0000863110-13-000008.txt : 20130508 0000863110-13-000008.hdr.sgml : 20130508 20130508130747 ACCESSION NUMBER: 0000863110-13-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130508 DATE AS OF CHANGE: 20130508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARTESIAN RESOURCES CORP CENTRAL INDEX KEY: 0000863110 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 510002090 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18516 FILM NUMBER: 13823645 BUSINESS ADDRESS: STREET 1: 664 CHURCHMANS RD CITY: NEWARK STATE: DE ZIP: 19702 BUSINESS PHONE: 3024536900 MAIL ADDRESS: STREET 1: 664 CHURCHMANS RD CITY: NEWARK STATE: DE ZIP: 19702 10-Q 1 file10q.htm ARTESIAN RESOURCES CORP FILE 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2013

o 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 000-18516

ARTESIAN RESOURCES CORPORATION

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(Exact name of registrant as specified in its charter)

Delaware	51-0002090
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(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

664 Churchmans Road, Newark, Delaware 19702

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Address of principal executive offices

(302) 453 – 6900

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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

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 for such shorter period that the registrant was required to submit and post such files).

Yes

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12(b)-2 of the Exchange Act.:

Large Accelerated Filer o

Accelerated Filer þ

Non-Accelerated Filer o

Smaller Reporting Company o

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).

Yes

As of May 3, 2013, 7,860,973 shares of Class A Non-Voting Common Stock and 881,452 shares of Class B Common Stock were outstanding.

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TABLE OF CONTENTS

ARTESIAN RESOURCES CORPORATION

FORM 10‑Q


Part I	-	Financial Information:

Item 1	-	Financial Statements	Page(s)

		Condensed Consolidated Balance Sheets as of March 31, 2013 and December 31, 2012 (unaudited)	3

		Condensed Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 (unaudited)	4

		Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2013 and 2012 (unaudited)	5

		Notes to the Condensed Consolidated Financial Statements	6 – 12

Item 2	-	Management's Discussion and Analysis of Financial Condition and Results of Operations	13 – 19

Item 3	-	Quantitative and Qualitative Disclosures about Market Risk	20

Item 4	-	Controls and Procedures	20

Part II	-	Other Information:

Item 1	-	Legal Proceedings	20

Item 1A	-	Risk Factors	21

Item 4		Mine Safety Disclosures	21

Item 6	-	Exhibits	22

Signatures

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PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ARTESIAN RESOURCES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
ASSETS	March 31, 2013		December 31, 2012
Utility plant, at original cost less accumulated depreciation	$	368,340	$	366,563
Current assets
Cash and cash equivalents		321		617
Accounts receivable (less allowance for doubtful accounts 2013 - $225; 2012-$241)		5,852		5,728
Unbilled operating revenues		3,198		2,997
Materials and supplies		1,504		1,353
Prepaid property taxes		701		1,328
Prepaid expenses and other		1,452		1,457
Total current assets		13,028		13,480
Other assets
Non‑utility property (less accumulated depreciation 2013-$328; 2012-$309)		4,142		4,082
Other deferred assets		5,315		5,196
Total other assets		9,457		9,278
Regulatory assets, net		2,321		2,393
	$	393,146	$	391,714

LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity
Common stock	$	8,741	$	8,710
Preferred stock		---		---
Additional paid-in capital		88,979		88,399
Retained earnings		20,945		21,071
Total stockholders' equity		118,665		118,180
Long-term debt, net of current portion		106,022		106,257
		224,687		224,437
Current liabilities
Lines of credit		10,087		10,717
Overdraft payable		491		750
Current portion of long-term debt		1,120		1,111
Accounts payable		4,199		3,499
Accrued expenses		3,753		3,430
Deferred income taxes		552		837
Accrued interest		1,262		1,138
Customer deposits		858		894
Other		2,160		2,563
Total current liabilities		24,482		24,939

Commitments and contingencies		---		---

Deferred credits and other liabilities
Net advances for construction		12,732		13,023
Postretirement benefit obligation		374		374
Deferred investment tax credits		617		622
Utility plant retirement cost obligation		1,098		1,092
Deferred income taxes		46,472		45,879
Total deferred credits and other liabilities		61,293		60,990

Net contributions in aid of construction		82,684		81,348
	$	393,146	$	391,714

See notes to the condensed consolidated financial statements.

