FF, due August 1, 2024				5,755				6,160
0.00%, Series GG, due August 1, 2026				1,262				1,352
4.00% to 5.00%, Series HH, due August 1, 2026				1,560				1,640
0.00%, Series II, due August 1, 2024				1,059				1,150
3.40% to 5.00%, Series JJ, due August 1, 2027				1,490				1,560
0.00%, Series KK, due August 1, 2028				1,434				1,526
5.00% to 5.50%, Series LL, due August 1, 2028				1,570				1,635
0.00%, Series MM, due August 1, 2030				1,801				1,901
3.00% to 4.375%, Series NN, due August 1, 2030				1,910				1,985
0.00%, Series OO, due August 1, 2031				2,860				—
2.00% to 5.00%, Series PP, due August 1, 2031				915				—
SUBTOTAL LONG-TERM DEBT				137,474				136,736
Less: Current Portion of Long-term Debt				(5,064	)			(4,569	)
TOTAL LONG-TERM DEBT			$	132,410			$	132,167

See Notes to Unaudited Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2011 Annual Report on Form 10-K (the 2011 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of September 30, 2012, the results of operations for the three and nine month periods ended September 30, 2012 and 2011 and cash flows for the nine month periods ended September 30, 2012 and 2011. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2011, has been derived from the Company’s audited financial statements for the year ended December 31, 2011 included in the 2011 Form 10-K.

Contract Awarded to USA

Investment in Ridgewood Green RME, LLC

Middlesex and NSU Ridgewood, LLC, a wholly-owned subsidiary of Natural Systems Utilities, LLC, formed a joint venture, Ridgewood Green RME, LLC, (Ridgewood Green), which entered into a 20-year public-private partnership with the Village of Ridgewood, New Jersey (Ridgewood) whereby Ridgewood Green will design, build, own and operate facilities to optimize the production of electricity at Ridgewood’s municipal wastewater treatment plant. Operation of the facilities is expected to begin in the first quarter of 2013.

Recent Accounting Guidance

Fair Value Measurements and Disclosures – In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2011-04, which amends Accounting Standards Codification 820, Fair Value Measurements and Disclosures, 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 was effective for interim and annual periods beginning after December 15, 2011. The Company’s adoption of ASU 2011-04 resulted in expanded fair value disclosures and did not have any impact on the Company’s results of operations, cash flows or financial position.

Note 2 – Rate Matters

Middlesex - In September 2012, Middlesex filed an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to establish a Purchased Water Adjustment Clause and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority (NJWSA) and treated water from a non-affiliated regulated water utility. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request.

Index

In July 2012, the NJBPU approved an $8.1 million increase in Middlesex’s base water rates. A base rate increase request of $11.3 million was filed in January 2012 to seek recovery of increased costs of operations, chemicals and fuel, electricity, taxes, labor and benefits, decreases in industrial and commercial customer demand patterns, as well as capital investment. The new base water rates are designed to recover these increased costs, as well as a return on invested capital in rate base of $202.4 million based on a return on equity of 10.15%. The rate increase became effective on July 20, 2012.

Pinelands - In August 2012, Pinelands Water and Pinelands Wastewater filed applications with the NJBPU seeking permission to increase base rates by approximately $0.2 million and $0.1 million per year, respectively. These requests were made as a result of capital investments Pinelands Water and Pinelands Wastewater have made, or have committed to make, as well as increased operations and maintenance costs for both companies. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request. A decision by the NJBPU is not expected until the first half of 2013.

Tidewater – In June 2012, the Delaware Public Service Commission (DEPSC) approved a $3.9 million increase in Tidewater’s base water rates. A base rate increase request of $6.9 million was filed in September 2011 to seek recovery of increased costs for operations, maintenance and taxes, as well as capital investment. Under PSC regulations, Tidewater had implemented interim rates in November 2011, which amounted to approximately $2.5 million on an annual basis. The new final base rates will reflect the remaining $1.4 million and became effective June 19, 2012.

TESI – In June 2012, the DEPSC approved a $0.6 million increase in TESI’s base wastewater rates, a portion of which is to be phased in through 2015. A base rate increase request of $0.8 million was filed in July 2011 to seek recovery of increased operation and maintenance costs, as well as capital investment. Under PSC regulations, TESI had implemented interim rates in September 2011, which amounted to approximately $0.1 million on an annual basis. The new final base rates became effective June 5, 2012.

Note 3 – Capitalization

Common Stock

During the nine months ended September 30, 2012, there were 64,034 common shares (approximately $1.2 million) issued under the Company’s Amended and Restated Dividend Reinvestment and Common Stock Purchase Plan.

The Company maintains a stock plan for its non-management directors (Outside Director Stock Compensation Plan). In May 2012, the Company granted and issued 5,768 shares of common stock (approximately $0.1 million) to the non-management directors under the plan.

Long-term Debt

In September 2012, Middlesex received approval from the NJBPU to redeem and refinance up to $60 million of First Mortgage Bonds (Bonds) issued through the New Jersey Economic Development Authority (NJEDA). The refinancing of five series of Bonds totaling $57.5 million is expected to be completed in the fourth quarter of 2012.

In May 2012, Middlesex borrowed $3.9 million through the New Jersey Environmental Infrastructure Trust under the New Jersey State Revolving Fund (SRF) loan program and issued Bonds designated as Series OO ($3.0 million) and Series PP ($0.9 million). The interest rate on the Series OO Bonds is zero and the interest rate on the Series PP Bonds ranges from 2.0% to 5.0% depending on the serial maturity date. The final maturity date for the Bonds is August 1, 2031. Proceeds may only be used for the Middlesex 2012 RENEW Program, which is Middlesex’s program to clean and cement unlined mains in the Middlesex system.

Index

In March 2011, Tidewater closed on a $2.8 million loan with the Delaware SRF program which allows, but does not obligate, Tidewater to draw against a General Obligation Note for a specific project. The interest rate on any draw will be set at 3.75% with a final maturity of July 1, 2031 on the amount actually borrowed. As of September 30, 2012, Tidewater has borrowed $2.7 million against this loan.

In March 2011, Southern Shores closed on a $1.6 million loan with the Delaware SRF program, which allows, but does not obligate, Southern Shores to draw against a General Obligation Note for a specific. The interest rate on any draw will be set at 3.75% with a final maturity of November 30, 2030 on the amount actually borrowed. As of September 30, 2012, Southern Shores has borrowed $1.4 million against this loan.

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt relating to Bonds and SRF Notes is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds and SRF Notes in the table below are classified as Level 2 measurements. The carrying amount and fair market value of the Company’s bonds were as follows:

	(Thousands of Dollars)
	September 30, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Bonds	$	88,275	$	89,422	$	86,577	$	87,283
SRF Notes	$	709	$	712	$	793	$	799

For other long-term debt for which there was no quoted market price, it was not practicable to estimate their fair value. The carrying amount of these instruments was $48.5 million at September 30, 2012 and $49.3 million at December 31, 2011. Customer advances for construction have a carrying amount of $22.0 million and $21.9 million, respectively, at September 30, 2012 and December 31, 2011. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

Index

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2012					2011
Basic:	Income			Shares		Income			Shares
Net Income	$	6,138			15,741	$	5,143			15,622
Preferred Dividend		(52	)				(52	)
Earnings Applicable to Common Stock	$	6,086			15,741	$	5,091			15,622

Basic EPS	$	0.39				$	0.33

Diluted:
Earnings Applicable to Common Stock	$	6,086			15,741	$	5,091			15,622
$7.00 Series Preferred Dividend		24			167		24			167
$8.00 Series Preferred Dividend		14			96		14			96
Adjusted Earnings Applicable to Common Stock	$	6,124			16,004	$	5,129			15,885

Diluted EPS	$	0.38				$	0.32

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2012					2011
Basic:	Income			Shares		Income			Shares
Net Income	$	11,670			15,717	$	11,398			15,599
Preferred Dividend		(155	)				(155	)
Earnings Applicable to Common Stock	$	11,515			15,717	$	11,243			15,599

Basic EPS	$	0.73				$	0.72

Diluted:
Earnings Applicable to Common Stock	$	11,515			15,717	$	11,243			15,599
$7.00 Series Preferred Dividend		73			167		73			167
$8.00 Series Preferred Dividend		42			96		42			96
Adjusted Earnings Applicable to Common Stock	$	11,630			15,980	$	11,358			15,862

Diluted EPS	$	0.73				$	0.72

Note 5 – Business Segment Data

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey, Delaware and Pennsylvania. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey, Delaware and Pennsylvania with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.

Index

	(In Thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
Operations by Segments:	2012			2011			2012			2011
Revenues:
Regulated	$	29,085		$	26,262		$	74,385		$	70,935
Non – Regulated		3,441			2,605			9,288			8,220
Inter-segment Elimination		(173	)		(196	)		(373	)		(386	)
Consolidated Revenues	$	32,353		$	28,671		$	83,300		$	78,769

Operating Income:
Regulated	$	10,417		$	8,241		$	20,798		$	18,893
Non – Regulated		426			275			1,132			1,129
Consolidated Operating Income	$	10,843		$	8,516		$	21,930		$	20,022

Net Income:
Regulated	$	5,926		$	4,630		$	11,070		$	10,375
Non – Regulated		212			513			600			1,023
Consolidated Net Income	$	6,138		$	5,143		$	11,670		$	11,398

Capital Expenditures:
Regulated	$	5,229		$	6,389		$	17,564		$	17,245
Non – Regulated		83			219			322			402
Total Capital Expenditures	$	5,312		$	6,608		$	17,886		$	17,647

	As of September 30, 2012			As of December 31, 2011
Assets:
Regulated	$	546,879		$	539,947
Non – Regulated		11,321			10,325
Inter-segment Elimination		(10,150	)		(12,736	)
Consolidated Assets	$	548,050		$	537,536

Note 6 – Short-term Borrowings

As of September 30, 2012, the Company has established lines of credit aggregating $60.0 million. At September 30, 2012, the outstanding borrowings under these credit lines were $27.8 million at a weighted average interest rate of 1.41%.

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:

	($ In Thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011

Average Daily Amounts Outstanding	$	26,867		$	21,995		$	25,122		$	19,629
Weighted Average Interest Rates		1.52	%		1.32	%		1.41	%		1.50	%

Index

The maturity dates for the $27.8 million outstanding as of September 30, 2012 are all in October 2012 and are extendable at the discretion of the Company.

Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances.

Note 7 – Commitments and Contingent Liabilities

Contract Operations - USA-PA operates the City of Perth Amboy, New Jersey’s water and wastewater systems under a 20-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a 20-year subcontract with a wastewater operating company for the operation and maintenance of the Perth Amboy wastewater collection system. The subcontract provides for the sharing of certain fixed and variable fees and operating expenses.

Water Supply

Middlesex has an agreement with the NJWSA for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.

Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2016, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases.

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011

Treated	$	772	$	682	$	2,266	$	1,974
Untreated		663		672		1,791		1,794
Total Costs	$	1,435	$	1,354	$	4,057	$	3,768

Construction

The Company has budgeted approximately $21.8 million on its construction program in 2012. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.

Litigation

The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Company’s consolidated financial statements.

Change in Control Agreements

The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

Index

Note 8 – Employee Benefit Plans

Pension Benefits

The Company’s Pension Plan covers substantially all employees hired prior to March 31, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution into a self-directed retirement account at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for contribution, the participating employee must be employed by the Company on December 31st of the year to which the award relates. For each of the three months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $1.8 million. For each of the nine months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $2.5 million. The Company expects to make additional Pension Plan cash contributions of approximately $1.0 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

Other Benefits

The Company’s Other Benefits Plan covers substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $1.8 million and $1.5 million, respectively. For the nine months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $2.5 million and $2.0 million, respectively. The Company expects to make additional Other Benefits Plan cash contributions of approximately $1.0 million over the remainder of the current year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2012			2011			2012			2011

Service Cost	$	550		$	394		$	446		$	326
Interest Cost		604			566			467			401
Expected Return on Assets		(615	)		(571	)		(314	)		(256	)
Amortization of Unrecognized Losses		387			141			441			219
Amortization of Unrecognized Prior Service Cost		2			2			—			—
Amortization of Transition Obligation		—			—			33			33
Net Periodic Benefit Cost	$	928		$	532		$	1,073		$	723

Index


	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2012			2011			2012			2011

Service Cost	$	1,649		$	1,181		$	1,338		$	979
Interest Cost		1,812			1,696			1,401			1,203
Expected Return on Assets		(1,844	)		(1,712	)		(943	)		(769	)
Amortization of Unrecognized Losses		1,162			424			1,324			658
Amortization of Unrecognized Prior Service Cost		7			7			—			—
Amortization of Transition Obligation		—			—			101			101
Net Periodic Benefit Cost	$	2,786		$	1,596		$	3,221		$	2,172

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of Middlesex Water Company (Middlesex or the Company) included elsewhere herein and with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Forward-Looking Statements

Certain statements contained in this periodic report and in the documents incorporated by reference constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The Company intends that these statements be covered by the safe harbors created under those laws. These statements include, but are not limited to:

statements as to expected financial condition, performance, prospects and earnings of the Company;

statements regarding strategic plans for growth;

statements regarding the amount and timing of rate increases and other regulatory matters, including the recovery of certain costs recorded as regulatory assets;

statements as to the Company’s expected liquidity needs during the upcoming fiscal year and beyond and statements as to the sources and availability of funds to meet its liquidity needs;

statements as to expected rates, consumption volumes, service fees, revenues, margins, expenses and operating results;

statements as to the Company’s compliance with environmental laws and regulations and estimations of the materiality of any related costs;

statements as to the safety and reliability of the Company’s equipment, facilities and operations;

statements as to financial projections;

statements as to the ability of the Company to pay dividends;

statements as to the Company’s plans to renew municipal franchises and consents in the territories it serves;

expectations as to the amount of cash contributions to fund the Company’s retirement benefit plans, including statements as to anticipated discount rates and rates of return on plan assets;

statements as to trends; and

statements regarding the availability and quality of our water supply.

