0001174947-16-003333.txt : 20161101 0001174947-16-003333.hdr.sgml : 20161101 20161101132554 ACCESSION NUMBER: 0001174947-16-003333 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161101 DATE AS OF CHANGE: 20161101 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: 161964054 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-16662_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, 2016

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 31, 2016: Common Stock, No Par Value: 16,289,172 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	14

Item 3.	Quantitative and Qualitative Disclosures of Market Risk	21

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	23

SIGNATURES		24

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,
	2016		2015		2016		2015

Operating Revenues	$	37,794	$	34,654	$	101,098	$	95,100

Operating Expenses:
Operations and Maintenance		16,599		16,772		48,215		49,089
Depreciation		3,243		3,032		9,561		8,962
Other Taxes		3,796		3,390		10,537		9,671

Total Operating Expenses		23,638		23,194		68,313		67,722

Operating Income		14,156		11,460		32,785		27,378

Other Income (Expense):
Allowance for Funds Used During Construction		207		113		387		297
Other Income (Expense), net		400		108		449		108

Total Other Income, net		607		221		836		405

Interest Charges		1,427		1,505		3,841		4,058

Income before Income Taxes		13,336		10,176		29,780		23,725

Income Taxes		4,523		3,433		10,258		8,258

Net Income		8,813		6,743		19,522		15,467

Preferred Stock Dividend Requirements		36		36		108		108

Earnings Applicable to Common Stock	$	8,777	$	6,707	$	19,414	$	15,359

Earnings per share of Common Stock:
Basic	$	0.54	$	0.41	$	1.19	$	0.95
Diluted	$	0.54	$	0.41	$	1.19	$	0.95

Average Number of
Common Shares Outstanding :
Basic		16,284		16,202		16,262		16,161
Diluted		16,440		16,358		16,418		16,317

Cash Dividends Paid per Common Share	$	0.1988	$	0.1925	$	0.5963	$	0.5775

See Notes to Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

		September 30,		December 31,
ASSETS		2016		2015
UTILITY PLANT:	Water Production	$	146,095	$	142,794
	Transmission and Distribution		411,088		398,363
	General		62,990		61,322
	Construction Work in Progress		20,087		5,734
	TOTAL		640,260		608,213
	Less Accumulated Depreciation		133,293		126,343
	UTILITY PLANT - NET		506,967		481,870

CURRENT ASSETS:	Cash and Cash Equivalents		1,453		3,469
	Accounts Receivable, net		13,273		10,060
	Unbilled Revenues		8,531		6,246
	Materials and Supplies (at average cost)		4,399		2,600
	Prepayments		2,813		2,035
	TOTAL CURRENT ASSETS		30,469		24,410

DEFERRED CHARGES	Preliminary Survey and Investigation Charges		2,690		2,199
AND OTHER ASSETS:	Regulatory Assets		57,961		58,552
	Operations Contracts, Developer and Other Receivables		2,793		2,921
	Restricted Cash		439		439
	Non-utility Assets - Net		9,410		9,199
	Federal Income Tax Receivable		1,408		1,408
	Other		311		385
	TOTAL DEFERRED CHARGES AND OTHER ASSETS		75,012		75,103
	TOTAL ASSETS	$	612,448	$	581,383

CAPITALIZATION AND LIABILITIES


CAPITALIZATION:	Common Stock, No Par Value	$	152,571	$	150,763
	Retained Earnings		65,650		55,931
	TOTAL COMMON EQUITY		218,221		206,694
	Preferred Stock		2,436		2,436
	Long-term Debt		130,853		132,908
	TOTAL CAPITALIZATION		351,510		342,038

CURRENT	Current Portion of Long-term Debt		6,144		5,739
LIABILITIES:	Notes Payable		13,600		3,000
	Accounts Payable		10,331		6,525
	Accrued Taxes		10,632		9,126
	Accrued Interest		401		1,104
	Unearned Revenues and Advanced Service Fees		904		880
	Other		2,403		1,945
	TOTAL CURRENT LIABILITIES		44,415		28,319

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

DEFERRED CREDITS	Customer Advances for Construction		20,906		20,461
AND OTHER LIABILITIES:	Accumulated Deferred Investment Tax Credits		773		832
	Accumulated Deferred Income Taxes		73,389		67,702
	Employee Benefit Plans		34,227		36,515
	Regulatory Liability - Cost of Utility Plant Removal		11,241		10,876
	Other		1,487		1,597
	TOTAL DEFERRED CREDITS AND OTHER LIABILITIES		142,023		137,983

CONTRIBUTIONS IN AID OF CONSTRUCTION			74,500		73,043
	TOTAL CAPITALIZATION AND LIABILITIES	$	612,448	$	581,383

See Notes to Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Nine Months Ended September 30,
	2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	19,522		$	15,467
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation and Amortization		10,052			9,990
Provision for Deferred Income Taxes and Investment Tax Credits		5,382			17,631
Equity Portion of Allowance for Funds Used During Construction (AFUDC)		(261	)		(179	)
Cash Surrender Value of Life Insurance		(89	)		(51	)
Stock Compensation Expense		649			468
Changes in Assets and Liabilities:
Accounts Receivable		(3,213	)		(2,746	)
Unbilled Revenues		(2,285	)		(2,054	)
Materials & Supplies		(1,799	)		(428	)
Prepayments		(778	)		(747	)
Accounts Payable		3,806			2,255
Accrued Taxes		1,506			2,389
Accrued Interest		(703	)		(723	)
Employee Benefit Plans		(1,169	)		(3,122	)
Unearned Revenue & Advanced Service Fees		24			33
Federal Income Tax Receivable		—			(9,756	)
Other Assets and Liabilities		16			725

NET CASH PROVIDED BY OPERATING ACTIVITIES		30,660			29,152
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $126 in 2016, $118 in 2015		(34,146	)		(19,297	)
Restricted Cash		—			1,391

NET CASH USED IN INVESTING ACTIVITIES		(34,146	)		(17,906	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt		(4,917	)		(5,358	)
Proceeds from Issuance of Long-term Debt		3,903			5,000
Net Short-term Bank Borrowings		10,600			(1,000	)
Deferred Debt Issuance Expense		(158	)		(66	)
Common Stock Issuance Expense		—			(22	)
Restricted Cash		—			744
Proceeds from Issuance of Common Stock		1,159			1,115
Payment of Common Dividends		(9,695	)		(9,331	)
Payment of Preferred Dividends		(108	)		(108	)
Construction Advances and Contributions-Net		686			(242	)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		1,470			(9,268	)
NET CHANGES IN CASH AND CASH EQUIVALENTS		(2,016	)		1,978
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,469			2,673
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	1,453		$	4,651


SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	$	1,217		$	1,622
Long-term Debt Deobligation	$	476		$	466

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash Paid During the Year for:
Interest	$	4,658		$	4,897
Interest Capitalized	$	126		$	118
Income Taxes	$	4,011		$	1,136

See Notes to Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONSOLIDATED STATEMENTS OF CAPITAL STOCK

AND LONG-TERM DEBT

(Unaudited)

(In thousands)

		September 30,			December 31,
		2016			2015
Common Stock, No Par Value
Shares Authorized -	40,000
Shares Outstanding -	2016 - 16,288	$	152,571		$	150,763
	2015 - 16,225

Retained Earnings			65,650			55,931
TOTAL COMMON EQUITY		$	218,221		$	206,694

Cumulative Preferred Stock, No Par Value:
Shares Authorized - 126
Shares Outstanding - 24
Convertible:
Shares Outstanding, $7.00 Series - 10			1,007			1,007
Shares Outstanding, $8.00 Series - 3			349			349
Nonredeemable:
Shares Outstanding, $7.00 Series - 1			80			80
Shares Outstanding, $4.75 Series - 10			1,000			1,000
TOTAL PREFERRED STOCK		$	2,436		$	2,436

Long-term Debt:
8.05%, Amortizing Secured Note, due December 20, 2021		$	1,470		$	1,629
6.25%, Amortizing Secured Note, due May 19, 2028			4,900			5,215
6.44%, Amortizing Secured Note, due August 25, 2030			3,897			4,107
6.46%, Amortizing Secured Note, due September 19, 2031			4,177			4,387
4.22%, State Revolving Trust Note, due December 31, 2022			353			376
3.60%, State Revolving Trust Note, due May 1, 2025			2,165			2,267
3.30% State Revolving Trust Note, due March 1, 2026			431			469
3.49%, State Revolving Trust Note, due January 25, 2027			465			501
4.03%, State Revolving Trust Note, due December 1, 2026			627			651
4.00% to 5.00%, State Revolving Trust Bond, due August 1, 2021			213			254
0.00%, State Revolving Fund Bond, due August 1, 2021			166			203
3.64%, State Revolving Trust Note, due July 1, 2028			285			294
3.64%, State Revolving Trust Note, due January 1, 2028			94			97
3.45%, State Revolving Trust Note, due August 1, 2031			1,015			1,066
6.59%, Amortizing Secured Note, due April 20, 2029			4,389			4,651
7.05%, Amortizing Secured Note, due January 20, 2030			3,333			3,521
5.69%, Amortizing Secured Note, due January 20, 2030			6,838			7,222
4.45%, Amortizing Secured Note, due April 20, 2040			14,227			14,707
3.75%, State Revolving Trust Note, due July 1, 2031			2,248			2,303
2%, State Revolving Trust Note, due February 1, 2036			1,115			—
3.75%, State Revolving Trust Note, due November 30, 2030			1,186			1,216
0.00%, Construction Loans			2,788			—
First Mortgage Bonds:
0.00%, Series X, due August 1, 2018			107			162
4.25% to 4.63%, Series Y, due August 1, 2018			122			185
0.00%, Series Z, due August 1, 2019			335			446
5.25% to 5.75%, Series AA, due August 1, 2019			440			565
0.00%, Series BB, due August 1, 2021			603			723
4.00% to 5.00%, Series CC, due August 1, 2021			779			895
0.00%, Series EE, due August 1, 2023			2,713			3,132
3.00% to 5.50%, Series FF, due August 1, 2024			3,690			3,690
0.00%, Series GG, due August 1, 2026			903			993
4.00% to 5.00%, Series HH, due August 1, 2026			960			1,300
0.00%, Series II, due August 1, 2024			700			789
3.40% to 5.00%, Series JJ, due August 1, 2027			824			1,010
0.00%, Series KK, due August 1, 2028			1,078			1,167
5.00% to 5.50%, Series LL, due August 1, 2028			1,175			1,365
0.00%, Series MM, due August 1, 2030			1,337			1,437
3.00% to 4.375%, Series NN, due August 1, 2030			1,590			1,675
0.00%, Series OO, due August 1, 2031			2,258			2,408
2.00% to 5.00%, Series PP, due August 1, 2031			780			815
5.00%, Series QQ, due October 1, 2023			9,915			9,915
3.80%, Series RR, due October 1, 2038			22,500			22,500
4.25%, Series SS, due October 1, 2047			23,000			23,000
0.00%, Series TT, due August 1, 2032			2,408			2,559
3.00% to 3.25%, Series UU, due August 1, 2032			890			935
0.00%, Series VV, due August 1, 2033			2,433			2,577
3.00% to 5.00%, Series WW, due August 1, 2033			865			900
SUBTOTAL LONG-TERM DEBT			138,787			140,279
Add: Premium on Issuance of Long-term Debt			1,548			1,707
Less: Unamortized Debt Expense			(3,338	)		(3,339	)
Less: Current Portion of Long-term Debt			(6,144	)		(5,739	)
TOTAL LONG-TERM DEBT		$	130,853		$	132,908

See Notes to 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 2015 Annual Report on Form 10-K (the 2015 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, 2016 and the results of operations and cash flows for the three and nine month periods ended September 30, 2016 and 2015. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2015, has been derived from the Company’s audited financial statements for the year ended December 31, 2015 included in the 2015 Form 10-K.

Recent Accounting Guidance

Consolidation - In February 2015, the Financial Accounting Standards Board (FASB) issued guidance that amends the consolidation analysis for variable interest entities (“VIEs”) as well as voting interest entities. The amendments under the new guidance modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. This guidance was effective January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s financial statements.

Debt Issuance Costs - In April 2015, the FASB issued an update to authoritative guidance related to the presentation of debt issuance costs on the balance sheet, requiring companies to present debt issuance costs as a direct deduction from the carrying value of debt. The guidance was effective January 1, 2016. As a result of adopting this guidance, the December 31, 2015 balance sheet was revised, which resulted in decreases of $3.3 million to deferred charges and other assets and long-term debt, respectively. The adoption of this guidance had no impact on the Company’s statements of income or cash flows.

Deferred Income Taxes – In November 2015, the FASB issued guidance on the classification of deferred tax assets and deferred tax liabilities, requiring entities to present them as noncurrent on the balance sheet. This guidance was effective January 1, 2016 and did not have a material impact on the Company’s balance sheet.