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ARTESIAN RESOURCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share amounts)


	For the Three Months
	Ended March 31,
	2013		2012
Operating revenues
Water sales	$	14,567	$	15,044
Other utility operating revenue		786		735
Non-utility operating revenue		974		919
		16,327		16,698

Operating expenses
Utility operating expenses		8,831		7,929
Non-utility operating expenses		539		498
Depreciation and amortization		2,041		1,960
State and federal income taxes		1,111		1,688
Property and other taxes		1,067		1,033
		13,589		13,108

Operating income		2,738		3,590

Other income, net
Allowance for funds used during construction (AFUDC)		67		34
Miscellaneous		582		653

Income before interest charges		3,387		4,277

Interest charges		1,747		1,772

Net income applicable to common stock	$	1,640	$	2,505

Income per common share:
Basic	$	0.19	$	0.29
Diluted	$	0.19	$	0.29

Weighted average common shares outstanding:
Basic		8,725		8,626
Diluted		8,794		8,663

Cash dividends per share of common stock	$	0.2027	$	0.1930


See notes to the condensed consolidated financial statements.

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ARTESIAN RESOURCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In thousands)
	For the Three Months
	Ended March 31,
	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,640		$	2,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,041			1,960
Deferred income taxes, net		303			750
Stock compensation		24			29
AFUDC, equity portion		(44	)		(22	)

Changes in assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts		(124	)		1,861
Unbilled operating revenues		(201	)		(474	)
Materials and supplies		(151	)		49
Prepaid property taxes		627			642
Prepaid expenses and other		5			237
Other deferred assets		(149	)		(240	)
Regulatory assets		72			67
Accounts payable		700			(120	)
Accrued expenses		323			360
Accrued interest		124			180
Customer deposits and other, net		(439	)		(202	)
Postretirement benefit obligation		---			---
NET CASH PROVIDED BY OPERATING ACTIVITIES		4,751			7,582

CASH FLOWS USED IN INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)		(4,087	)		(3,597	)
Proceeds from sale of assets		6			11
NET CASH USED IN INVESTING ACTIVITIES		(4,081	)		(3,586	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under lines of credit agreements		(630	)		(2,662	)
(Decrease) increase in overdraft payable		(259	)		154
Net advances and contributions in aid of construction		1,318			72
Change in deferred debt issuance costs		11			29
Net proceeds from issuance of common stock		587			506
Dividends paid		(1,766	)		(1,663	)
Issuance of long-term debt		855			---
Principal repayments of long-term debt		(1,082	)		(290	)
NET CASH USED IN FINANCING ACTIVITIES		(966	)		(3,854	)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(296	)		142

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		617			311

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	321		$	453

Supplemental Disclosures of Cash Flow Information:
Utility plant received as construction advances and contributions	$	110		$	12
Interest paid	$	1,623		$	1,592
Income taxes paid	$	914		$	---


See notes to the condensed consolidated financial statements.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – GENERAL

Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our eight wholly owned subsidiaries and the income derived from our Service Line Protection Plans described below. The terms "we", "our", "Artesian" and the "Company" as used herein refer to Artesian Resources and its subsidiaries.

DELAWARE REGULATED SUBSIDIARIES

Artesian Water Company Inc., or Artesian Water, our principal subsidiary, is the oldest and largest public water utility in the State of Delaware and has been providing water service within the state since 1905. Artesian Water distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware. In addition, Artesian Water provides services to other water utilities, including operations and billing functions, and also has contract operation agreements with private and municipal water providers. We also provide water for public and private fire protection to customers in our service territories.

Artesian Wastewater Management, Inc., or Artesian Wastewater, is a regulated entity that owns wastewater collection and treatment infrastructure and provides wastewater services to customers in Delaware as a regulated public wastewater service company. As of March 31, 2013, Artesian Wastewater owned and operated four wastewater treatment facilities, which are capable of treating approximately 730,000 gallons per day and can be expanded to treat approximately 1.6 million gallons per day, or mgd.

MARYLAND REGULATED SUBSIDIARIES

Artesian Water Maryland, Inc., or Artesian Water Maryland, began operations in August 2007. Artesian Water Maryland distributes and sells water to residential, commercial, industrial and municipal customers in Cecil County, Maryland.

In May 2012, Artesian Water Maryland entered into an Asset Transfer Agreement with CECO Utilities, Inc., or CECO. At closing, which occurred in November 2012, CECO transferred its water utility assets, which included water mains, a treatment facility and an elevated water storage tank, to Artesian Water Maryland. The CECO water system serves approximately 200 customers. The CECO system was connected to Artesian Water Maryland's Meadowview water system upon closing on the transfer of assets.

Artesian Wastewater Maryland, Inc., or Artesian Wastewater Maryland, is a regulated wastewater entity in the State of Maryland and was incorporated on June 3, 2008. Artesian Wastewater Maryland is able to provide public wastewater services to customers in the State of Maryland.

