0000914317-13-001376.txt : 20131106 0000914317-13-001376.hdr.sgml : 20131106 20131106105850 ACCESSION NUMBER: 0000914317-13-001376 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131106 DATE AS OF CHANGE: 20131106 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: 131195193 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-133920_msex.htm QUARTERLY REPORT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2013

£	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 S 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 S 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 S 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 S

The number of shares outstanding of each of the registrant’s classes of common stock, as of October 31, 2013: Common Stock, No Par Value: 15,919,974 shares outstanding.

INDEX

PART I.	FINANCIAL INFORMATION	PAGE

Item 1.	Financial Statements (Unaudited):

	Condensed Consolidated Statements of Income	1

	Condensed Consolidated Balance Sheets	2

	Condensed Consolidated Statements of Cash Flows	3

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

	Notes to Unaudited Condensed Consolidated Financial Statements	5

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

Item 3.	Quantitative and Qualitative Disclosures of Market Risk	22

Item 4.	Controls and Procedures	23

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	23

Item 1A.	Risk Factors	23

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

Item 3.	Defaults upon Senior Securities	23

Item 4.	Mine Safety Disclosures	23

Item 5.	Other Information	23

Item 6.	Exhibits	24

SIGNATURES		25

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,
	2013			2012			2013			2012

Operating Revenues	$	31,285		$	32,353		$	87,424		$	83,300

Operating Expenses:
Operations and Maintenance		15,120			15,600			45,698			44,740
Depreciation		2,772			2,629			8,205			7,759
Other Taxes		3,123			3,281			9,215			8,871

Total Operating Expenses		21,015			21,510			63,118			61,370

Operating Income		10,270			10,843			24,306			21,930

Other Income (Expense):
Allowance for Funds Used During Construction		104			110			230			383
Other Income		27			106			124			423
Other Expense		(1	)		(4	)		(21	)		(155	)

Total Other Income, net		130			212			333			651

Interest Charges		1,541			1,808			4,234			4,941

Income before Income Taxes		8,859			9,247			20,405			17,640

Income Taxes		3,052			3,109			6,940			5,970

Net Income		5,807			6,138			13,465			11,670

Preferred Stock Dividend Requirements		44			52			147			155

Earnings Applicable to Common Stock	$	5,763		$	6,086		$	13,318		$	11,515

Earnings per share of Common Stock:
Basic	$	0.36		$	0.39		$	0.84		$	0.73
Diluted	$	0.36		$	0.38		$	0.83		$	0.73

Average Number of
Common Shares Outstanding :
Basic		15,882			15,741			15,839			15,717
Diluted		16,117			16,004			16,093			15,980

Cash Dividends Paid per Common Share	$	0.1875		$	0.1850		$	0.5625		$	0.5550

See Notes to Condensed Consolidated Financial Statements.

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

		September 30,		December 31,
ASSETS		2013		2012
UTILITY PLANT:	Water Production	$	131,854	$	129,840
	Transmission and Distribution		352,038		343,074
	General		55,964		54,830
	Construction Work in Progress		10,334		7,834
	TOTAL		550,190		535,578
	Less Accumulated Depreciation		107,344		100,360
	UTILITY PLANT - NET		442,846		435,218

CURRENT ASSETS:	Cash and Cash Equivalents		2,937		3,025
	Accounts Receivable, net		12,706		12,447
	Unbilled Revenues		6,993		5,483
	Materials and Supplies (at average cost)		1,988		1,403
	Prepayments		2,691		2,255
	TOTAL CURRENT ASSETS		27,315		24,613

DEFERRED CHARGES	Unamortized Debt Expense		3,572		3,606
AND OTHER ASSETS:	Preliminary Survey and Investigation Charges		5,097		5,117
	Regulatory Assets		58,597		72,831
	Operations Contracts, Developer and Other Receivables		598		992
	Restricted Cash		3,091		9,019
	Non-utility Assets - Net		11,299		9,882
	Other		731		448
	TOTAL DEFERRED CHARGES AND OTHER ASSETS		82,985		101,895
	TOTAL ASSETS	$	553,146	$	561,726

CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value	$	145,653	$	143,572
	Retained Earnings		42,476		38,060
	TOTAL COMMON EQUITY		188,129		181,632
	Preferred Stock		2,886		3,353
	Long-term Debt		130,596		131,467
	TOTAL CAPITALIZATION		321,611		316,452

CURRENT	Current Portion of Long-term Debt		5,373		11,130
LIABILITIES:	Notes Payable		30,450		27,950
	Accounts Payable		4,374		3,808
	Accrued Taxes		9,224		9,266
	Accrued Interest		442		955
	Unearned Revenues and Advanced Service Fees		755		756
	Other		1,673		2,067
	TOTAL CURRENT LIABILITIES		52,291		55,932

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

DEFERRED CREDITS	Customer Advances for Construction		21,788		21,990
AND OTHER LIABILITIES:	Accumulated Deferred Investment Tax Credits		1,009		1,068
	Accumulated Deferred Income Taxes		42,315		41,776
	Employee Benefit Plans		42,000		54,768
	Regulatory Liability - Cost of Utility Plant Removal		9,449		8,811
	Other		1,348		973
	TOTAL DEFERRED CREDITS AND OTHER LIABILITIES		117,909		129,386

CONTRIBUTIONS IN AID OF CONSTRUCTION			61,335		59,956
	TOTAL CAPITALIZATION AND LIABILITIES	$	553,146	$	561,726

See Notes to Condensed Consolidated Financial Statements.

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Nine Months Ended September 30,
		2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	13,465		$	11,670
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation and Amortization		8,833			8,349
Provision for Deferred Income Taxes and Investment Tax Credits		2,536			3,351
Equity Portion of Allowance for Funds Used During Construction (AFUDC)		(149	)		(242	)
Cash Surrender Value of Life Insurance		(174	)		(132	)
Stock Compensation Expense		357			456
Changes in Assets and Liabilities:
Accounts Receivable		135			1,520
Unbilled Revenues		(1,510	)		(2,060	)
Materials & Supplies		(585	)		571
Prepayments		(436	)		(640	)
Accounts Payable		566			(1,464	)
Accrued Taxes		(42	)		1,393
Accrued Interest		(513	)		(307	)
Employee Benefit Plans		(1,033	)		182
Unearned Revenue & Advanced Service Fees		(1	)		19
Other Assets and Liabilities		(284	)		(1,484	)

NET CASH PROVIDED BY OPERATING ACTIVITIES		21,165			21,182
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $81 in 2013, $141 in 2012		(14,585	)		(17,886	)
Restricted Cash		(360	)		(793	)
Investment in Joint Venture		(1,205	)		(1,000	)

NET CASH USED IN INVESTING ACTIVITIES		(16,150	)		(19,679	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt		(10,440	)		(4,191	)
Proceeds from Issuance of Long-term Debt		3,987			4,929
Net Short-term Bank Borrowings		2,500			3,500
Deferred Debt Issuance Expense		(55	)		(22	)
Restricted Cash		6,070			—
Proceeds from Issuance of Common Stock		1,257			1,193
Payment of Common Dividends		(8,902	)		(8,720	)
Payment of Preferred Dividends		(147	)		(155	)
Construction Advances and Contributions-Net		627			655

NET CASH USED IN FINANCING ACTIVITIES		(5,103	)		(2,811	)
NET CHANGES IN CASH AND CASH EQUIVALENTS		(88	)		(1,308	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,025			3,106
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	2,937		$	1,798


SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	$	1,324		$	828
Long-term Debt Deobligation	$	64		$	—

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash Paid During the Year for:
Interest	$	4,875		$	5,276
Interest Capitalized	$	81		$	141
Income Taxes	$	5,169		$	1,313

See Notes to Condensed Consolidated Financial Statements.

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK

AND LONG-TERM DEBT

(Unaudited)

(In thousands)

		September 30,			December 31,
		2013			2012
Common Stock, No Par Value
Shares Authorized -	40,000
Shares Outstanding -	2013 - 15,917	$	145,653		$	143,572
	2012 - 15,795

Retained Earnings			42,476			38,060
TOTAL COMMON EQUITY		$	188,129		$	181,632

Cumulative Preferred Stock, No Par Value:
Shares Authorized - 130
Shares Outstanding - 28
Convertible:
Shares Outstanding, $7.00 Series - 14			1,457			1,457
Shares Outstanding, $8.00 Series - 3			349			816
Nonredeemable:
Shares Outstanding, $7.00 Series - 1			80			80
Shares Outstanding, $4.75 Series - 10			1,000			1,000
TOTAL PREFERRED STOCK		$	2,886		$	3,353

Long-term Debt:
8.05%, Amortizing Secured Note, due December 20, 2021		$	2,047		$	2,169
6.25%, Amortizing Secured Note, due May 19, 2028			6,160			6,475
6.44%, Amortizing Secured Note, due August 25, 2030			4,737			4,947
6.46%, Amortizing Secured Note, due September 19, 2031			5,017			5,227
4.22%, State Revolving Trust Note, due December 31, 2022			486			506
3.30% to 3.60%, State Revolving Trust Note, due May 1, 2025			3,287			3,413
3.49%, State Revolving Trust Note, due January 25, 2027			569			602
4.03%, State Revolving Trust Note, due December 1, 2026			763			784
4.00% to 5.00%, State Revolving Trust Bond, due August 1, 2021			344			388
0.00%, State Revolving Fund Bond, due August 1, 2021			281			320
3.64%, State Revolving Trust Note, due July 1, 2028			339			347
3.64%, State Revolving Trust Note, due January 1, 2028			113			116
3.45%, State Revolving Trust Note, due August 1, 2031			410			397
6.59%, Amortizing Secured Note, due April 20, 2029			5,436			5,697
7.05%, Amortizing Secured Note, due January 20, 2030			4,083			4,271
5.69%, Amortizing Secured Note, due January 20, 2030			8,376			8,761
3.75%, State Revolving Trust Note, due July 1, 2031			2,565			2,615
3.75%, State Revolving Trust Note, due November 30, 2030			1,361			1,388
First Mortgage Bonds:
0.00%, Series X, due September 1, 2018			268			322
4.25% to 4.63%, Series Y, due September 1, 2018			300			355
0.00%, Series Z, due September 1, 2019			671			782
5.25% to 5.75%, Series AA, due September 1, 2019			830			955
0.00%, Series BB, due September 1, 2021			965			1,085
4.00% to 5.00%, Series CC, due September 1, 2021			1,145			1,275
5.10%, Series DD, due January 1, 2032			—			6,000
0.00%, Series EE, due August 1, 2023			3,968			4,386
3.00% to 5.50%, Series FF, due August 1, 2024			5,335			5,755
0.00%, Series GG, due August 1, 2026			1,171			1,262
4.00% to 5.00%, Series HH, due August 1, 2026			1,475			1,560
0.00%, Series II, due August 1, 2024			971			1,060
3.40% to 5.00%, Series JJ, due August 1, 2027			1,165			1,235
0.00%, Series KK, due August 1, 2028			1,346			1,435
5.00% to 5.50%, Series LL, due August 1, 2028			1,505			1,570
0.00%, Series MM, due August 1, 2030			1,637			1,801
3.00% to 4.375%, Series NN, due August 1, 2030			1,835			1,910
0.00%, Series OO, due August 1, 2031			2,709			2,860
2.00% to 5.00%, Series PP, due August 1, 2031			885			915
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			2,860			—
3.00% to 3.25%, Series UU, due August 1, 2032			1,015			—
SUBTOTAL LONG-TERM DEBT			133,845			140,361
Add: Premium on Issuance of Long-term Debt			2,124			2,236
Less: Current Portion of Long-term Debt			(5,373	)		(11,130	)
TOTAL LONG-TERM DEBT		$	130,596		$	131,467

See Notes to Condensed Consolidated Financial Statements.

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 are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2012 Annual Report on Form 10-K (the 2012 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, 2013, the results of operations for the three and nine month periods ended September 30, 2013 and 2012 and cash flows for the nine month periods ended September 30, 2013 and 2012. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2012, has been derived from the Company’s audited financial statements for the year ended December 31, 2012 included in the 2012 Form 10-K. Certain reclassifications have been made to prior year financial statements to conform with current year presentation.

Tidewater Awarded Water Privatization Contract for Dover Air Force Base

In September 2013, Tidewater entered into an agreement with the United States Department of Defense for the privatization of the water system of Dover Air Force Base (DAFB) in Dover, Delaware. Tidewater will provide DAFB with potable water service under a 50-year agreement. Tidewater intends to integrate the DAFB water system into its regulated utility operations, subject to Delaware Public Service Commission (DEPSC) regulatory approval. The agreement allows Tidewater up to one year to obtain all necessary DEPSC approvals and transition the DAFB water system to Tidewater. If approved by the DEPSC, this service to DAFB would initially add approximately $0.6 million of annual revenue.