These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from anticipated results and outcomes include, but are not limited to:

the effects of general economic conditions;

increases in competition in the markets served by the Company;

the ability of the Company to control operating expenses and to achieve efficiencies in its operations;

the availability of adequate supplies of water;

actions taken by government regulators, including decisions on rate increase requests;

new or additional water quality standards;

weather variations and other natural phenomena;

the existence of growth opportunities and the risks involved in pursuing those opportunities;

acts of war or terrorism;

significant changes in the pace of housing development in Delaware;

the availability and cost of capital resources;

the ability to translate Preliminary Survey & Investigation (PS&I) charges into viable projects; and

other factors discussed elsewhere in this quarterly report.

Index

Many of these factors are beyond the Company’s ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements, which only speak to the Company’s understanding as of the date of this report. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

For an additional discussion of factors that may affect the Company’s business and results of operations, see Item 1A. - Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Overview

Middlesex has operated as a water utility in New Jersey since 1897, in Delaware through our wholly-owned subsidiary, Tidewater Utilities, Inc. (Tidewater), since 1992 and in Pennsylvania through our wholly-owned subsidiary, Twin Lakes Utilities, Inc. (Twin Lakes), since 2009. We are in the business of collecting, treating and distributing water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate a New Jersey municipal water and wastewater system under contract and provide wastewater services in New Jersey and Delaware through our subsidiaries. We are regulated as to rates charged to customers for water and wastewater services, as to the quality of water service we provide and as to certain other matters in New Jersey, Delaware and Pennsylvania. Only our Utility Services Affiliates, Inc. (USA), Utility Services Affiliates (Perth Amboy), Inc. (USA-PA) and White Marsh Environmental Systems, Inc. (White Marsh) subsidiaries are not regulated utilities.

Our New Jersey water utility system (the Middlesex System) provides water services to approximately 60,000 retail customers, primarily in central New Jersey. The Middlesex System also provides water service under contract to several municipalities in central New Jersey. In partnership with our subsidiary, USA-PA, we operate the water supply system and wastewater system for the City of Perth Amboy, New Jersey. Our Bayview system provides water services in Downe Township, New Jersey. Our other New Jersey subsidiaries, Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), provide water and wastewater services to residents in Southampton Township, New Jersey.

USA offers residential customers in New Jersey and Delaware water service line and sewer lateral maintenance programs, which are serviced by HomeServe USA (HomeServe), a leading provider of home maintenance service programs. HomeServe has recently expanded its maintenance offerings under the program to include other household services. USA receives a service fee for the billing, cash collection and other administrative matters associated with HomeServe’s service contracts. In February 2012, USA began to operate a wastewater treatment facility under contract at an industrial site in Southern New Jersey. In July 2012, USA began operating the water and sewer utilities and storm water system of the Borough of Avalon, New Jersey.

Our Delaware subsidiaries, Tidewater and Southern Shores Water Company, LLC (Southern Shores), provide water services to approximately 36,000 retail customers in New Castle, Kent and Sussex Counties, Delaware. Tidewater’s subsidiary, White Marsh, services an additional 4,700 customers in Kent and Sussex Counties through various operations and maintenance contracts.

Our Tidewater Environmental Services, Inc. (TESI) subsidiary provides wastewater services to approximately 2,200 residential retail customers. We expect our regulated wastewater operations in Delaware will eventually become a more significant component of our operations.

Our Pennsylvania subsidiary, Twin Lakes, provides water services to approximately 120 retail customers in the Township of Shohola, Pike County, Pennsylvania.

Index

The majority of our revenue is generated from retail and contract water services to customers in our service areas. We record water service revenue as such service is rendered and include estimates for amounts unbilled at the end of the period for services provided after the last billing cycle. Fixed service charges are billed in advance by our subsidiary, Tidewater, and are recognized in revenue as the service is provided.

Our ability to increase operating income and net income is based significantly on four factors: weather, adequate and timely rate relief, effective cost management, and customer growth. These factors are evident in the discussions below which compare our results of operations with prior periods.

Recent Developments

Rate Matters

Middlesex – In September 2012, Middlesex filed an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to establish a Purchased Water Adjustment Clause and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority and treated water from a non-affiliated regulated water utility. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request.

Pinelands - In August 2012, Pinelands Water and Pinelands Wastewater filed applications with the NJBPU seeking permission to increase base rates by approximately $0.2 million and $0.1 million per year, respectively. These requests were made as a result of capital investments Pinelands Water and Pinelands Wastewater have made, or have committed to make, as well as increased operations and maintenance costs, for both companies. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request. A decision by the NJBPU is not expected until the first half of 2013.

Index

Long-Term Debt Refinancing

In September 2012, Middlesex received approval from the NJBPU to redeem and refinance up to $60 million of First Mortgage Bonds (Bonds) issued through the New Jersey Economic Development Authority. The refinancing of five series of Bonds totaling $57.5 million is expected to be completed in the fourth quarter of 2012.

Contract Awarded to USA

In March 2012, the Borough of Avalon, New Jersey (Avalon) awarded a ten-year operations and maintenance contract to USA for the Avalon water utility, sewer utility and storm water system. In addition to performing the day to day operations, USA is responsible for all billing, collections, customer service, emergency responses and management of capital projects funded by Avalon. USA began operating the systems on July 1, 2012. The contract is expected to contribute less than $0.01 to annual earnings per share. The contract also provides for opportunities to earn additional revenues associated with supplemental work.

Investment in Ridgewood Green RME, LLC

Outlook

Revenues for 2012 and 2013 are expected to be favorably impacted from approved rate increases at Middlesex, Tidewater, TESI, Southern Shores and Twin Lakes. In addition, Pinelands Water and Pinelands Wastewater filed for base rate increases in the third quarter of 2012. Any decision on the Pinelands’ rate filings is expected in 2013.

Ongoing economic conditions continue to negatively impact our customers’ water consumption, particularly the level of water usage by our commercial and industrial customers in our Middlesex system. We are unable to determine when these customers’ water demands may fully return to previous levels, or if a reduced level of demand will continue indefinitely. We were given appropriate recognition for this decrease in customer consumption in Middlesex’s July 2012 rate increase.

Revenues and earnings are influenced by weather. Changes in usage patterns, as well as increases in capital expenditures and operating costs, are the primary factors in determining the need for rate increase requests. We continuously implement plans to streamline operations and reduce operating costs.

Changes in certain actuarial assumptions, including a lower discount rate and revised plan participant mortality factors, as well as a lower actual return in 2011 on assets held in our retirement plan funds, resulted in a significant increase in our underfunded employee benefit plan obligation and will result in higher employee benefit plan expense and cash contributions in 2012. The rate increases recently approved for Tidewater and Middlesex reflected the resulting increased employee benefit plan expenses.

As noted above, Middlesex plans to refinance $57.5 million of its Bonds. This refinancing is expected to result in lower annual interest costs.

As a result of ongoing challenging economic conditions impacting the pace of new residential home construction, there may be an increase in the amount of PS&I costs that will not be currently recoverable in rates. If it is determined that recovery is unlikely, the PS&I costs deemed unrecoverable will be charged against income in the period of determination.

Index

Our strategy is focused on four key areas:

Serve as a trusted and continually-improving provider of safe, reliable and cost-effective water, wastewater and related services;

Provide a comprehensive suite of water and wastewater solutions in the continually-developing Delaware market that results in profitable growth;

Pursue profitable growth in our core states of New Jersey and Delaware, as well as additional states; and

Invest in products, services and other viable opportunities that complement our core competencies.

Operating Results by Segment

The discussion of the Company’s operating results is on a consolidated basis and includes significant factors by subsidiary. The Company has two operating segments, Regulated and Non-Regulated.

The segments in the tables included below consist of the following companies: Regulated-Middlesex, Tidewater, Pinelands, Southern Shores, TESI and Twin Lakes; Non-Regulated- USA, USA-PA, and White Marsh.

Results of Operations – Three Months Ended September 30, 2012


	(In Thousands)
	Three Months Ended September 30,
	2012						2011
	Regulated		Non- Regulated		Total		Regulated		Non- Regulated		Total
Revenues	$	29,002	$	3,351	$	32,353	$	26,119	$	2,552	$	28,671
Operations and maintenance expenses		12,792		2,808		15,600		12,492		2,175		14,667
Depreciation expense		2,586		43		2,629		2,386		35		2,421
Other taxes		3,207		74		3,281		3,000		67		3,067
Operating income		10,417		426		10,843		8,241		275		8,516

Other income, net		197		15		212		336		638		974
Interest expense		1,784		24		1,808		1,680		23		1,703
Income taxes		2,904		205		3,109		2,267		377		2,644
Net income	$	5,926	$	212	$	6,138	$	4,630	$	513	$	5,143

Operating Revenues

Operating revenues for the three months ended September 30, 2012 increased $3.7 million from the same period in 2011. This increase was primarily related to the following factors:

Middlesex System revenues increased $1.9 million, primarily due to:

Sales to General Metered Service (GMS) customers increased by $1.4 million, primarily due to the July 2012 base water rate increase; and

Contract Sales to Municipalities increased by $0.5 million, primarily due to the July 2012 base water rate increase;

Index

Tidewater System revenues increased $1.0 million, primarily due to interim and final rate increases that went into effect in November 2011 and June 2012, respectively, and increased connection fees;

USA’s revenues increased $0.6 million, primarily due to revenues earned under our contracts to operate the Avalon water utility, sewer utility and storm water system and the Eagle Point Biological Wastewater Treatment Facility, both of which commenced in 2012;

USA-PA’s revenues increased $0.2 million, primarily from scheduled increases in the fixed fees paid under contract with the City of Perth Amboy;

Revenues in Southern Shores, TESI and Twin Lakes collectively increased $0.1 million, primarily due to rate increases that went into effect in 2012; and

Operating revenues for all other categories decreased $0.1 million.

Operation and Maintenance Expense

Operation and maintenance expenses for the three months ended September 30, 2012 increased $0.9 million from the same period in 2011. This increase was primarily related to the following factors:

Employee benefit expenses increased $1.1 million, primarily due to changes in certain postretirement benefit plan actuarial assumptions, including a lower discount rate and revised plan participant mortality factors, as well as a lower actual return on assets held in our retirement plan funds;

Labor costs increased $0.1 million, primarily due to higher average labor rates and lower capitalized payroll partially offset by decreased headcount;

Costs associated with distribution system repairs decreased $0.1 million due to a lower number of main breaks in 2012; and

Operation and maintenance expenses for all other categories decreased $0.2 million.

Depreciation

Depreciation expense for the three months ended September 30, 2012 increased $0.2 million from the same period in 2011 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the three months ended September 30, 2012 increased $0.2 million from the same period in 2011, primarily due to increased revenue related taxes on higher taxable revenues in our Middlesex system.

Interest Charges

Interest charges for the three months ended September 30, 2012 increased $0.1 million from the same period in 2011, primarily due to higher average short and long term debt outstanding in the third quarter of 2012 as compared to the third quarter of 2011.

Other Income, net

Other Income, net for the three months ended September 30, 2012 decreased $0.8 million from the same period in 2011, primarily due to a gain of $0.6 million recognized in the third quarter of 2011 resulting from the sale of USA’s LineCare contracts to HomeServe.