PENNSYLVANIA REGULATED SUBSIDIARY

Artesian Water Pennsylvania, Inc., or Artesian Water Pennsylvania, began operations upon receiving recognition as a regulated public water utility by the Pennsylvania Public Utility Commission, or PAPUC, in 2002. It provides water service to a residential community in Chester County. Artesian Water Pennsylvania filed an application with the PAPUC to increase our service area in Pennsylvania, which was approved and a related order was entered on February 4, 2005. This application involved specific developments, in which we expect modest future growth.

OTHER SUBSIDIARIES

Our three other subsidiaries, none of which are regulated, are Artesian Utility Development, Inc., or Artesian Utility, Artesian Development Corporation, or Artesian Development, and Artesian Consulting Engineers, Inc., or Artesian Consulting Engineers.

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Artesian Utility was formed in 1996. It designs and builds water and wastewater infrastructure and provides contract water and wastewater services on the Delmarva Peninsula. Artesian Utility also evaluates land parcels, provides recommendations to developers on the size of water or wastewater facilities and the type of technology that should be used for treatment at such facilities, and operates water and wastewater facilities in Delaware and Maryland for municipal and governmental organizations. Artesian Utility also contracts with developers for design and construction of wastewater facilities within the Delmarva Peninsula, using a number of different technologies for treatment of wastewater at each facility. In addition, as further discussed below, effective April 2012, Artesian Utility operates the Water Service Line Protection Plan, or WSLP Plan, and the Sewer Service Line Protection Plan, or SSLP Plan.

We currently operate wastewater treatment facilities for the town of Middletown, in southern New Castle County, or Middletown, under a 20-year contract that expires on February 1, 2021. The facilities include two wastewater treatment stations with capacities of up to approximately 2.5 mgd and 250,000 gallons per day, respectively.

One of the wastewater treatment facilities in Middletown now provides reclaimed wastewater for use in spray irrigation on public and agricultural lands in the area. Our relationship with the Town of Middletown has given us the opportunity to create the Artesian Water Resource Management Partnership, or AWRMP, to encourage and support the use of reclaimed water for agricultural irrigation and other needs. Using reclaimed water to irrigate farm fields can save the Delmarva region millions of gallons of groundwater each day. The AWRMP's first project in Middletown saves up to three million gallons of water per day during the peak growing season. Through the AWRMP initiative, Artesian will provide planning, engineering and technical expertise and help bring together the various state, local and private partners needed for water recycling project approvals.

Artesian Utility operates the WSLP Plan and the SSLP Plan. Artesian Resources initiated the WSLP Plan in March 2005. The WSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking water service lines up to an annual limit. The WSLP Plan was expanded in the second quarter of 2008 to include maintenance or repair to customers' sewer lines. The SSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking or clogged sewer lines up to an annual limit. Also, in the second quarter of 2010, the WSLP Plan and SSLP Plan were extended to include non-utility customers of Artesian Resources. As of March 31, 2013, approximately 17,800, or 25.7%, of our eligible water customers signed up for the WSLP Plan, approximately 10,600, or 15.3%, of our eligible customers signed up for the SSLP Plan and approximately 1,000 non-customer participants signed up for either the WSLP Plan or SSLP Plan.

Artesian Development is a real estate holding company that owns properties, including land zoned for office buildings, a water treatment plant and wastewater facility, as well as property for current operations, including an office facility in Sussex County, Delaware. The facility consists of approximately 10,000 square feet of office space along with nearly 10,000 square feet of warehouse space. This facility allows all of our Sussex County, Delaware operations to be housed in one central location.

Artesian Consulting Engineers no longer offers development and architectural services to outside third parties. However, Artesian Consulting Engineers continues to work with existing clients on outstanding projects for engineering services until those projects are complete. Artesian will continue to provide design and engineering contract services through our Artesian Utility subsidiary.

NOTE 2 – BASIS OF PRESENTATION

Basis of Presentation

The unaudited condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required in the financial statements included in the Company's annual report on Form 10-K. Accordingly, these financial statements and related notes should be read in conjunction with the financial statements and related notes in the Company's annual report on Form 10-K for fiscal year 2012 as filed with the Securities and Exchange Commission on March 14, 2013.

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The condensed consolidated financial statements include the accounts of Artesian Resources Corporation and its wholly-owned subsidiaries, including its principal operating company, Artesian Water. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company's balance sheet position as of March 31, 2013, the results of operations for the three month periods ended March 31, 2013 and 2012 and cash flows for the three month periods ended March 31, 2013 and 2012.