Middlesex and Applied Water Management, Inc. Partner to Provide Leachate Pretreatment to Monmouth County, New Jersey Landfill

In September 2013, Middlesex entered into agreements with Applied Water Management, Inc. (AWM), Natural Systems Utilities, LLC (NSU), the parent company of AWM, and the County of Monmouth, New Jersey (Monmouth County) for the design, construction and operation of a leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey. Under the terms of the agreements, AWM will obtain permits, design, build and operate the landfill leachate pretreatment facility and Middlesex will serve in the role of guarantor of AWM's performance on the project, in addition to providing operational support. Construction of the facility is being financed by Monmouth County and is expected to begin in the third quarter of 2014. See Note 7 – Commitments and Contingent Liabilities for further discussion of Middlesex’s guaranty of AWM’s performance.

Middlesex Base Rate Increase Filing

Middlesex expects to file an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to increase its base rates in November 2013. The filing is necessary as a result of capital investments Middlesex has made, or has planned to make, increased operations and maintenance costs, and lost revenues resulting from ending a wholesale water sales contract with the Borough of Sayreville, New Jersey in August 2013 and Hess Corporation, Middlesex’s largest retail water customer, ceasing its oil refining operations at its Port Reading, New Jersey facility in February 2013. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request. A decision by the NJBPU is not expected until the third quarter of 2014.

Tidewater Base Rate Increase Filing

Tidewater expects to file an application with the DEPSC seeking permission to increase its base rates in November 2013. The request will be made as a result of capital investments Tidewater has made, or has planned to make, and increased operations and maintenance costs. We cannot predict whether the DEPSC will ultimately approve, deny, or reduce the amount of the request. A decision by the DEPSC is not expected until the second half of 2014.

Recent Accounting Guidance

In the third quarter of 2013, there was no new adopted or proposed accounting guidance that could have a material impact on the Company’s financial statements.

Note 2 – Rate Matters

Middlesex – In June 2013, the NJBPU approved a Middlesex Petition to defer approximately $0.4 million of costs of Superstorm Sandy related costs. These costs include labor, outside contractor costs, fuel, generator rental and other directly related expenses resulting from storm damage mitigation, repair, clean-up and restoration activities. Middlesex has submitted claims for these costs through its insurance carrier and has received an initial payment of $0.2 million. Middlesex will seek recovery of any Superstorm Sandy related costs not recovered through insurance in its next base rate proceeding. Middlesex cannot predict whether there will be any remaining costs after the insurance claim is closed or, if there are any remaining costs, whether they will be recovered in its next base rate proceeding.

In April 2013, the NJBPU approved a Middlesex Petition to establish a Purchased Water Adjustment Clause and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority (NJWSA) and treated water from a non-affiliated regulated water utility.

In November 2012, Middlesex filed a Petition with the NJBPU seeking approval of foundational information (Foundational Filing) that would allow for the implementation of a Distribution System Improvement Charge (DSIC). A DSIC is a rate-mechanism that allows water utilities to recover investment in capital improvements to their water distribution system made between base rate proceedings. In February 2013, the Foundational Filing was approved by the NJBPU, which allows Middlesex to implement a DSIC rate to recover costs for qualifying projects that are placed in service in the six-month post-approval period. The DSIC rate is allowed to increase in three subsequent six month periods for any additional qualifying projects placed in service during those time periods. The maximum annual revenue allowed to be recovered under the approved Foundational Filing is $1.4 million. Middlesex expects to receive approval to implement a DSIC rate in the fourth quarter of 2013 designed to generate annual revenues of $0.3 million.

Pinelands - In March 2013, the NJBPU approved a combined $0.2 million increase in Pinelands Water and Pinelands Wastewater’s annual base revenues. In its initial request, filed in August 2012, Pinelands had sought an increase of $0.3 million on a combined basis. The rate increase for the water service, which is approximately 50% of the approved increase, will be phased-in over one year.

TESI - On October 1, 2013, TESI closed on its DEPSC-approved purchase of the wastewater utility assets of the Plantations development (the Plantations) for $0.4 million and began providing wastewater services to the 600 residential customers in the Plantations in Delaware. Annual revenues for serving the Plantations are expected to be approximately $0.2 million. Effective one year after acquisition, subject to completion of agreed-upon capital improvements to the Plantations wastewater system, TESI will be allowed to implement a 33.5% base wastewater rate increase.

Note 3 – Capitalization

Common Stock

During the nine months ended September 30, 2013 and 2012, there were 63,649 common shares (approximately $1.3 million) and 64,034 common shares (approximately $1.2 million), respectively, issued under the Company’s Amended and Restated Dividend Reinvestment and Common Stock Purchase Plan.

The Company maintains a stock plan for its non-management directors (Outside Director Stock Compensation Plan). In May 2013 and May 2012, the Company granted and issued 5,432 (approximately $0.1 million) and 5,768 shares (approximately $0.1 million) of common stock, respectively, to the non-management directors under the Outside Director Stock Compensation Plan.

Preferred Stock

In August 2013, 4,000 shares ($0.5 million) of the Company’s no par $8.00 Series Cumulative and Convertible Preferred Stock was converted into 54,856 shares of common stock.

Long-term Debt

In May 2013, Middlesex borrowed $4.0 million through the New Jersey Environmental Infrastructure Trust under the New Jersey State Revolving Fund (SRF) loan program and issued first mortgage bonds designated as Series TT ($3.0 million) and Series UU ($1.0 million). The interest rate on the Series TT bond is zero and the interest rate on the Series UU bond ranges from 3.0% to 3.25% depending on the serial maturity date. The final maturity date for both bonds is August 1, 2032. Proceeds were initially recorded as Restricted Cash and may only be used for the Middlesex 2013 RENEW project, which is part of a program to clean and cement all unlined mains in the Middlesex system.

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 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:

	(Thousands of Dollars)
	September 30, 2013				December 31, 2012
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
First Mortgage Bonds	$	87,471	$	80,193	$	91,938	$	93,556
SRF Bonds	$	625	$	628	$	708	$	712

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” and “State Revolving Trust Note” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $45.7 million at September 30, 2013 and $47.7 million at December 31, 2012. Customer advances for construction have carrying amounts of $21.8 million and $22.0 million, respectively, at September 30, 2013 and December 31, 2012. 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,
	2013					2012
Basic:	Income			Shares		Income			Shares
Net Income	$	5,807			15,882	$	6,138			15,741
Preferred Dividend		(44	)				(52	)
Earnings Applicable to Common Stock	$	5,763			15,882	$	6,086			15,741

Basic EPS	$	0.36				$	0.39

Diluted:
Earnings Applicable to Common Stock	$	5,763			15,882	$	6,086			15,741
$7.00 Series Preferred Dividend		24			167		24			167
$8.00 Series Preferred Dividend		6			68		14			96
Adjusted Earnings Applicable to Common Stock	$	5,793			16,117	$	6,124			16,004

Diluted EPS	$	0.36				$	0.38

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2013					2012
Basic:	Income			Shares		Income			Shares
Net Income	$	13,465			15,839	$	11,670			15,717
Preferred Dividend		(147	)				(155	)
Earnings Applicable to Common Stock	$	13,318			15,839	$	11,515			15,717

Basic EPS	$	0.84				$	0.73

Diluted:
Earnings Applicable to Common Stock	$	13,318			15,839	$	11,515			15,717
$7.00 Series Preferred Dividend		73			167		73			167
$8.00 Series Preferred Dividend		34			87		42			96
Adjusted Earnings Applicable to Common Stock	$	13,425			16,093	$	11,630			15,980

Diluted EPS	$	0.83				$	0.73

Note 5 – Business Segment Data

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

				(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Operations by Segments:	2013			2012			2013			2012
Revenues:
Regulated	$	27,981		$	29,085		$	77,042		$	74,385
Non – Regulated		3,470			3,441			10,787			9,288
Inter-segment Elimination		(166	)		(173	)		(405	)		(373	)
Consolidated Revenues	$	31,285		$	32,353		$	87,424		$	83,300

Operating Income:
Regulated	$	9,685		$	10,417		$	22,699		$	20,798
Non – Regulated		585			426			1,607			1,132
Consolidated Operating Income	$	10,270		$	10,843		$	24,306		$	21,930

Net Income:
Regulated	$	5,505		$	5,926		$	12,648		$	11,070
Non – Regulated		302			212			817			600
Consolidated Net Income	$	5,807		$	6,138		$	13,465		$	11,670

Capital Expenditures:
Regulated	$	4,313		$	5,229		$	14,417		$	17,564
Non – Regulated		50			83			168			322
Total Capital Expenditures	$	4,363		$	5,312		$	14,585		$	17,886

	As of			As of
	September 30,			December 31,
	2013			2012
Assets:
Regulated	$	555,470		$	560,165
Non – Regulated		8,106			11,674
Inter-segment Elimination		(10,430	)		(10,113	)
Consolidated Assets	$	553,146		$	561,726

Note 6 – Short-term Borrowings

As of September 30, 2013, the Company has established lines of credit aggregating $60.0 million. At September 30, 2013, the outstanding borrowings under these credit lines were $30.5 million at a weighted average interest rate of 1.46%.

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

				(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Average Daily Amounts Outstanding	$	28,608		$	26,867		$	27,472		$	25,122
Weighted Average Interest Rates		1.32	%		1.52	%		1.35	%		1.41	%

The maturity dates for the $30.5 million outstanding as of September 30, 2013 are all in October 2013 and are extendable at the discretion of the Company.

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

Note 7 – Commitments and Contingent Liabilities

Contract Operations

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

Water Supply

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

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

Purchased water costs are shown below:

			(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012

Treated	$	780	$	772	$	2,303	$	2,266
Untreated		618		663		1,739		1,791
Total Costs	$	1,398	$	1,435	$	4,042	$	4,057

Guarantees

In September 2013, Middlesex entered into an agreement with Monmouth County to serve as guarantor of the performance of AWM to design, construct and operate a leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey (see Note 1 – Basis of Presentation and Recent Developments for further discussion of Middlesex’s guaranty of AWM’s performance). 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. Construction of the facility is being financed by Monmouth County and is expected to begin in the third quarter of 2014. In addition, Middlesex entered into agreements with AWM and NSU, the parent company of AWM, whereby, Middlesex earns a fee for providing the guaranty of AWM’s performance to Monmouth County, Middlesex provides operational support to the project, 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 need to be made under Middlesex’s guaranty of AWM’s performance to Monmouth County. If asked 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 have the opportunity to fulfill the construction and operational commitments of AWM. As of September 30, 2013, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $0.4 million.

Construction

The Company expects to spend approximately $18.5 million on its construction program in 2013. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.

Litigation

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

Change in Control Agreements

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

Note 8 – Employee Benefit Plans

Pension Benefits

The Company’s Pension Plan covers substantially all employees hired prior to March 31, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution into a self-directed retirement account at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for contribution, the participating employee must be employed by the Company on December 31st of the year to which the award relates. For the three months ended September 30, 2013 and 2012, the Company made Pension Plan cash contributions of $1.9 million and $1.8 million, respectively. For the nine months ended September 30, 2013 and 2012, the Company made Pension Plan cash contributions of $2.6 million and $2.5 million, respectively. The Company expects to make additional Pension Plan cash contributions of approximately $0.7 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 postretirement plan other than pensions (Other Benefits Plan) covers substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. Effective January 1, 2013, the Company has amended a provision of the Other Benefits Plan increasing the level of retiree contributions required towards the insurance premiums. Eligible employees retiring in 2013 and beyond will contribute a higher percentage towards their healthcare premiums. The amendment resulted in a $10.2 million decrease in the Company’s Employee Benefit Plans’ Liability, and related Regulatory Asset, as of January 1, 2013. For the three months ended September 30, 2013 and 2012, the Company made Other Benefits Plan cash contributions of $1.0 million and $1.8 million, respectively. For the nine months ended September 30, 2013 and 2012, the Company made Other Benefits Plan cash contributions of $1.7 million and $2.5 million, respectively. The Company expects to make additional Other Benefits Plan cash contributions of approximately $0.5 million over the remainder of the current year.

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

				(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2013			2012			2013			2012

Service Cost	$	575		$	550		$	334		$	446
Interest Cost		617			604			399			467
Expected Return on Assets		(724	)		(615	)		(406	)		(314	)
Amortization of Unrecognized Losses		408			387			516			441
Amortization of Unrecognized Prior Service Cost		2			2			(432	)		—
Amortization of Transition Obligation		—			—			—			33
Net Periodic Benefit Cost	$	878		$	928		$	411		$	1,073

				(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2013			2012			2013			2012

Service Cost	$	1,725		$	1,649		$	1,003		$	1,338
Interest Cost		1,851			1,812			1,196			1,401
Expected Return on Assets		(2,171	)		(1,844	)		(1,217	)		(943	)
Amortization of Unrecognized Losses		1,224			1,162			1,549			1,324
Amortization of Unrecognized Prior Service Cost		7			7			(1,296	)		—
Amortization of Transition Obligation		—			—			—			101
Net Periodic Benefit Cost	$	2,636		$	2,786		$	1,235		$	3,221

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, 2012.