Revenue Recognition - In May 2014, the FASB issued an update to authoritative guidance related to revenue from contracts with customers. The update replaces most of the existing guidance with a single set of principles for recognizing revenue from contracts with customers. The FASB has deferred the effective date of these new revenue recognition standards by one year to January 1, 2018. The Company is currently analyzing the impact this standard will have on our financial statements.

Inventory - In July 2015, the FASB issued guidance on simplifying the measurement of inventory. The new guidance replaces the current lower of cost or market test with a lower of cost or net realizable value test when cost is determined on a first-in, first-out or average cost basis. The guidance is effective January 1, 2017 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

Index

Recognition and Measurement of Financial Assets and Financial Liabilities - In January 2016, the FASB issued guidance which (i) requires all investments in equity securities, including other ownership interests such as partnerships, unincorporated joint ventures and limited liability companies, to be carried at fair value through net income, (ii) requires an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option has been elected, (iii) amends several disclosure requirements, including the methods and significant assumptions used to estimate fair value or a description of the changes in the methods and assumptions used to estimate fair value, and (iv) requires disclosure of the fair value of financial assets and liabilities measured at amortized cost at the amount that would be received to sell the asset or paid to transfer the liability. The guidance is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. The guidance is required to be applied retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of adoption (modified retrospective method). The Company is currently analyzing the impact this standard will have on our financial statements.

Accounting for Share-Based Payments - In March 2016, the FASB issued guidance which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective January 1, 2017. The Company is currently analyzing the impact this standard will have on our financial statements.

Statement of Cash Flows - In August 2016, the FASB issued guidance which amends the previous guidance on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of this guidance is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The guidance is effective January 1, 2018 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

Note 2 – Rate and Regulatory Matters

Middlesex - In September 2016, the New Jersey Board of Public Utilities (the NJBPU) approved a Middlesex petition to establish a purchased water adjustment clause and implement a tariff rate sufficient to recover additional costs of less than $0.1 million for the purchase of treated water from a non-affiliated regulated water utility.

Tidewater - Effective July 1, 2016, Tidewater increased its Delaware Public Service Commission-approved Distribution System Improvement Charge (DSIC) rate, which is expected to generate $0.3 million of annual revenues. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between base rate proceedings.

Pinelands - In April 2016, the NJBPU approved $0.2 million and $0.1 million increases, respectively, in Pinelands Water and Pinelands Wastewater’s annual base water and wastewater rates, effective May 7, 2016. In October 2015, the companies had filed petitions with the NJBPU seeking permission to increase base rates by approximately $0.5 million per year. The rate filings were necessitated by capital infrastructure investments the companies have made, or have committed to make, increased operations and maintenance costs and lower non-fixed fee revenues. The Pinelands Water base water rate increase will be phased-in over two years.

Index

Twin Lakes – In June 2016, the Pennsylvania Public Utilities Commission approved a $0.1 million increase in Twin Lakes’ base water rates, effective June 15, 2016. In November 2015, Twin Lakes had filed a petition seeking permission to increase its base water rates by approximately $0.2 million per year. This request was necessitated by capital infrastructure investments Twin Lakes has made, or committed to make, and increased operations and maintenance costs. The rate increase will be phased in over two years.

Note 3 – Capitalization

Common Stock

During the nine months ended September 30, 2016 and 2015, there were 35,350 common shares (approximately $1.2 million) and 48,414 common shares (approximately $1.1 million), respectively, issued under the Middlesex Water Company Investment Plan.

Long-term Debt

In February 2016, Tidewater closed on a $1.2 million loan with the Delaware State Revolving Fund (SRF) program which allows, but does not obligate, Tidewater to draw against a General Obligation Note to fund the replacement of the water distribution system in a manufactured home community. The interest rate on all draws is 2.0% with a final repayment maturity date of February 1, 2036. Through September 30, 2016, Tidewater has drawn $1.1 million on this loan and expects to draw down the remainder of the loan proceeds during the fourth quarter of 2016.

In March 2016, the NJBPU approved Middlesex’s request to borrow up to $16.0 million through the New Jersey Environmental Infrastructure Trust (NJEIT) under the New Jersey SRF long-term loan program utilizing first mortgage bonds. The proceeds will be used to fund the current year RENEW Program, which is an ongoing initiative to eliminate all unlined water distribution mains in the Middlesex system. Under the SRF program, borrowers first enter into a construction loan with the NJEIT, for which Middlesex closed on an $11.8 million zero percent (0%) arrangement on June 28, 2016. Through September 30, 2016, Middlesex has drawn down $2.8 million and expects to draw down the remaining proceeds during the fourth quarter of 2016. When construction on a qualifying project is substantially complete, the NJEIT will coordinate the conversion of the construction loan into a twenty year long-term securitized loan with 75% of the principal balance having a stated interest rate of zero percent (0%) and 25% of the principal balance at a market interest rate at the time of closing using the credit rating of the State of New Jersey. The NJEIT generally schedules its long-term debt financings in November and May.

In July 2016, the NJBPU approved Middlesex’s request to borrow up to $4.0 million under the New Jersey SRF program to fund the upgrade of a booster station at one of its well fields. Based on the current construction schedule, Middlesex expects to close on the SRF construction loan in December 2016 with proceeds requisitions occurring through September 2017.

In 2016, the NJEIT de-obligated principal payments of $0.5 million on several series of SRF loans.

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 First Mortgage and SRF Bonds (Bonds) is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash

Index

equivalents is classified as a Level 1 measurement and the fair value of the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Company’s bonds were as follows:

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
First Mortgage Bonds	$	82,407	$	86,236	$	85,143	$	87,972
SRF Bonds	$	379	$	381	$	457	$	459

For other long-term debt for which there was no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as “Amortizing Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $56.0 million and $54.7 million at September 30, 2016 and December 31, 2015, respectively. Customer advances for construction have carrying amounts of $20.9 million and $20.5 million at September 30, 2016 and December 31, 2015, respectively. 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.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2016					2015
Basic:	Income			Shares		Income			Shares
Net Income	$	8,813			16,284	$	6,743			16,202
Preferred Dividend		(36	)				(36	)
Earnings Applicable to Common Stock	$	8,777			16,284	$	6,707			16,202

Basic EPS	$	0.54				$	0.41

Diluted:
Earnings Applicable to Common Stock	$	8,777			16,284	$	6,707			16,202
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		6			41		6			41
Adjusted Earnings Applicable to Common Stock	$	8,800			16,440	$	6,730			16,358

Diluted EPS	$	0.54				$	0.41

Index

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2016					2015
Basic:	Income			Shares		Income			Shares
Net Income	$	19,522			16,262	$	15,467			16,161
Preferred Dividend		(108	)				(108	)
Earnings Applicable to Common Stock	$	19,414			16,262	$	15,359			16,161

Basic EPS	$	1.19				$	0.95

Diluted:
Earnings Applicable to Common Stock	$	19,414			16,262	$	15,359			16,161
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		18			41		18			41
Adjusted Earnings Applicable to Common Stock	$	19,482			16,418	$	15,427			16,317

Diluted EPS	$	1.19				$	0.95

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						Nine Months Ended
	September 30,						September 30,
Operations by Segments:	2016			2015			2016			2015
Revenues:
Regulated	$	33,989		$	31,120		$	89,797		$	83,998
Non – Regulated		3,949			3,650			11,685			11,445
Inter-segment Elimination		(144	)		(116	)		(384	)		(343	)
Consolidated Revenues	$	37,794		$	34,654		$	101,098		$	95,100

Operating Income:
Regulated	$	13,516		$	10,938		$	30,940		$	25,774
Non – Regulated		640			522			1,845			1,604
Consolidated Operating Income	$	14,156		$	11,460		$	32,785		$	27,378

Net Income:
Regulated	$	8,154		$	6,466		$	18,226		$	14,653
Non – Regulated		659			277			1,296			814
Consolidated Net Income	$	8,813		$	6,743		$	19,522		$	15,467

Capital Expenditures:
Regulated	$	14,011		$	6,613		$	33,961		$	19,232
Non – Regulated		24			38			185			65
Total Capital Expenditures	$	14,035		$	6,651		$	34,146		$	19,297

	As of			As of
	September 30,			December 31,
	2016			2015
Assets:
Regulated	$	611,400		$	581,321
Non – Regulated		7,047			6,436
Inter-segment Elimination		(5,999	)		(6,374	)
Consolidated Assets	$	612,448		$	581,383

Note 6 – Short-term Borrowings

As of September 30, 2016, the Company has established lines of credit aggregating $60.0 million. At September 30, 2016, the outstanding borrowings under these credit lines were $13.6 million at a weighted average interest rate of 1.51%.

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:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Average Daily Amounts Outstanding	$	11,734	$	17,304	$	6,177	$	16,992
Weighted Average Interest Rates		1.54%		1.19%		1.52%		1.18%

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The maturity dates for the $13.6 million outstanding as of September 30, 2016 are all in October 2016 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

Water Supply

Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27.0 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, 2021, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases.

Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually.

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015

Treated	$	804	$	775	$	2,360	$	2,271
Untreated		675		674		1,911		1,869
Total Costs	$	1,479	$	1,449	$	4,271	$	4,140

Contract Operations - USA-PA operates the City of Perth Amboy, New Jersey’s (Perth Amboy) 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.

Guarantees - Under an agreement with the County of Monmouth, New Jersey (Monmouth County), Middlesex serves as guarantor of the performance of Applied Water Management, Inc. (AWM) to operate a leachate pretreatment facility, owned by Monmouth County, at the Monmouth County Reclamation Center in Tinton Falls, New Jersey. Middlesex expects to act as guarantor of AWM’s performance through at least August 2018 and is contractually obligated to act as guarantor of AWM’s performance through 2028 unless another guarantor, acceptable to Monmouth County, is identified. Under agreements with AWM and Natural Systems Utilities, Inc. (NSU), the parent company of AWM, Middlesex earns a fee for providing the guaranty of AWM’s performance to Monmouth County. In addition, Middlesex provides operational support to the project if necessary, and AWM and NSU, serving as guarantor to Middlesex with respect to the performance of AWM, indemnify Middlesex against any claims that may arise under the Middlesex guaranty to Monmouth County.

Middlesex believes it is unlikely any payments would be made under Middlesex’s guaranty of AWM’s performance to Monmouth County. If requested to perform under the guaranty to Monmouth County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify Middlesex against any claims that may arise under the Middlesex guaranty to Monmouth County, Middlesex would be required to fulfill the remaining operational commitment of AWM. As of September 30, 2016 and December 31, 2015, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $0.1 million.

Index

Construction

The Company expects to spend approximately $46 million for its construction program in 2016. The actual timing and amount 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.

Note 8 – Employee Benefit Plans

Pension Benefits

The Company’s Pension Plan covers all active employees hired prior to April 1, 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 at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for the annual contribution, the eligible employee must be employed by the Company on December 31st of the year to which the contribution relates. For each of the three months ended September 30, 2016 and 2015, the Company made Pension Plan cash contributions of $1.0 million. For the nine months ended September 30, 2016 and 2015, the Company made Pension Plan cash contributions of $2.5 million and $2.0 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $0.5 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 Postretirement Benefits

The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current 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, 2016, the Company made Other Benefits Plan cash contributions of $0.2 million. For the three months ended September 30, 2015, the Company did not make any Other Benefits Plan cash contributions. For the nine months ended September 30, 2016 and 2015, the Company made Other Benefits Plan cash contributions of $0.7 million and $0.8 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $0.2 million over the remainder of the current year.

Index

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,
	2016			2015			2016			2015

Service Cost	$	577		$	639		$	275		$	343
Interest Cost		761			724			488			480
Expected Return on Assets		(1,004	)		(980	)		(558	)		(527	)
Amortization of Unrecognized Losses		357			411			443			565
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(432	)		(432	)
Net Periodic Benefit Cost	$	691		$	794		$	216		$	429

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2016			2015			2016			2015

Service Cost	$	1,731		$	1,918		$	824		$	1,029
Interest Cost		2,284			2,171			1,464			1,441
Expected Return on Assets		(3,011	)		(2,939	)		(1,674	)		(1,580	)
Amortization of Unrecognized Losses		1,070			1,234			1,330			1,696
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(1,296	)		(1,296	)
Net Periodic Benefit Cost	$	2,074		$	2,384		$	648		$	1,290

Note 9 – Income Taxes

As part of its 2014 Federal income tax return, the Company adopted the final Internal Revenue Service (IRS) regulations pertaining to the tax deductibility of costs that qualify as repairs on tangible property. The adoption resulted in a net reduction of $17.6 million in taxes previously remitted to the IRS, for which the Company has already sought and received refunds pertaining to tax years 2012 through 2014 in accordance with IRS regulations. Subsequently, the Company’s 2014 federal income tax return was selected for examination by the IRS. It is unknown at this time whether the results of this examination will result in any changes to the filed Federal income tax return.

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, 2015.