Index

Income Taxes

Income taxes for the three months ended September 30, 2012 increased $0.5 million from the same period in 2011, due to increased operating income in 2012 as compared to 2011.

Net Income and Earnings Per Share

Net income for the three months ended September 30, 2012 increased $1.0 million from the same period in 2011. Basic and diluted earnings per share increased to $0.39 and $0.38, respectively, for the three months ended September 30, 2012, as compared to $0.33 and $0.32, respectively, for the three months ended September 30, 2011.

Results of Operations – Nine Months Ended September 30, 2012

	(In Thousands)
	Nine Months Ended September 30,
	2012						2011
	Regulated		Non- Regulated		Total		Regulated		Non- Regulated		Total
Revenues	$	74,232	$	9,068	$	83,300	$	70,708	$	8,061	$	78,769
Operations and maintenance expenses		37,155		7,585		44,740		36,139		6,621		42,760
Depreciation expense		7,639		120		7,759		7,141		109		7,250
Other taxes		8,640		231		8,871		8,535		202		8,737
Operating income		20,798		1,132		21,930		18,893		1,129		20,022

Other income, net		573		78		651		811		753		1,564
Interest expense		4,870		71		4,941		4,557		74		4,631
Income taxes		5,431		539		5,970		4,772		785		5,557
Net income	$	11,070	$	600	$	11,670	$	10,375	$	1,023	$	11,398

Operating Revenues

Operating revenues for the nine months ended September 30, 2012 increased $4.5 million from the same period in 2011. This increase was primarily related to the following factors:

Middlesex System revenues increased $1.1 million, primarily due to:

Sales to GMS customers increased by $1.0 million, primarily due to the July 2012 base water rate increase; and

Contract Sales to Municipalities increased by $0.1 million, primarily due to the July 2012 base water rate increase partially offset by lower customer demand for water;

Tidewater System revenues increased $2.1 million, primarily due to interim and final rate increases that went into effect in November 2011 and June 2012, respectively and increased connection fees;

USA’s revenues increased $0.8 million, primarily due to revenues earned under our contracts to operate the Avalon water utility, sewer utility and storm water system and the Eagle Point Biological Wastewater Treatment Facility, both of which commenced in 2012;

USA-PA’s revenues increased $0.4 million, primarily from scheduled increases in the fixed fees paid under contract with the City of Perth Amboy;

Index

Revenues in Southern Shores, TESI and Twin Lakes collectively increased $0.4 million, primarily due to rate increases that went into effect in 2012; and

Revenues from all other subsidiaries decreased $0.3 million.

Operation and Maintenance Expense

Operation and maintenance expenses for the nine months ended September 30, 2012 increased $2.0 million from the same period in 2011. This increase was primarily related to the following factors:

Employee benefit expenses increased $1.7 million, primarily due to changes in certain postretirement benefit plan actuarial assumptions, including a lower discount rate and revised plan participant mortality factors, as well as a lower actual return on assets held in our retirement plan funds;

Labor costs increased $0.1 million, primarily due to higher average labor rates partially offset by higher capitalized payroll, less overtime expended on main breaks and decreased headcount;

Reserves for bad debts increased $0.1 million;

Costs associated with distribution system repairs decreased $0.2 million, due to more favorable weather conditions, which led to below average number of main breaks in 2012;

Operation and maintenance expenses for all other categories increased $0.3 million.

Depreciation

Depreciation expense for the nine months ended September 30, 2012 increased $0.5 million from the same period in 2011 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the nine months ended September 30, 2012 increased $0.1 million from the same period in 2011, primarily due to increased revenue related taxes on higher taxable revenues in our Middlesex system.

Interest Charges

Interest charges for the nine months ended September 30, 2012 increased $0.3 million from the same period in 2011, primarily due to higher average short and long term debt outstanding in 2012 as compared to 2011.

Other Income, net

Other Income, net for the nine months ended September 30, 2012 decreased $0.9 million from the same period in 2011, primarily due to a gain of $0.6 million recognized in the third quarter of 2011 resulting from the sale of USA’s LineCare contracts to HomeServe and lower Allowance for Funds Used During Construction, resulting from lower average construction work in progress balances.

Income Taxes

Income taxes for the nine months ended September 30, 2012 increased $0.4 million from the same period in 2011, due to increased operating income in 2012 as compared to 2011.

Index

Net Income and Earnings Per Share

Net income for the nine months ended September 30, 2012 increased $0.3 million from the same period in 2011. Basic and diluted earnings per share increased to $0.73 for the nine months ended September 30, 2012 as compared to $0.72 for the nine months ended September 30, 2011.

Liquidity and Capital Resources

Operating Cash Flows

Cash flows from operations are largely based on four factors: weather, adequate and timely rate increases, effective cost management and customer growth. The effect of those factors on net income is discussed in “Results of Operations.”

For the nine months ended September 30, 2012, cash flows from operating activities increased $4.1 million to $21.2 million. Decreased operations and developer contracts receivable and timing of certain income tax payments were the primary reason for the increase in cash flow. The $21.2 million of net cash flow from operations enabled us to fund 100.0% of our utility plant expenditures internally for the period.

Capital Expenditures and Commitments

To fund our capital program, we use internally generated funds, short-term and long-term debt borrowings and, when market conditions are favorable, proceeds from sales of common stock under our Amended and Restated Dividend Reinvestment and Common Stock Purchase Plan (DRP) and common stock offerings. See below for a more detailed discussion regarding the funding of our capital program.

The capital investment program for 2012 is currently estimated to be $21.8 million. Through September 30, 2012, we have expended $17.9 million and expect to incur approximately $3.9 million for capital projects for the remainder of 2012.

We currently project that we may expend approximately $34.0 million for capital projects in 2013 and 2014. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain capital projects.

To fund our capital program for the remainder of 2012, we plan on utilizing:

Internally generated funds

Proceeds from the sale of common stock through the DRP

Funds available and held in trust under existing New Jersey and Delaware State Revolving Fund (SRF) loans (currently, $2.6 million and $0.9 million, respectively). The SRF programs provide low cost financing for projects that meet certain water quality and system improvement benchmarks.

Short-term borrowings, if necessary, through $60.0 million of available lines of credit with several financial institutions. As of September 30, 2012, the outstanding borrowings under these credit lines were $27.8 million.

Recent Accounting Pronouncements – See Note 1 of the Notes to Unaudited Condensed Consolidated Financial Statements for a discussion of recent accounting pronouncements.

Index

Item 3. Quantitative and Qualitative Disclosures of Market Risk

The Company is subject to the risk of fluctuating interest rates in the normal course of business. Our policy is to manage interest rates through the use of fixed rate long-term debt and, to a lesser extent, short-term debt. The Company’s interest rate risk related to existing fixed rate, long-term debt is not material due to the term of the majority of our Bonds, which have final maturity dates ranging from 2018 to 2038. Over the next twelve months, approximately $5.1 million of the current portion of 35 existing long-term debt instruments will mature. Applying a hypothetical change in the rate of interest charged by 10% on those borrowings, would not have a material effect on our earnings.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15 under the Securities and Exchange Act of 1934 (the Exchange Act), an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures was conducted by the Company’s Chief Executive Officer along with the Company’s Chief Financial Officer. Based upon that evaluation, the Company’s Chief Executive Officer and the Company’s Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective as of the end of the period covered by this Report. There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in Company reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding disclosure.

Index

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

None.

Item 1A.

Risk Factors

The information about risk factors does not differ materially from those set forth in Part I, Item 1A. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

Index

Item 6.	Exhibits

31.1	Section 302 Certification by Dennis W. Doll pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

31.2	Section 302 Certification by A. Bruce O’Connor pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

32.1	Section 906 Certification by Dennis W. Doll pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.2	Section 906 Certification by A. Bruce O’Connor pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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Index

SIGNATURES

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

	MIDDLESEX WATER COMPANY

	By:	/s/A. Bruce O’Connor
		A. Bruce O’Connor
		Vice President and
		Chief Financial Officer
		(Principal Accounting Officer)

Date: October 26, 2012

EX-31.1 2 ex31-1.htm EX-31.1

Exhibit 31.1

SECTION 302 CERTIFICATION PURSUANT TO RULES 13a-14

AND 15d-14 OF THE SECURITIES EXCHANGE ACT OF 1934

I, Dennis W. Doll, certify that:

I have reviewed this quarterly report on Form 10-Q of Middlesex Water Company;

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;

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;

The registrant’s other certifying officer 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;

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;

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;

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

Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth 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

The registrant’s other certifying officer 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 registrant’s board of directors (or persons performing the equivalent function):

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

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/ Dennis W. Doll
	Dennis W. Doll
	Chief Executive Officer

Date: October 26, 2012

EX-31.2 3 ex31-2.htm EX-31.2

Exhibit 31.2

SECTION 302 CERTIFICATION PURSUANT TO RULES 13a-14

AND 15d-14 OF THE SECURITIES EXCHANGE ACT OF 1934

I, A. Bruce O’Connor, certify that:

I have reviewed this quarterly report on Form 10-Q of Middlesex Water Company;

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/ A. Bruce O’Connor
	A. Bruce O’Connor
	Chief Financial Officer

Date: October 26, 2012

EX-32.1 4 ex32-1.htm EX-32.1

Exhibit 32.1

SECTION 906 CERTIFICATION PURSUANT TO 18 U.S.C. §1350

I, Dennis W. Doll, hereby certify that, to the best of my knowledge, the periodic report being filed herewith containing financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and that information contained in said periodic report fairly presents, in all material respects, the financial condition and results of operations of Middlesex Water Company for the period covered by said periodic report.

	/s/ Dennis W. Doll
	Dennis W. Doll
	Chief Executive Officer

Date: October 26, 2012

A signed original of this written statement required by Section 906 has been provided to Middlesex Water Company and will be retained by Middlesex Water Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 ex32-2.htm EX-32.2

Exhibit 32.2

SECTION 906 CERTIFICATION PURSUANT TO 18 U.S.C. §1350

I, A. Bruce O’Connor, hereby certify that, to the best of my knowledge, the periodic report being filed herewith containing financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and that information contained in said periodic report fairly presents, in all material respects, the financial condition and results of operations of Middlesex Water Company for the period covered by said periodic report.