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;

costs required to evaluate business development opportunities that are not realized;

acts of war or terrorism;

significant changes in the pace of housing development in Delaware;

the availability and cost of capital resources;

the ability to translate Preliminary Survey & Investigation charges into projects; 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.

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, 2012.

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 60,000 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 300,000. We also have an investment in a joint venture, Ridgewood Green RME, LLC, that owns and operates facilities to optimize the production of 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 and wastewater systems for the City of Perth Amboy, New Jersey (Perth Amboy). Our Bayview system provides water services in Downe Township, New Jersey. Our other New Jersey subsidiaries, Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), provide water and wastewater services to residents in Southampton Township, New Jersey.

USA offers residential customers in New Jersey and Delaware water service line and sewer lateral maintenance programs (LineCare). USA entered into a marketing agreement (the Agreement), expiring in 2021, with HomeServe USA (HomeServe), a leading provider of home maintenance service programs to service, develop and grow USA’s LineCare customer base. USA receives a service fee for the billing, cash collection and other administrative matters associated with HomeServe’s service contracts, which increases based on growth in Home Serve’s services to our customers.

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

Our Delaware subsidiaries, Tidewater and Southern Shores Water Company, LLC (Southern Shores), provide water services to approximately 37,000 retail customers in New Castle, Kent and Sussex Counties, Delaware. Tidewater’s subsidiary, White Marsh, services an additional 4,600 customers in Kent and Sussex Counties through various operations and maintenance contracts.

Our Tidewater Environmental Services, Inc. (TESI) subsidiary provides wastewater services to approximately 3,000 retail customers.

Our Pennsylvania subsidiary, Twin Lakes, provides water services to approximately 100 retail customers in the Township of Shohola, Pike County, Pennsylvania.

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

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

Recent Developments

Tidewater Awarded Water Privatization Contract for Dover Air Force Base

Middlesex and Applied Water Management, Inc. Partner to Provide Leachate Pretreatment to Monmouth County, New Jersey Landfill

In September 2013, Middlesex entered into agreements with Applied Water Management, Inc. (AWM), Natural Systems Utilities, LLC, AWM’s parent company, and the County of Monmouth, New Jersey (Monmouth County) for the design, construction and operation of a new leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey. Under the terms of the agreements, AWM will obtain permits, design, build and operate the landfill leachate pretreatment facility and Middlesex will serve in the role of guarantor of AWM's performance on the project, in addition to providing operational support. Construction of the facility is being financed by Monmouth County and is expected to begin in the third quarter of 2014.

Middlesex Base Rate Increase Filing

Middlesex expects to file an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to increase its base rates in November 2013. The filing is necessary as a result of capital investments Middlesex has made, or has planned to make, increased operations and maintenance costs, and lost revenues resulting from ending a wholesale water sales contract with the Borough of Sayreville, New Jersey (Sayreville) in August 2013 and Hess Corporation (Hess), Middlesex’s largest retail water customer, ceasing its oil refining operations at its Port Reading, New Jersey facility in February 2013 (see “Outlook” below for further discussion of Sayreville and Hess). We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request. A decision by the NJBPU is not expected until the third quarter of 2014.

Tidewater Base Rate Increase Filing

Rate Matters

In April 2013, the NJBPU approved a Middlesex Petition to establish a Purchased Water Adjustment Clause (PWAC) and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority and treated water from a non-affiliated regulated water utility.

TESI - On October 1, 2013, TESI closed on its DEPSC-approved purchase of the wastewater utility assets of the Plantations development (the Plantations) for $0.4 million and began providing wastewater services to the 600 residential customers residing in the Plantations in Delaware. Annual revenues for serving the Plantations are expected to be approximately $0.2 million. Effective one year after acquisition, subject to completion of agreed-upon capital improvements to the Plantations wastewater system, TESI will be allowed to implement a 33.5% base wastewater rate increase.

Outlook

Revenues for the remainder of 2013 are expected to be favorably impacted by the full year effect of approved 2012 and 2013 base rate increases for Middlesex, Tidewater, TESI, Southern Shores, Twin Lakes, Pinelands Water and Pinelands Wastewater. Also expected to contribute to additional revenues in 2013 are the Tidewater DSIC and the Middlesex PWAC and DSIC.

Sayreville, one of Middlesex's wholesale contract customers, did not renew its contract for the purchase of water from Middlesex due to the expansion of a Sayreville-owned water treatment plant. In accordance with the terms, this contract remained in effect through August 12, 2013. Gross operating revenues from water sales to Sayreville amounted to $1.9 million in 2012. In addition, Hess, Middlesex's largest retail water customer, ceased its oil refining operations at its Port Reading, New Jersey facility in February 2013. Water consumption at Hess’s facilities has declined approximately 74%. Revenues from Hess amounted to $2.6 million in 2012.

Revenues in 2014 are expected to be favorably impacted by Middlesex and Tidewater base rate increases, which are expected to be filed for in November 2013 (see “Recent Developments” above for further discussion on Middlesex and Tidewater’s expected base rate increase filings). Decisions by Middlesex’s and Tidewater’s respective regulators on these rate increase requests are not expected until the second half of 2014. We cannot predict whether these base rate increase requests will ultimately be approved, denied, or reduced.

Effective January 1, 2013, the Company has amended a provision of its postretirement medical plan (Other Benefits Plan) increasing the level of retiree contributions required towards the insurance premiums. Eligible employees retiring in 2013 and beyond will contribute a higher percentage towards their postretirement healthcare premiums. This amendment, combined with somewhat improved performance in 2012 on our investment of retirement plan funds, has lowered employee benefit plan expenses by approximately $2.8 million in 2013, as compared to 2012. In addition, we expect our cash contributions to our Other Benefits Plan to decrease to $2.2 million in 2013 from $3.9 million in 2012. See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion of our Employee Benefit Plans.

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

Revenues and earnings are influenced by weather. Recent levels of precipitation and unexpected weather patterns have negatively impacted usage by our water customers in New Jersey and Delaware. Changes in usage patterns, as well as increases in capital expenditures and operating costs, are the primary factors in determining the need for rate increase requests. We continue to implement plans to streamline operations and reduce operating costs.

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

Our strategy is focused on three key areas:

•

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

•

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

•

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

Operating Results by Segment

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

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

Results of Operations – Three Months Ended September 30, 2013

	(In Thousands) Three Months Ended September 30,

	Regulated		2013 Non- Regulated		Total		Regulated		2012 Non- Regulated		Total
Revenues	$	27,905	$	3,380	$	31,285	$	29,002	$	3,351	$	32,353
Operations and maintenance expenses		12,451		2,669		15,120		12,792		2,808		15,600
Depreciation expense		2,726		46		2,772		2,586		43		2,629
Other taxes		3,043		80		3,123		3,207		74		3,281
Operating income		9,685		585		10,270		10,417		426		10,843

Other income, net		130		—		130		197		15		212
Interest expense		1,517		24		1,541		1,784		24		1,808
Income taxes		2,793		259		3,052		2,904		205		3,109
Net income	$	5,505	$	302	$	5,807	$	5,926	$	212	$	6,138

Operating Revenues

Operating revenues for the three months ended September 30, 2013 decreased $1.1 million from the same period in 2012. This decrease was primarily related to the following factors:

•	Middlesex System revenues decreased $1.3 million due to:
	o	Sales to General Metered Service (GMS) customers decreased by $0.7 million primarily due to decreased GMS customer demand resulting from:
		▪	greater than expected precipitation events during the third quarter of 2013;
		▪	Hess, Middlesex's largest GMS customer, ceasing its oil refining operations at its Port Reading, New Jersey facility in February 2013 (see discussion in “Recent Developments” and “Outlook” sections above);
		Partially offsetting decreased demand was the full quarter effect of the July 2012 base water rate increase; and
	o	Contract Sales to Municipalities decreased by $0.6 million, primarily due to the loss of Sayreville as a customer in August 2013 (see discussion in “Recent Developments” and “Outlook” sections above) and decreased weather-related demand offset by the full quarter effect of the July 2012 base water rate increase;
•	Tidewater System revenues increased $0.1 million, primarily due to increased fixed service charges and increased fees, both from new water customer connections, partially offset by lower customer demand resulting from greater than expected precipitation events during the third quarter of 2013; and
•	All other subsidiaries revenues increased $0.1 million.

Operation and Maintenance Expense

Operation and maintenance expenses for the three months ended September 30, 2013 decreased $0.5 million from the same period in 2012. This decrease was primarily related to the following factors:

	•	Employee benefit expenses decreased $0.6 million due primarily due to the amendment of the Other Benefits Plan which increases contributions by future retirees; and
	•	Labor costs increased $0.1 million primarily due to higher average labor rates.

Depreciation

Depreciation expense for the three months ended September 30, 2013 increased $0.1 million from the same period in 2012 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the three months ended September 30, 2013 decreased $0.2 million from the same period in 2012, primarily due to decreased revenue related taxes on lower taxable revenues in our Middlesex system.

Other Income, net

Other Income, net for the three months ended September 30, 2013 decreased $0.1 million from the same period in 2012, primarily due to lower rental income, lower interest income and lower earnings from investments.

Interest Charges

Interest charges for the three months ended September 30, 2013 decreased $0.3 million from the same period in 2012, primarily due to lower average interest rates on long-term debt, resulting from Middlesex’s refinancing of $57.5 million of First Mortgage Bonds in the fourth quarter of 2012.

Income Taxes

Income taxes for the three months ended September 30, 2013 decreased $0.1 million from the same period in 2012, due to decreased operating income in 2013 as compared to 2012.

Net Income and Earnings Per Share

Net income for the three months ended September 30, 2013 decreased $0.3 million from the same period in 2012. Basic and diluted earnings per share decreased to $0.36 for the three months ended September 30, 2013, as compared to $0.39 and $0.38, respectively, for the three months ended September 30, 2012.

Results of Operations – Nine Months Ended September 30, 2013

	(In Thousands) Nine Months Ended September 30,

	Regulated		2013 Non- Regulated		Total		Regulated		2012 Non- Regulated		Total
Revenues	$	76,906	$	10,518	$	87,424	$	74,232	$	9,068	$	83,300
Operations and maintenance expenses		37,184		8,514		45,698		37,155		7,585		44,740
Depreciation expense		8,070		135		8,205		7,639		120		7,759
Other taxes		8,953		262		9,215		8,640		231		8,871
Operating income		22,699		1,607		24,306		20,798		1,132		21,930

Other income, net		333		—		333		573		78		651
Interest expense		4,162		72		4,234		4,870		71		4,941
Income taxes		6,222		718		6,940		5,431		539		5,970
Net income	$	12,648	$	817	$	13,465	$	11,070	$	600	$	11,670

Operating Revenues

Operating revenues for the nine months ended September 30, 2013 increased $4.1 million from the same period in 2012. This increase was primarily related to the following factors:

•	Middlesex System revenues increased $2.0 million due to:
	o	Sales to GMS customers increased by $1.7 million primarily due to the July 2012 base water rate increase partially offset by decreased GMS customer demand resulting from:
		▪	Greater than expected precipitation events during the second and third quarters of 2013;
		▪	Hess, Middlesex's largest GMS customer, ceasing its oil refining operations at its Port Reading, New Jersey facility in February 2013 (see discussion in “Recent Developments” and “Outlook” sections above);
	o	Contract Sales to Municipalities increased by $0.2 million, primarily due to the July 2012 base water rate increase offset by the loss of Sayreville as a customer in August 2013 (see discussion in “Recent Developments” and “Outlook” sections above); and
	o	Operating revenues for all other categories increased $0.1 million;
•	Tidewater System revenues increased $0.4 million, primarily due to:
	o	Increased fixed service charges and increased fees from new water customer connections; and
	o	The June 2012 implementation of the final component of its base rate increase;
	Partially offsetting the increases above was lower customer demand resulting from greater than expected precipitation events during the second and third quarters of 2013;
•	USA’s revenues increased $1.0 million, primarily due to revenues earned under our contract to operate the Avalon water utility, sewer utility and storm water system, which commenced in July 2012;
•	USA-PA’s revenues increased $0.3 million, primarily from scheduled increases in the fixed fees paid under contract with the City of Perth Amboy;
•	TESI’s revenues increased $0.2 million, primarily due to the June 2012 base rate increase; and
•	All other subsidiaries revenues increased $0.2 million.

Operation and Maintenance Expense

Operation and maintenance expenses for the nine months ended September 30, 2013 increased $1.0 million from the same period in 2012. This increase was primarily related to the following factors:

•	Labor costs increased $0.7 million due to lower capitalized payroll and higher average labor rates. These increases were partially offset by a workforce reduction in our Delaware operations in March 2012;
•	Variable production costs increased $0.4 million, primarily from higher water treatment costs due to increased precipitation in 2013 as compared to 2012;
•	Water main break costs increased $0.2 million, as we experienced a higher number of main breaks in 2013 as compared to 2012;
•	Expenditures for USA’s contract operations serving Avalon, commencing July 1, 2012, resulted in a $0.1 million increase in labor costs and a $0.6 million increase in direct costs for billable supplemental services;
•	Employee benefit expenses decreased $1.3 million due primarily due to the amendment of the Other Benefits Plan which increases contributions by future retirees; and
•	All other operation and maintenance expense categories increased $0.3 million.

