Capitalization (Tables)

12 Months Ended

Dec. 31, 2012

Capitalization Tables

Maturities of long term debt

The aggregate annual principal repayment obligations for all long-term debt over the next five years are shown below:

Year	(Millions of Dollars) Annual Maturities
2013	$11.1
2014	$5.2
2015	$5.3
2016	$5.4
2017	$5.5

Earnings per share

The following table presents the calculation of basic and diluted earnings per share (EPS) for the three years ended December 31, 2012. Basic EPS is computed on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and $8.00 Series.

	(In Thousands, Except per Share Amounts)
	2012					2011					2010
Basic:	Income			Shares		Income			Shares		Income			Shares
Net Income	$	14,396			15,733	$	13,447			15,615	$	14,330			14,654
Preferred Dividend		(206	)				(206	)				(207	)
Earnings Applicable to Common Stock	$	14,190			15,733	$	13,241			15,615	$	14,123			14,654
Basic EPS	$	0.90				$	0.85				$	0.96
Diluted:
Earnings Applicable to Common Stock	$	14,190			15,733	$	13,241			15,615	$	14,123			14,654
$7.00 Series Dividend		97			166		97			166		97			166
$8.00 Series Dividend		56			96		56			96		56			96
Adjusted Earnings Applicable to Common Stock	$	14,343			15,995	$	13, 394			15,877	$	14,276			14,916
Diluted EPS	$	0.90				$	0.84				$	0.96

Carrying amount and estimated fair value

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

	(Thousands of Dollars)
	At December 31,
	2012				2011
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Bonds	$	91,938	$	93,556	$	86,577	$	87,283
State Revolving Bonds	$	708	$	712	$	793	$	799