	/s/ A. Bruce O’Connor
	A. Bruce O’Connor
	Chief Financial Officer

Date: October 26, 2012

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Note 2 Rate Matters   Middlesex - In September 2012, Middlesex filed an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to establish a Purchased Water Adjustment Clause and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority (NJWSA) and treated water from a non-affiliated regulated water utility. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request.   In July 2012, the NJBPU approved an $8.1 million increase in Middlesexs base water rates. A base rate increase request of $11.3 million was filed in January 2012 to seek recovery of increased costs of operations, chemicals and fuel, electricity, taxes, labor and benefits, decreases in industrial and commercial customer demand patterns, as well as capital investment. The new base water rates are designed to recover these increased costs, as well as a return on invested capital in rate base of $202.4 million based on a return on equity of 10.15%. The rate increase became effective on July 20, 2012.   Pinelands - In August 2012, Pinelands Water and Pinelands Wastewater filed applications with the NJBPU seeking permission to increase base rates by approximately $0.2 million and $0.1 million per year, respectively. These requests were made as a result of capital investments Pinelands Water and Pinelands Wastewater have made, or have committed to make, as well as increased operations and maintenance costs for both companies. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request. A decision by the NJBPU is not expected until the first half of 2013.   Tidewater In June 2012, the Delaware Public Service Commission (DEPSC) approved a $3.9 million increase in Tidewaters base water rates. A base rate increase request of $6.9 million was filed in September 2011 to seek recovery of increased costs for operations, maintenance and taxes, as well as capital investment. Under PSC regulations, Tidewater had implemented interim rates in November 2011, which amounted to approximately $2.5 million on an annual basis. The new final base rates will reflect the remaining $1.4 million and became effective June 19, 2012.   TESI In June 2012, the DEPSC approved a $0.6 million increase in TESIs base wastewater rates, a portion of which is to be phased in through 2015. A base rate increase request of $0.8 million was filed in July 2011 to seek recovery of increased operation and maintenance costs, as well as capital investment. Under PSC regulations, TESI had implemented interim rates in September 2011, which amounted to approximately $0.1 million on an annual basis. The new final base rates became effective June 5, 2012. Note 3 Capitalization   Common Stock During the nine months ended September 30, 2012, there were 64,034 common shares (approximately $1.2 million) issued under the Companys Amended and Restated Dividend Reinvestment and Common Stock Purchase Plan.   The Company maintains a stock plan for its non-management directors (Outside Director Stock Compensation Plan). In May 2012, the Company granted and issued 5,768 shares of common stock (approximately $0.1 million) to the non-management directors under the plan.   Long-term Debt In September 2012, Middlesex received approval from the NJBPU to redeem and refinance up to $60 million of First Mortgage Bonds (Bonds) issued through the New Jersey Economic Development Authority (NJEDA). The refinancing of five series of Bonds totaling $57.5 million is expected to be completed in the fourth quarter of 2012.   In May 2012, Middlesex borrowed $3.9 million through the New Jersey Environmental Infrastructure Trust under the New Jersey State Revolving Fund (SRF) loan program and issued Bonds designated as Series OO ($3.0 million) and Series PP ($0.9 million).  The interest rate on the Series OO Bonds is zero and the interest rate on the Series PP Bonds ranges from 2.0% to 5.0% depending on the serial maturity date. The final maturity date for the Bonds is August 1, 2031. Proceeds may only be used for the Middlesex 2012 RENEW Program, which is Middlesexs program to clean and cement unlined mains in the Middlesex system.   In March 2011, Tidewater closed on a $2.8 million loan with the Delaware SRF program which allows, but does not obligate, Tidewater to draw against a General Obligation Note for a specific project. The interest rate on any draw will be set at 3.75% with a final maturity of July 1, 2031 on the amount actually borrowed. As of September 30, 2012, Tidewater has borrowed $2.7 million against this loan.   In March 2011, Southern Shores closed on a $1.6 million loan with the Delaware SRF program, which allows, but does not obligate, Southern Shores to draw against a General Obligation Note for a specific. The interest rate on any draw will be set at 3.75% with a final maturity of November 30, 2030 on the amount actually borrowed. As of September 30, 2012, Southern Shores has borrowed $1.4 million against this loan.   Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of the Companys long-term debt relating to Bonds and SRF Notes is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds and SRF Notes in the table below are classified as Level 2 measurements. The carrying amount and fair market value of the Companys bonds were as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(Thousands of Dollars)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">September 30, 2012</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">December 31, 2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Carrying</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Fair</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Carrying</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Fair</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Amount</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Value</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Amount</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Value</td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Bonds</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">88,275</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">89,422</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">86,577</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">87,283</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">SRF Notes</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">709</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">712</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">793</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">799</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>   For other long-term debt for which there was no quoted market price, it was not practicable to estimate their fair value. The carrying amount of these instruments was $48.5 million at September 30, 2012 and $49.3 million at December 31, 2011. Customer advances for construction have a carrying amount of $22.0 million and $21.9 million, respectively, at September 30, 2012 and December 31, 2011. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

Note 4 Earnings Per Share   Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.   <table cellspacing="0" cellpadding="0" align="center" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"> </td> <td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"> </td> <td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center">2012</td> <td> </td> <td colspan="7" style="text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font-weight: bold">Basic:</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Income</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Income</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 52%">Net Income</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">6,138</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%">15,741</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">5,143</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%">15,622</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Preferred Dividend</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(52</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(52</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Earnings Applicable to Common Stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">6,086</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,741</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,091</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,622</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Basic EPS</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.39</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.33</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold">Diluted:</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Earnings Applicable to Common Stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">6,086</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,741</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,091</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,622</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">$7.00 Series Preferred Dividend</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">167</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">167</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">$8.00 Series Preferred Dividend</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">96</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">96</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">6,124</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,004</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,129</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,885</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Diluted EPS</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.38</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.32</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr></table>     <table cellspacing="0" cellpadding="0" align="center" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: justify; font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands Except per Share Amounts)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: justify; font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Nine Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: justify; font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">2012</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Basic:</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Income</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Income</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Shares</td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 52%; font: 10pt Times New Roman, Times, Serif">Net Income</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">11,670</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">15,717</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">11,398</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">15,599</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Preferred Dividend</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(155</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(155</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">Earnings Applicable to Common Stock</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,515</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,717</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,243</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,599</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Basic EPS</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.72</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Diluted:</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">Earnings Applicable to Common Stock</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,515</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,717</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,243</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,599</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$7.00 Series Preferred Dividend</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">167</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">167</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">$8.00 Series Preferred Dividend</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">96</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">96</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">Adjusted Earnings Applicable to  Common Stock</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,630</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,980</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,358</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,862</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Diluted EPS</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.72</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

Note 6 Short-term Borrowings   As of September 30, 2012, the Company has established lines of credit aggregating $60.0 million. At September 30, 2012, the outstanding borrowings under these credit lines were $27.8 million at a weighted average interest rate of 1.41%.   The weighted average daily amounts of borrowings outstanding under the Companys credit lines and the weighted average interest rates on those amounts were as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">($ In Thousands)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended September 30,</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Nine Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Average Daily Amounts Outstanding</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">26,867</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">21,995</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">25,122</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">19,629</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted Average Interest Rates</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.52</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.32</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.41</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.50</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td></tr></table>   The maturity dates for the $27.8 million outstanding as of September 30, 2012 are all in October 2012 and are extendable at the discretion of the Company.   Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances.

Note 7 Commitments and Contingent Liabilities   Contract Operations - USA-PA operates the City of Perth Amboy, New Jerseys water and wastewater systems under a 20-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a 20-year subcontract with a wastewater operating company for the operation and maintenance of the Perth Amboy wastewater collection system. The subcontract provides for the sharing of certain fixed and variable fees and operating expenses.   Water Supply Middlesex has an agreement with the NJWSA for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.   Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2016, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases.   Purchased water costs are shown below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: normal"> </td> <td colspan="15" style="text-align: center; font-weight: normal">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid; font-weight: normal"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal">Three Months Ended September 30,</td> <td style="border-bottom: black 1pt solid; font-weight: normal"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 52%">Treated</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">772</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">682</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">2,266</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">1,974</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 1pt">Untreated</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">663</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">672</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,791</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,794</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Costs</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">1,435</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">1,354</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">4,057</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">3,768</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td></tr></table>   Construction The Company has budgeted approximately $21.8 million on its construction program in 2012. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.   Litigation The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Companys consolidated financial statements.   Change in Control Agreements The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

Note 8 Employee Benefit Plans   Pension Benefits The Companys Pension Plan covers substantially all employees hired prior to March 31, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution into a self-directed retirement account at the discretion of the Company, based upon a percentage of the participants compensation. In order to be eligible for contribution, the participating employee must be employed by the Company on December 31st of the year to which the award relates. For each of the three months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $1.8 million. For each of the nine months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $2.5 million. The Company expects to make additional Pension Plan cash contributions of approximately $1.0 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.   Other Benefits The Companys Other Benefits Plan covers substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $1.8 million and $1.5 million, respectively. For the nine months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $2.5 million and $2.0 million, respectively. The Company expects to make additional Other Benefits Plan cash contributions of approximately $1.0 million over the remainder of the current year.   The following tables set forth information relating to the Companys periodic costs for its employee retirement benefit plans:   <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Pension Benefits</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Other Benefits</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Service Cost</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">550</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">394</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">446</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">326</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Interest Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">604</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">566</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">467</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">401</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Expected Return on Assets</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(615</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(571</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(314</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(256</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Losses</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">387</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">141</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">441</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">219</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Prior Service Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">2</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">2</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Transition Obligation</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Net Periodic Benefit Cost</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">928</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">532</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,073</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">723</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr></table>   <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Pension Benefits</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Other Benefits</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Nine Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Service Cost</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">1,649</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">1,181</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">1,338</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">979</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Interest Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,812</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,696</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,401</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,203</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Expected Return on Assets</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,844</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,712</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(943</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(769</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Losses</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,162</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">424</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,324</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">658</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Prior Service Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">7</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">7</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Transition Obligation</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">101</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">101</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Net Periodic Benefit Cost</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,786</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,596</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,221</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,172</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr></table>

The carrying amount and fair market value of the Companys bonds were as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(Thousands of Dollars)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">September 30, 2012</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">December 31, 2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Carrying</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Fair</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Carrying</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Fair</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Amount</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Value</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Amount</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Value</td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Bonds</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">88,275</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">89,422</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">86,577</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">87,283</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">SRF Notes</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">709</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">712</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">793</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">799</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

<table cellspacing="0" cellpadding="0" align="center" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"> </td> <td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"> </td> <td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center">2012</td> <td> </td> <td colspan="7" style="text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font-weight: bold">Basic:</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Income</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Income</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 52%">Net Income</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">6,138</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%">15,741</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">5,143</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%">15,622</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Preferred Dividend</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(52</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(52</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Earnings Applicable to Common Stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">6,086</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,741</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,091</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,622</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Basic EPS</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.39</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.33</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold">Diluted:</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Earnings Applicable to Common Stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">6,086</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,741</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,091</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,622</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">$7.00 Series Preferred Dividend</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">167</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">167</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">$8.00 Series Preferred Dividend</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">96</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">96</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">6,124</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,004</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">5,129</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,885</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; font-weight: bold">Diluted EPS</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.38</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.32</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr></table>     <table cellspacing="0" cellpadding="0" align="center" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: justify; font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands Except per Share Amounts)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: justify; font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Nine Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: justify; font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">2012</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Basic:</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Income</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Shares</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Income</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Shares</td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 52%; font: 10pt Times New Roman, Times, Serif">Net Income</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">11,670</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">15,717</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">11,398</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">15,599</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Preferred Dividend</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(155</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(155</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">Earnings Applicable to Common Stock</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,515</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,717</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,243</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,599</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Basic EPS</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.72</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Diluted:</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">Earnings Applicable to Common Stock</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,515</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,717</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,243</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,599</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$7.00 Series Preferred Dividend</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">167</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">167</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">$8.00 Series Preferred Dividend</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">96</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">96</td> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">Adjusted Earnings Applicable to  Common Stock</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,630</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,980</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,358</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,862</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Diluted EPS</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.73</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">0.72</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

The weighted average daily amounts of borrowings outstanding under the Companys credit lines and the weighted average interest rates on those amounts were as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">($ In Thousands)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended September 30,</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Nine Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Average Daily Amounts Outstanding</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">26,867</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">21,995</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">25,122</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">19,629</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted Average Interest Rates</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.52</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.32</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.41</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1.50</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">%</td></tr></table>

Purchased water costs are shown below:    <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: normal"> </td> <td colspan="15" style="text-align: center; font-weight: normal">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid; font-weight: normal"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal">Three Months Ended September 30,</td> <td style="border-bottom: black 1pt solid; font-weight: normal"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center; font-weight: normal">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2011</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 52%">Treated</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">772</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">682</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">2,266</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 9%">1,974</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 1pt">Untreated</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">663</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">672</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,791</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,794</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Costs</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">1,435</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">1,354</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">4,057</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">3,768</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td></tr></table>

The following tables set forth information relating to the Companys periodic costs for its employee retirement benefit plans:    <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Pension Benefits</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">Other Benefits</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Service Cost</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">550</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">394</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">446</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">326</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Interest Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">604</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">566</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">467</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">401</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Expected Return on Assets</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(615</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(571</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(314</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(256</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Losses</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">387</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">141</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">441</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">219</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Prior Service Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">2</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">2</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Transition Obligation</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Net Periodic Benefit Cost</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">928</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">532</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,073</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">723</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr></table>   <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Pension Benefits</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">Other Benefits</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Nine Months Ended September 30,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2012</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; width: 52%; font: 10pt Times New Roman, Times, Serif">Service Cost</td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">1,649</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">1,181</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">1,338</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif">$</td> <td nowrap="nowrap" style="text-align: right; width: 9%; font: 10pt Times New Roman, Times, Serif">979</td> <td nowrap="nowrap" style="text-align: left; width: 1%; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Interest Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,812</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,696</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,401</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,203</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Expected Return on Assets</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,844</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,712</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(943</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">(769</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Losses</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,162</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">424</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,324</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">658</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Unrecognized Prior Service Cost</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">7</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">7</td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"></td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Amortization of Transition Obligation</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"></td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">101</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">101</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif">Net Periodic Benefit Cost</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,786</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,596</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,221</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,172</td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr></table>

Note 1 Basis of Presentation and Recent Developments   Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates  (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.   The consolidated notes within the 2011 Annual Report on Form 10-K (the 2011 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of September 30, 2012, the results of operations for the three and nine month periods ended September 30, 2012 and 2011 and cash flows for the nine month periods ended September 30, 2012 and 2011. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2011, has been derived from the Companys audited financial statements for the year ended December 31, 2011 included in the 2011 Form 10-K.   Contract Awarded to USA In March 2012, the Borough of Avalon, New Jersey (Avalon) awarded a ten-year operations and maintenance contract to USA for the Avalon water utility, sewer utility and storm water system. In addition to performing the day to day operations, USA is responsible for all billing, collections, customer service, emergency responses and management of capital projects funded by Avalon. USA began operating the systems on July 1, 2012.   Investment in Ridgewood Green RME, LLC Middlesex and NSU Ridgewood, LLC, a wholly-owned subsidiary of Natural Systems Utilities, LLC, formed a joint venture, Ridgewood Green RME, LLC, (Ridgewood Green), which entered into a 20-year public-private partnership with the Village of Ridgewood, New Jersey (Ridgewood) whereby Ridgewood Green will design, build, own and operate facilities to optimize the production of electricity at Ridgewoods municipal wastewater treatment plant. Operation of the facilities is expected to begin in the first quarter of 2013.      Recent Accounting Guidance Fair Value Measurements and Disclosures In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2011-04, which amends Accounting Standards Codification 820, Fair Value Measurements and Disclosures, 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 was effective for interim and annual periods beginning after December 15, 2011. The Companys adoption of ASU 2011-04 resulted in expanded fair value disclosures and did not have any impact on the Companys results of operations, cash flows or financial position.