Depreciation

Depreciation expense for the nine months ended September 30, 2013 increased $0.4 million from the same period in 2012 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the nine months ended September 30, 2013 increased $0.3 million from the same period in 2012, primarily due to increased revenue related taxes on higher taxable revenues in our Middlesex system.

Other Income, net

Other Income, net for the nine months ended September 30, 2013 decreased $0.3 million from the same period in 2012, primarily due to lower Allowance for Funds Used During Construction, resulting from lower average construction work in progress balances, lower rental income, lower interest income and lower earnings from investments offset by costs incurred in 2012 related to potential projects at our Delaware subsidiaries.

Interest Charges

Interest charges for the nine months ended September 30, 2013 decreased $0.7 million from the same period in 2012, primarily due to lower average interest rates on long-term debt, resulting from Middlesex’s refinancing of $57.5 million of First Mortgage Bonds in the fourth quarter of 2012.

Income Taxes

Income taxes for the nine months ended September 30, 2013 increased $1.0 million from the same period in 2012, due to increased operating income in 2013 as compared to 2012.

Net Income and Earnings Per Share

Net income for the nine months ended September 30, 2013 increased $1.8 million from the same period in 2012. Basic and diluted earnings per share increased to $0.84 and $0.83 for the nine months ended September 30, 2013, respectively, as compared to $0.73 for the nine months ended September 30, 2012.

Liquidity and Capital Resources

Operating Cash Flows

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

For the nine months ended September 30, 2013, cash flows from operating activities were consistent with the same period in 2012. Higher income tax payments in 2013 offset higher net income and resulted in slightly lower cash flows from operating activities in 2013. The $21.2 million of net cash flow from operations enabled us to fund all of our utility plant expenditures internally for the period.

Capital Expenditures and Commitments

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

The capital investment program for 2013 is currently estimated to be approximately $18.5 million. Through September 30, 2013, we have expended $14.6 million and expect to incur approximately $3.9 million for capital projects for the remainder of 2013.

We currently project that we may expend approximately $54 million for capital projects in 2014 and 2015. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain capital projects.

To fund our capital program for the remainder of 2013, we plan on utilizing:

•	Internally generated funds;
•	Proceeds from the sale of common stock through the DRP;
•	Funds available and held in trust under existing New Jersey and Delaware State Revolving Fund (SRF) loans (currently, $1.9 million and $0.7 million, respectively). The SRF programs provide low cost financing for projects that meet certain water quality and system improvement benchmarks; and
•	Short-term borrowings, if necessary, through $60.0 million of available lines of credit with several financial institutions. As of September 30, 2013, the outstanding borrowings under these credit lines were $30.5 million.

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 $5.4 million of the current portion of 38 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 reduced through contractual arrangements and the ability to recover price increases through rates. 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.

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

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, 2012.

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

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

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

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

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

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SIGNATURES

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

	MIDDLESEX WATER COMPANY

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

Date: November 6, 2013

EX-31.1 2 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

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 6, 2013

EX-31.2 3 ex31-2.htm CERTIFCATION OF CHIEF FINANCIAL OFFICER

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 6, 2013

EX-32.1 4 ex32-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

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 6, 2013

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-32.1 5 ex32-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

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 6, 2013

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Note 2 Rate Matters Middlesex In June 2013, the NJBPU approved a Middlesex Petition to defer approximately $0.4 million of costs of Superstorm Sandy related costs. These costs include labor, outside contractor costs, fuel, generator rental and other directly related expenses resulting from storm damage mitigation, repair, clean-up and restoration activities. Middlesex has submitted claims for these costs through its insurance carrier and has received an initial payment of $0.2 million. Middlesex will seek recovery of any Superstorm Sandy related costs not recovered through insurance in its next base rate proceeding. Middlesex cannot predict whether there will be any remaining costs after the insurance claim is closed or, if there are any remaining costs, whether they will be recovered in its next base rate proceeding. In April 2013, the NJBPU approved a Middlesex Petition to establish a Purchased Water Adjustment Clause and implement a tariff rate sufficient to recover increased costs of $0.1 million to purchase untreated water from the New Jersey Water Supply Authority (NJWSA) and treated water from a non-affiliated regulated water utility. In November 2012, Middlesex filed a Petition with the NJBPU seeking approval of foundational information (Foundational Filing) that would allow for the implementation of a Distribution System Improvement Charge (DSIC). A DSIC is a rate-mechanism that allows water utilities to recover investment in capital improvements to their water distribution system made between base rate proceedings.  In February 2013, the Foundational Filing was approved by the NJBPU, which allows Middlesex to implement a DSIC rate to recover costs for qualifying projects that are placed in service in the six-month post-approval period.  The DSIC rate is allowed to increase in three subsequent six month periods for any additional qualifying projects placed in service during those time periods. The maximum annual revenue allowed to be recovered under the approved Foundational Filing is $1.4 million. Middlesex expects to receive approval to implement a DSIC rate in the fourth quarter of 2013 designed to generate annual revenues of $0.3 million. Pinelands - In March 2013, the NJBPU approved a combined $0.2 million increase in Pinelands Water and Pinelands Wastewaters annual base revenues. In its initial request, filed in August 2012, Pinelands had sought an increase of $0.3 million on a combined basis. The rate increase for the water service, which is approximately 50% of the approved increase, will be phased-in over one year. TESI - On October 1, 2013, TESI closed on its DEPSC-approved purchase of the wastewater utility assets of the Plantations development (the Plantations) for $0.4 million and began providing wastewater services to the 600 residential customers in the Plantations in Delaware. Annual revenues for serving the Plantations are expected to be approximately $0.2 million. Effective one year after acquisition, subject to completion of agreed-upon capital improvements to the Plantations wastewater system, TESI will be allowed to implement a 33.5% base wastewater rate increase.

Note 3 Capitalization Common Stock During the nine months ended September 30, 2013 and 2012, there were 63,649 common shares (approximately $1.3 million) and 64,034 common shares (approximately $1.2 million), respectively, issued under the Companys Amended and Restated Dividend Reinvestment and Common Stock Purchase Plan. The Company maintains a stock plan for its non-management directors (Outside Director Stock Compensation Plan). In May 2013 and May 2012, the Company granted and issued 5,432 (approximately $0.1 million) and 5,768 shares (approximately $0.1 million) of common stock, respectively, to the non-management directors under the Outside Director Stock Compensation Plan. Preferred Stock In August 2013, 4,000 shares ($0.5 million) of the Companys no par $8.00 Series Cumulative and Convertible Preferred Stock was converted into 54,856 shares of common stock. Long-term Debt In May 2013, Middlesex borrowed $4.0 million through the New Jersey Environmental Infrastructure Trust under the New Jersey State Revolving Fund (SRF) loan program and issued first mortgage bonds designated as Series TT ($3.0 million) and Series UU ($1.0 million). The interest rate on the Series TT bond is zero and the interest rate on the Series UU bond ranges from 3.0% to 3.25% depending on the serial maturity date. The final maturity date for both bonds is August 1, 2032. Proceeds were initially recorded as Restricted Cash and may only be used for the Middlesex 2013 RENEW project, which is part of a program to clean and cement all unlined mains in the Middlesex system. 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 border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="15" style="text-align: center">(Thousands of Dollars)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">September 30, 2013</td> <td> </td> <td colspan="7" style="text-align: center">December 31, 2012</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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 style="text-align: center"> </td> <td colspan="3" style="text-align: center">Fair</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">Amount</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">Value</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">Amount</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">Value</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 40%">First Mortgage Bonds</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">87,471</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">80,193</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">91,938</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">93,556</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">SRF Bonds</td> <td> </td> <td>$</td> <td style="text-align: right">625</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">628</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">708</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">712</td> <td> </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 and State Revolving Trust Note on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $45.7 million at September 30, 2013 and $47.7 million at December 31, 2012. Customer advances for construction have carrying amounts of $21.8 million and $22.0 million, respectively, at September 30, 2013 and December 31, 2012. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.

Note 4 Earnings Per Share   Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2013</td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2012</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid">Basic:</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Income</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Shares</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Income</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Shares</td></tr> <tr style="vertical-align: bottom"> <td style="width: 64%">Net Income</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 6%; text-align: right">5,807</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 6%; text-align: right">15,882</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 6%; text-align: right">6,138</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 6%; text-align: right">15,741</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td>Preferred Dividend</td> <td> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">(44</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid">)</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">(52</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid">)</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Earnings Applicable to Common Stock</td> <td> </td> <td>$</td> <td style="text-align: right">5,763</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,882</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">6,086</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,741</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Basic EPS</td> <td> </td> <td>$</td> <td style="text-align: right">0.36</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.39</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid">Diluted:</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Earnings Applicable to Common Stock</td> <td> </td> <td>$</td> <td style="text-align: right">5,763</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,882</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">6,086</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,741</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>$7.00 Series Preferred Dividend</td> <td> </td> <td> </td> <td style="text-align: right">24</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">167</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">24</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">167</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>$8.00 Series Preferred Dividend</td> <td> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">6</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">68</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">14</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">96</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Adjusted Earnings Applicable to Common Stock</td> <td> </td> <td>$</td> <td style="text-align: right">5,793</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">16,117</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">6,124</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">16,004</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Diluted EPS</td> <td> </td> <td>$</td> <td style="text-align: right">0.36</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.38</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>    <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2013</td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2012</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid">Basic:</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Income</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Shares</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Income</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center">Shares</td></tr> <tr style="vertical-align: bottom"> <td style="width: 64%">Net Income</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 6%; text-align: right">13,465</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 6%; text-align: right">15,839</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 6%; text-align: right">11,670</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 6%; text-align: right">15,717</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td>Preferred Dividend</td> <td> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">(147</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid">)</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">(155</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid">)</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Earnings Applicable to Common Stock</td> <td> </td> <td>$</td> <td style="text-align: right">13,318</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,839</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">11,515</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,717</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: right"> </td> <td style="font-size: 9pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: right"> </td> <td style="font-size: 9pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Basic EPS</td> <td> </td> <td>$</td> <td style="text-align: right">0.84</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.73</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: right"> </td> <td style="font-size: 9pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: right"> </td> <td style="font-size: 9pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid">Diluted:</td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 9pt"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right"> </td> <td style="border-bottom-width: 1.5pt; border-bottom-style: solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Earnings Applicable to Common Stock</td> <td> </td> <td>$</td> <td style="text-align: right">13,318</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,839</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">11,515</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,717</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>$7.00 Series Preferred Dividend</td> <td> </td> <td> </td> <td style="text-align: right">73</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">167</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">73</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">167</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>$8.00 Series Preferred Dividend</td> <td> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">34</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">87</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">42</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: right">96</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Adjusted Earnings Applicable to Common Stock</td> <td> </td> <td>$</td> <td style="text-align: right">13,425</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">16,093</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">11,630</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,980</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: right"> </td> <td style="font-size: 9pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: right"> </td> <td style="font-size: 9pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Diluted EPS</td> <td> </td> <td>$</td> <td style="text-align: right">0.83</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.73</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>

Note 6 Short-term Borrowings As of September 30, 2013, the Company has established lines of credit aggregating $60.0 million. At September 30, 2013, the outstanding borrowings under these credit lines were $30.5 million at a weighted average interest rate of 1.46%. The weighted average daily amounts of borrowings outstanding under the Companys credit lines and the weighted average interest rates on those amounts were as follows:   <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">(In Thousands)</td> <td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td> <td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">September 30,</td> <td> </td> <td colspan="7" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2013</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2012</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2013</td> <td style="border-bottom-width: 1pt; border-bottom-style: solid"> </td> <td colspan="3" style="border-bottom-width: 1pt; border-bottom-style: solid; text-align: center">2012</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Average Daily Amounts Outstanding</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">28,608</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">26,867</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">27,472</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">25,122</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td>Weighted Average Interest Rates</td> <td> </td> <td> </td> <td style="text-align: right">1.32</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.52</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.35</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.41</td> <td>%</td></tr> </table>   The maturity dates for the $30.5 million outstanding as of September 30, 2013 are all in October 2013 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.

400000 100000

In February 2013, the Foundational Filing was approved by the NJBPU, which allows Middlesex to implement a DSIC rate to recover costs for qualifying projects that are placed in service in the six-month post-approval period. The DSIC rate is allowed to increase in three subsequent six month periods for any additional qualifying projects placed in service during those time periods.

