Common Stock

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements [Abstract]

NOTE 3: COMMON STOCK

The Company has 25,000,000 authorized shares of common stock, no par value. A summary of the changes in the common stock accounts for the period January 1, 2009 through December 31, 2011, appears below:

(in thousands, except share data)	Shares		Issuance Amount		Expense			Total
Balance, January 1, 2009		8,463,269	$	66,412	$	(1,608	)	$	64,804
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures		31,515		767		--			767
Dividend Reinvestment Plan		61,462		1,323		--			1,323
Stock Options Exercised and Expensed		17,498		394		(2	)		392
Balance, December 31, 2009		8,573,744	$	68,896	$	(1,610	)	$	67,286
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures		31,282		1,077		--			1,077
Dividend Reinvestment Plan		57,749		1,358		--			1,358
Stock Options Exercised and Expensed		14,074		305		(2	)		303
Balance, December 31, 2010		8,676,849	$	71,636	$	(1,612	)	$	70,024
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures		20,210		824		--			824
Dividend Reinvestment Plan		52,668		1,346		--			1,346
Stock Options Exercised and Expensed		5,671		152		(1	)		151
Balance, December 31, 2011 (1)		8,755,398	$	73,958	$	(1,613	)	$	72,345

(1)	Includes 43,315 restricted shares and 108,454 common stock equivalent shares issued through the Performance Stock Programs through December 31, 2011.

The Company may not pay any dividends on its common stock unless full cumulative dividends to the preceding dividend date for all outstanding shares of Preferred Stock of the Company have been paid or set aside for payment. All such Preferred Stock dividends have been paid.

The Company expects to issue equity at some point between the fourth quarter of 2012 and the third quarter of 2013, depending on market conditions and other Company activities. The Company has a target capital structure that is equally balanced with equity and debt. The interim financing utilized in completing the acquisition of Maine Water included two similar sized debt facilities – an $18 million fifteen-year fixed loan with an interest rate of 4.09% and a variable rate debt facility with a borrowing of $18.1 million and an initial interest rate of 1.80%. The latter facility is expected to be paid off with the proceeds of the equity issuance. The Company has not determined the specific structure nor the amount of equity that it will seek to raise. It currently estimates raising equity of between $35.0 and $45.0 million.

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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