Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Expense [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income Tax Expense for the years ended December 31, is comprised of the following:

(in thousands)	2012			2011			2010
Federal Classified as Operating Expense	$	6,103		$	6,709		$	5,513
Federal Classified as Other Utility Income	427			424			368
Federal Classified as Other Income
Land Sales and Donations	477			(176		)	(230		)
Non-Water Sales	748			558			487
Other	(900		)	(276		)	(257		)
Total Federal Income Tax Expense	6,855			7,239			5,881
State Classified as Operating Expense	319			257			(190		)
State Classified as Other Utility Income	121			112			97
State Classified as Other Income
Land Sales and Donations	(97		)	—			—
Non-Water Sales	180			143			120
Other	(47		)	(75		)	(43		)
Total State Income Tax Expense	476			437			(16		)
Total Income Tax Expense	$	7,331		$	7,676		$	5,865

The components of the Federal and State income tax provisions are:

(in thousands)	2012			2011			2010
Current Income Taxes
Federal	$	4,747		$	5,002		$	3,902
State	511			428			338
Total Current	5,258			5,430			4,240
Deferred Income Taxes, Net
Federal
Investment Tax Credit	(71		)	(63		)	(61		)
Deferred Revenue	(77		)	(75		)	(75		)
Land Donations	29			392			201
Depreciation	2,411			1,990			1,909
Other	(184		)	(7		)	5
Total Federal	2,108			2,237			1,979
State
Land Donations	(83		)	—			—
Other	48			9			(354		)
Total State	(35		)	9			(354		)
Total Deferred Income Taxes	2,073			2,246			1,625
Total Income Tax	$	7,331		$	7,676		$	5,865

Deferred Tax (Assets) Liabilities on Consolidated Balance Sheets [Table Text Block]

Deferred income tax (assets) and liabilities are categorized as follows on the Consolidated Balance Sheets:

(in thousands)	2012			2011
Unrecovered Income Taxes	$	(9,871	)	$	(7,355	)
Deferred Federal and State Income Taxes	40,869			31,075
Unfunded Future Income Taxes	8,992			7,355
Unamortized Investment Tax Credits	1,490			1,313
Other	(207		)	(185		)
Net Deferred Income Tax Liability	$	41,273		$	32,203

Components of Deferred Tax (Assets) Liabilities [Table Text Block]

Deferred income tax (assets) and liabilities are comprised of the following:

(in thousands)	2012			2011
Tax Credit Carryforward (1)	$	(2,487	)	$	(2,533	)
Prepaid Income Taxes on CIAC	(66		)	4
Net Operating Loss Carryforwards (2)	(385		)	—
Other Comprehensive Income	(842		)	(486		)
Accelerated Depreciation	46,379			34,548
Unamortized Investment Tax Credits	1,490			1,313
Other	(2,816		)	(643		)
Net Deferred Income Tax Liability	$	41,273		$	32,203

Calculation of Pre-Tax Income [Table Text Block]

The calculation of Pre-Tax Income is as follows:

(in thousands)	2012		2011		2010
Pre-Tax Income
Net Income	$	13,640	$	11,300	$	9,798
Income Taxes	7,331		7,676		5,865
Total Pre-Tax Income	$	20,971	$	18,976	$	15,663

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The differences between the effective income tax rate recorded by the Company and the statutory federal tax rate are as follows:

	2012		2011		2010
Federal Statutory Tax Rate	35.0	%	34.0	%	34.0	%
Tax Effect Differences:
State Income Taxes Net of Federal Benefit	1.3	%	1.5	%	—	%
Property Related Items	(0.1	)%	1.0	%	—	%
Charitable Contributions – Land Donation (Net of Valuation Allowance)	(0.3	)%	(0.9	)%	(1.5	)%
Pension Costs	1.6	%	3.5	%	1.8	%
Unamortized Debt Expense	(2.6	)%	0.4	%	0.5	%
Other	0.1	%	1.0	%	2.6	%
Effective Income Tax Rate	35.0	%	40.5	%	37.4	%