1400000 300000

200000

300000

0.50

0.3350

P1Y 600 200000 600000

8205000

7759000

2772000

2629000

9215000

8871000

3123000

3281000

63118000

61370000

21015000

21510000

230000

383000

104000

110000

124000

423000

27000

106000

21000

155000

1000

4000

333000

651000

130000

212000

4234000

4941000

1541000

1808000

6940000

5970000

3052000

3109000

0.5625

0.555

0.1875

0.185

131854000

129840000

352038000

343074000

55964000

54830000

550190000

535578000

107344000

100360000

442846000

435218000

2937000

3025000

3106000

1798000

12706000

12447000

6993000

5483000

1988000

1403000

2691000

2255000

27315000

24613000

3572000

3606000

5097000

5117000

58597000

72831000

598000 992000

3091000

9019000

11299000 9882000

731000

448000

82985000

101895000

145653000

143572000

42476000

38060000

188129000 181632000

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349000

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1000000

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19000

284000

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21182000

360000

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1000000

-16150000

-19679000

10440000

4191000

3987000

4929000

2500000

3500000

55000

22000

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8902000

8720000

147000

155000

627000

655000

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-88000

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1324000

828000

64000

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5169000

1313000

81000

141000

2124000

2236000

40000000

15917000

15795000

130000

28000

14000

3000

1000

10000

147000

155000

44000

52000

P50Y

1300000

1200000

20405000

17640000

8859000

9247000

.0805

.0625

.0644

.0646

.0422

.0349

.0403

0.00

.0364

0.0364

.0345

.0659

.0705

.0569

.0375

.00

0.00

.0510

0.00

.05

.0380

.0425

0.00

.0330

.0400

.0425

.0325

.0400

.0300

0.0400

.0340

0.0330

.0300

.0200

.0300

.0360

0.050

.0463

.0575

0.0500

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0.0500

0.04375

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.0325

500000

4000

3000000

1000000

4000000

5432000

5768000

100

87471000 80193000 91938000 93556000 625000 628000 708000 712000

45700000

47700000

60000000

0.0146

30500000

27000000 3000000 2023-11-30 2016-02-27 18500000 P20Y 2018

300000

The carrying amount and fair value of the Companys bonds were as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 95%; 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">(Thousands of Dollars)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="7" style="text-align: center">September 30, 2013</td><td> </td> <td colspan="7" style="text-align: center">December 31, 2012</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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 style="text-align: center"> </td> <td colspan="3" style="text-align: center">Fair</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1px solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid">Amount</td><td style="padding-bottom: 1pt; border-bottom: Black 1px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid">Value</td><td style="padding-bottom: 1pt; border-bottom: Black 1px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid">Amount</td><td style="padding-bottom: 1pt; border-bottom: Black 1px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1px solid">Value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left; padding-left: 5.4pt">First Mortgage Bonds</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">87,471</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">80,193</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">91,938</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">93,556</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">SRF Bonds</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">628</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">712</td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 95%; 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 Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 2px solid">Basic:</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Income</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Shares</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Income</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Net Income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">5,807</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">15,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">6,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">15,741</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> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(44</td><td style="text-align: left; border-bottom: Black 1px solid">)</td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(52</td><td style="text-align: left; border-bottom: Black 1px solid">)</td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: left; border-bottom: Black 1px solid"> </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">$</td><td style="text-align: right">5,763</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,741</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <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><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">$</td><td style="text-align: right">0.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.39</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; 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><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 2px solid">Diluted:</td><td style="border-bottom: Black 2px solid"> </td> <td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="text-align: right; border-bottom: Black 2px solid"> </td><td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="border-bottom: Black 2px solid"> </td> <td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="text-align: right; border-bottom: Black 2px solid"> </td><td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="border-bottom: Black 2px solid"> </td> <td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="text-align: right; border-bottom: Black 2px solid"> </td><td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="border-bottom: Black 2px solid"> </td> <td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="text-align: right; border-bottom: Black 2px solid"> </td><td style="text-align: left; border-bottom: Black 2px solid"> </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">$</td><td style="text-align: right">5,763</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,741</td><td style="text-align: left"> </td></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">24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">6</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">68</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">14</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">96</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,793</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,004</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.36</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">$</td><td style="text-align: right">0.38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 2px solid">Basic:</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Income</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Shares</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Income</td><td style="border-bottom: Black 2px solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 2px solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Net Income</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">13,465</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">15,839</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">11,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">15,717</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(147</td><td style="text-align: left; border-bottom: Black 1px solid">)</td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(155</td><td style="text-align: left; border-bottom: Black 1px solid">)</td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,515</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,717</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right"> </td><td style="font-size: 9pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right"> </td><td style="font-size: 9pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.84</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">0.73</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> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right"> </td><td style="font-size: 9pt; 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 style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right"> </td><td style="font-size: 9pt; 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 2px solid">Diluted:</td><td style="font-size: 9pt; border-bottom: Black 2px solid"> </td> <td style="font-size: 9pt; text-align: left; border-bottom: Black 2px solid"> </td><td style="font-size: 9pt; text-align: right; border-bottom: Black 2px solid"> </td><td style="font-size: 9pt; text-align: left; border-bottom: Black 2px solid"> </td><td style="border-bottom: Black 2px solid"> </td> <td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="text-align: right; border-bottom: Black 2px solid"> </td><td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="font-size: 9pt; border-bottom: Black 2px solid"> </td> <td style="font-size: 9pt; text-align: left; border-bottom: Black 2px solid"> </td><td style="font-size: 9pt; text-align: right; border-bottom: Black 2px solid"> </td><td style="font-size: 9pt; text-align: left; border-bottom: Black 2px solid"> </td><td style="border-bottom: Black 2px solid"> </td> <td style="text-align: left; border-bottom: Black 2px solid"> </td><td style="text-align: right; border-bottom: Black 2px solid"> </td><td style="text-align: left; border-bottom: Black 2px solid"> </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">13,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,515</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,717</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">73</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">34</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">87</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">42</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="border-bottom: Black 1px solid"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">96</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,093</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,980</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right"> </td><td style="font-size: 9pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td><td style="font-size: 9pt; text-align: right"> </td><td style="font-size: 9pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.83</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">0.73</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>

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" align="center" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="7" style="text-align: center">(In Thousands)</td> <td> </td> <td colspan="3" style="text-align: center"> </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="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 style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2013</td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2012</td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2013</td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">Average Daily Amounts Outstanding</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">28,608</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">26,867</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">27,472</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">25,122</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">1.32</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">1.35</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.41</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" align="center" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Three Months Ended</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">Operations by Segments:</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left">Revenues:</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; padding-left: 10pt">Regulated</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">27,981</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">29,085</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">77,042</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">74,385</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,470</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,441</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">10,787</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">9,288</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap">Inter-segment Elimination</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(166</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(173</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(405</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(373</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Consolidated Revenues</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">31,285</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">32,353</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">87,424</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">83,300</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Operating Income:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-left: 10pt">Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">9,685</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">10,417</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">22,699</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">20,798</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">585</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">426</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,607</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,132</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Consolidated Operating Income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">10,270</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">10,843</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">24,306</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">21,930</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net Income:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-left: 10pt">Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,505</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,926</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">12,648</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">11,070</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">302</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">212</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">817</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">600</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Consolidated Net Income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">5,807</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">6,138</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">13,465</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">11,670</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Capital Expenditures:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-left: 10pt">Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">4,313</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,229</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">14,417</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">17,564</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">50</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">83</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">168</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">322</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Total Capital Expenditures</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">4,363</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">5,312</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">14,585</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">17,886</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">As of</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">As of</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">September 30,</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">December 31,</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left">Assets:</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; padding-left: 10pt">Regulated</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">555,470</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">560,165</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td> <td style="width: 32%; background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">8,106</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">11,674</td><td nowrap="nowrap" style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap">Inter-segment Elimination</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(10,430</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(10,113</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Consolidated Assets</td><td nowrap="nowrap"></td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">553,146</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">561,726</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="background-color: White"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Three Months Ended</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">Operations by Segments:</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left">Revenues:</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; padding-left: 10pt">Regulated</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">27,981</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">29,085</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">77,042</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">74,385</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,470</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">3,441</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">10,787</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">9,288</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap">Inter-segment Elimination</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(166</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(173</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(405</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(373</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Consolidated Revenues</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">31,285</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">32,353</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">87,424</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">83,300</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Operating Income:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-left: 10pt">Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">9,685</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">10,417</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">22,699</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">20,798</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">585</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">426</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,607</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,132</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Consolidated Operating Income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">10,270</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">10,843</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">24,306</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">21,930</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net Income:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="padding-left: 10pt">Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,505</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,926</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">12,648</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">11,070</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">302</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">212</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">817</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">600</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Consolidated Net Income</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">5,807</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">6,138</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">13,465</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">11,670</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Capital Expenditures:</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"> </td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="padding-left: 10pt">Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">4,313</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">5,229</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">14,417</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">17,564</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">50</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">83</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">168</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">322</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Total Capital Expenditures</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">4,363</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">5,312</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">14,585</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">17,886</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">As of</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">As of</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">September 30,</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center">December 31,</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left">Assets:</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; padding-left: 10pt">Regulated</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">555,470</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">560,165</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td> <td style="width: 32%; background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left; padding-left: 10pt">Non Regulated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">8,106</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">11,674</td><td nowrap="nowrap" style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap">Inter-segment Elimination</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(10,430</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">(10,113</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">)</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Consolidated Assets</td><td nowrap="nowrap"></td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">553,146</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">561,726</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td> <td style="background-color: White"> </td></tr> </table>

400000

Purchased water costs are shown below:   <table cellpadding="0" cellspacing="0" style="margin-left: 0.25in; border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Three Months Ended</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">September 30,</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 28%">Treated</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">780</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">772</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">2,303</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">2,266</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap">Untreated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">618</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">663</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,739</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,791</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Total Costs</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,398</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,435</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">4,042</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">4,057</td><td nowrap="nowrap" style="text-align: left"> </td></tr> </table>

Note 8 Employee Benefit Plans   Pension Benefits The Companys Pension Plan covers substantially all employees hired prior to March 31, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution into a self-directed retirement account at the discretion of the Company, based upon a percentage of the participants compensation. In order to be eligible for contribution, the participating employee must be employed by the Company on December 31st of the year to which the award relates. For the three months ended September 30, 2013 and 2012, the Company made Pension Plan cash contributions of $1.9 million and $1.8 million, respectively. For the nine months ended September 30, 2013 and 2012, the Company made Pension Plan cash contributions of $2.6 million and $2.5 million, respectively. The Company expects to make additional Pension Plan cash contributions of approximately $0.7 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 postretirement plan other than pensions (Other Benefits Plan) covers substantially all of its retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. Effective January 1, 2013, the Company has amended a provision of the Other Benefits Plan increasing the level of retiree contributions required towards the insurance premiums. Eligible employees retiring in 2013 and beyond will contribute a higher percentage towards their healthcare premiums.  The amendment resulted in a $10.2 million decrease in the Companys Employee Benefit Plans Liability, and related Regulatory Asset, as of January 1, 2013. For the three months ended September 30, 2013 and 2012, the Company made Other Benefits Plan cash contributions of $1.0 million and $1.8 million, respectively. For the nine months ended September 30, 2013 and 2012, the Company made Other Benefits Plan cash contributions of $1.7 million and $2.5 million, respectively. The Company expects to make additional Other Benefits Plan cash contributions of approximately $0.5 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 nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Pension Benefits</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; text-align: left">Service Cost</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">575</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">550</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">334</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">446</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Interest Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">617</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">604</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">399</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">467</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Expected Return on Assets</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(724</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(615</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(406</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(314</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Losses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">408</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">387</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">516</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">441</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Prior Service Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(432</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Transition Obligation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">33</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net Periodic Benefit Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">878</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">928</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">411</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,073</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </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 nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">Pension Benefits</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; text-align: left">Service Cost</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,725</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,649</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,003</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,338</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Interest Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,851</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,812</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,196</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,401</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Expected Return on Assets</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(2,171</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,844</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,217</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(943</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Losses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,224</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,162</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,549</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,324</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Prior Service Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">7</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">7</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,296</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Transition Obligation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">101</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net Periodic Benefit Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">2,636</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">2,786</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,235</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">3,221</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> </table>

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 nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Pension Benefits</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; text-align: left">Service Cost</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">575</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">550</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">334</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">446</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Interest Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">617</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">604</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">399</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">467</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Expected Return on Assets</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(724</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(615</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(406</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(314</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Losses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">408</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">387</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">516</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">441</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Prior Service Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">2</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(432</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Transition Obligation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">33</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net Periodic Benefit Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">878</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">928</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">411</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,073</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </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 nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">Pension Benefits</td><td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="15" nowrap="nowrap" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 36%; text-align: left">Service Cost</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,725</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,649</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,003</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 11%; text-align: right">1,338</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Interest Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,851</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,812</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,196</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,401</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Expected Return on Assets</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(2,171</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,844</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,217</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(943</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Losses</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,224</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,162</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,549</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">1,324</td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Amortization of Unrecognized Prior Service Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">7</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">7</td><td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right">(1,296</td><td nowrap="nowrap" style="text-align: left">)</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left"> </td><td nowrap="nowrap" style="text-align: right"></td><td nowrap="nowrap" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: left">Amortization of Transition Obligation</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid"></td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">101</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Net Periodic Benefit Cost</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">2,636</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">2,786</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,235</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">3,221</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> </table>