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 customer rates, consumption volumes, service fees, revenues, margins, expenses and operating results;
	-	statements as to financial projections;
	-	statements as to the expected amount of cash contributions to fund the Company’s retirement benefit plans, anticipated discount rates and rates of return on retirement benefit plan assets;
	-	statements as to the ability of the Company to pay dividends;
	-	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 the Company’s plans to renew municipal franchises and consents in the territories it serves;
	-	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;
	-	acts of war or terrorism;
	-	significant changes in the pace of housing development in Delaware;
	-	the availability and cost of capital resources; and
	-	other factors discussed elsewhere in this quarterly report.

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.

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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, 2015.

Overview

Middlesex Water Company (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 two New Jersey municipal water and wastewater systems under contract and provide regulated 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 Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy), Inc. (USA-PA) and White Marsh Environmental Services, Inc. (White Marsh) subsidiaries are not regulated utilities.

Our New Jersey water utility system (the Middlesex System) provides water services to approximately 61,000 retail customers, primarily in central New Jersey. The Middlesex System also provides water service under contract to municipalities in central New Jersey with a total population of approximately 219,000. Our Bayview subsidiary 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.

We have an investment in a joint venture, Ridgewood Green RME, LLC, that owns and operates facilities to produce electricity at the Village of Ridgewood, New Jersey wastewater treatment plant and other municipal facilities.

In partnership with our subsidiary, USA-PA, we operate the water supply system and wastewater system for the City of Perth Amboy, New Jersey (Perth Amboy).

USA operates the Borough of Avalon, New Jersey’s (Avalon) water utility, sewer utility and storm water system. In addition to performing day-to-day operations, USA is responsible for billing, collections, customer service, emergency responses and management of capital projects funded by Avalon. Under a marketing agreement with HomeServe USA (HomeServe), USA offers residential customers in New Jersey and Delaware a menu of water, wastewater and other residential-related maintenance programs. HomeServe is a leading provider of such home maintenance service programs. USA receives a service fee for the billing, cash collection and other administrative matters associated with HomeServe’s service contracts. The agreement expires in 2021. USA also provides unregulated water and wastewater services under contract with several New Jersey municipalities.

Our Delaware subsidiaries, Tidewater and Southern Shores Water Company, LLC, provide water services to approximately 42,000 retail customers in New Castle, Kent and Sussex Counties, Delaware. Tidewater’s subsidiary, White Marsh, services approximately 4,000 customers in Kent and Sussex Counties through various operations and maintenance contracts.

Our Tidewater Environmental Services, Inc. subsidiary provides wastewater services to approximately 3,400 residential retail customers.

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 regulated 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 the prior period.

Recent Developments

Pinelands Water, Pinelands Wastewater and Twin Lakes Rate Increases – In the second quarter of 2016, Pinelands Water, Pinelands Wastewater and Twin Lakes implemented base rate increases of $0.2 million, $0.1 million and $0.1 million, respectively. The rate increases were necessitated by capital infrastructure investments the companies have made and increased operations and maintenance costs. The Pinelands Water and Twin Lakes rate increases will be phased-in over two years.

Tidewater Distribution System Improvement Charge (DSIC) - Effective July 1, 2016, Tidewater increased its Delaware Public Service Commission-approved DSIC rate, which is expected to generate $0.3 million of annual revenues. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between base rate proceedings.

Outlook

Revenues in 2016 are expected to continue to be favorably impacted by the following:

The full year effect of Middlesex’s August 2015 $5.0 million rate increase;

Increased needs for water by Middlesex wholesale contract customers;

Rate increases for Pinelands Water, Pinelands Wastewater and Twin Lakes implemented in the second quarter of 2016 (see “Recent Developments” above regarding rate increases); and

The increase in the Tidewater DSIC (see “Recent Developments” above regarding DSIC).

Revenues and earnings are influenced by weather. The increased water demands in 2016 may not reoccur in 2017. Changes in water usage patterns, as well as increases in capital expenditures and operating costs, are significant factors in determining the timing and extent of rate increase requests. As operating costs are anticipated to increase in 2017 in a variety of categories, we continue to implement plans to further streamline operations and further reduce, and mitigate increases in, operating costs.

Operating expenses in 2016 will continue to be favorably impacted by lower employee benefit plan expenses, primarily resulting from a market-driven higher discount rate used in the 2016 actuarial valuation of our retirement benefit plans. For 2017, current market-driven trending indicators portend a lower discount rate which consequently would result in higher employee benefit plan expenses.

Our strategy for profitable growth is focused on five key areas:

Prudent acquisitions of investor- and municipally-owned water and wastewater utilities;

Timely and adequate recovery of prudent investments in utility plant required to maintain appropriate utility services;

Operate municipal, commercial and industrial water and wastewater systems under contract;

Index

Invest in renewable energy projects that are complementary to the provision of water and wastewater services, and to our core water and wastewater competencies; and

Invest in other products, services and opportunities that complement our core water and wastewater 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, 2016

	(In Thousands)
	Three Months Ended September 30,
	2016						2015
	Regulated		Non- Regulated		Total		Regulated		Non- Regulated		Total
Revenues	$	33,946	$	3,848	$	37,794	$	31,093	$	3,561	$	34,654
Operations and maintenance expenses		13,527		3,072		16,599		13,856		2,916		16,772
Depreciation expense		3,194		49		3,243		2,988		44		3,032
Other taxes		3,709		87		3,796		3,311		79		3,390
Operating income		13,516		640		14,156		10,938		522		11,460

Other income, net		82		525		607		195		26		221
Interest expense		1,427		—		1,427		1,483		22		1,505
Income taxes		4,017		506		4,523		3,184		249		3,433
Net income	$	8,154	$	659	$	8,813	$	6,466	$	277	$	6,743

Operating Revenues

Operating revenues for the three months ended September 30, 2016 increased $3.1 million from the same period in 2015. This increase was primarily related to the following factors:

Middlesex System revenues increased $2.3 million due to:

Sales to General Metered Service and Public/Private Fire customers increased by $1.5 million, due to the New Jersey Board of Public Utilities (NJBPU)-approved rate increase implemented in August 2015 ($0.9 million) and favorable weather conditions ($0.6 million); and

Sales to Contract customers increased by $0.8 million primarily due to higher water demand;

Tidewater System revenues increased $0.5 million due to additional customers ($0.4 million) and weather-related demand ($0.1 million);

Pinelands revenues increased $0.1 million due to the NJBPU-approved rate increases implemented in May 2016 and weather-related demand;

USA’s revenues increased $0.1 million due to additional supplemental service revenues earned under our contract to operate the Avalon water utility, sewer utility and storm water system; and

USA-PA’s revenues increased $0.1 million from scheduled fixed fee increases under our contract with Perth Amboy.

Index

Operation and Maintenance Expense

Operation and maintenance expenses for the three months ended September 30, 2016 decreased $0.2 million from the same period in 2015, primarily related to the following factors:

Employee benefit expense decreased by $0.3 million due primarily to lower retirement plan costs. The 2016 costs were calculated using a higher discount rate than in the 2015 calculation of our net periodic plan costs;

Labor costs increased by $0.3 million due to higher average labor rates and increased headcount, partially offset by higher capitalized labor at Middlesex; and

All other operation and maintenance expense categories decreased $0.2 million.

Depreciation

Depreciation expense for the three months ended September 30, 2016 increased $0.2 million from the same period in 2015 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the three months ended September 30, 2016 increased $0.4 million from the same period in 2015, primarily due to higher gross revenue taxes on increased Middlesex system revenues.

Other Income, net

Other Income, net for the three months ended September 30, 2016 increased $0.4 million from the same period in 2015, due primarily to the recognition by USA of previously deferred income associated with the 10-year marketing agreement with HomeServe.

Interest Charges

Interest charges for the three months ended September 30, 2016 decreased $0.1 million from the same period in 2015 due to lower average long-term and short-term debt balances outstanding.

Income Taxes

Income taxes for the three months ended September 30, 2016 increased $1.1 million from the same period in 2015 due to higher taxable income in 2016 as compared to 2015.

Net Income and Earnings Per Share

Net income for the three months ended September 30, 2016 increased $2.1 million as compared with the same period in 2015. Basic and diluted earnings per share were $0.54 and $0.41 for the three months ended September 30, 2016 and 2015, respectively.

Index

Results of Operations – Nine Months Ended September 30, 2016

	(In Thousands)
	Nine Months Ended September 30,
	2016						2015
	Regulated		Non- Regulated		Total		Regulated		Non- Regulated		Total
Revenues	$	89,712	$	11,386	$	101,098	$	83,923	$	11,177	$	95,100
Operations and maintenance expenses		39,075		9,140		48,215		39,894		9,195		49,089
Depreciation expense		9,420		141		9,561		8,830		132		8,962
Other taxes		10,277		260		10,537		9,425		246		9,671
Operating income		30,940		1,845		32,785		25,774		1,604		27,378

Other income, net		317		519		836		385		20		405
Interest expense		3,841		—		3,841		3,992		66		4,058
Income taxes		9,190		1,068		10,258		7,514		744		8,258
Net income	$	18,226	$	1,296	$	19,522	$	14,653	$	814	$	15,467

Operating Revenues

Operating revenues for the nine months ended September 30, 2016 increased $6.0 million from the same period in 2015. This increase was primarily related to the following factors:

Middlesex System revenues increased $5.5 million due to:

Sales to General Metered Service and Public/Private Fire customers increased by $4.2 million, from a NJBPU-approved rate increase implemented in August 2015 ($3.2 million) and favorable weather conditions ($1.0 million); and

Sales to Contract customers increased by $1.3 million due to higher water demand ($1.2 million) and from a NJBPU-approved rate increase implemented in August 2015 ($0.1 million);

Tidewater System revenues increased $0.1 million due to additional customers ($0.6 million) mostly offset by lower customer demand from unfavorable weather conditions in late-spring and early summer ($0.5 million);

White Marsh revenues increased $0.1 million due to new contracts to operate water and wastewater systems as well as additional billable supplemental services under existing contracts;

Pinelands revenues increased $0.1 million due to the NJBPU-approved rate increase implemented in May 2016 and weather-related demand; and

All other revenue categories increased $0.2 million.

Operation and Maintenance Expense

Operation and maintenance expenses for the nine months ended September 30, 2016 decreased $0.9 million from the same period in 2015, primarily related to the following factors:

Employee benefit expense decreased by $1.0 million due primarily to lower retirement plan costs. The 2016 costs were calculated using a higher discount rate than in the 2015 calculation of our net periodic plan costs;

Decreased cold weather main break repair activity, as compared to 2015, resulted in lower costs of $0.2 million in our Middlesex System; and

Variable production costs decreased $0.2 million, due primarily to improved non-revenue water management and higher raw water quality in our Middlesex System; and

Labor costs increased by $0.5 million due to company-wide higher average labor rates and increased headcount, partially offset by higher capitalized labor at Middlesex.

Index

Depreciation

Depreciation expense for the nine months ended September 30, 2016 increased $0.6 million from the same period in 2015 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the nine months ended September 30, 2016 increased $0.9 million from the same period in 2015, primarily due to higher gross revenue taxes on increased Middlesex system revenues.

Other Income, net

Other Income, net for the nine months ended September 30, 2016 increased $0.4 million from the same period in 2015, due primarily to the recognition by USA of previously deferred income associated with the 10-year marketing agreement with HomeServe.

Interest Charges

Interest charges for the nine months ended September 30, 2016 decreased $0.2 million from the same period in 2015due to lower average long-term and short-term debt balances outstanding.

Income Taxes

Income taxes for the nine months ended September 30, 2016 increased $2.0 million from the same period in 2015, primarily due to higher taxable income in 2016 as compared to 2015.

Net Income and Earnings Per Share

Net income for the nine months ended September 30, 2016 increased $4.1 million as compared with the same period in 2015. Basic and diluted earnings per share were $1.19 and $0.95 for the nine months ended September 30, 2016 and 2015, respectively.

Liquidity and Capital Resources

Operating Cash Flows

Increases in cash flows from operations are largely based on four factors: favorable 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 comparative nine month periods ended September 30, 2016 and 2015, cash flows from operating activities increased $1.5 million to $30.7 million. This increase in cash flows, which resulted primarily from higher water sales offset by higher income tax payments, enabled us to internally fund approximately 90% of current year utility plant expenditures.

Investing Cash Flows

For the comparative nine month periods ended September 30, 2016 and 2015, cash flows used in investing activities increased $16.2 million to $34.1 million, which was attributable to higher utility plant expenditures.

For further discussion on the Company’s future capital expenditures and expected funding sources, see “Capital Expenditures and Commitments” below.

Index

Financing Cash Flows

For the comparative nine month periods ended September 30, 2016 and 2015, cash flows provided by financing activities increased $10.7 million to $1.5 million. The increase in cash flows provided by financing activities resulted from increased short-term debt funding offset by higher net cash outflows for long-term debt.