Note 5 Business Segment Data   The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey, Delaware and Pennsylvania. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey, Delaware and Pennsylvania with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands)</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Three Months Ended September 30,</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Operations by Segments:</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2011</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Revenues:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="width: 52%; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">29,085</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">26,262</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">74,385</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">70,935</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,441</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,605</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,288</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,220</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Inter-segment Elimination</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(173</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(196</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(373</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(386</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Revenues</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,353</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">28,671</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,300</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">78,769</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Operating Income:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,417</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,241</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">20,798</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">18,893</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">426</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">275</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,132</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,129</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Operating Income</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,843</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,516</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,930</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,022</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net Income:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,926</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,630</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,070</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,375</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">212</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">513</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">600</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,023</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Net Income</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,138</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,143</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,670</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,398</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Capital Expenditures:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,229</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,389</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">17,564</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">17,245</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">219</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">322</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">402</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Total Capital Expenditures</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,312</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,608</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,886</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,647</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> As of September 30, 2012</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> As of December 31, 2011</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Assets:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="width: 76%; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">546,879</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">539,947</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,321</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,325</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Inter-segment Elimination</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,150</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,736</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Assets</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">548,050</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">537,536</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr></table>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><td nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif">(In Thousands)</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Three Months Ended September 30,</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Operations by Segments:</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2011</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">2011</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Revenues:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="width: 52%; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">29,085</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">26,262</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">74,385</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">70,935</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,441</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,605</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,288</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,220</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Inter-segment Elimination</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(173</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(196</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(373</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(386</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Revenues</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,353</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">28,671</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,300</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">78,769</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Operating Income:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,417</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,241</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">20,798</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">18,893</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">426</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">275</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,132</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,129</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Operating Income</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,843</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,516</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">21,930</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,022</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net Income:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,926</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,630</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,070</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,375</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">212</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">513</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">600</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,023</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Net Income</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,138</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,143</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,670</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,398</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Capital Expenditures:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,229</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,389</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">17,564</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">17,245</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">219</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">322</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">402</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Total Capital Expenditures</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,312</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,608</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,886</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,647</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> As of September 30, 2012</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; font: 10pt Times New Roman, Times, Serif"> As of December 31, 2011</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Assets:</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="width: 76%; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Regulated</td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">546,879</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td><td nowrap="nowrap" style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">539,947</td><td nowrap="nowrap" style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">  Non Regulated</td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,321</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td><td nowrap="nowrap" style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,325</td><td nowrap="nowrap" style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Inter-segment Elimination</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,150</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,736</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif"> <td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Consolidated Assets</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">548,050</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">537,536</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr></table>

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Employee Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Pension Benefits
Periodic costs for employee retirement benefit plans
Service Cost	$ 550	$ 446	$ 1,649	$ 1,181
Interest Cost	604	467	1,812	1,696
Expected Return on Assets	(615)	(314)	(1,844)	(1,712)
Amortization of Unrecognized Losses	387	441	1,162	424
Amortization of Unrecognized Prior Service Cost	2		7	7
Amortization of Transition Obligation		33
Net Periodic Benefit Cost	928	1,073	2,786	1,596
Other Benefits
Periodic costs for employee retirement benefit plans
Service Cost	394	326	1,338	979
Interest Cost	566	401	1,401	1,203
Expected Return on Assets	(571)	(256)	(943)	(769)
Amortization of Unrecognized Losses	141	219	1,324	658
Amortization of Unrecognized Prior Service Cost	2
Amortization of Transition Obligation		33	101	101
Net Periodic Benefit Cost	$ 532	$ 723	$ 3,221	$ 2,172

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

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+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References+ Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

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Capitalization (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Carrying amount
Bonds	$ 88,275	$ 86,577
SRF Bonds	709	793
Fair value
Bonds	89,422	87,283
SRF Bonds	$ 712	$ 799

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Rate Matters

9 Months Ended

Sep. 30, 2012

Rate Matters

Rate Matters

Note 2 – Rate Matters

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Sep. 30, 2011

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Commitments and Contingent Liabilities (Details Narrative) (USD $)
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9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Term of water and wastewater system agreement USA-PA operates the City of Perth Amboy, NJ's water and wastewater systems under a 20-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a 20-year subcontract with a wastewater operating company

Commitment of purchase of untreated water Middlesex has an agreement with the NJWSA for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process.

Minimum treated water purchase commitment Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2016, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases.

Budgeted construction cost for construction program in 2012 $ 21,800

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Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

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Treated $ 772 $ 682 $ 2,266 $ 1,974

Untreated 663 672 1,791 1,794

Total Costs $ 1,435 $ 1,354 $ 4,057 $ 3,768

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Basis of Presentation and Recent Developments
9 Months Ended

Sep. 30, 2012

Basis Of Presentation And Recent Developments

Basis of Presentation and Recent Developments
Note 1 – Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2011 Annual Report on Form 10-K (the 2011 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of September 30, 2012, the results of operations for the three and nine month periods ended September 30, 2012 and 2011 and cash flows for the nine month periods ended September 30, 2012 and 2011. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2011, has been derived from the Company’s audited financial statements for the year ended December 31, 2011 included in the 2011 Form 10-K.

Contract Awarded to USA

In March 2012, the Borough of Avalon, New Jersey (Avalon) awarded a ten-year operations and maintenance contract to USA for the Avalon water utility, sewer utility and storm water system. In addition to performing the day to day operations, USA is responsible for all billing, collections, customer service, emergency responses and management of capital projects funded by Avalon. USA began operating the systems on July 1, 2012.

Investment in Ridgewood Green RME, LLC

Middlesex and NSU Ridgewood, LLC, a wholly-owned subsidiary of Natural Systems Utilities, LLC, formed a joint venture, Ridgewood Green RME, LLC, (Ridgewood Green), which entered into a 20-year public-private partnership with the Village of Ridgewood, New Jersey (Ridgewood) whereby Ridgewood Green will design, build, own and operate facilities to optimize the production of electricity at Ridgewood’s municipal wastewater treatment plant. Operation of the facilities is expected to begin in the first quarter of 2013.

Recent Accounting Guidance

Fair Value Measurements and Disclosures – In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2011-04, which amends Accounting Standards Codification 820, Fair Value Measurements and Disclosures, 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 was effective for interim and annual periods beginning after December 15, 2011. The Company’s adoption of ASU 2011-04 resulted in expanded fair value disclosures and did not have any impact on the Company’s results of operations, cash flows or financial position.

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Employee Benefit Plans (Details Narrative) (USD $)
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Cash contributions by employer $ 1,800 $ 1,800 $ 2,500 $ 2,500

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
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Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Income Statement [Abstract]

Operating Revenues $ 32,353 $ 28,671 $ 83,300 $ 78,769

Operating Expenses:

Operations and Maintenance 15,600 14,667 44,740 42,760

Depreciation 2,629 2,421 7,759 7,250

Other Taxes 3,281 3,067 8,871 8,737

Total Operating Expenses 21,510 20,155 61,370 58,747

Operating Income 10,843 8,516 21,930 20,022

Other Income (Expense):

Allowance for Funds Used During Construction 110 235 383 626

Other Income 106 759 423 1,118

Other Expense (4) (20) (155) (180)

Total Other Income, net 212 974 651 1,564

Interest Charges 1,808 1,703 4,941 4,631

Income before Income Taxes 9,247 7,787 17,640 16,955

Income Taxes 3,109 2,644 5,970 5,557

Net Income 6,138 5,143 11,670 11,398

Preferred Stock Dividend Requirements 52 52 155 155

Earnings Applicable to Common Stock $ 6,086 $ 5,091 $ 11,515 $ 11,243

Earnings per share of Common Stock:

Basic $ 0.39 $ 0.33 $ 0.73 $ 0.72

Diluted $ 0.38 $ 0.32 $ 0.73 $ 0.72

Average Number of Common Shares Outstanding:

Basic 15,741,000 15,622,000 15,717,000 15,599,000

Diluted 16,004,000 15,885,000 15,980,000 15,862,000

Cash Dividends Paid per Common Share $ 0.1850 $ 0.1825 $ 0.5550 $ 0.5475

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CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2012

Dec. 31, 2011

Common Stock, No Par Value; Shares Authorized- 40,000; Shares Outstanding- 2012 - 15,752, 2011 - 15,682 $ 143,081 $ 141,432

Retained Earnings 38,344 35,549

TOTAL COMMON EQUITY 181,425 176,981

TOTAL PREFERRED STOCK 3,353 3,353

Long-term Debt:

8.05%, Amortizing Secured Note, due December 20, 2021 2,208 2,319

6.25%, Amortizing Secured Note, due May 19, 2028 6,580 6,895

6.44%, Amortizing Secured Note, due August 25, 2030 5,017 5,227

6.46%, Amortizing Secured Note, due September 19, 2031 5,297 5,507

4.22%, State Revolving Trust Note, due December 31, 2022 527 546

3.30% to 3.60%, State Revolving Trust Note, due May 1, 2025 3,502 3,623

3.49%, State Revolving Trust Note, due January 25, 2027 602 633

4.03%, State Revolving Trust Note, due December 1, 2026 805 825

4.00% to 5.00%, State Revolving Trust Note, due August 1, 2021 389 434

0.00%, State Revolving Fund Note, due August 1, 2021 320 359

3.64%, State Revolving Trust Note, due July 1, 2028 356 364

3.64%, State Revolving Trust Note, due January 1, 2028 119 122

3.45%, State Revolving Trust Note, due August 1, 2031 392 39

6.59%, Amortizing Secured Note, due April 20, 2029 5,784 6,046

7.05%, Amortizing Secured Note, due January 20, 2030 4,333 4,521

5.69%, Amortizing Secured Note, due January 20, 2030 8,889 9,273

3.75%, State Revolving Trust Note, due July 1, 2031 2,664 2,021

3.75%, State Revolving Trust Note, due November 30, 2030 1,415 1,404

First Mortgage Bonds:

5.20%, Series S, due October 1, 2022 12,000 12,000

5.25%, Series T, due October 1, 2023 6,500 6,500

5.25%, Series V, due February 1, 2029 10,000 10,000

5.35%, Series W, due February 1, 2038 23,000 23,000

0.00%, Series X, due September 1, 2018 322 375

4.25% to 4.63%, Series Y, due September 1, 2018 355 410

0.00%, Series Z, due September 1, 2019 782 894

5.25% to 5.75%, Series AA, due September 1, 2019 955 1,080

0.00%, Series BB, due September 1, 2021 1,085 1,206

4.00% to 5.00%, Series CC, due September 1, 2021 1,275 1,400

5.10%, Series DD, due January 1, 2032 6,000 6,000

0.00%, Series EE, due August 1, 2023 4,385 4,804

3.00% to 5.50%, Series FF, due August 1, 2024 5,755 6,160

0.00%, Series GG, due August 1, 2026 1,262 1,352

4.00% to 5.00%, Series HH, due August 1, 2026 1,560 1,640

0.00%, Series II, due August 1, 2024 1,059 1,150

3.40% to 5.00%, Series JJ, due August 1, 2027 1,490 1,560

0.00%, Series KK, due August 1, 2028 1,434 1,526

5.00% to 5.50%, Series LL, due August 1, 2028 1,570 1,635

0.00%, Series MM, due August 1, 2030 1,801 1,901

3.00% to 4.375%, Series NN, due August 1, 2030 1,910 1,985

0.00%, Series OO, due August 1, 2031 2,860

2.00% to 5.00%, Series PP, due August 1, 2031 915

SUBTOTAL LONG-TERM DEBT 137,474 136,736

Less: Current Portion of Long-term Debt (5,064) (4,569)