45698000 44740000 15120000 15600000

400000

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 are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.   The consolidated notes within the 2012 Annual Report on Form 10-K (the 2012 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, 2013, the results of operations for the three and nine month periods ended September 30, 2013 and 2012 and cash flows for the nine month periods ended September 30, 2013 and 2012. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2012, has been derived from the Companys audited financial statements for the year ended December 31, 2012 included in the 2012 Form 10-K. Certain reclassifications have been made to prior year financial statements to conform with current year presentation.   Tidewater Awarded Water Privatization Contract for Dover Air Force Base In September 2013, Tidewater entered into an agreement with the United States Department of Defense for the privatization of the water system of Dover Air Force Base (DAFB) in Dover, Delaware. Tidewater will provide DAFB with potable water service under a 50-year agreement. Tidewater intends to integrate the DAFB water system into its regulated utility operations, subject to Delaware Public Service Commission (DEPSC) regulatory approval. The agreement allows Tidewater up to one year to obtain all necessary DEPSC approvals and transition the DAFB water system to Tidewater. If approved by the DEPSC, this service to DAFB would initially add approximately $0.6 million of annual revenue.   Middlesex and Applied Water Management, Inc. Partner to Provide Leachate Pretreatment to Monmouth County, New Jersey Landfill In September 2013, Middlesex entered into agreements with Applied Water Management, Inc. (AWM), Natural Systems Utilities, LLC (NSU), the parent company of AWM, and the County of Monmouth, New Jersey (Monmouth County) for the design, construction and operation of a leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey.  Under the terms of the agreements, AWM will obtain permits, design, build and operate the landfill leachate pretreatment facility and Middlesex will serve in the role of guarantor of AWM's performance on the project, in addition to providing operational support. Construction of the facility is being financed by Monmouth County and is expected to begin in the third quarter of 2014.  See Note 7 Commitments and Contingent Liabilities for further discussion of Middlesexs guaranty of AWMs performance.    Middlesex Base Rate Increase Filing Middlesex expects to file an application with the New Jersey Board of Public Utilities (NJBPU) seeking permission to increase its base rates in November 2013. The filing is necessary as a result of capital investments Middlesex has made, or has planned to make, increased operations and maintenance costs, and lost revenues resulting from ending a wholesale water sales contract with the Borough of Sayreville, New Jersey in August 2013 and Hess Corporation, Middlesexs largest retail water customer, ceasing its oil refining operations at its Port Reading, New Jersey facility in February 2013. We cannot predict whether the NJBPU will ultimately approve, deny, or reduce the amount of the request. A decision by the NJBPU is not expected until the third quarter of 2014.   Tidewater Base Rate Increase Filing Tidewater expects to file an application with the DEPSC seeking permission to increase its base rates in November 2013. The request will be made as a result of capital investments Tidewater has made, or has planned to make, and increased operations and maintenance costs. We cannot predict whether the DEPSC will ultimately approve, deny, or reduce the amount of the request. A decision by the DEPSC is not expected until the second half of 2014.   Recent Accounting Guidance In the third quarter of 2013, there was no new adopted or proposed accounting guidance that could have a material impact on the Companys financial statements.

Note 7 Commitments and Contingent Liabilities   Contract Operations USA-PA operates the City of Perth Amboy, New Jerseys water and wastewater systems under a 20-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a 20-year subcontract with a wastewater operating company for the operation and maintenance of the Perth Amboy wastewater collection system. The subcontract provides for the sharing of certain fixed and variable fees and operating expenses.   Water Supply Middlesex has an agreement with the NJWSA for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.   Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2016, provides for the minimum purchase of 3 mgd of treated water with provisions for additional purchases.   Purchased water costs are shown below:   <table cellpadding="0" cellspacing="0" style="margin-left: 0.25in; border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">(In Thousands)</td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Three Months Ended</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">September 30,</td><td nowrap="nowrap"> </td> <td colspan="7" nowrap="nowrap" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2013</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td><td nowrap="nowrap"> </td> <td colspan="3" nowrap="nowrap" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 28%">Treated</td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">780</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">772</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">2,303</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td><td nowrap="nowrap" style="width: 3%"> </td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 13%; text-align: right">2,266</td><td nowrap="nowrap" style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap">Untreated</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">618</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">663</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,739</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,791</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left">Total Costs</td><td nowrap="nowrap"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,398</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">1,435</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">4,042</td><td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid"> </td><td nowrap="nowrap" style="border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid">$</td><td nowrap="nowrap" style="text-align: right; border-bottom: Black 1pt solid">4,057</td><td nowrap="nowrap" style="text-align: left"> </td></tr> </table>   Guarantees In September 2013, Middlesex entered into an agreement with Monmouth County to serve as guarantor of the performance of AWM to design, construct and operate a leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey (see Note 1 Basis of Presentation and Recent Developments for further discussion of Middlesexs guaranty of AWMs performance).  Middlesex expects to act as guarantor of AWMs performance through at least August 2018 and is contractually obligated to act as guarantor of AMWs performance through 2028 unless another guarantor, acceptable to Monmouth County, is identified.  Construction of the facility is being financed by Monmouth County and is expected to begin in the third quarter of 2014.  In addition, Middlesex entered into agreements with AWM and NSU, the parent company of AWM, whereby, Middlesex earns a fee for providing the guaranty of AWMs performance to Monmouth County, Middlesex provides operational support to the project, 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 need to be made under Middlesexs guaranty of AWMs performance to Monmouth County. If asked 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 have the opportunity to fulfill the construction and operational commitments of AWM. As of September 30, 2013, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $0.4 million.    Construction The Company expects to spend approximately $18.5 million on its construction program in 2013. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.   Litigation The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Companys consolidated financial statements.   Change in Control Agreements The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

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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: Unamortized Debt Expense Preliminary Survey and Investigation Charges Regulatory Assets Operations Contracts, Developer and Other Receivables Restricted Cash Non-utility Assets - Net 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 EX-101.PRE 11 msex-20130930_pre.xml XBRL PRESENTATION FILE XML 12 R17.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Schedule of earnings per share

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2013					2012
Basic:	Income			Shares		Income			Shares
Net Income	$	5,807			15,882	$	6,138			15,741
Preferred Dividend		(44	)				(52	)
Earnings Applicable to Common Stock	$	5,763			15,882	$	6,086			15,741

Basic EPS	$	0.36				$	0.39

Diluted:
Earnings Applicable to Common Stock	$	5,763			15,882	$	6,086			15,741
$7.00 Series Preferred Dividend		24			167		24			167
$8.00 Series Preferred Dividend		6			68		14			96
Adjusted Earnings Applicable to Common Stock	$	5,793			16,117	$	6,124			16,004

Diluted EPS	$	0.36				$	0.38

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2013					2012
Basic:	Income			Shares		Income			Shares
Net Income	$	13,465			15,839	$	11,670			15,717
Preferred Dividend		(147	)				(155	)
Earnings Applicable to Common Stock	$	13,318			15,839	$	11,515			15,717

Basic EPS	$	0.84				$	0.73

Diluted:
Earnings Applicable to Common Stock	$	13,318			15,839	$	11,515			15,717
$7.00 Series Preferred Dividend		73			167		73			167
$8.00 Series Preferred Dividend		34			87		42			96
Adjusted Earnings Applicable to Common Stock	$	13,425			16,093	$	11,630			15,980

Diluted EPS	$	0.83				$	0.73

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Commitments and Contingent Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Purchased Water

Treated $ 780 $ 772 $ 2,303 $ 2,266

Untreated 618 663 1,739 1,791

Total Costs $ 1,398 $ 1,435 $ 4,042 $ 4,057

XML 23 R25.htm IDEA: XBRL DOCUMENT

Capitalization (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
First Mortgage Bonds	$ 87,471	$ 91,938
SRF Bonds	625	708
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
First Mortgage Bonds	80,193	93,556
SRF Bonds	$ 628	$ 712

XML 24 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Common Stock, No Par Value	$ 145,653	$ 143,572
Retained Earnings	42,476	38,060
TOTAL COMMON EQUITY	188,129	181,632
TOTAL PREFERRED STOCK	2,886	3,353
SUBTOTAL LONG-TERM DEBT	133,845	140,361
Add: Premium on Issuance of Long-term Debt	2,124	2,236
Less: Current Portion of Long-term Debt	(5,373)	(11,130)
TOTAL LONG-TERM DEBT	130,596	131,467
Amortizing Secured Note, due December 20, 2021
SUBTOTAL LONG-TERM DEBT	2,047	2,169
Amortizing Secured Note, due May 19, 2028
SUBTOTAL LONG-TERM DEBT	6,160	6,475
Amortizing Secured Note, due August 25, 2030
SUBTOTAL LONG-TERM DEBT	4,737	4,947
Amortizing Secured Note, due September 19, 2031
SUBTOTAL LONG-TERM DEBT	5,017	5,227
State Revolving Trust Note, due December 31, 2022
SUBTOTAL LONG-TERM DEBT	486	506
State Revolving Trust Note, due May 1, 2025
SUBTOTAL LONG-TERM DEBT	3,287	3,413
State Revolving Trust Note, due January 25, 2027
SUBTOTAL LONG-TERM DEBT	569	602
State Revolving Trust Note, due December 1, 2026
SUBTOTAL LONG-TERM DEBT	763	784
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021
SUBTOTAL LONG-TERM DEBT	344	388
State Revolving Trust Bond 0.00%, due August 1, 2021
SUBTOTAL LONG-TERM DEBT	281	320
State Revolving Trust Note, due July 1, 2028
SUBTOTAL LONG-TERM DEBT	339	347
State Revolving Trust Note, due January 1, 2028
SUBTOTAL LONG-TERM DEBT	113	116
State Revolving Trust Note, due August 1, 2031
SUBTOTAL LONG-TERM DEBT	410	397
Amortizing Secured Note, due April 20, 2029
SUBTOTAL LONG-TERM DEBT	5,436	5,697
Amortizing Secured Note 7.05%, due January 20, 2030
SUBTOTAL LONG-TERM DEBT	4,083	4,271
Amortizing Secured Note 5.69%, due January 20, 2030
SUBTOTAL LONG-TERM DEBT	8,376	8,761
State Revolving Trust Note, due July 1, 2031
SUBTOTAL LONG-TERM DEBT	2,565	2,615
State Revolving Trust Note, due November 30, 2030
SUBTOTAL LONG-TERM DEBT	1,361	1,388
First Mortgage Bonds - Series X
SUBTOTAL LONG-TERM DEBT	268	322
First Mortgage Bonds - Series Y
SUBTOTAL LONG-TERM DEBT	300	355
First Mortgage Bonds - Series Z
SUBTOTAL LONG-TERM DEBT	671	782
First Mortgage Bonds - Series AA
SUBTOTAL LONG-TERM DEBT	830	955
First Mortgage Bonds - Series BB
SUBTOTAL LONG-TERM DEBT	965	1,085
First Mortgage Bonds - Series DD
SUBTOTAL LONG-TERM DEBT		6,000
First Mortgage Bonds - Series EE
SUBTOTAL LONG-TERM DEBT	3,968	4,386
First Mortgage Bonds - Series GG
SUBTOTAL LONG-TERM DEBT	1,171	1,262
First Mortgage Bonds - Series II
SUBTOTAL LONG-TERM DEBT	971	1,060
First Mortgage Bonds - Series KK
SUBTOTAL LONG-TERM DEBT	1,346	1,435
First Mortgage Bonds - Series MM
SUBTOTAL LONG-TERM DEBT	1,637	1,801
First Mortgage Bonds - Series OO
SUBTOTAL LONG-TERM DEBT	2,709	2,860
First Mortgage Bonds - Series QQ
SUBTOTAL LONG-TERM DEBT	9,915	9,915
First Mortgage Bonds - Series RR
SUBTOTAL LONG-TERM DEBT	22,500	22,500
First Mortgage Bonds - Series SS
SUBTOTAL LONG-TERM DEBT	23,000	23,000
First Mortgage Bonds - Series TT
SUBTOTAL LONG-TERM DEBT	2,860
First Mortgage Bonds - Series CC
SUBTOTAL LONG-TERM DEBT	1,145	1,275
First Mortgage Bonds - Series FF
SUBTOTAL LONG-TERM DEBT	5,335	5,755
First Mortgage Bonds - Series HH
SUBTOTAL LONG-TERM DEBT	1,475	1,560
First Mortgage Bonds - Series JJ
SUBTOTAL LONG-TERM DEBT	1,165	1,235
First Mortgage Bonds - Series LL
SUBTOTAL LONG-TERM DEBT	1,505	1,570
First Mortgage Bonds - Series NN
SUBTOTAL LONG-TERM DEBT	1,835	1,910
First Mortgage Bonds - Series PP
SUBTOTAL LONG-TERM DEBT	885	915
First Mortgage Bonds - Series UU
SUBTOTAL LONG-TERM DEBT	1,015
Convertible Preferred Stock $7.00 Series
TOTAL PREFERRED STOCK	1,457	1,457
Convertible Preferred Stock $8.00 Series
TOTAL PREFERRED STOCK	349	816
Nonredeemable Preferred Stock $7.00 Series
TOTAL PREFERRED STOCK	80	80
Nonredeemable Preferred Stock $4.75 Series
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

XML 25 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recent Developments

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Recent Developments

Note 1 – Basis of Presentation and Recent Developments

Tidewater Awarded Water Privatization Contract for Dover Air Force Base

Middlesex and Applied Water Management, Inc. Partner to Provide Leachate Pretreatment to Monmouth County, New Jersey Landfill

Middlesex Base Rate Increase Filing

Tidewater Base Rate Increase Filing

Recent Accounting Guidance

In the third quarter of 2013, there was no new adopted or proposed accounting guidance that could have a material impact on the Company’s financial statements.