Capital Expenditures and Commitments

To fund our capital program, we use internally generated funds, short-term and long-term debt borrowings, proceeds from sales of common stock under the Middlesex Water Company Investment Plan (the Investment Plan) and proceeds from sales offerings to the public of our common stock. See below for a more detailed discussion regarding the funding of our current year capital program.

The capital investment program for 2016 is currently estimated to be $46 million. We currently project that we may invest approximately $112 million in 2017 and 2018 on capital projects. The actual amount and timing is dependent on project scheduling and refinement of engineering estimates for certain capital projects.

Through September 30, 2016, we have spent $34.1 million and expect to expend approximately $12 million on capital projects for the remainder of 2016.

To fund our capital program for the remainder of 2016, we plan on utilizing:

Internally generated funds;

Proceeds from the sale of common stock through the Investment Plan;

Proceeds from the 2016 New Jersey and Delaware State Revolving Fund programs (up to $9.0 million and $0.1 million, respectively); and

Short-term borrowings, if necessary, through $60.0 million of available lines of credit with several financial institutions. As of September 30, 2016, there remains $46.4 million to draw upon.

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

Item 3. Quantitative and Qualitative Disclosures of Market Risk

We are exposed to market risk associated with changes in interest rates and commodity prices. 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 First Mortgage Bonds, which have final maturity dates ranging from 2018 to 2047. Over the next twelve months, approximately $6.1 million of the current portion of 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.

Our risks associated with commodity price increases for chemicals, electricity and other commodities are mitigated through contractual arrangements and the ability to recover price increases through rates approved by our economic regulators. Non-performance by these commodity suppliers could have a material adverse impact on our results of operations, financial position and cash flows.

We are exposed to credit risk for both our Regulated and Non-Regulated business segments. Our Regulated operations serve residential, commercial, industrial and municipal customers while our Non-Regulated operations engage in business activities with developers, government entities and other customers. Our primary credit risk is exposure to customer default on contractual obligations and the associated loss that may be incurred due to the non-payment of customer accounts receivable balances. Our credit risk is managed through established credit and collection policies which are in compliance with applicable regulatory requirements and involve monitoring of customer exposure and the use of credit risk mitigation measures such as letters of credit or prepayment arrangements. Our credit portfolio is diversified with no significant customer or industry concentrations. In addition, our Regulated businesses are generally able to recover all prudently incurred costs including uncollectible customer accounts receivable expenses and collection costs through rates.

Index

The Company's retirement benefit plan assets are exposed to fluctuating market prices of debt and equity securities. Changes to the Company's retirement benefit plan assets’ value can impact the Company's retirement benefit plan expense, funded status and future minimum funding requirements. Our risk is reduced through our ability to recover retirement benefit plan costs through rates.

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, 2015.

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.

Item 6.	Exhibits

10.33(a)	Amendment to Uncommitted Line of Credit Agreement between registrant, registrant’s subsidiaries and Bank of America, N.A.
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.

101.INS

XBRL Instance Document

101.SCH

XBRL Schema Document

101.CAL

XBRL Calculation Linkbase Document

101.LAB

XBRL Labels Linkbase Document

101.PRE

XBRL Presentation Linkbase Document

101.DEF

XBRL Definition Linkbase Document

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, Treasurer and
		Chief Financial Officer
		(Principal Accounting Officer)

Date: November 1, 2016

EX-10.33A 2 ex10-33a.htm EX-10.33A

Exhibit 10.33(a)

AMENDMENT

This Amendment (the "Amendment"), dated as of September 23, 2016, is between Bank of America, N.A., a national banking association (the "Bank") and Middlesex Water Company, a New Jersey corporation, and its subsidiaries, Tidewater Utilities, Inc., a Delaware corporation, White Marsh Environmental Systems, Inc., a Delaware corporation, Pinelands Water Company, a New Jersey corporation, Pinelands Wastewater Company, a New Jersey corporation, Utility Service Affiliates, Inc., a New Jersey corporation, Utility Service Affiliates (Perth Amboy) Inc., a New Jersey corporation, and Tidewater Environmental Services, Inc., a Delaware corporation, as joint and several co-borrowers (parent and subsidiary corporations individually and collectively referred to herein as “Borrower”).

RECITALS

A. The Bank and the Borrower entered into a certain Letter Agreement (“Letter Agreement”) and Master Promissory Note (“Note”), each dated September 25, 2015, evidencing an uncommitted line of credit in the maximum amount of Twenty Eight Million Dollars ($28,000,000) (The Letter Agreement and the Note are referred to herein as the "Loan Documents").

B. The Bank and the Borrower desire to amend the Loan Documents to extend the Expiration Date and to address other changes to the Loan Documents.

AGREEMENT

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Loan Documents.

Amendments.

(a)

The Letter Agreement is hereby amended as follows:

“September 22, 2017” is hereby substituted for “September 23, 2016” in the section entitled “Expiration Date” on page one of the Letter Agreement.

(b)

The following section entitled “Government Sanctions” is added at the end of the Letter Agreement:

(i) The Borrower represents that neither the Borrower nor any of its affiliated entities, including subsidiaries nor, to the knowledge of the Borrower, any owner, trustee, director, officer, employee, agent, affiliate or representative of the Borrower is an individual or entity (“Person”) currently the subject of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is the Borrower or any Obligor located, organized or resident in a country or territory that is the subject of Sanctions.

-1-

(ii) The Borrower represents and covenants that it will not, directly or indirectly, use the proceeds of the credit provided under this Agreement, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

(c)

The Note is hereby amended as follows:

“September 23, 2016” in subsection (b) of the second paragraph of the Note is hereby deleted and “September 22, 2017” is substituted in its place.

(c)

Subsection (a) (ii) (B) on page 3 of the Note is amended by the deletion of the following text:

“(including the last period in each fiscal year)”

and the substitution therefor of the following text:

“(excluding the last period in each fiscal year)”

3. Representations and Warranties. When the Borrower signs this Amendment, the Borrower represents and warrants to the Bank that: (a) there is no event which is, or with notice or lapse of time or both would be, a default under the Loan Documents except those events, if any, that have been disclosed in writing to the Bank or waived in writing by the Bank, (b) this Amendment does not conflict with any law, agreement, or obligation by which the Borrower is bound, (c) this Amendment is within the Borrower's powers, has been duly authorized, and does not conflict with any of the Borrower's organizational papers, and (d) the representations and warranties set forth in Section 2(b) are confirmed as of the date hereof.

Effect of Amendment. Except as provided in this Amendment, all of the terms and conditions of the Loan Documents shall remain in full force and effect.

5. Counterparts. This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

FINAL AGREEMENT. BY SIGNING THIS DOCUMENT, EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.

The parties executed this Amendment as of the date stated at the beginning of this Amendment, intending to create an instrument executed under seal.

-2-

Amendment to Letter Agreement and Note Signature Page

	BANK OF AMERICA, N.A.

	By: /s/Dilcia Pena Hill
	Name: Dilcia P. Hill
	Title: Senior Vice President

Acknowledged and Agreed:

Middlesex Water Company

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, VP, Treasurer & CFO

Tidewater Utilities, Inc.

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, Treasurer

White Marsh Environmental Systems, Inc.

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, Treasurer

Pinelands Water Company

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, VP & Treasurer

Pinelands Wastewater Company

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, VP & Treasurer

Utility Service Affiliates, Inc.

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, VP & Treasurer

Utility Service Affiliates (Perth Amboy) Inc.

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, VP & Treasurer

Tidewater Environmental Services, Inc.

By: /s/A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, Treasurer

-3-

EX-31.1 3 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: November 1, 2016

EX-31.2 4 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: November 1, 2016

EX-32.1 5 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: November 1, 2016

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 6 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: November 1, 2016

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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 2015 Annual Report on Form 10-K (the 2015 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, 2016 and the results of operations and cash flows for the three and nine month periods ended September 30, 2016 and 2015. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2015, has been derived from the Companys audited financial statements for the year ended December 31, 2015 included in the 2015 Form 10-K.   Recent Accounting Guidance   Consolidation - In February 2015, the Financial Accounting Standards Board (FASB) issued guidance that amends the consolidation analysis for variable interest entities (VIEs) as well as voting interest entities. The amendments under the new guidance modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. This guidance was effective January 1, 2016. The adoption of this guidance did not have a material impact on the Companys financial statements.   Debt Issuance Costs - In April 2015, the FASB issued an update to authoritative guidance related to the presentation of debt issuance costs on the balance sheet, requiring companies to present debt issuance costs as a direct deduction from the carrying value of debt. The guidance was effective January 1, 2016. As a result of adopting this guidance, the December 31, 2015 balance sheet was revised, which resulted in decreases of $3.3 million to deferred charges and other assets and long-term debt, respectively. The adoption of this guidance had no impact on the Companys statements of income or cash flows.   Deferred Income Taxes In November 2015, the FASB issued guidance on the classification of deferred tax assets and deferred tax liabilities, requiring entities to present them as noncurrent on the balance sheet. This guidance was effective January 1, 2016 and did not have a material impact on the Companys balance sheet.   Revenue Recognition - In May 2014, the FASB issued an update to authoritative guidance related to revenue from contracts with customers. The update replaces most of the existing guidance with a single set of principles for recognizing revenue from contracts with customers. The FASB has deferred the effective date of these new revenue recognition standards by one year to January 1, 2018. The Company is currently analyzing the impact this standard will have on our financial statements.   Inventory - In July 2015, the FASB issued guidance on simplifying the measurement of inventory. The new guidance replaces the current lower of cost or market test with a lower of cost or net realizable value test when cost is determined on a first-in, first-out or average cost basis. The guidance is effective January 1, 2017 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Companys financial statements.   Recognition and Measurement of Financial Assets and Financial Liabilities - In January 2016, the FASB issued guidance which (i) requires all investments in equity securities, including other ownership interests such as partnerships, unincorporated joint ventures and limited liability companies, to be carried at fair value through net income, (ii) requires an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option has been elected, (iii) amends several disclosure requirements, including the methods and significant assumptions used to estimate fair value or a description of the changes in the methods and assumptions used to estimate fair value, and (iv) requires disclosure of the fair value of financial assets and liabilities measured at amortized cost at the amount that would be received to sell the asset or paid to transfer the liability. The guidance is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. The guidance is required to be applied retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of adoption (modified retrospective method). The Company is currently analyzing the impact this standard will have on our financial statements.   Accounting for Share-Based Payments - In March 2016, the FASB issued guidance which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective January 1, 2017. The Company is currently analyzing the impact this standard will have on our financial statements.   Statement of Cash Flows - In August 2016, the FASB issued guidance which amends the previous guidance on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of this guidance is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The guidance is effective January 1, 2018 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Companys financial statements.   There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Companys financial statements.

Note 2 Rate and Regulatory Matters   Middlesex - In September 2016, the New Jersey Board of Public Utilities (the NJBPU) approved a Middlesex petition to establish a purchased water adjustment clause and implement a tariff rate sufficient to recover additional costs of less than $0.1 million for the purchase of treated water from a non-affiliated regulated water utility.   Tidewater - Effective July 1, 2016, Tidewater increased its Delaware Public Service Commission-approved Distribution System Improvement Charge (DSIC) rate, which is expected to generate $0.3 million of annual revenues. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between base rate proceedings.   Pinelands - In April 2016, the NJBPU approved $0.2 million and $0.1 million increases, respectively, in Pinelands Water and Pinelands Wastewaters annual base water and wastewater rates, effective May 7, 2016. In October 2015, the companies had filed petitions with the NJBPU seeking permission to increase base rates by approximately $0.5 million per year. The rate filings were necessitated by capital infrastructure investments the companies have made, or have committed to make, increased operations and maintenance costs and lower non-fixed fee revenues. The Pinelands Water base water rate increase will be phased-in over two years.   Twin Lakes In June 2016, the Pennsylvania Public Utilities Commission approved a $0.1 million increase in Twin Lakes base water rates, effective June 15, 2016. In November 2015, Twin Lakes had filed a petition seeking permission to increase its base water rates by approximately $0.2 million per year. This request was necessitated by capital infrastructure investments Twin Lakes has made, or committed to make, and increased operations and maintenance costs. The rate increase will be phased in over two years.