TOTAL LONG-TERM DEBT 132,410 132,167

Cumulative Preferred Stock

TOTAL PREFERRED STOCK

Convertible Preferred Stock $7.00 Series

TOTAL PREFERRED STOCK 1,457 1,457

Convertible Preferred Stock $8.00 Series

TOTAL PREFERRED STOCK 816 816

Nonredeemable Preferred Stock $7.00 Series

TOTAL PREFERRED STOCK 80 80

Nonredeemable Preferred Stock $4.75 Series

TOTAL PREFERRED STOCK $ 1,000 $ 1,000

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Capitalization (Details Narrative) (USD $)
In Thousands, except Share data, unless otherwise specified
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Sep. 30, 2012

Dec. 31, 2011

Schedule of Capitalization [Line Items]

Dividend Reinvestment and Common Stock Purchase Plan, shares 64,034

Dividend Reinvestment and Common Stock Purchase Plan $ 1,200

Outside director compensation plan, shares 5,768

Outside director compensation plan 100

Outstanding borrowings under loan 137,474 136,736

Customer advances for construction 22,042 21,944

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Bonds to be refinanced, total 57,500

Carrying amount

Schedule of Capitalization [Line Items]

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New Jersey Enviornmental Trust Fund

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Series OO

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Series PP

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Interest, maximum 5.00%

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Subsidiaries [Member] | Loan - Delaware SRF Program

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Final Maturity Date Jul. 01, 2031

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Southern Shore | Loan - Delaware SRF Program

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CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parenthetical) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Common Stock, Par Value

Common Stock, Shares Authorized 40,000 40,000

Common Stock, Shares Outstanding 15,752 15,682

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Cumulative Preferred Stock

Preferred Stock, Par Value

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Preferred Stock, Shares Outstanding 32 32

Convertible Preferred Stock $7.00 Series

Preferred Stock, Par Value

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Convertible Preferred Stock $8.00 Series

Preferred Stock, Par Value

Preferred Stock, Shares Outstanding 7 7

Nonredeemable Preferred Stock $7.00 Series

Preferred Stock, Par Value

Preferred Stock, Shares Outstanding 1 1

Nonredeemable Preferred Stock $4.75 Series

Preferred Stock, Par Value

Preferred Stock, Shares Outstanding 10 10

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2012

Dec. 31, 2011

UTILITY PLANT:

Water Production $ 129,464 $ 127,827

Transmission and Distribution 334,921 326,629

General 53,999 47,519

Construction Work in Progress 12,933 12,575

TOTAL 531,317 514,550

Less Accumulated Depreciation 98,027 92,351

UTILITY PLANT - NET 433,290 422,199

CURRENT ASSETS:

Cash and Cash Equivalents 1,798 3,106

Accounts Receivable, net 13,213 11,280

Unbilled Revenues 6,902 4,842

Materials and Supplies (at average cost) 1,452 2,023

Prepayments 2,262 1,622

TOTAL CURRENT ASSETS 25,627 22,873

DEFERRED CHARGES AND OTHER ASSETS:

Unamortized Debt Expense 2,509 2,611

Preliminary Survey and Investigation Charges 5,216 5,179

Regulatory Assets 65,438 67,302

Operations and Developer Receivable 1,847 5,300

Restricted Cash 4,053 3,260

Non-utility Assets - Net 9,638 8,182

Other 432 630

TOTAL DEFERRED CHARGES AND OTHER ASSETS 89,133 92,464

TOTAL ASSETS 548,050 537,536

CAPITALIZATION:

Common Stock, No Par Value 143,081 141,432

Retained Earnings 38,344 35,549

TOTAL COMMON EQUITY 181,425 176,981

Preferred Stock 3,353 3,353

Long-term Debt 132,410 132,167

TOTAL CAPITALIZATION 317,188 312,501

CURRENT LIABILITIES:

Current Portion of Long-term Debt 5,064 4,569

Notes Payable 27,750 24,250

Accounts Payable 4,242 5,706

Accrued Taxes 9,240 7,847

Accrued Interest 1,321 1,628

Unearned Revenues and Advanced Service Fees 753 734

Other 1,489 1,953

TOTAL CURRENT LIABILITIES 49,859 46,687

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

DEFERRED CREDITS AND OTHER LIABILITIES:

Customer Advances for Construction 22,042 21,944

Accumulated Deferred Investment Tax Credits 1,087 1,146

Accumulated Deferred Income Taxes 39,974 37,022

Employee Benefit Plans 48,735 51,006

Regulatory Liability - Cost of Utility Plant Removal 8,597 8,029

Other 977 995

TOTAL DEFERRED CREDITS AND OTHER LIABILITIES 121,412 120,142

CONTRIBUTIONS IN AID OF CONSTRUCTION 59,591 58,206

TOTAL CAPITALIZATION AND LIABILITIES $ 548,050 $ 537,536

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
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Sep. 30, 2012

Sep. 30, 2011

CASH FLOWS FROM OPERATING ACTIVITIES:

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Provision for Deferred Income Taxes and Investment Tax Credits 3,351 1,297

Equity Portion of Allowance for Funds Used During Construction (AFUDC) (242) (405)

Cash Surrender Value of Life Insurance (132) (42)

Stock Compensation Expense 456 315

Changes in Assets and Liabilities:

Accounts Receivable 1,520 (578)

Unbilled Revenues (2,060) (1,567)

Materials & Supplies 571 187

Prepayments (640) (722)

Accounts Payable (1,464) (614)

Accrued Taxes 1,393 1,919

Accrued Interest (307) (703)

Employee Benefit Plans 182 (1,226)

Unearned Revenue & Advanced Service Fees 19 (113)

Other Assets and Liabilities (1,484) 158

NET CASH PROVIDED BY OPERATING ACTIVITIES 21,182 17,071

CASH FLOWS FROM INVESTING ACTIVITIES:

Utility Plant Expenditures, Including AFUDC of $141 in 2012, $221 in 2011 (17,886) (17,647)

Restricted Cash (793) 2,504

Investment in Joint Venture (1,000)

NET CASH USED IN INVESTING ACTIVITIES (19,679) (15,143)

CASH FLOWS FROM FINANCING ACTIVITIES:

Redemption of Long-term Debt (4,191) (3,818)

Proceeds from Issuance of Long-term Debt 4,929 2,747

Net Short-term Bank Borrowings 3,500 7,250

Deferred Debt Issuance Expense (22) (34)

Repurchase of Preferred Stock (9)

Proceeds from Issuance of Common Stock 1,193 1,168

Payment of Common Dividends (8,720) (8,538)

Payment of Preferred Dividends (155) (155)

Construction Advances and Contributions-Net 655 1,142

NET CASH USED IN FINANCING ACTIVITIES (2,811) (247)

NET CHANGES IN CASH AND CASH EQUIVALENTS (1,308) 1,681

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,106 2,453

CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,798 $ 4,134

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Business Segment Data
9 Months Ended

Sep. 30, 2012

Business Segment Data

Business Segment Data
Note 5 – Business Segment Data

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey, Delaware and Pennsylvania. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey, Delaware and Pennsylvania with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.

(In Thousands)

Three Months Ended
September 30, Nine Months Ended
September 30,

Operations by Segments: 2012 2011 2012 2011

Revenues:

 Regulated $ 29,085 $ 26,262 $ 74,385 $ 70,935

 Non – Regulated 3,441 2,605 9,288 8,220

Inter-segment Elimination (173 ) (196 ) (373 ) (386 )

Consolidated Revenues $ 32,353 $ 28,671 $ 83,300 $ 78,769

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 Regulated $ 10,417 $ 8,241 $ 20,798 $ 18,893

 Non – Regulated 426 275 1,132 1,129

Consolidated Operating Income $ 10,843 $ 8,516 $ 21,930 $ 20,022

Net Income:

 Regulated $ 5,926 $ 4,630 $ 11,070 $ 10,375

 Non – Regulated 212 513 600 1,023

Consolidated Net Income $ 6,138 $ 5,143 $ 11,670 $ 11,398

Capital Expenditures:

 Regulated $ 5,229 $ 6,389 $ 17,564 $ 17,245

 Non – Regulated 83 219 322 402

Total Capital Expenditures $ 5,312 $ 6,608 $ 17,886 $ 17,647

As of

September 30,

2012

As of

December 31,

2011

Assets:

 Regulated $ 546,879 $ 539,947

 Non – Regulated 11,321 10,325

Inter-segment Elimination (10,150 ) (12,736 )

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Earnings Per Share
9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share
Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

(In Thousands Except per Share Amounts)

Three Months Ended September 30,

2012 2011

Basic: Income Shares Income Shares

Net Income $ 6,138 15,741 $ 5,143 15,622

Preferred Dividend (52 ) (52 )

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Basic EPS $ 0.39 $ 0.33

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$7.00 Series Preferred Dividend 24 167 24 167

$8.00 Series Preferred Dividend 14 96 14 96

Adjusted Earnings Applicable to Common Stock $ 6,124 16,004 $ 5,129 15,885

Diluted EPS $ 0.38 $ 0.32

(In Thousands Except per Share Amounts)

Nine Months Ended September 30,

2012 2011

Basic: Income Shares Income Shares

Net Income $ 11,670 15,717 $ 11,398 15,599

Preferred Dividend (155 ) (155 )

Earnings Applicable to Common Stock $ 11,515 15,717 $ 11,243 15,599

Basic EPS $ 0.73 $ 0.72

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$7.00 Series Preferred Dividend 73 167 73 167

$8.00 Series Preferred Dividend 42 96 42 96

Adjusted Earnings Applicable to Common Stock $ 11,630 15,980 $ 11,358 15,862

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Rate Matters (Details Narrative) (USD $)
In Thousands, unless otherwise specified
1 Months Ended

Sep. 30, 2012

Middlesex

Jul. 31, 2012

Middlesex

Aug. 31, 2012

Pinelands Water

Aug. 31, 2012

Pinelands Wastewater

Jun. 30, 2012

Tidewater

Jun. 30, 2012

TESI

Regulatory Liabilities [Line Items]

Description of application request seeking increase in base rates Middlesex filed an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to establish a Purchased Water Adjustment Clause and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority and treated water from a non-affiliated regulated water utility. Middlesex filed an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to increase its base rates by approximately $11.3 million per year Pinelands Water and Pinelands Wastewater filed applications with the NJBPU seeking permission to increase base rates by approximately $0.2 million and $0.1 million per year, respectively. These requests were made as a result of capital investments Pinelands Water and New Pinelands Wastewater have made, or have committed to make, as well as increased operations and maintenance costs for both companies. Pinelands Water and Pinelands Wastewater filed applications with the NJBPU seeking permission to increase base rates by approximately $0.2 million and $0.1 million per year, respectively. These requests were made as a result of capital investments Pinelands Water and New Pinelands Wastewater have made, or have committed to make, as well as increased operations and maintenance costs for both companies. Tidewater filed an application with the Delaware Public Service Commission (DEPSC) seeking permission to increase its base rates by approximately $6.9 million per year TESI filed an application with the DEPSC seeking permission to increase its base rates by approximately $0.8 million per year

Increase in base rates revenue per year $ 8,100 $ 3,900 $ 600

Originally filed base water rate increase 100 11,300 200 100 6,900 800

Return on invested capital, rate base 202,400

Return on equity 10.15%

Interim rates 2,500 100

Final base rates $ 1,400

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Short Term Borrowings (Tables)
9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Short Term Borrowings (Tables)
The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:

($ In Thousands)

Three Months Ended
September 30, Nine Months Ended
September 30,

2012 2011 2012 2011

Average Daily Amounts Outstanding $ 26,867 $ 21,995 $ 25,122 $ 19,629

Weighted Average Interest Rates 1.52 % 1.32 % 1.41 % 1.50 %

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Employee Benefit Plans
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Sep. 30, 2012

EmployeeBenefitPlansAbstract

Employee Benefit Plans
Note 8 – Employee Benefit Plans

Pension Benefits

The Company’s Pension Plan covers substantially all employees hired prior to March 31, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution into a self-directed retirement account at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for contribution, the participating employee must be employed by the Company on December 31st of the year to which the award relates. For each of the three months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $1.8 million. For each of the nine months ended September 30, 2012 and 2011, the Company made Pension Plan cash contributions of $2.5 million. The Company expects to make additional Pension Plan cash contributions of approximately $1.0 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

Other Benefits

The Company’s Other Benefits Plan covers substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $1.8 million and $1.5 million, respectively. For the nine months ended September 30, 2012 and 2011, the Company made Other Benefits Plan cash contributions of $2.5 million and $2.0 million, respectively. The Company expects to make additional Other Benefits Plan cash contributions of approximately $1.0 million over the remainder of the current year.