XML 26 R11.htm IDEA: XBRL DOCUMENT

Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 4 – Earnings Per Share

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2013					2012
Basic:	Income			Shares		Income			Shares
Net Income	$	5,807			15,882	$	6,138			15,741
Preferred Dividend		(44	)				(52	)
Earnings Applicable to Common Stock	$	5,763			15,882	$	6,086			15,741

Basic EPS	$	0.36				$	0.39

Diluted:
Earnings Applicable to Common Stock	$	5,763			15,882	$	6,086			15,741
$7.00 Series Preferred Dividend		24			167		24			167
$8.00 Series Preferred Dividend		6			68		14			96
Adjusted Earnings Applicable to Common Stock	$	5,793			16,117	$	6,124			16,004

Diluted EPS	$	0.36				$	0.38

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2013					2012
Basic:	Income			Shares		Income			Shares
Net Income	$	13,465			15,839	$	11,670			15,717
Preferred Dividend		(147	)				(155	)
Earnings Applicable to Common Stock	$	13,318			15,839	$	11,515			15,717

Basic EPS	$	0.84				$	0.73

Diluted:
Earnings Applicable to Common Stock	$	13,318			15,839	$	11,515			15,717
$7.00 Series Preferred Dividend		73			167		73			167
$8.00 Series Preferred Dividend		34			87		42			96
Adjusted Earnings Applicable to Common Stock	$	13,425			16,093	$	11,630			15,980

Diluted EPS	$	0.83				$	0.73

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 27 R9.htm IDEA: XBRL DOCUMENT

Rate Matters

9 Months Ended

Sep. 30, 2013

Public Utilities, Rate Matters [Abstract]

Rate Matters

Note 2 – Rate Matters

XML 28 R28.htm IDEA: XBRL DOCUMENT

Short-term Borrowings (Details Narratives) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Lines Of Credit Facility
Established Lines	$ 60,000
Maximum Amount Outstanding	$ 30,500
Weighted Average Interest Rate	1.46%

XML 29 R32.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Details Narratives) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Cash contributions benfit plan	$ 1,900	$ 1,800	$ 2,600	$ 2,500
Additional cash contribution remainder of the current year			700
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Decrease in amendment benfit plan			10,200
Cash contributions benfit plan	1,000	1,800	1,700	2,500
Additional cash contribution remainder of the current year			500
Supplemental Retirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Annual benefits to be paid	$ 300		$ 300

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Note 7 – Commitments and Contingent Liabilities

Contract Operations

Water Supply

Purchased water costs are shown below:

			(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012

Treated	$	780	$	772	$	2,303	$	2,266
Untreated		618		663		1,739		1,791
Total Costs	$	1,398	$	1,435	$	4,042	$	4,057

Guarantees

In September 2013, Middlesex entered into an agreement with Monmouth County to serve as guarantor of the performance of AWM to design, construct and operate a leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey (see Note 1 – Basis of Presentation and Recent Developments for further discussion of Middlesex’s guaranty of AWM’s performance). Middlesex expects to act as guarantor of AWM’s performance through at least August 2018 and is contractually obligated to act as guarantor of AMW’s performance through 2028 unless another guarantor, acceptable to Monmouth County, is identified. Construction of the facility is being financed by Monmouth County and is expected to begin in the third quarter of 2014. In addition, Middlesex entered into agreements with AWM and NSU, the parent company of AWM, whereby, Middlesex earns a fee for providing the guaranty of AWM’s performance to Monmouth County, Middlesex provides operational support to the project, 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.

Construction

Litigation

Change in Control Agreements

- Definition

The entire disclosure for commitments and contingencies.

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XML 34 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Statement of Cash Flows [Abstract]
Allowance for funds used during construction	$ 81	$ 141

XML 35 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]
Operating Revenues	$ 31,285	$ 32,353	$ 87,424	$ 83,300
Operating Expenses:
Operations and Maintenance	15,120	15,600	45,698	44,740
Depreciation	2,772	2,629	8,205	7,759
Other Taxes	3,123	3,281	9,215	8,871
Total Operating Expenses	21,015	21,510	63,118	61,370
Operating Income	10,270	10,843	24,306	21,930
Other Income (Expense):
Allowance for Funds Used During Construction	104	110	230	383
Other Income	27	106	124	423
Other Expense	(1)	(4)	(21)	(155)
Total Other Income, net	130	212	333	651
Interest Charges	1,541	1,808	4,234	4,941
Income before Income Taxes	8,859	9,247	20,405	17,640
Income Taxes	3,052	3,109	6,940	5,970
Net Income	5,807	6,138	13,465	11,670
Preferred Stock Dividend Requirements	44	52	147	155
Earnings Applicable to Common Stock	$ 5,763	$ 6,086	$ 13,318	$ 11,515
Earnings per share of Common Stock:
Basic	$ 0.36	$ 0.39	$ 0.84	$ 0.73
Diluted	$ 0.36	$ 0.38	$ 0.83	$ 0.73
Average Number of Common Shares Outstanding :
Basic	15,882,000	15,741,000	15,839,000	15,717,000
Diluted	16,117,000	16,004,000	16,093,000	15,980,000
Cash Dividends Paid per Common Share (in dollars per share)	$ 0.1875	$ 0.185	$ 0.5625	$ 0.555

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Short-term Borrowings (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Short-term Debt [Abstract]
Average daily amounts outstanding	$ 28,608	$ 26,867	$ 27,472	$ 25,122
Weighted average interest rates	1.32%	1.52%	1.35%	1.41%

XML 37 R23.htm IDEA: XBRL DOCUMENT

Rate Matters (Details Narratives) (USD $) In Thousands, unless otherwise specified	1 Months Ended		9 Months Ended	1 Months Ended	0 Months Ended	1 Months Ended
	Jun. 30, 2013	Nov. 30, 2012	Sep. 30, 2013	Mar. 31, 2013 Pinelands	Oct. 01, 2013 Tidewater Environmental Services, Inc Subsequent Event N	Apr. 30, 2013 New Jersey Water Supply Authority ( NJWSA)
Public Utilities, General Disclosures [Line Items]
Storm damage costs (superstorm sandy related costs)	$ 400
Approved amount	200			200
Purchase cost of untreated water						100
Description of foundational information (Distribution System Improvement Charge )			In February 2013, the Foundational Filing was approved by the NJBPU, which allows Middlesex to implement a DSIC rate to recover costs for qualifying projects that are placed in service in the six-month post-approval period. The DSIC rate is allowed to increase in three subsequent six month periods for any additional qualifying projects placed in service during those time periods.
Maximum annual revenues allowed under foundational filing for DSIC		1,400
Expected annual revenue under foundational filing for DSIC		300
Combined requested annual base revenues				300
Percentage of approved increase in annual base revenue (in percent)				50.00%	33.50%
Combined approved annual base revenues period				1 year
Purchase of wasterwater utility assets					400
Number of residential customers					600
Expected annual revenue					$ 200

XML 38 R13.htm IDEA: XBRL DOCUMENT

Short-term Borrowings

9 Months Ended

Sep. 30, 2013

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:

				(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Average Daily Amounts Outstanding	$	28,608		$	26,867		$	27,472		$	25,122
Weighted Average Interest Rates		1.32	%		1.52	%		1.35	%		1.41	%

The maturity dates for the $30.5 million outstanding as of September 30, 2013 are all in October 2013 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.

- Definition

The entire disclosure for short-term debt.

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XML 39 R30.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities (Details Narratives) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Expected construction cost for construction program, next year	$ 18,500
Liability recognized on the balance sheet for guaranty	$ 400
USA-PA
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Term of water and wastewater systems agreement	20 years
Water and wastewater systems agreement expiration year	2018
Non-affiliated Regulated Water Utility
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase of untreated water	3,000,000
Purchase of untreated water agreement expiration date	Feb. 27, 2016
New Jersey Water Supply Authority ( NJWSA)
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase of untreated water	27,000,000
Purchase of untreated water agreement expiration date	Nov. 30, 2023

XML 40 R16.htm IDEA: XBRL DOCUMENT

Capitalization (Tables)

9 Months Ended

Sep. 30, 2013

Capitalization, Long-term Debt and Equity [Abstract]

Schedule of carrying amount and fair value of entity's bonds

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

	(Thousands of Dollars)
	September 30, 2013				December 31, 2012
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
First Mortgage Bonds	$	87,471	$	80,193	$	91,938	$	93,556
SRF Bonds	$	625	$	628	$	708	$	712

XML 41 R12.htm IDEA: XBRL DOCUMENT

Business Segment Data

9 Months Ended

Sep. 30, 2013

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:	2013			2012			2013			2012
Revenues:
Regulated	$	27,981		$	29,085		$	77,042		$	74,385
Non – Regulated		3,470			3,441			10,787			9,288
Inter-segment Elimination		(166	)		(173	)		(405	)		(373	)
Consolidated Revenues	$	31,285		$	32,353		$	87,424		$	83,300

Operating Income:
Regulated	$	9,685		$	10,417		$	22,699		$	20,798
Non – Regulated		585			426			1,607			1,132
Consolidated Operating Income	$	10,270		$	10,843		$	24,306		$	21,930

Net Income:
Regulated	$	5,505		$	5,926		$	12,648		$	11,070
Non – Regulated		302			212			817			600
Consolidated Net Income	$	5,807		$	6,138		$	13,465		$	11,670

Capital Expenditures:
Regulated	$	4,313		$	5,229		$	14,417		$	17,564
Non – Regulated		50			83			168			322
Total Capital Expenditures	$	4,363		$	5,312		$	14,585		$	17,886

	As of			As of
	September 30,			December 31,
	2013			2012
Assets:
Regulated	$	555,470		$	560,165
Non – Regulated		8,106			11,674
Inter-segment Elimination		(10,430	)		(10,113	)
Consolidated Assets	$	553,146		$	561,726