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 $8.00 Series.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2016</td><td> </td> <td colspan="7" style="text-align: center">2015</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,813</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,743</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,202</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.54</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">0.41</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="vertical-align: bottom; background-color: White"> <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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</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"> </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"> </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"> </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"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,730</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.54</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">$</td><td style="text-align: right">0.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2016</td><td> </td> <td colspan="7" style="text-align: center">2015</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,522</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,262</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,467</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,161</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.19</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">0.95</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="vertical-align: bottom; background-color: White"> <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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</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"> </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"> </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"> </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"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,317</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.19</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">0.95</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>

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" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Operations by Segments:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td>Revenues:</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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">   Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,989</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,120</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">89,797</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">83,998</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">   Non Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,685</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,445</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inter-segment Elimination</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">(144</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">(116</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">(384</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">(343</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">37,794</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">34,654</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">101,098</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">95,100</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating Income:</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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>   Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,938</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,774</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">   Non Regulated</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">640</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">522</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">1,845</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">1,604</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,156</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">11,460</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">32,785</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">27,378</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net Income:</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="vertical-align: bottom; background-color: White"> <td>   Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,466</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,653</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   Non Regulated</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">659</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">277</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">1,296</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">814</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8,813</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,743</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">19,522</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">15,467</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital Expenditures:</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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>  Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">33,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">   Non Regulated</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">24</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">38</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">185</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">65</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,035</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,651</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">34,146</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">19,297</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <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> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">As of</td><td> </td> <td colspan="3" style="text-align: center">As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">September 30,</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%">   Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">611,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">581,321</td><td style="width: 1%; text-align: left"> </td> <td style="width: 24%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   Non Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,436</td><td style="text-align: left"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inter-segment Elimination</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">(5,999</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">(6,374</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">612,448</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">581,383</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td> </td></tr> </table>

Note 6 Short-term Borrowings   As of September 30, 2016, the Company has established lines of credit aggregating $60.0 million. At September 30, 2016, the outstanding borrowings under these credit lines were $13.6 million at a weighted average interest rate of 1.51%.   The weighted average daily amounts of borrowings outstanding under the Companys credit lines and the weighted average interest rates on those amounts were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">September 30,</td><td> </td> <td colspan="7" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Average Daily Amounts Outstanding</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,734</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,304</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,992</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted Average Interest Rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.54%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.19%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.52%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.18%</td><td style="text-align: left"> </td></tr> </table>   The maturity dates for the $13.6 million outstanding as of September 30, 2016 are all in October 2016 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   Water Supply Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27.0 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, 2021, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases.   Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually.   Purchased water costs are shown below:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="7" style="text-align: center">September 30,</td><td> </td> <td colspan="7" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">804</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">775</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,271</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">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">675</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">674</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">1,911</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">1,869</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,479</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,449</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,271</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,140</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>   Contract Operations - USA-PA operates the City of Perth Amboy, New Jerseys (Perth Amboy) 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.   Guarantees - Under an agreement with the County of Monmouth, New Jersey (Monmouth County), Middlesex serves as guarantor of the performance of Applied Water Management, Inc. (AWM) to operate a leachate pretreatment facility, owned by Monmouth County, at the Monmouth County Reclamation Center in Tinton Falls, New Jersey. Middlesex expects to act as guarantor of AWMs performance through at least August 2018 and is contractually obligated to act as guarantor of AWMs performance through 2028 unless another guarantor, acceptable to Monmouth County, is identified. Under agreements with AWM and Natural Systems Utilities, Inc. (NSU), the parent company of AWM, Middlesex earns a fee for providing the guaranty of AWMs performance to Monmouth County. In addition, Middlesex provides operational support to the project if necessary, and AWM and NSU, serving as guarantor to Middlesex with respect to the performance of AWM, indemnify Middlesex against any claims that may arise under the Middlesex guaranty to Monmouth County.   Middlesex believes it is unlikely any payments would be made under Middlesexs guaranty of AWMs performance to Monmouth County. If requested to perform under the guaranty to Monmouth County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify Middlesex against any claims that may arise under the Middlesex guaranty to Monmouth County, Middlesex would be required to fulfill the remaining operational commitment of AWM. As of September 30, 2016 and December 31, 2015, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $0.1 million.   Construction The Company expects to spend approximately $46 million for its construction program in 2016. The actual timing and amount 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 all active employees hired prior to April 1, 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 at the discretion of the Company, based upon a percentage of the participants compensation. In order to be eligible for the annual contribution, the eligible employee must be employed by the Company on December 31st of the year to which the contribution relates. For each of the three months ended September 30, 2016 and 2015, the Company made Pension Plan cash contributions of $1.0 million. For the nine months ended September 30, 2016 and 2015, the Company made Pension Plan cash contributions of $2.5 million and $2.0 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $0.5 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 Postretirement Benefits The Companys retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current 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, 2016, the Company made Other Benefits Plan cash contributions of $0.2 million. For the three months ended September 30, 2015, the Company did not make any Other Benefits Plan cash contributions. For the nine months ended September 30, 2016 and 2015, the Company made Other Benefits Plan cash contributions of $0.7 million and $0.8 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $0.2 million over the remainder of the current year.   The following tables set forth information relating to the Companys periodic costs for its employee retirement benefit plans:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Pension Benefits</td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">577</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">639</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">275</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">343</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">480</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,004</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(980</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(558</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(527</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">443</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">565</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</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"></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"></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">(432</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">(432</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost</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">691</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">794</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">216</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">429</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Pension Benefits</td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,918</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">824</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,029</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,171</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,464</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,441</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,011</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,939</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,674</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,580</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,070</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,696</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</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"></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"></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">(1,296</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">(1,296</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost</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">2,074</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,384</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">648</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">1,290</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

Note 9 Income Taxes   As part of its 2014 Federal income tax return, the Company adopted the final Internal Revenue Service (IRS) regulations pertaining to the tax deductibility of costs that qualify as repairs on tangible property. The adoption resulted in a net reduction of $17.6 million in taxes previously remitted to the IRS, for which the Company has already sought and received refunds pertaining to tax years 2012 through 2014 in accordance with IRS regulations. Subsequently, the Companys 2014 federal income tax return was selected for examination by the IRS. It is unknown at this time whether the results of this examination will result in any changes to the filed Federal income tax return.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">September 30, 2016</td><td> </td> <td colspan="7" style="text-align: center">December 31, 2015</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">Carrying</td><td> </td> <td colspan="3" style="text-align: center">Fair</td><td> </td> <td colspan="3" style="text-align: center">Carrying</td><td> </td> <td colspan="3" style="text-align: center">Fair</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Value</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">First Mortgage Bonds</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">82,407</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">86,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">85,143</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">87,972</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SRF Bonds</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">379</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">459</td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2016</td><td> </td> <td colspan="7" style="text-align: center">2015</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,813</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,743</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,202</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</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">(36</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"> </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">(36</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"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.41</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="vertical-align: bottom; background-color: White"> <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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</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"> </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"> </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"> </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"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,730</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.54</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">$</td><td style="text-align: right">0.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2016</td><td> </td> <td colspan="7" style="text-align: center">2015</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,522</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,262</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,467</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,161</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.19</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">0.95</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="vertical-align: bottom; background-color: White"> <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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</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"> </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"> </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"> </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"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,262</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,482</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,317</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.19</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">0.95</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 cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Operations by Segments:</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td>Revenues:</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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">   Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,989</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,120</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">89,797</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">83,998</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">   Non Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,685</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,445</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Inter-segment Elimination</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">(144</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">(116</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">(384</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">(343</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">37,794</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">34,654</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">101,098</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">95,100</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating Income:</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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>   Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,938</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,774</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">   Non Regulated</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">640</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">522</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">1,845</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">1,604</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,156</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">11,460</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">32,785</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">27,378</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net Income:</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="vertical-align: bottom; background-color: White"> <td>   Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,466</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,653</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   Non Regulated</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">659</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">277</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">1,296</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">814</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8,813</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,743</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">19,522</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">15,467</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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="vertical-align: bottom; background-color: White"> <td style="text-align: left">Capital Expenditures:</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="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>  Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,011</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">33,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">   Non Regulated</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">24</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">38</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">185</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">65</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,035</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,651</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">34,146</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">19,297</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <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> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">As of</td><td> </td> <td colspan="3" style="text-align: center">As of</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">September 30,</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%">   Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">611,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">581,321</td><td style="width: 1%; text-align: left"> </td> <td style="width: 24%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   Non Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,436</td><td style="text-align: left"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inter-segment Elimination</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">(5,999</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">(6,374</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">612,448</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">581,383</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">September 30,</td><td> </td> <td colspan="7" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Average Daily Amounts Outstanding</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,734</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,304</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,992</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted Average Interest Rates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.54%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.19%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.52%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.18%</td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="7" style="text-align: center">September 30,</td><td> </td> <td colspan="7" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">804</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">775</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,360</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,271</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">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">675</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">674</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">1,911</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">1,869</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,479</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,449</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,271</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,140</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Pension Benefits</td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Three 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="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">577</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">639</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">275</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">343</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">761</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">480</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,004</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(980</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(558</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(527</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">443</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">565</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</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"></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"></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">(432</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">(432</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">691</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">794</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">216</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">429</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Pension Benefits</td><td> </td> <td colspan="7" style="text-align: center; text-decoration: underline">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">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="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,918</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">824</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,029</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,171</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,464</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,441</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,011</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,939</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,674</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,580</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,070</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,696</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</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"></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"></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">(1,296</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">(1,296</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,074</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,384</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">$</td><td style="border-bottom: Black 1pt solid; text-align: right">648</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,290</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

Note 3 Capitalization   Common Stock During the nine months ended September 30, 2016 and 2015, there were 35,350 common shares (approximately $1.2 million) and 48,414 common shares (approximately $1.1 million), respectively, issued under the Middlesex Water Company Investment Plan.   Long-term Debt In February 2016, Tidewater closed on a $1.2 million loan with the Delaware State Revolving Fund (SRF) program which allows, but does not obligate, Tidewater to draw against a General Obligation Note to fund the replacement of the water distribution system in a manufactured home community. The interest rate on all draws is 2.0% with a final repayment maturity date of February 1, 2036. Through September 30, 2016, Tidewater has drawn $1.1 million on this loan and expects to draw down the remainder of the loan proceeds during the fourth quarter of 2016.   In March 2016, the NJBPU approved Middlesexs request to borrow up to $16.0 million through the New Jersey Environmental Infrastructure Trust (NJEIT) under the New Jersey SRF long-term loan program utilizing first mortgage bonds.  The proceeds will be used to fund the current year RENEW Program, which is an ongoing initiative to eliminate all unlined water distribution mains in the Middlesex system. Under the SRF program, borrowers first enter into a construction loan with the NJEIT, for which Middlesex closed on an $11.8 million zero percent (0%) arrangement on June 28, 2016. Through September 30, 2016, Middlesex has drawn down $2.8 million and expects to draw down the remaining proceeds during the fourth quarter of 2016. When construction on a qualifying project is substantially complete, the NJEIT will coordinate the conversion of the construction loan into a twenty year long-term securitized loan with 75% of the principal balance having a stated interest rate of zero percent (0%) and 25% of the principal balance at a market interest rate at the time of closing using the credit rating of the State of New Jersey. The NJEIT generally schedules its long-term debt financings in November and May.   In July 2016, the NJBPU approved Middlesexs request to borrow up to $4.0 million under the New Jersey SRF program to fund the upgrade of a booster station at one of its well fields. Based on the current construction schedule, Middlesex expects to close on the SRF construction loan in December 2016 with proceeds requisitions occurring through September 2017.    In 2016, the NJEIT de-obligated principal payments of $0.5 million on several series of SRF loans.   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 First Mortgage and SRF Bonds (Bonds) 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 the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Companys bonds were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">September 30, 2016</td><td> </td> <td colspan="7" style="text-align: center">December 31, 2015</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">Carrying</td><td> </td> <td colspan="3" style="text-align: center">Fair</td><td> </td> <td colspan="3" style="text-align: center">Carrying</td><td> </td> <td colspan="3" style="text-align: center">Fair</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Value</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">First Mortgage Bonds</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">82,407</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">86,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">85,143</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">87,972</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SRF Bonds</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">379</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">459</td><td style="text-align: left"> </td></tr> </table>   For other long-term debt for which there was no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as Amortizing Secured Note, State Revolving Trust Note and Construction Loans on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $56.0 million and $54.7 million at September 30, 2016 and December 31, 2015, respectively. Customer advances for construction have carrying amounts of $20.9 million and $20.5 million at September 30, 2016 and December 31, 2015, respectively. 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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Regulated [Member] Inter-segment Elimination [Member] Consolidation Items [Axis] Tax Year 2014 [Member] Tax Period [Axis] Pension Benefit Plan [Member] Defined Benefit Plans and Other Postretirement Benefit Plans [Axis] Other Benefits Plan [Member] Pinelands Wastewater [Member] New Jersey Board of Public Utilities [Member] State Revolving Trust Note, due February 1, 2036 [Member] New Jersey SRF Program [Member] Construction Loans [Member] Document And Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Income Statement [Abstract] Operating Revenues Operating Expenses: Operations and Maintenance Depreciation Other Taxes Total Operating Expenses Operating Income Other Income (Expense): Allowance for Funds Used During Construction Other Income (Expense), net Total Other Income, net Interest Charges Income before Income Taxes Income Taxes Net Income Preferred Stock Dividend Requirements Earnings Applicable to Common Stock Earnings per share of Common Stock: Basic Diluted Average Number of Common Shares Outstanding: Basic Diluted Cash Dividends Paid per Common Share Statement of Financial Position [Abstract] ASSETS UTILITY PLANT: Water Production Transmission and Distribution General Construction Work in Progress TOTAL Less Accumulated Depreciation UTILITY PLANT - NET CURRENT ASSETS: Cash and Cash Equivalents Accounts Receivable, net Unbilled Revenues Materials and Supplies (at average cost) Prepayments TOTAL CURRENT ASSETS DEFERRED CHARGES AND OTHER ASSETS: Preliminary Survey and Investigation Charges Regulatory Assets Operations Contracts, Developer and Other Receivables Restricted Cash Non-utility Assets - Net Federal Income Tax Receivable Other TOTAL DEFERRED CHARGES AND OTHER ASSETS TOTAL ASSETS CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock, No Par Value Retained Earnings TOTAL COMMON EQUITY Preferred Stock Long-term Debt TOTAL CAPITALIZATION CURRENT LIABILITIES: Current Portion of Long-term Debt Notes Payable Accounts Payable Accrued Taxes Accrued Interest Unearned Revenues and Advanced Service Fees Other TOTAL CURRENT LIABILITIES COMMITMENTS AND CONTINGENT LIABILITIES (Note 7) DEFERRED CREDITS AND OTHER LIABILITIES: Customer Advances for Construction Accumulated Deferred Investment Tax Credits Accumulated Deferred Income Taxes Employee Benefit Plans Regulatory Liability - Cost of Utility Plant Removal Other TOTAL DEFERRED CREDITS AND OTHER LIABILITIES CONTRIBUTIONS IN AID OF CONSTRUCTION TOTAL CAPITALIZATION AND LIABILITIES Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation and Amortization Provision for Deferred Income Taxes and Investment Tax Credits Equity Portion of Allowance for Funds Used During Construction (AFUDC) Cash Surrender Value of Life Insurance Stock Compensation Expense Changes in Assets and Liabilities: Accounts Receivable Unbilled Revenues Materials & Supplies Prepayments Accounts Payable Accrued Taxes Accrued Interest Employee Benefit Plans Unearned Revenue and Advanced Service Fees Federal Income Tax Receivable Other Assets and Liabilities EX-101.PRE 12 msex-20160930_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	MIDDLESEX WATER CO
Entity Central Index Key	0000066004
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		16,289,172
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2016