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(In Thousands)

Pension Benefits Other Benefits

Three Months Ended September 30,

2012 2011 2012 2011

Service Cost $ 550 $ 394 $ 446 $ 326

Interest Cost 604 566 467 401

Expected Return on Assets (615 ) (571 ) (314 ) (256 )

Amortization of Unrecognized Losses 387 141 441 219

Amortization of Unrecognized Prior Service Cost 2 2 — —

Amortization of Transition Obligation — — 33 33

Net Periodic Benefit Cost $ 928 $ 532 $ 1,073 $ 723

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Pension Benefits Other Benefits

Nine Months Ended September 30,

2012 2011 2012 2011

Service Cost $ 1,649 $ 1,181 $ 1,338 $ 979

Interest Cost 1,812 1,696 1,401 1,203

Expected Return on Assets (1,844 ) (1,712 ) (943 ) (769 )

Amortization of Unrecognized Losses 1,162 424 1,324 658

Amortization of Unrecognized Prior Service Cost 7 7 — —

Amortization of Transition Obligation — — 101 101

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Short-term Borrowings
9 Months Ended

Sep. 30, 2012

Short-term Debt [Abstract]

Short-term Borrowings
Note 6 – Short-term Borrowings

As of September 30, 2012, the Company has established lines of credit aggregating $60.0 million. At September 30, 2012, the outstanding borrowings under these credit lines were $27.8 million at a weighted average interest rate of 1.41%.

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:

($ In Thousands)

Three Months Ended
September 30, Nine Months Ended
September 30,

2012 2011 2012 2011

Average Daily Amounts Outstanding $ 26,867 $ 21,995 $ 25,122 $ 19,629

Weighted Average Interest Rates 1.52 % 1.32 % 1.41 % 1.50 %

The maturity dates for the $27.8 million outstanding as of September 30, 2012 are all in October 2012 and are extendable at the discretion of the Company.

Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances.

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Commitments and Contingent Liabilities
9 Months Ended

Sep. 30, 2012

Commitments And Contingent Liabilities

Commitments and Contingent Liabilities
Note 7 – Commitments and Contingent Liabilities

Contract Operations - USA-PA operates the City of Perth Amboy, New Jersey’s water and wastewater systems under a 20-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a 20-year subcontract with a wastewater operating company for the operation and maintenance of the Perth Amboy wastewater collection system. The subcontract provides for the sharing of certain fixed and variable fees and operating expenses.

Water Supply

Middlesex has an agreement with the NJWSA for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.

Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2016, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases.

Purchased water costs are shown below:

(In Thousands)

Three Months Ended
September 30, Nine Months Ended
September 30,

2012 2011 2012 2011

Treated $ 772 $ 682 $ 2,266 $ 1,974

Untreated 663 672 1,791 1,794

Total Costs $ 1,435 $ 1,354 $ 4,057 $ 3,768

Construction

The Company has budgeted approximately $21.8 million on its construction program in 2012. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.

Litigation

The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Company’s consolidated financial statements.

Change in Control Agreements

The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

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Capitalization (Tables)
9 Months Ended

Sep. 30, 2012

Capitalization Tables

Carrying amount and estimated fair value
The carrying amount and fair market value of the Company’s bonds were as follows:

(Thousands of Dollars)

September 30, 2012 December 31, 2011

Carrying Fair Carrying Fair

Amount Value Amount Value

Bonds $ 88,275 $ 89,422 $ 86,577 $ 87,283

SRF Notes $ 709 $ 712 $ 793 $ 799

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Employee Benefit Plans (Tables)
9 Months Ended

Sep. 30, 2012

Employee Benefit Plans Tables

Schedule of periodic costs for employee retirement benefit plans
The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

(In Thousands)

Pension Benefits Other Benefits

Three Months Ended September 30,

2012 2011 2012 2011

Service Cost $ 550 $ 394 $ 446 $ 326

Interest Cost 604 566 467 401

Expected Return on Assets (615 ) (571 ) (314 ) (256 )

Amortization of Unrecognized Losses 387 141 441 219

Amortization of Unrecognized Prior Service Cost 2 2 — —

Amortization of Transition Obligation — — 33 33

Net Periodic Benefit Cost $ 928 $ 532 $ 1,073 $ 723

(In Thousands)

Pension Benefits Other Benefits

Nine Months Ended September 30,

2012 2011 2012 2011

Service Cost $ 1,649 $ 1,181 $ 1,338 $ 979

Interest Cost 1,812 1,696 1,401 1,203

Expected Return on Assets (1,844 ) (1,712 ) (943 ) (769 )

Amortization of Unrecognized Losses 1,162 424 1,324 658

Amortization of Unrecognized Prior Service Cost 7 7 — —

Amortization of Transition Obligation — — 101 101

Net Periodic Benefit Cost $ 2,786 $ 1,596 $ 3,221 $ 2,172

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Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Basic:

Net Income $ 6,138 $ 5,143 $ 11,670 $ 11,398

Preferred Dividend (52) (52) (155) (155)

Earnings Applicable to Common Stock 6,086 5,091 11,515 11,243

Weighted-average number of basic shares outstanding, shares 15,741,000 15,622,000 15,717,000 15,599,000

Basic EPS $ 0.39 $ 0.33 $ 0.73 $ 0.72

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$7.00 Series Preferred Dividend 24 24 73 73

$8.00 Series Preferred Dividend 14 14 42 42

Adjusted Earnings Applicable to Common Stock $ 6,124 $ 5,129 $ 11,630 $ 11,358

Weighted-average number of basic shares outstanding, shares 15,741,000 15,622,000 15,717,000 15,599,000

Incremental common shares attributable to $7.00 series preferred shares, shares 167,000 167,000 167,000 167,000

Incremental common shares attributable to $8.00 series preferred shares, shares 96,000 96,000 96,000 96,000

Weighted-average diluted shares outstanding, shares 16,004,000 15,885,000 15,980,000 15,862,000

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2012

Sep. 30, 2011

Condensed Consolidated Statements Of Cash Flows Parenthetical

Allowance for Funds Used During Construction $ 141 $ 221

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Capitalization
9 Months Ended

Sep. 30, 2012

Capitalization

Capitalization
Note 3 – Capitalization

Common Stock

During the nine months ended September 30, 2012, there were 64,034 common shares (approximately $1.2 million) issued under the Company’s Amended and Restated Dividend Reinvestment and Common Stock Purchase Plan.

The Company maintains a stock plan for its non-management directors (Outside Director Stock Compensation Plan). In May 2012, the Company granted and issued 5,768 shares of common stock (approximately $0.1 million) to the non-management directors under the plan.

Long-term Debt

In September 2012, Middlesex received approval from the NJBPU to redeem and refinance up to $60 million of First Mortgage Bonds (Bonds) issued through the New Jersey Economic Development Authority (NJEDA). The refinancing of five series of Bonds totaling $57.5 million is expected to be completed in the fourth quarter of 2012.

In May 2012, Middlesex borrowed $3.9 million through the New Jersey Environmental Infrastructure Trust under the New Jersey State Revolving Fund (SRF) loan program and issued Bonds designated as Series OO ($3.0 million) and Series PP ($0.9 million). The interest rate on the Series OO Bonds is zero and the interest rate on the Series PP Bonds ranges from 2.0% to 5.0% depending on the serial maturity date. The final maturity date for the Bonds is August 1, 2031. Proceeds may only be used for the Middlesex 2012 RENEW Program, which is Middlesex’s program to clean and cement unlined mains in the Middlesex system.

In March 2011, Tidewater closed on a $2.8 million loan with the Delaware SRF program which allows, but does not obligate, Tidewater to draw against a General Obligation Note for a specific project. The interest rate on any draw will be set at 3.75% with a final maturity of July 1, 2031 on the amount actually borrowed. As of September 30, 2012, Tidewater has borrowed $2.7 million against this loan.

In March 2011, Southern Shores closed on a $1.6 million loan with the Delaware SRF program, which allows, but does not obligate, Southern Shores to draw against a General Obligation Note for a specific. The interest rate on any draw will be set at 3.75% with a final maturity of November 30, 2030 on the amount actually borrowed. As of September 30, 2012, Southern Shores has borrowed $1.4 million against this loan.

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of the Company’s long-term debt relating to Bonds and SRF Notes is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds and SRF Notes in the table below are classified as Level 2 measurements. The carrying amount and fair market value of the Company’s bonds were as follows:

(Thousands of Dollars)

September 30, 2012 December 31, 2011

Carrying Fair Carrying Fair

Amount Value Amount Value

Bonds $ 88,275 $ 89,422 $ 86,577 $ 87,283

SRF Notes $ 709 $ 712 $ 793 $ 799

For other long-term debt for which there was no quoted market price, it was not practicable to estimate their fair value. The carrying amount of these instruments was $48.5 million at September 30, 2012 and $49.3 million at December 31, 2011. Customer advances for construction have a carrying amount of $22.0 million and $21.9 million, respectively, at September 30, 2012 and December 31, 2011. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

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Business Segment Data (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Segment Reporting Information [Line Items]

Operating Income $ 10,843 $ 8,516 $ 21,930 $ 20,022

Net Income 6,138 5,143 11,670 11,398

Capital Expenditures 17,886 17,647

Assets 548,050 548,050 537,536

Regulated

Segment Reporting Information [Line Items]

Revenues 29,085 26,262 74,385 70,935

Operating Income 10,417 8,241 20,798 18,893

Net Income 5,926 4,630 11,070 10,375

Capital Expenditures 5,222 6,389 17,564 17,245

Assets 546,879 546,879 539,947

Non - Regulated

Segment Reporting Information [Line Items]

Revenues 3,441 2,605 9,288 8,220

Operating Income 426 275 1,132 1,129

Net Income 212 513 600 1,023

Capital Expenditures 83 219 322 402

Assets 11,321 11,321 10,325

Inter-segment Elimination

Segment Reporting Information [Line Items]

Revenues (173) (196) (373) (386)

Assets (10,150) (10,150) (12,736)

Consolidated

Segment Reporting Information [Line Items]

Number of Reportable Segments 2

Revenues 32,353 28,671 83,300 78,769

Operating Income 10,843 8,516 21,930 20,022

Net Income 6,138 5,143 11,670 11,398

Capital Expenditures 5,312 6,608 17,886 17,647

Assets $ 548,050 $ 548,050 $ 537,536

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Commitments and Contingent Liabilities (Tables)
9 Months Ended

Sep. 30, 2012

Commitments And Contingent Liabilities Tables

Schedule of Water cost purchased
Purchased water costs are shown below:



(In Thousands)

Three Months Ended
September 30, Nine Months Ended
September 30,

2012 2011 2012 2011

Treated $ 772 $ 682 $ 2,266 $ 1,974

Untreated 663 672 1,791 1,794

Total Costs $ 1,435 $ 1,354 $ 4,057 $ 3,768

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Tabular disclosure of arrangements in which the entity has agreed to procure goods or services from one or more suppliers. May include identification of the goods or services to be purchased, identity of the seller, pricing, effects on pricing for failing to reach minimum quantities required to be purchased (such as penalties), cancellation rights, and termination provisions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Short Term Borrowings (Details Narrative) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012
Notes to Financial Statements
Establishment of line of credit	$ 60,000
Outstanding borrowings under line of credit	$ 27,800
Weighted average rate of interest (As a percentage)	1.41%

Commitments and Contingent Liabilities (Details Narrative) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012
Notes to Financial Statements
Term of water and wastewater system agreement	USA-PA operates the City of Perth Amboy, NJ's water and wastewater systems under a 20-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a 20-year subcontract with a wastewater operating company
Commitment of purchase of untreated water	Middlesex has an agreement with the NJWSA for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process.
Minimum treated water purchase commitment	Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2016, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases.
Budgeted construction cost for construction program in 2012	$ 21,800

Employee Benefit Plans (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
Employee Benefit Plans (Details Narrative) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Cash contributions by employer	$ 1,800	$ 1,800	$ 2,500	$ 2,500
Additional cash contributions in the plan over the remainder of current year	1,000		1,000
Unfunded supplemental retirement plan status			maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.
Cash contributions by employer - Retirement Benefits Plan	1,800	1,500	2,500	2,000
Additional cash contributions in the plan over the remainder of current year - Retirement Benefits Plan	$ 1,000		$ 1,000