The results of operations for the interim periods presented are not necessarily indicative of the results for the full year or for future periods.

NOTE 3 – STOCK COMPENSATION PLANS

On May 25, 2005, the Company's stockholders approved a new Equity Compensation Plan, which authorizes up to 500,000 shares of Class A Non-Voting Common Stock, or Class A Stock, for issuance, referred to as the 2005 Equity Compensation Plan, or the Plan. Since May 25, 2005, no additional grants have been made under the Company's other stock-based compensation plans that were previously available. The Company accounts for stock options issued after January 1, 2006 under Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC Topic, 718. For the three months ended March 31, 2013, compensation expense of approximately $24,000 was recorded for stock options granted in May 2012. Approximately $29,000 in compensation expense was recorded during the three months ended March 31, 2012 for stock options granted in May 2011. Costs were determined based on the fair value at the grant dates and those costs are being charged to income over the service period associated with the grants.

There was no stock compensation cost capitalized as part of an asset.

The fair value of each option grant is estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in 2012 and 2011. All options were granted at market value with a 10-year option term with a vesting period of one year from the date of grant.

	2012			2011
Expected Dividend Yield		4.18	%		3.99	%
Expected Stock Price Volatility		25.13	%		24.97	%
Weighted Average Risk-Free Interest Rate		1.87	%		3.12	%
Weighted Average Expected Life of Options (in years)		9.47			8.36

The expected dividend yield was based on a 12-month rolling average of the Company's dividend yield. The expected volatility is the standard deviation of the change in the natural logarithm of the stock price (expressed as an annual rate) for the expected term shown above. The expected term was based on historic exercise patterns for similar grants. The risk-free interest rate is the 10-year Treasury Constant Maturity rate as of the date of the grants.

The following summary reflects changes in the shares of Class A Stock underlying options:

	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)
Plan options
Outstanding at January 1, 2013		421,500		$	18.30
Granted		---
Exercised		(18,958	)		14.76
Expired		---
Outstanding at March 31, 2013		402,542		$	18.47		4.41	$	1,612

Options exercisable at March 31, 2013		368,792		$	18.42		3.98	$	1,495

The total intrinsic value of options exercised during the three months ended March 31, 2013 was approximately $135,000.

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The following summary reflects changes in the non-vested shares of Class A Stock underlying options:

Non-vested Shares	Option Shares		Weighted Average Grant – Date Fair Value Per Option
Non-vested at January 1, 2013		33,750	$	2.92
Granted		---		---
Vested		---		---
Canceled		---		----
Non-vested at March 31, 2013		33,750	$	2.92

As of March 31, 2013, there was $10,000 of total unrecognized expense related to non-vested option shares granted under the Plan. The cost will be recognized over the remaining 0.10 years vesting period of the unvested options.

NOTE 4 - REGULATORY ASSETS

FASB ASC Topic 980 stipulates generally accepted accounting principles for companies whose rates are established or subject to approvals by a third-party regulatory agency. Certain expenses are recoverable through rates charged to our customers, without a return on investment, and are deferred and amortized during future periods using various methods as permitted by the Delaware Public Service Commission, or DEPSC, the MDPSC and the PAPUC. Depreciation and salary study expenses are amortized on a straight-line basis over a period of five years and two years for all other expenses related to Delaware rate proceedings and applications to increase rates. Other expenses related to Maryland rate proceedings and applications to increase rates are amortized on a straight line basis over a period of five years or until the next rate increase application. The postretirement benefit obligation is the recognition of an offsetting regulatory asset as it relates to the accrual of the expected cost of providing postretirement health care and life insurance benefits to retired employees when they render the services necessary to earn the benefits. The deferred income taxes will be amortized over future years as the tax effects of temporary differences that previously flowed through to our customers are reversed. Goodwill was recognized as a result of the acquisition of Mountain Hill in August 2008 and is currently being amortized on a straight-line basis over a period of fifty years. Deferred acquisition and franchise costs are the result of due diligence costs related to the December 2011 purchase of water assets in Cecil County, Maryland and the November 2010 purchase of the Port Deposit, Maryland water assets. Amortization of these deferred acquisition costs began once the acquired assets were placed into service. The amortization of the Port Deposit acquisition began in November 2010 and the amortization of the Cecil County acquisition began in December 2011. These acquisition costs will be amortized over a period of twenty years, while the franchise costs will be amortized over a period of eighty years.