XML 14 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Operating Revenues	$ 37,794	$ 34,654	$ 101,098	$ 95,100
Operating Expenses:
Operations and Maintenance	16,599	16,772	48,215	49,089
Depreciation	3,243	3,032	9,561	8,962
Other Taxes	3,796	3,390	10,537	9,671
Total Operating Expenses	23,638	23,194	68,313	67,722
Operating Income	14,156	11,460	32,785	27,378
Other Income (Expense):
Allowance for Funds Used During Construction	207	113	387	297
Other Income (Expense), net	400	108	449	108
Total Other Income, net	607	221	836	405
Interest Charges	1,427	1,505	3,841	4,058
Income before Income Taxes	13,336	10,176	29,780	23,725
Income Taxes	4,523	3,433	10,258	8,258
Net Income	8,813	6,743	19,522	15,467
Preferred Stock Dividend Requirements	36	36	108	108
Earnings Applicable to Common Stock	$ 8,777	$ 6,707	$ 19,414	$ 15,359
Earnings per share of Common Stock:
Basic	$ 0.54	$ 0.41	$ 1.19	$ 0.95
Diluted	$ 0.54	$ 0.41	$ 1.19	$ 0.95
Average Number of Common Shares Outstanding:
Basic	16,284	16,202	16,262	16,161
Diluted	16,440	16,358	16,418	16,317
Cash Dividends Paid per Common Share	$ 0.1988	$ 0.1925	$ 0.5963	$ 0.5775

XML 15 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
UTILITY PLANT:
Water Production	$ 146,095	$ 142,794
Transmission and Distribution	411,088	398,363
General	62,990	61,322
Construction Work in Progress	20,087	5,734
TOTAL	640,260	608,213
Less Accumulated Depreciation	133,293	126,343
UTILITY PLANT - NET	506,967	481,870
CURRENT ASSETS:
Cash and Cash Equivalents	1,453	3,469
Accounts Receivable, net	13,273	10,060
Unbilled Revenues	8,531	6,246
Materials and Supplies (at average cost)	4,399	2,600
Prepayments	2,813	2,035
TOTAL CURRENT ASSETS	30,469	24,410
DEFERRED CHARGES AND OTHER ASSETS:
Preliminary Survey and Investigation Charges	2,690	2,199
Regulatory Assets	57,961	58,552
Operations Contracts, Developer and Other Receivables	2,793	2,921
Restricted Cash	439	439
Non-utility Assets - Net	9,410	9,199
Federal Income Tax Receivable	1,408	1,408
Other	311	385
TOTAL DEFERRED CHARGES AND OTHER ASSETS	75,012	75,103
TOTAL ASSETS	612,448	581,383
CAPITALIZATION:
Common Stock, No Par Value	152,571	150,763
Retained Earnings	65,650	55,931
TOTAL COMMON EQUITY	218,221	206,694
Preferred Stock	2,436	2,436
Long-term Debt	130,853	132,908
TOTAL CAPITALIZATION	351,510	342,038
CURRENT LIABILITIES:
Current Portion of Long-term Debt	6,144	5,739
Notes Payable	13,600	3,000
Accounts Payable	10,331	6,525
Accrued Taxes	10,632	9,126
Accrued Interest	401	1,104
Unearned Revenues and Advanced Service Fees	904	880
Other	2,403	1,945
TOTAL CURRENT LIABILITIES	44,415	28,319
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
DEFERRED CREDITS AND OTHER LIABILITIES:
Customer Advances for Construction	20,906	20,461
Accumulated Deferred Investment Tax Credits	773	832
Accumulated Deferred Income Taxes	73,389	67,702
Employee Benefit Plans	34,227	36,515
Regulatory Liability - Cost of Utility Plant Removal	11,241	10,876
Other	1,487	1,597
TOTAL DEFERRED CREDITS AND OTHER LIABILITIES	142,023	137,983
CONTRIBUTIONS IN AID OF CONSTRUCTION	74,500	73,043
TOTAL CAPITALIZATION AND LIABILITIES	$ 612,448	$ 581,383

XML 16 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 19,522	$ 15,467
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	10,052	9,990
Provision for Deferred Income Taxes and Investment Tax Credits	5,382	17,631
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(261)	(179)
Cash Surrender Value of Life Insurance	(89)	(51)
Stock Compensation Expense	649	468
Changes in Assets and Liabilities:
Accounts Receivable	(3,213)	(2,746)
Unbilled Revenues	(2,285)	(2,054)
Materials & Supplies	(1,799)	(428)
Prepayments	(778)	(747)
Accounts Payable	3,806	2,255
Accrued Taxes	1,506	2,389
Accrued Interest	(703)	(723)
Employee Benefit Plans	(1,169)	(3,122)
Unearned Revenue and Advanced Service Fees	24	33
Federal Income Tax Receivable		(9,756)
Other Assets and Liabilities	16	725
NET CASH PROVIDED BY OPERATING ACTIVITIES	30,660	29,152
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $126 in 2016, $118 in 2015	(34,146)	(19,297)
Restricted Cash		1,391
NET CASH USED IN INVESTING ACTIVITIES	(34,146)	(17,906)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(4,917)	(5,358)
Proceeds from Issuance of Long-term Debt	3,903	5,000
Net Short-term Bank Borrowings	10,600	(1,000)
Deferred Debt Issuance Expenses	(158)	(66)
Common Stock Issuance Expense		(22)
Restricted Cash		744
Proceeds from Issuance of Common Stock	1,159	1,115
Payment of Common Dividends	(9,695)	(9,331)
Payment of Preferred Dividends	(108)	(108)
Construction Advances and Contributions-Net	686	(242)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,470	(9,268)
NET CHANGES IN CASH AND CASH EQUIVALENTS	(2,016)	1,978
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	3,469	2,673
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,453	4,651
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	1,217	1,622
Long-term Debt Deobligation	476	466
Cash Paid During the Year for:
Interest	4,658	4,897
Interest Capitalized	126	118
Income Taxes	$ 4,011	$ 1,136

XML 17 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Allowance for funds used during construction	$ 126	$ 118

XML 18 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Common Stock, No Par Value	$ 152,571	$ 150,763
Retained Earnings	65,650	55,931
TOTAL COMMON EQUITY	218,221	206,694
TOTAL PREFERRED STOCK	2,436	2,436
SUBTOTAL LONG-TERM DEBT	138,787	140,279
Add: Premium on Issuance of Long-term Debt	1,548	1,707
Less: Unamortized Debt Expense	(3,338)	(3,339)
Less: Current Portion of Long-term Debt	(6,144)	(5,739)
TOTAL LONG-TERM DEBT	130,853	132,908
First Mortgage Bonds - Series WW [Member]
SUBTOTAL LONG-TERM DEBT	865	900
First Mortgage Bonds - Series VV [Member]
SUBTOTAL LONG-TERM DEBT	2,433	2,577
First Mortgage Bonds - Series UU [Member]
SUBTOTAL LONG-TERM DEBT	890	935
First Mortgage Bonds - Series TT [Member]
SUBTOTAL LONG-TERM DEBT	2,408	2,559
First Mortgage Bonds - Series SS [Member]
SUBTOTAL LONG-TERM DEBT	23,000	23,000
First Mortgage Bonds - Series RR [Member]
SUBTOTAL LONG-TERM DEBT	22,500	22,500
First Mortgage Bonds - Series QQ [Member]
SUBTOTAL LONG-TERM DEBT	9,915	9,915
First Mortgage Bonds - Series PP [Member]
SUBTOTAL LONG-TERM DEBT	780	815
First Mortgage Bonds - Series OO [Member]
SUBTOTAL LONG-TERM DEBT	2,258	2,408
First Mortgage Bonds - Series NN [Member]
SUBTOTAL LONG-TERM DEBT	1,590	1,675
First Mortgage Bonds - Series MM [Member]
SUBTOTAL LONG-TERM DEBT	1,337	1,437
First Mortgage Bonds - Series LL [Member]
SUBTOTAL LONG-TERM DEBT	1,175	1,365
First Mortgage Bonds - Series JJ [Member]
SUBTOTAL LONG-TERM DEBT	824	1,010
First Mortgage Bonds - Series KK [Member]
SUBTOTAL LONG-TERM DEBT	1,078	1,167
First Mortgage Bonds - Series HH [Member]
SUBTOTAL LONG-TERM DEBT	960	1,300
First Mortgage Bonds - Series II [Member]
SUBTOTAL LONG-TERM DEBT	700	789
First Mortgage Bonds - Series GG [Member]
SUBTOTAL LONG-TERM DEBT	903	993
First Mortgage Bonds - Series EE [Member]
SUBTOTAL LONG-TERM DEBT	2,713	3,132
First Mortgage Bonds - Series FF [Member]
SUBTOTAL LONG-TERM DEBT	3,690	3,690
First Mortgage Bonds - Series BB [Member]
SUBTOTAL LONG-TERM DEBT	603	723
First Mortgage Bonds - Series CC [Member]
SUBTOTAL LONG-TERM DEBT	779	895
First Mortgage Bonds - Series AA [Member]
SUBTOTAL LONG-TERM DEBT	440	565
First Mortgage Bonds - Series Y [Member]
SUBTOTAL LONG-TERM DEBT	122	185
First Mortgage Bonds - Series Z [Member]
SUBTOTAL LONG-TERM DEBT	335	446
State Revolving Trust Note, due November 30, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	1,186	1,216
First Mortgage Bonds - Series X [Member]
SUBTOTAL LONG-TERM DEBT	107	162
Amortizing Secured Note, due April 20, 2040 [Member]
SUBTOTAL LONG-TERM DEBT	14,227	14,707
State Revolving Trust Note, due July 1, 2031 [Member]
SUBTOTAL LONG-TERM DEBT	2,248	2,303
Amortizing Secured Note 7.05%, due January 20, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	3,333	3,521
Amortizing Secured Note 5.69%, due January 20, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	6,838	7,222
State Revolving Trust Note, due August 1, 2031 [Member]
SUBTOTAL LONG-TERM DEBT	1,015	1,066
Amortizing Secured Note, due April 20, 2029 [Member]
SUBTOTAL LONG-TERM DEBT	4,389	4,651
State Revolving Trust Note, due July 1, 2028 [Member]
SUBTOTAL LONG-TERM DEBT	285	294
State Revolving Trust Note, due January 1, 2028 [Member]
SUBTOTAL LONG-TERM DEBT	94	97
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member]
SUBTOTAL LONG-TERM DEBT	213	254
State Revolving Trust Bond 0.00%, due August 1, 2021 [Member]
SUBTOTAL LONG-TERM DEBT	166	203
State Revolving Trust Note, due January 25, 2027 [Member]
SUBTOTAL LONG-TERM DEBT	465	501
State Revolving Trust Note, due December 1, 2026 [Member]
SUBTOTAL LONG-TERM DEBT	627	651
State Revolving Trust Note, due May 1, 2025 [Member]
SUBTOTAL LONG-TERM DEBT	2,165	2,267
State Revolving Trust Note, due March 1, 2026 [Member]
SUBTOTAL LONG-TERM DEBT	431	469
Amortizing Secured Note, due September 19, 2031 [Member]
SUBTOTAL LONG-TERM DEBT	4,177	4,387
State Revolving Trust Note, due December 31, 2022 [Member]
SUBTOTAL LONG-TERM DEBT	353	376
Amortizing Secured Note, due May 19, 2028 [Member]
SUBTOTAL LONG-TERM DEBT	4,900	5,215
Amortizing Secured Note, due August 25, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	3,897	4,107
Amortizing Secured Note, due December 20, 2021 [Member]
SUBTOTAL LONG-TERM DEBT	1,470	1,629
Construction Loans [Member]
SUBTOTAL LONG-TERM DEBT	2,788
Convertible Preferred Stock $7.00 Series [Member]
TOTAL PREFERRED STOCK	1,007	1,007
Convertible Preferred Stock $8.00 Series [Member]
TOTAL PREFERRED STOCK	349	349
Nonredeemable Preferred Stock $7.00 Series [Member]
TOTAL PREFERRED STOCK	80	80
Nonredeemable Preferred Stock $4.75 Series [Member]
TOTAL PREFERRED STOCK	1,000	1,000
State Revolving Trust Note, due February 1, 2036 [Member]
TOTAL PREFERRED STOCK	$ 1,115