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Common Stock, No Par Value; Shares Authorized- 40,000; Shares Outstanding- 2012 - 15,752, 2011 - 15,682	$ 143,081	$ 141,432
Retained Earnings	38,344	35,549
TOTAL COMMON EQUITY	181,425	176,981
TOTAL PREFERRED STOCK	3,353	3,353
Long-term Debt:
8.05%, Amortizing Secured Note, due December 20, 2021	2,208	2,319
6.25%, Amortizing Secured Note, due May 19, 2028	6,580	6,895
6.44%, Amortizing Secured Note, due August 25, 2030	5,017	5,227
6.46%, Amortizing Secured Note, due September 19, 2031	5,297	5,507
4.22%, State Revolving Trust Note, due December 31, 2022	527	546
3.30% to 3.60%, State Revolving Trust Note, due May 1, 2025	3,502	3,623
3.49%, State Revolving Trust Note, due January 25, 2027	602	633
4.03%, State Revolving Trust Note, due December 1, 2026	805	825
4.00% to 5.00%, State Revolving Trust Note, due August 1, 2021	389	434
0.00%, State Revolving Fund Note, due August 1, 2021	320	359
3.64%, State Revolving Trust Note, due July 1, 2028	356	364
3.64%, State Revolving Trust Note, due January 1, 2028	119	122
3.45%, State Revolving Trust Note, due August 1, 2031	392	39
6.59%, Amortizing Secured Note, due April 20, 2029	5,784	6,046
7.05%, Amortizing Secured Note, due January 20, 2030	4,333	4,521
5.69%, Amortizing Secured Note, due January 20, 2030	8,889	9,273
3.75%, State Revolving Trust Note, due July 1, 2031	2,664	2,021
3.75%, State Revolving Trust Note, due November 30, 2030	1,415	1,404
First Mortgage Bonds:
5.20%, Series S, due October 1, 2022	12,000	12,000
5.25%, Series T, due October 1, 2023	6,500	6,500
5.25%, Series V, due February 1, 2029	10,000	10,000
5.35%, Series W, due February 1, 2038	23,000	23,000
0.00%, Series X, due September 1, 2018	322	375
4.25% to 4.63%, Series Y, due September 1, 2018	355	410
0.00%, Series Z, due September 1, 2019	782	894
5.25% to 5.75%, Series AA, due September 1, 2019	955	1,080
0.00%, Series BB, due September 1, 2021	1,085	1,206
4.00% to 5.00%, Series CC, due September 1, 2021	1,275	1,400
5.10%, Series DD, due January 1, 2032	6,000	6,000
0.00%, Series EE, due August 1, 2023	4,385	4,804
3.00% to 5.50%, Series FF, due August 1, 2024	5,755	6,160
0.00%, Series GG, due August 1, 2026	1,262	1,352
4.00% to 5.00%, Series HH, due August 1, 2026	1,560	1,640
0.00%, Series II, due August 1, 2024	1,059	1,150
3.40% to 5.00%, Series JJ, due August 1, 2027	1,490	1,560
0.00%, Series KK, due August 1, 2028	1,434	1,526
5.00% to 5.50%, Series LL, due August 1, 2028	1,570	1,635
0.00%, Series MM, due August 1, 2030	1,801	1,901
3.00% to 4.375%, Series NN, due August 1, 2030	1,910	1,985
0.00%, Series OO, due August 1, 2031	2,860
2.00% to 5.00%, Series PP, due August 1, 2031	915
SUBTOTAL LONG-TERM DEBT	137,474	136,736
Less: Current Portion of Long-term Debt	(5,064)	(4,569)
TOTAL LONG-TERM DEBT	132,410	132,167
Cumulative Preferred Stock
TOTAL PREFERRED STOCK
Convertible Preferred Stock $7.00 Series
TOTAL PREFERRED STOCK	1,457	1,457
Convertible Preferred Stock $8.00 Series
TOTAL PREFERRED STOCK	816	816
Nonredeemable Preferred Stock $7.00 Series
TOTAL PREFERRED STOCK	80	80
Nonredeemable Preferred Stock $4.75 Series
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

Basis of Presentation and Recent Developments (Details Narrative)	9 Months Ended
	Sep. 30, 2012 N
Basis Of Presentation And Recent Developments Details Narrative
Contract term for operation and maintenance (in years)	10

Capitalization (Details Narrative) (USD $) In Thousands, except Share data, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Schedule of Capitalization [Line Items]
Dividend Reinvestment and Common Stock Purchase Plan, shares	64,034
Dividend Reinvestment and Common Stock Purchase Plan	$ 1,200
Outside director compensation plan, shares	5,768
Outside director compensation plan	100
Outstanding borrowings under loan	137,474	136,736
Customer advances for construction	22,042	21,944
Bonds to be refinanced, maximum	60,000
Bonds to be refinanced, total	57,500
Carrying amount
Schedule of Capitalization [Line Items]
Other long-term debt for which not practicable to estimate their fair value	48,500	49,300
Customer advances for construction	22,000	21,900
New Jersey Enviornmental Trust Fund
Schedule of Capitalization [Line Items]
Issuance of first mortgage bonds	3,900
Series OO
Schedule of Capitalization [Line Items]
Issuance of first mortgage bonds	3,000
Final Maturity Date	Aug. 01, 2031
Series PP
Schedule of Capitalization [Line Items]
Issuance of first mortgage bonds	900
Interest, minimum	2.00%
Interest, maximum	5.00%
Final Maturity Date	Aug. 01, 2031
Subsidiaries [Member] \| Loan - Delaware SRF Program
Schedule of Capitalization [Line Items]
Loan closed under State Revolving Fund program	2,800
Final Maturity Date	Jul. 01, 2031
Rate of interest (as a percent)	3.75%
Outstanding borrowings under loan	2,700
Southern Shore \| Loan - Delaware SRF Program
Schedule of Capitalization [Line Items]
Loan closed under State Revolving Fund program	1,600
Final Maturity Date	Nov. 30, 2030
Rate of interest (as a percent)	3.75%
Outstanding borrowings under loan	$ 1,400

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Common Stock, Par Value
Common Stock, Shares Authorized	40,000	40,000
Common Stock, Shares Outstanding	15,752	15,682
Preferred Stock, Par Value
Cumulative Preferred Stock
Preferred Stock, Par Value
Preferred Stock, Shares Authorized	134	134
Preferred Stock, Shares Outstanding	32	32
Convertible Preferred Stock $7.00 Series
Preferred Stock, Par Value
Preferred Stock, Shares Outstanding	14	14
Convertible Preferred Stock $8.00 Series
Preferred Stock, Par Value
Preferred Stock, Shares Outstanding	7	7
Nonredeemable Preferred Stock $7.00 Series
Preferred Stock, Par Value
Preferred Stock, Shares Outstanding	1	1
Nonredeemable Preferred Stock $4.75 Series
Preferred Stock, Par Value
Preferred Stock, Shares Outstanding	10	10

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
UTILITY PLANT:
Water Production	$ 129,464	$ 127,827
Transmission and Distribution	334,921	326,629
General	53,999	47,519
Construction Work in Progress	12,933	12,575
TOTAL	531,317	514,550
Less Accumulated Depreciation	98,027	92,351
UTILITY PLANT - NET	433,290	422,199
CURRENT ASSETS:
Cash and Cash Equivalents	1,798	3,106
Accounts Receivable, net	13,213	11,280
Unbilled Revenues	6,902	4,842
Materials and Supplies (at average cost)	1,452	2,023
Prepayments	2,262	1,622
TOTAL CURRENT ASSETS	25,627	22,873
DEFERRED CHARGES AND OTHER ASSETS:
Unamortized Debt Expense	2,509	2,611
Preliminary Survey and Investigation Charges	5,216	5,179
Regulatory Assets	65,438	67,302
Operations and Developer Receivable	1,847	5,300
Restricted Cash	4,053	3,260
Non-utility Assets - Net	9,638	8,182
Other	432	630
TOTAL DEFERRED CHARGES AND OTHER ASSETS	89,133	92,464
TOTAL ASSETS	548,050	537,536
CAPITALIZATION:
Common Stock, No Par Value	143,081	141,432
Retained Earnings	38,344	35,549
TOTAL COMMON EQUITY	181,425	176,981
Preferred Stock	3,353	3,353
Long-term Debt	132,410	132,167
TOTAL CAPITALIZATION	317,188	312,501
CURRENT LIABILITIES:
Current Portion of Long-term Debt	5,064	4,569
Notes Payable	27,750	24,250
Accounts Payable	4,242	5,706
Accrued Taxes	9,240	7,847
Accrued Interest	1,321	1,628
Unearned Revenues and Advanced Service Fees	753	734
Other	1,489	1,953
TOTAL CURRENT LIABILITIES	49,859	46,687
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
DEFERRED CREDITS AND OTHER LIABILITIES:
Customer Advances for Construction	22,042	21,944
Accumulated Deferred Investment Tax Credits	1,087	1,146
Accumulated Deferred Income Taxes	39,974	37,022
Employee Benefit Plans	48,735	51,006
Regulatory Liability - Cost of Utility Plant Removal	8,597	8,029
Other	977	995
TOTAL DEFERRED CREDITS AND OTHER LIABILITIES	121,412	120,142
CONTRIBUTIONS IN AID OF CONSTRUCTION	59,591	58,206
TOTAL CAPITALIZATION AND LIABILITIES	$ 548,050	$ 537,536

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2012	Oct. 26, 2012
Document And Entity Information
Entity Registrant Name	MIDDLESEX WATER CO
Entity Central Index Key	0000066004
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,754,856
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 11,670	$ 11,398
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	8,349	7,767
Provision for Deferred Income Taxes and Investment Tax Credits	3,351	1,297
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(242)	(405)
Cash Surrender Value of Life Insurance	(132)	(42)
Stock Compensation Expense	456	315
Changes in Assets and Liabilities:
Accounts Receivable	1,520	(578)
Unbilled Revenues	(2,060)	(1,567)
Materials & Supplies	571	187
Prepayments	(640)	(722)
Accounts Payable	(1,464)	(614)
Accrued Taxes	1,393	1,919
Accrued Interest	(307)	(703)
Employee Benefit Plans	182	(1,226)
Unearned Revenue & Advanced Service Fees	19	(113)
Other Assets and Liabilities	(1,484)	158
NET CASH PROVIDED BY OPERATING ACTIVITIES	21,182	17,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $141 in 2012, $221 in 2011	(17,886)	(17,647)
Restricted Cash	(793)	2,504
Investment in Joint Venture	(1,000)
NET CASH USED IN INVESTING ACTIVITIES	(19,679)	(15,143)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(4,191)	(3,818)
Proceeds from Issuance of Long-term Debt	4,929	2,747
Net Short-term Bank Borrowings	3,500	7,250
Deferred Debt Issuance Expense	(22)	(34)
Repurchase of Preferred Stock		(9)
Proceeds from Issuance of Common Stock	1,193	1,168
Payment of Common Dividends	(8,720)	(8,538)
Payment of Preferred Dividends	(155)	(155)
Construction Advances and Contributions-Net	655	1,142
NET CASH USED IN FINANCING ACTIVITIES	(2,811)	(247)
NET CHANGES IN CASH AND CASH EQUIVALENTS	(1,308)	1,681
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	3,106	2,453
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 1,798	$ 4,134

Rate Matters (Details Narrative) (USD $) In Thousands, unless otherwise specified	1 Months Ended
	Sep. 30, 2012 Middlesex	Jul. 31, 2012 Middlesex	Aug. 31, 2012 Pinelands Water	Aug. 31, 2012 Pinelands Wastewater	Jun. 30, 2012 Tidewater	Jun. 30, 2012 TESI
Regulatory Liabilities [Line Items]
Description of application request seeking increase in base rates	Middlesex filed an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to establish a Purchased Water Adjustment Clause and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority and treated water from a non-affiliated regulated water utility.	Middlesex filed an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to increase its base rates by approximately $11.3 million per year	Pinelands Water and Pinelands Wastewater filed applications with the NJBPU seeking permission to increase base rates by approximately $0.2 million and $0.1 million per year, respectively. These requests were made as a result of capital investments Pinelands Water and New Pinelands Wastewater have made, or have committed to make, as well as increased operations and maintenance costs for both companies.	Pinelands Water and Pinelands Wastewater filed applications with the NJBPU seeking permission to increase base rates by approximately $0.2 million and $0.1 million per year, respectively. These requests were made as a result of capital investments Pinelands Water and New Pinelands Wastewater have made, or have committed to make, as well as increased operations and maintenance costs for both companies.	Tidewater filed an application with the Delaware Public Service Commission (DEPSC) seeking permission to increase its base rates by approximately $6.9 million per year	TESI filed an application with the DEPSC seeking permission to increase its base rates by approximately $0.8 million per year
Increase in base rates revenue per year		$ 8,100			$ 3,900	$ 600
Originally filed base water rate increase	100	11,300	200	100	6,900	800
Return on invested capital, rate base		202,400
Return on equity		10.15%
Interim rates					2,500	100
Final base rates					$ 1,400

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2011
Condensed Consolidated Statements Of Cash Flows Parenthetical
Allowance for Funds Used During Construction	$ 141	$ 221