- 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 1

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+ Details

XML 42 R7.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (Parenthetical)			9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013 Amortizing Secured Note, due December 20, 2021	Sep. 30, 2013 Amortizing Secured Note, due May 19, 2028	Sep. 30, 2013 Amortizing Secured Note, due August 25, 2030	Sep. 30, 2013 Amortizing Secured Note, due September 19, 2031	Sep. 30, 2013 State Revolving Trust Note, due December 31, 2022	Sep. 30, 2013 State Revolving Trust Note, due January 25, 2027	Sep. 30, 2013 State Revolving Trust Note, due December 1, 2026	Sep. 30, 2013 State Revolving Trust Bond 0.00%, due August 1, 2021	Sep. 30, 2013 State Revolving Trust Note, due July 1, 2028	Sep. 30, 2013 State Revolving Trust Note, due January 1, 2028	Sep. 30, 2013 State Revolving Trust Note, due August 1, 2031	Sep. 30, 2013 Amortizing Secured Note, due April 20, 2029	Sep. 30, 2013 Amortizing Secured Note 7.05%, due January 20, 2030	Sep. 30, 2013 Amortizing Secured Note 5.69%, due January 20, 2030	Sep. 30, 2013 State Revolving Trust Note, due July 1, 2031	Sep. 30, 2013 State Revolving Trust Note, due November 30, 2030	Sep. 30, 2013 First Mortgage Bonds - Series X	Sep. 30, 2013 First Mortgage Bonds - Series Z	Sep. 30, 2013 First Mortgage Bonds - Series BB	Sep. 30, 2013 First Mortgage Bonds - Series DD	Sep. 30, 2013 First Mortgage Bonds - Series EE	Sep. 30, 2013 First Mortgage Bonds - Series GG	Sep. 30, 2013 First Mortgage Bonds - Series II	Sep. 30, 2013 First Mortgage Bonds - Series KK	Sep. 30, 2013 First Mortgage Bonds - Series MM	Sep. 30, 2013 First Mortgage Bonds - Series OO	Sep. 30, 2013 First Mortgage Bonds - Series QQ	Sep. 30, 2013 First Mortgage Bonds - Series RR	Sep. 30, 2013 First Mortgage Bonds - Series SS	Sep. 30, 2013 First Mortgage Bonds - Series TT	Sep. 30, 2013 State Revolving Trust Note, due May 1, 2025	Sep. 30, 2013 State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021	Sep. 30, 2013 First Mortgage Bonds - Series Y	Sep. 30, 2013 First Mortgage Bonds - Series AA	Sep. 30, 2013 First Mortgage Bonds - Series CC	Sep. 30, 2013 First Mortgage Bonds - Series FF	Sep. 30, 2013 First Mortgage Bonds - Series HH	Sep. 30, 2013 First Mortgage Bonds - Series JJ	Sep. 30, 2013 First Mortgage Bonds - Series LL	Sep. 30, 2013 First Mortgage Bonds - Series NN	Sep. 30, 2013 First Mortgage Bonds - Series PP	Sep. 30, 2013 First Mortgage Bonds - Series UU	Sep. 30, 2013 Convertible Preferred Stock $7.00 Series	Dec. 31, 2012 Convertible Preferred Stock $7.00 Series	Sep. 30, 2013 Convertible Preferred Stock $8.00 Series	Dec. 31, 2012 Convertible Preferred Stock $8.00 Series	Sep. 30, 2013 Nonredeemable Preferred Stock $7.00 Series	Dec. 31, 2012 Nonredeemable Preferred Stock $7.00 Series	Sep. 30, 2013 Nonredeemable Preferred Stock $4.75 Series	Dec. 31, 2012 Nonredeemable Preferred Stock $4.75 Series
Common Stock, Shares Authorized	40,000,000	40,000,000
Common Stock, Shares Outstanding	15,917,000	15,795,000
Preferred Stock, Shares Authorized	130,000	130,000
Preferred Stock, Shares Outstanding	28,000	28,000																																											14,000	14,000	3,000	3,000	1,000	1,000	10,000	10,000
Due date of debt			Dec. 20, 2021	May 19, 2028	Aug. 25, 2030	Sep. 19, 2031	Dec. 31, 2022	Jan. 25, 2027	Dec. 01, 2026	Aug. 01, 2021	Jul. 01, 2028	Jan. 01, 2028	Aug. 01, 2031	Apr. 20, 2029	Jan. 20, 2030	Jan. 20, 2030	Jul. 01, 2031	Nov. 30, 2030	Sep. 01, 2018	Sep. 01, 2019	Sep. 01, 2021	Jan. 01, 2032	Aug. 01, 2023	Aug. 01, 2026	Aug. 01, 2024	Aug. 01, 2028	Aug. 01, 2030	Aug. 01, 2031	Oct. 01, 2023	Oct. 01, 2038	Oct. 01, 2047	Aug. 01, 2032	May 01, 2025	Aug. 01, 2021	Sep. 01, 2018	Sep. 01, 2019	Sep. 01, 2021	Aug. 01, 2024	Aug. 01, 2026	Aug. 01, 2027	Aug. 01, 2028	Aug. 01, 2030	Aug. 01, 2031	Aug. 01, 2032
Interest rate			8.05%	6.25%	6.44%	6.46%	4.22%	3.49%	4.03%	0.00%	3.64%	3.64%	3.45%	6.59%	7.05%	5.69%	3.75%	3.75%	0.00%	0.00%	0.00%	5.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.00%	3.80%	4.25%	0.00%
Interest rate - minimum																																	3.30%	4.00%	4.25%	3.25%	4.00%	3.00%	4.00%	3.40%	3.30%	3.00%	2.00%	3.00%
Interest rate - maximum																																	3.60%	5.00%	4.63%	5.75%	5.00%	5.50%	5.00%	5.00%	5.00%	4.375%	5.00%	3.25%

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Employee Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 575	$ 550	$ 1,725	$ 1,649
Interest Cost	617	604	1,851	1,812
Expected Return on Assets	(724)	(615)	(2,171)	(1,844)
Amortization of Unrecognized Losses	408	387	1,224	1,162
Amortization of Unrecognized Prior Service Cost	2	2	7	7
Amortization of Transition Obligation
Net Periodic Benefit Cost	878	928	2,636	2,786
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service Cost	334	446	1,003	1,338
Interest Cost	399	467	1,196	1,401
Expected Return on Assets	(406)	(314)	(1,217)	(943)
Amortization of Unrecognized Losses	516	441	1,549	1,324
Amortization of Unrecognized Prior Service Cost	(432)		(1,296)
Amortization of Transition Obligation		33		101
Net Periodic Benefit Cost	$ 411	$ 1,073	$ 1,235	$ 3,221

XML 45 R19.htm IDEA: XBRL DOCUMENT

Short-term Borrowings (Tables)

9 Months Ended

Sep. 30, 2013

Short-term Debt [Abstract]

Schedule of short term debt

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

				(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Average Daily Amounts Outstanding	$	28,608		$	26,867		$	27,472		$	25,122
Weighted Average Interest Rates		1.32	%		1.52	%		1.35	%		1.41	%

XML 46 R15.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans

9 Months Ended

Sep. 30, 2013

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,
	2013			2012			2013			2012

Service Cost	$	575		$	550		$	334		$	446
Interest Cost		617			604			399			467
Expected Return on Assets		(724	)		(615	)		(406	)		(314	)
Amortization of Unrecognized Losses		408			387			516			441
Amortization of Unrecognized Prior Service Cost		2			2			(432	)		—
Amortization of Transition Obligation		—			—			—			33
Net Periodic Benefit Cost	$	878		$	928		$	411		$	1,073

				(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2013			2012			2013			2012

Service Cost	$	1,725		$	1,649		$	1,003		$	1,338
Interest Cost		1,851			1,812			1,196			1,401
Expected Return on Assets		(2,171	)		(1,844	)		(1,217	)		(943	)
Amortization of Unrecognized Losses		1,224			1,162			1,549			1,324
Amortization of Unrecognized Prior Service Cost		7			7			(1,296	)		—
Amortization of Transition Obligation		—			—			—			101
Net Periodic Benefit Cost	$	2,636		$	2,786		$	1,235		$	3,221

XML 47 R22.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recent Developments (Details Narratives) (Tidewater Environmental Services, Inc, United States Department of Defense, Dover Air Force Base, USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Tidewater Environmental Services, Inc \| United States Department of Defense \| Dover Air Force Base
Term of agreement	50 years
Expected annual revenue	$ 600

XML 48 R20.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of purchased water costs

Purchased water costs are shown below:

			(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012

Treated	$	780	$	772	$	2,303	$	2,266
Untreated		618		663		1,739		1,791
Total Costs	$	1,398	$	1,435	$	4,042	$	4,057

XML 49 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Oct. 31, 2013
Document And Entity Information
Entity Registrant Name	MIDDLESEX WATER CO
Entity Central Index Key	0000066004
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,919,974
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2013

XML 50 R21.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Schedule of periodic costs for employee retirement benefit plans

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

				(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2013			2012			2013			2012

Service Cost	$	575		$	550		$	334		$	446
Interest Cost		617			604			399			467
Expected Return on Assets		(724	)		(615	)		(406	)		(314	)
Amortization of Unrecognized Losses		408			387			516			441
Amortization of Unrecognized Prior Service Cost		2			2			(432	)		—
Amortization of Transition Obligation		—			—			—			33
Net Periodic Benefit Cost	$	878		$	928		$	411		$	1,073

				(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2013			2012			2013			2012

Service Cost	$	1,725		$	1,649		$	1,003		$	1,338
Interest Cost		1,851			1,812			1,196			1,401
Expected Return on Assets		(2,171	)		(1,844	)		(1,217	)		(943	)
Amortization of Unrecognized Losses		1,224			1,162			1,549			1,324
Amortization of Unrecognized Prior Service Cost		7			7			(1,296	)		—
Amortization of Transition Obligation		—			—			—			101
Net Periodic Benefit Cost	$	2,636		$	2,786		$	1,235		$	3,221

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 13,465	$ 11,670
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	8,833	8,349
Provision for Deferred Income Taxes and Investment Tax Credits	2,536	3,351
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(149)	(242)
Cash Surrender Value of Life Insurance	(174)	(132)
Stock Compensation Expense	357	456
Changes in Assets and Liabilities:
Accounts Receivable	135	1,520
Unbilled Revenues	(1,510)	(2,060)
Materials & Supplies	(585)	571
Prepayments	(436)	(640)
Accounts Payable	566	(1,464)
Accrued Taxes	(42)	1,393
Accrued Interest	(513)	(307)
Employee Benefit Plans	(1,033)	182
Unearned Revenue & Advanced Service Fees	(1)	19
Other Assets and Liabilities	(284)	(1,484)
NET CASH PROVIDED BY OPERATING ACTIVITIES	21,165	21,182
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $81 in 2013, $141 in 2012	(14,585)	(17,886)
Restricted Cash	(360)	(793)
Investment in Joint Venture	(1,205)	(1,000)
NET CASH USED IN INVESTING ACTIVITIES	(16,150)	(19,679)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(10,440)	(4,191)
Proceeds from Issuance of Long-term Debt	3,987	4,929
Net Short-term Bank Borrowings	2,500	3,500
Deferred Debt Issuance Expense	(55)	(22)
Restricted Cash	6,070
Proceeds from Issuance of Common Stock	1,257	1,193
Payment of Common Dividends	(8,902)	(8,720)
Payment of Preferred Dividends	(147)	(155)
Construction Advances and Contributions-Net	627	655
NET CASH USED IN FINANCING ACTIVITIES	(5,103)	(2,811)
NET CHANGES IN CASH AND CASH EQUIVALENTS	(88)	(1,308)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	3,025	3,106
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,937	1,798
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	1,324	828
Long-term Debt Deobligation	64
Cash Paid During the Year for:
Interest	4,875	5,276
Interest Capitalized	81	141
Income Taxes	$ 5,169	$ 1,313

Business Segment Data (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 N	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of Reportable Segments			2
Revenues	$ 31,285	$ 32,353	$ 87,424	$ 83,300
Operating Income	10,270	10,843	24,306	21,930
Net Income	5,807	6,138	13,465	11,670
Capital Expenditures	4,363	5,312	14,585	17,886
Assets	553,146		553,146		561,726
Regulated
Segment Reporting Information [Line Items]
Revenues	27,981	29,085	77,042	74,385
Operating Income	9,685	10,417	22,699	20,798
Net Income	5,505	5,926	12,648	11,070
Capital Expenditures	4,313	5,229	14,417	17,564
Assets	555,470		555,470		560,165
Non – Regulated
Segment Reporting Information [Line Items]
Revenues	3,470	3,441	10,787	9,288
Operating Income	585	426	1,607	1,132
Net Income	302	212	817	600
Capital Expenditures	50	83	168	322
Assets	8,106		8,106		11,674
Inter-segment Elimination
Segment Reporting Information [Line Items]
Revenues	(166)	(173)	(405)	(373)
Assets	$ (10,430)		$ (10,430)		$ (10,113)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
UTILITY PLANT:
Water Production	$ 131,854	$ 129,840
Transmission and Distribution	352,038	343,074
General	55,964	54,830
Construction Work in Progress	10,334	7,834
TOTAL	550,190	535,578
Less Accumulated Depreciation	107,344	100,360
UTILITY PLANT - NET	442,846	435,218
CURRENT ASSETS:
Cash and Cash Equivalents	2,937	3,025
Accounts Receivable, net	12,706	12,447
Unbilled Revenues	6,993	5,483
Materials and Supplies (at average cost)	1,988	1,403
Prepayments	2,691	2,255
TOTAL CURRENT ASSETS	27,315	24,613
DEFERRED CHARGES AND OTHER ASSETS:
Unamortized Debt Expense	3,572	3,606
Preliminary Survey and Investigation Charges	5,097	5,117
Regulatory Assets	58,597	72,831
Operations Contracts, Developer and Other Receivables	598	992
Restricted Cash	3,091	9,019
Non-utility Assets - Net	11,299	9,882
Other	731	448
TOTAL DEFERRED CHARGES AND OTHER ASSETS	82,985	101,895
TOTAL ASSETS	553,146	561,726
CAPITALIZATION:
Common Stock, No Par Value	145,653	143,572
Retained Earnings	42,476	38,060
TOTAL COMMON EQUITY	188,129	181,632
Preferred Stock	2,886	3,353
Long-term Debt	130,596	131,467
TOTAL CAPITALIZATION	321,611	316,452
CURRENT LIABILITIES:
Current Portion of Long-term Debt	5,373	11,130
Notes Payable	30,450	27,950
Accounts Payable	4,374	3,808
Accrued Taxes	9,224	9,266
Accrued Interest	442	955
Unearned Revenues and Advanced Service Fees	755	756
Other	1,673	2,067
TOTAL CURRENT LIABILITIES	52,291	55,932
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
DEFERRED CREDITS AND OTHER LIABILITIES:
Customer Advances for Construction	21,788	21,990
Accumulated Deferred Investment Tax Credits	1,009	1,068
Accumulated Deferred Income Taxes	42,315	41,776
Employee Benefit Plans	42,000	54,768
Regulatory Liability - Cost of Utility Plant Removal	9,449	8,811
Other	1,348	973
TOTAL DEFERRED CREDITS AND OTHER LIABILITIES	117,909	129,386
CONTRIBUTIONS IN AID OF CONSTRUCTION	61,335	59,956
TOTAL CAPITALIZATION AND LIABILITIES	$ 553,146	$ 561,726