XML 19 R7.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parenthetical) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Common Stock, Shares Authorized	40,000	40,000
Common Stock, Shares Outstanding	16,288	16,225
Preferred Stock, Shares Authorized	126	126
Preferred Stock, Shares Outstanding	24	24
Convertible Preferred Stock $7.00 Series [Member]
Preferred Stock, Shares Outstanding	10	10
Convertible Preferred Stock $8.00 Series [Member]
Preferred Stock, Shares Outstanding	3	3
Nonredeemable Preferred Stock $7.00 Series [Member]
Preferred Stock, Shares Outstanding	1	1
Nonredeemable Preferred Stock $4.75 Series [Member]
Preferred Stock, Shares Outstanding	10	10
State Revolving Trust Note, due February 1, 2036 [Member]
Interest rate	2.00%
Due date of debt	Feb. 01, 2036
Amortizing Secured Note, due May 19, 2028 [Member]
Interest rate	6.25%
Due date of debt	May 19, 2028
Amortizing Secured Note, due August 25, 2030 [Member]
Interest rate	6.44%
Due date of debt	Aug. 25, 2030
Amortizing Secured Note, due September 19, 2031 [Member]
Interest rate	6.46%
Due date of debt	Sep. 19, 2031
State Revolving Trust Note, due December 31, 2022 [Member]
Interest rate	4.22%
Due date of debt	Dec. 31, 2022
State Revolving Trust Note, due May 1, 2025 [Member]
Interest rate	3.60%
Due date of debt	May 01, 2025
State Revolving Trust Note, due March 1, 2026 [Member]
Interest rate	3.30%
Due date of debt	Mar. 01, 2026
State Revolving Trust Note, due January 25, 2027 [Member]
Interest rate	3.49%
Due date of debt	Jan. 25, 2027
State Revolving Trust Note, due December 1, 2026 [Member]
Interest rate	4.03%
Due date of debt	Dec. 01, 2026
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member]
Due date of debt	Aug. 01, 2021
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] \| Maximum [Member]
Interest rate	5.00%
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] \| Minimum [Member]
Interest rate	4.00%
State Revolving Trust Bond 0.00%, due August 1, 2021 [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2021
State Revolving Trust Note, due July 1, 2028 [Member]
Interest rate	3.64%
Due date of debt	Jul. 01, 2028
State Revolving Trust Note, due January 1, 2028 [Member]
Interest rate	3.64%
Due date of debt	Jan. 01, 2028
State Revolving Trust Note, due August 1, 2031 [Member]
Interest rate	3.45%
Due date of debt	Aug. 01, 2031
Amortizing Secured Note, due April 20, 2029 [Member]
Interest rate	6.59%
Due date of debt	Apr. 20, 2029
Amortizing Secured Note 7.05%, due January 20, 2030 [Member]
Interest rate	7.05%
Due date of debt	Jan. 20, 2030
Amortizing Secured Note 5.69%, due January 20, 2030 [Member]
Interest rate	5.69%
Due date of debt	Jan. 20, 2030
Amortizing Secured Note, due April 20, 2040 [Member]
Interest rate	4.45%
Due date of debt	Apr. 20, 2040
State Revolving Trust Note, due July 1, 2031 [Member]
Interest rate	3.75%
Due date of debt	Jul. 01, 2031
State Revolving Trust Note, due November 30, 2030 [Member]
Interest rate	3.75%
Due date of debt	Nov. 30, 2030
First Mortgage Bonds - Series X [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2018
First Mortgage Bonds - Series Y [Member]
Due date of debt	Aug. 01, 2018
First Mortgage Bonds - Series Y [Member] \| Maximum [Member]
Interest rate	4.63%
First Mortgage Bonds - Series Y [Member] \| Minimum [Member]
Interest rate	4.25%
First Mortgage Bonds - Series Z [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2019
First Mortgage Bonds - Series AA [Member]
Due date of debt	Aug. 01, 2019
First Mortgage Bonds - Series AA [Member] \| Maximum [Member]
Interest rate	5.75%
First Mortgage Bonds - Series AA [Member] \| Minimum [Member]
Interest rate	5.25%
First Mortgage Bonds - Series BB [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2021
First Mortgage Bonds - Series CC [Member]
Due date of debt	Aug. 01, 2021
First Mortgage Bonds - Series CC [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series CC [Member] \| Minimum [Member]
Interest rate	4.00%
First Mortgage Bonds - Series EE [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2023
First Mortgage Bonds - Series FF [Member]
Due date of debt	Aug. 01, 2024
First Mortgage Bonds - Series FF [Member] \| Maximum [Member]
Interest rate	5.50%
First Mortgage Bonds - Series FF [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series GG [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2026
First Mortgage Bonds - Series HH [Member]
Due date of debt	Aug. 01, 2026
First Mortgage Bonds - Series HH [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series HH [Member] \| Minimum [Member]
Interest rate	4.00%
First Mortgage Bonds - Series II [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2024
First Mortgage Bonds - Series JJ [Member]
Due date of debt	Aug. 01, 2027
First Mortgage Bonds - Series JJ [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series JJ [Member] \| Minimum [Member]
Interest rate	3.40%
First Mortgage Bonds - Series KK [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2028
First Mortgage Bonds - Series LL [Member]
Due date of debt	Aug. 01, 2028
First Mortgage Bonds - Series LL [Member] \| Maximum [Member]
Interest rate	5.50%
First Mortgage Bonds - Series LL [Member] \| Minimum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series MM [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2030
First Mortgage Bonds - Series NN [Member]
Due date of debt	Aug. 01, 2030
First Mortgage Bonds - Series NN [Member] \| Maximum [Member]
Interest rate	4.375%
First Mortgage Bonds - Series NN [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series OO [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2031
First Mortgage Bonds - Series PP [Member]
Due date of debt	Aug. 01, 2031
First Mortgage Bonds - Series PP [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series PP [Member] \| Minimum [Member]
Interest rate	2.00%
First Mortgage Bonds - Series QQ [Member]
Interest rate	5.00%
Due date of debt	Oct. 01, 2023
First Mortgage Bonds - Series RR [Member]
Interest rate	3.80%
Due date of debt	Oct. 01, 2038
First Mortgage Bonds - Series SS [Member]
Interest rate	4.25%
Due date of debt	Oct. 01, 2047
First Mortgage Bonds - Series TT [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2032
First Mortgage Bonds - Series UU [Member]
Due date of debt	Aug. 01, 2032
First Mortgage Bonds - Series UU [Member] \| Maximum [Member]
Interest rate	3.25%
First Mortgage Bonds - Series UU [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series VV [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2033
First Mortgage Bonds - Series WW [Member]
Due date of debt	Aug. 01, 2033
First Mortgage Bonds - Series WW [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series WW [Member] \| Minimum [Member]
Interest rate	3.00%
Amortizing Secured Note, due December 20, 2021 [Member]
Interest rate	8.05%
Due date of debt	Dec. 20, 2021
Construction Loans [Member]
Interest rate	0.00%

XML 20 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recent Developments

9 Months Ended

Sep. 30, 2016

Basis of Presentation and Recent Developments [Abstract]

Basis of Presentation and Recent Developments

Note 1 – Basis of Presentation and Recent Developments

Recent Accounting Guidance

There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

XML 21 R9.htm IDEA: XBRL DOCUMENT

Rate and Regulatory Matters

9 Months Ended

Sep. 30, 2016

Regulated Operations [Abstract]

Rate and Regulatory Matters

Note 2 – Rate and Regulatory Matters

XML 22 R10.htm IDEA: XBRL DOCUMENT

Capitalization

9 Months Ended

Sep. 30, 2016

CAPITALIZATION:

Capitalization

Note 3 – Capitalization

Common Stock

Long-term Debt

In 2016, the NJEIT de-obligated principal payments of $0.5 million on several series of SRF loans.

Fair Value of Financial Instruments

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
First Mortgage Bonds	$	82,407	$	86,236	$	85,143	$	87,972
SRF Bonds	$	379	$	381	$	457	$	459

XML 23 R11.htm IDEA: XBRL DOCUMENT

Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Note 4 – Earnings Per Share

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2016					2015
Basic:	Income			Shares		Income			Shares
Net Income	$	8,813			16,284	$	6,743			16,202
Preferred Dividend		(36	)				(36	)
Earnings Applicable to Common Stock	$	8,777			16,284	$	6,707			16,202

Basic EPS	$	0.54				$	0.41

Diluted:
Earnings Applicable to Common Stock	$	8,777			16,284	$	6,707			16,202
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		6			41		6			41
Adjusted Earnings Applicable to Common Stock	$	8,800			16,440	$	6,730			16,358

Diluted EPS	$	0.54				$	0.41

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2016					2015
Basic:	Income			Shares		Income			Shares
Net Income	$	19,522			16,262	$	15,467			16,161
Preferred Dividend		(108	)				(108	)
Earnings Applicable to Common Stock	$	19,414			16,262	$	15,359			16,161

Basic EPS	$	1.19				$	0.95

Diluted:
Earnings Applicable to Common Stock	$	19,414			16,262	$	15,359			16,161
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		18			41		18			41
Adjusted Earnings Applicable to Common Stock	$	19,482			16,418	$	15,427			16,317

Diluted EPS	$	1.19				$	0.95

XML 24 R12.htm IDEA: XBRL DOCUMENT

Business Segment Data

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Business Segment Data

Note 5 – Business Segment Data

	(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Operations by Segments:	2016			2015			2016			2015
Revenues:
Regulated	$	33,989		$	31,120		$	89,797		$	83,998
Non – Regulated		3,949			3,650			11,685			11,445
Inter-segment Elimination		(144	)		(116	)		(384	)		(343	)
Consolidated Revenues	$	37,794		$	34,654		$	101,098		$	95,100

Operating Income:
Regulated	$	13,516		$	10,938		$	30,940		$	25,774
Non – Regulated		640			522			1,845			1,604
Consolidated Operating Income	$	14,156		$	11,460		$	32,785		$	27,378

Net Income:
Regulated	$	8,154		$	6,466		$	18,226		$	14,653
Non – Regulated		659			277			1,296			814
Consolidated Net Income	$	8,813		$	6,743		$	19,522		$	15,467

Capital Expenditures:
Regulated	$	14,011		$	6,613		$	33,961		$	19,232
Non – Regulated		24			38			185			65
Total Capital Expenditures	$	14,035		$	6,651		$	34,146		$	19,297

	As of			As of
	September 30,			December 31,
	2016			2015
Assets:
Regulated	$	611,400		$	581,321
Non – Regulated		7,047			6,436
Inter-segment Elimination		(5,999	)		(6,374	)
Consolidated Assets	$	612,448		$	581,383

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

Short-term Borrowings

9 Months Ended

Sep. 30, 2016

Short-term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

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:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Average Daily Amounts Outstanding	$	11,734	$	17,304	$	6,177	$	16,992
Weighted Average Interest Rates		1.54%		1.19%		1.52%		1.18%

The maturity dates for the $13.6 million outstanding as of September 30, 2016 are all in October 2016 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.

XML 26 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Note 7 – Commitments and Contingent Liabilities

Water Supply

Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually.

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015

Treated	$	804	$	775	$	2,360	$	2,271
Untreated		675		674		1,911		1,869
Total Costs	$	1,479	$	1,449	$	4,271	$	4,140

Construction

Litigation

Change in Control Agreements

XML 27 R15.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits

Other Postretirement Benefits

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,
	2016			2015			2016			2015

Service Cost	$	577		$	639		$	275		$	343
Interest Cost		761			724			488			480
Expected Return on Assets		(1,004	)		(980	)		(558	)		(527	)
Amortization of Unrecognized Losses		357			411			443			565
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(432	)		(432	)
Net Periodic Benefit Cost	$	691		$	794		$	216		$	429

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2016			2015			2016			2015

Service Cost	$	1,731		$	1,918		$	824		$	1,029
Interest Cost		2,284			2,171			1,464			1,441
Expected Return on Assets		(3,011	)		(2,939	)		(1,674	)		(1,580	)
Amortization of Unrecognized Losses		1,070			1,234			1,330			1,696
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(1,296	)		(1,296	)
Net Periodic Benefit Cost	$	2,074		$	2,384		$	648		$	1,290

XML 28 R16.htm IDEA: XBRL DOCUMENT

Income Taxes

9 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 – Income Taxes

XML 29 R17.htm IDEA: XBRL DOCUMENT

Capitalization (Tables)

9 Months Ended

Sep. 30, 2016

CAPITALIZATION:

Schedule of carrying amount and fair value of bonds

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
First Mortgage Bonds	$	82,407	$	86,236	$	85,143	$	87,972
SRF Bonds	$	379	$	381	$	457	$	459

XML 30 R18.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Schedule of earnings per share

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2016					2015
Basic:	Income			Shares		Income			Shares
Net Income	$	8,813			16,284	$	6,743			16,202
Preferred Dividend		(36	)				(36	)
Earnings Applicable to Common Stock	$	8,777			16,284	$	6,707			16,202

Basic EPS	$	0.54				$	0.41

Diluted:
Earnings Applicable to Common Stock	$	8,777			16,284	$	6,707			16,202
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		6			41		6			41
Adjusted Earnings Applicable to Common Stock	$	8,800			16,440	$	6,730			16,358

Diluted EPS	$	0.54				$	0.41

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2016					2015
Basic:	Income			Shares		Income			Shares
Net Income	$	19,522			16,262	$	15,467			16,161
Preferred Dividend		(108	)				(108	)
Earnings Applicable to Common Stock	$	19,414			16,262	$	15,359			16,161

Basic EPS	$	1.19				$	0.95

Diluted:
Earnings Applicable to Common Stock	$	19,414			16,262	$	15,359			16,161
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		18			41		18			41
Adjusted Earnings Applicable to Common Stock	$	19,482			16,418	$	15,427			16,317

Diluted EPS	$	1.19				$	0.95

XML 31 R19.htm IDEA: XBRL DOCUMENT

Business Segment Data (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

	(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Operations by Segments:	2016			2015			2016			2015
Revenues:
Regulated	$	33,989		$	31,120		$	89,797		$	83,998
Non – Regulated		3,949			3,650			11,685			11,445
Inter-segment Elimination		(144	)		(116	)		(384	)		(343	)
Consolidated Revenues	$	37,794		$	34,654		$	101,098		$	95,100

Operating Income:
Regulated	$	13,516		$	10,938		$	30,940		$	25,774
Non – Regulated		640			522			1,845			1,604
Consolidated Operating Income	$	14,156		$	11,460		$	32,785		$	27,378

Net Income:
Regulated	$	8,154		$	6,466		$	18,226		$	14,653
Non – Regulated		659			277			1,296			814
Consolidated Net Income	$	8,813		$	6,743		$	19,522		$	15,467

Capital Expenditures:
Regulated	$	14,011		$	6,613		$	33,961		$	19,232
Non – Regulated		24			38			185			65
Total Capital Expenditures	$	14,035		$	6,651		$	34,146		$	19,297

	As of			As of
	September 30,			December 31,
	2016			2015
Assets:
Regulated	$	611,400		$	581,321
Non – Regulated		7,047			6,436
Inter-segment Elimination		(5,999	)		(6,374	)
Consolidated Assets	$	612,448		$	581,383

XML 32 R20.htm IDEA: XBRL DOCUMENT

Short-term Borrowings (Tables)

9 Months Ended

Sep. 30, 2016

Short-term Borrowings Tables

Schedule of Credit Lines

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Average Daily Amounts Outstanding	$	11,734	$	17,304	$	6,177	$	16,992
Weighted Average Interest Rates		1.54%		1.19%		1.52%		1.18%

XML 33 R21.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of purchased water cost

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015

Treated	$	804	$	775	$	2,360	$	2,271
Untreated		675		674		1,911		1,869
Total Costs	$	1,479	$	1,449	$	4,271	$	4,140

XML 34 R22.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of periodic costs for employee retirement benefit plan

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2016			2015			2016			2015

Service Cost	$	577		$	639		$	275		$	343
Interest Cost		761			724			488			480
Expected Return on Assets		(1,004	)		(980	)		(558	)		(527	)
Amortization of Unrecognized Losses		357			411			443			565
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(432	)		(432	)
Net Periodic Benefit Cost	$	691		$	794		$	216		$	429

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2016			2015			2016			2015

Service Cost	$	1,731		$	1,918		$	824		$	1,029
Interest Cost		2,284			2,171			1,464			1,441
Expected Return on Assets		(3,011	)		(2,939	)		(1,674	)		(1,580	)
Amortization of Unrecognized Losses		1,070			1,234			1,330			1,696
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(1,296	)		(1,296	)
Net Periodic Benefit Cost	$	2,074		$	2,384		$	648		$	1,290

XML 35 R23.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recent Developments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)
Basis of Presentation and Recent Developments [Abstract]
Reclassification due to new accounting standard	$ (3,300)

XML 36 R24.htm IDEA: XBRL DOCUMENT

Rate and Regulatory Matters (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Apr. 30, 2016	Nov. 30, 2015	Oct. 31, 2015	Sep. 30, 2016
Pennsylvania Public Utilities Commission [Member]
Regulatory Liabilities [Line Items]
Approved increase in annual operating revenues				$ 100
Originally filed increase in annual operating revenue		$ 200
New Jersey Board of Public Utilities [Member]
Regulatory Liabilities [Line Items]
Originally filed increase in annual operating revenue	$ 100
Pinelands Water Company [Member]
Regulatory Liabilities [Line Items]
Approved increase in annual operating revenues	200
Originally filed increase in annual operating revenue			$ 500
Tidewater Utilities Inc [Member]
Regulatory Liabilities [Line Items]
Projected annual revenue				$ 300
Pinelands Wastewater [Member]
Regulatory Liabilities [Line Items]
Approved increase in annual operating revenues	$ 100

XML 37 R25.htm IDEA: XBRL DOCUMENT

Capitalization (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Jul. 31, 2016	Dec. 31, 2015
Schedule of Capitalization [Line Items]
Issuance of shares under the DRP, shares		35,350	48,414
Issuance of shares under the DRP		$ 1,200	$ 1,100
Deobligated Principal Payments		476	466
Other long term debt		56,000			$ 54,700
Customer advances		20,906			$ 20,461
Amount drawn on loan		3,903	$ 5,000
New Jersey Environmental Infrastructure Trust [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing amount		16,000
Maximum borrowing capacity, construction loan		$ 11,800
Interest rate		0.00%
Amount drawn on loan		$ 2,800
Percentage of principal with stated interest rate		75.00%
Percentage of principal with market interest rate		25.00%
New Jersey SRF Program [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing amount				$ 4,000
Tidewater Utilities Inc [Member]
Schedule of Capitalization [Line Items]
Loan amount	$ 1,200
Interest rate	2.00%
Due date of debt	Feb. 01, 2036
Amount drawn on loan		$ 1,100

XML 38 R26.htm IDEA: XBRL DOCUMENT

Capitalization (Schedule of Carrying Amount and Fair Value of Bonds) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value [Member]
First Mortgage Bonds	$ 86,236	$ 87,972
SRF Bonds	381	459
Carrying Amount [Member]
First Mortgage Bonds	82,407	85,143
SRF Bonds	$ 379	$ 457

XML 39 R27.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basic:
Net Income	$ 8,813	$ 6,743	$ 19,522	$ 15,467
Preferred Dividend	(36)	(36)	(108)	(108)
Earnings Applicable to Common Stock	$ 8,777	$ 6,707	$ 19,414	$ 15,359
Basic EPS	$ 0.54	$ 0.41	$ 1.19	$ 0.95
Weighted average number of basic shares outstanding	16,284	16,202	16,262	16,161
Diluted:
Adjusted Earnings Applicable to Common Stock	$ 8,800	$ 6,730	$ 19,482	$ 15,427
Diluted EPS	$ 0.54	$ 0.41	$ 1.19	$ 0.95
Weighted average number of diluted shares outstanding	16,440	16,358	16,418	16,317
Convertible Preferred Stock $7.00 Series [Member]
Diluted:
Preferred Dividend	$ 17	$ 17	$ 50	$ 50
Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares)	115	115	115	115
Convertible Preferred Stock $8.00 Series [Member]
Diluted:
Preferred Dividend	$ 6	$ 6	$ 18	$ 18
Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares)	41	41	41	41

XML 40 R28.htm IDEA: XBRL DOCUMENT

Business Segment Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
Business Segment Data (Details) $ in Thousands	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments			2
Operating Revenues	$ 37,794	$ 34,654	$ 101,098	$ 95,100
Operating Income	14,156	11,460	32,785	27,378
Net Income	8,813	6,743	19,522	15,467
Capital Expenditures	14,035	7,761	34,146	19,297
Assets	612,448		612,448		$ 581,383
Regulated [Member]
Segment Reporting Information [Line Items]
Operating Revenues	33,989	31,120	89,797	83,998
Operating Income	13,516	10,938	30,940	25,774
Net Income	8,154	6,466	18,226	14,653
Capital Expenditures	14,011	6,613	33,961	19,232
Assets	611,400		611,400		581,321
Non - Regulated [Member]
Segment Reporting Information [Line Items]
Operating Revenues	3,949	3,650	11,685	11,445
Operating Income	640	522	1,845	1,604
Net Income	659	277	1,296	814
Capital Expenditures	24	38	185	65
Assets	7,047		7,047		6,436
Inter-segment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(144)	$ (116)	(384)	$ (343)
Assets	$ (5,999)		$ (5,999)		$ (6,374)

XML 41 R29.htm IDEA: XBRL DOCUMENT

Short-term Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Short-term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Lines Of Credit Facility
Established lines of credit	$ 60,000		$ 60,000
Established lines of credit, amount outstanding	$ 13,600		$ 13,600
Weighted average interest rate at period end	1.51%		1.51%
Average Daily Amounts Outstanding	$ 11,734	$ 17,304	$ 6,177	$ 16,992
Weighted Average Interest Rates	1.54%	1.19%	1.52%	1.18%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 42 R30.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Guaranty liabilty for AWM's performance	$ 100	$ 100
Budgeted construction cost for construction program, 2016	$ 46,000

XML 43 R31.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities (Schedule of Purchased Water Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Purchased Water
Treated	$ 804	$ 775	$ 2,360	$ 2,271
Untreated	675	674	1,911	1,869
Total Costs	$ 1,479	$ 1,449	$ 4,271	$ 4,140

XML 44 R32.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Annual benefits paid to retired participants			$ 300
Other Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benfit plan, cash contributions	$ 200		700	$ 800
Expected cash contributions			200
Pension Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benfit plan, cash contributions	$ 1,000	$ 1,000	2,500	$ 2,000
Expected cash contributions			$ 500

XML 45 R33.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Schedule of Benefits Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Pension Benefit Plan [Member]
Periodic costs for employee retirement benefit plans
Service Cost	$ 577	$ 639	$ 1,731	$ 1,918
Interest Cost	761	724	2,284	2,171
Expected Return on Assets	(1,004)	(980)	(3,011)	(2,939)
Amortization of Unrecognized Losses	357	411	1,070	1,234
Amortization of Unrecognized Prior Service Cost (Credit)
Net Periodic Benefit Cost	691	794	2,074	2,384
Other Benefits Plan [Member]
Periodic costs for employee retirement benefit plans
Service Cost	275	343	824	1,029
Interest Cost	488	480	1,464	1,441
Expected Return on Assets	(558)	(527)	(1,674)	(1,580)
Amortization of Unrecognized Losses	443	565	1,330	1,696
Amortization of Unrecognized Prior Service Cost (Credit)	(432)	(432)	(1,296)	(1,296)
Net Periodic Benefit Cost	$ 216	$ 429	$ 648	$ 1,290

XML 46 R34.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) $ in Thousands	9 Months Ended
Income Taxes (Details) $ in Thousands	Sep. 30, 2016 USD ($)
Tax Year 2014 [Member]
Operating Loss Carryforwards [Line Items]
Net reduction in taxes due to the federal government	$ 17,600

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