Regulatory assets, net of amortization, comprise:

	(in thousands)
	March 31, 2013			December 31, 2012

Postretirement benefit obligation		$	497		$	497
Deferred income taxes			487			491
Goodwill			338			340
Deferred acquisition and franchise costs			820			824
Expense of rate and regulatory proceedings			179			241
		$	2,321		$	2,393

Artesian Water contributed $31,000 to its postretirement benefit plan in the first three months of 2013. These contributions consist of insurance premium payments for medical, dental and life insurance benefits made on behalf of the Company's eligible retired employees.

NOTE 5 ‑ NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

Basic net income per share is based on the weighted average number of common shares outstanding. Diluted net income per share is based on the weighted average number of common shares outstanding and the potentially dilutive effect of employee stock options. The following table summarizes the shares used in computing basic and diluted net income per share:

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	For the Three Months
	Ended March 31,
	2013		2012
	(in thousands)

Weighted average common shares outstanding during the period for Basic computation		8,725		8,626
Dilutive effect of employee stock options		69		37

Weighted average common shares outstanding during the period for Diluted computation		8,794		8,663

For the three months ended March 31, 2013, no shares of common stock were excluded from the calculations of diluted net income per share.

The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Stock. As of March 31, 2013, 7,859,027 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of March 31, 2012, 7,760,243 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. The par value for both classes is $1.00 per share. For the three months ended March 31, 2013 and March 31, 2012, the Company issued 30,191 and 30,737 shares of Class A Stock, respectively.

Equity per common share was $13.60 and $13.64 at March 31, 2013 and December 31, 2012, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on March 31, 2013 and December 31, 2012, respectively.

NOTE 6 ‑ REGULATORY PROCEEDINGS

Our water and wastewater utilities generate operating revenue from customers based on rates that are established by state Public Service Commissions through a rate setting process that may include public hearings, evidentiary hearings and the submission of evidence and testimony in support of the requested level of rates by the Company.

We are subject to regulation by the following state regulatory commissions: The DEPSC regulates both Artesian Water and Artesian Wastewater. Artesian Water Maryland and Artesian Wastewater Maryland are subject to the regulatory jurisdiction of the MDPSC, and Artesian Water Pennsylvania is subject to the regulatory jurisdiction of the PAPUC.

Rate Proceedings

Our regulated utilities periodically seek rate increases to cover the cost of increased operating expenses, increased financing expenses due to additional investments in utility plant and other costs of doing business. In Delaware, utilities are permitted by law to place rates into effect, under bond, on a temporary basis pending completion of a rate increase proceeding. The first temporary increase may be up to the lesser of $2.5 million on an annual basis or 15% of gross water sales. Should the rate case not be completed within seven months, by law, the utility may put the entire requested rate relief, up to 15% of gross water sales, in effect under bond until a final resolution is ordered and placed into effect. If any such rates are found to be in excess of rates the DEPSC finds to be appropriate, the utility must refund the portion found to be in excess to customers with interest. The timing of our rate increase requests are therefore dependent upon the estimated cost of the administrative process in relation to the investments and expenses that we hope to recover through the rate increase. We can provide no assurances that rate increase requests will be approved by applicable regulatory agencies and, if approved, we cannot guarantee that these rate increases will be granted in a timely or sufficient manner to cover the investments and expenses for which we initially sought the rate increase.

On January 18, 2013, Artesian Wastewater filed an application with the DEPSC to revise its rates and charges for wastewater services concerning territories located in Kent and Sussex County, Delaware. Artesian Wastewater requested authorization to implement proposed rates for wastewater services to meet a requested increase in revenue of approximately $343,000, or 34.8%, on an annualized basis. The new rates are designed to support Artesian Wastewater's ongoing capital improvement program and to cover increased costs of operations.

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Service Territory Expansion Proceedings

In November 2012, Artesian Water Maryland closed on the transfer of the CECO water system assets. CECO transferred its water utility assets, which included water mains, a treatment facility and an elevated water storage tank, to Artesian Water Maryland. The CECO water system serves approximately 200 customers. The CECO system was connected to Artesian Water Maryland's Meadowview water system upon closing on the transfer of assets.

Other Proceedings

Delaware law permits water utilities to put into effect, on a semi-annual basis, increases related to specific types of distribution system improvements through a Distribution System Improvement Charge, or DSIC. This charge may be implemented by water utilities between general rate increase applications that normally recognize changes in a water utility's overall financial position. The DSIC approval process is less costly when compared to the approval process for general rate increase requests. The DSIC rate applied between base rate filings is capped at 7.5% of the amount billed to customers under otherwise applicable rates and charges, and the DSIC rate increase applied cannot exceed 5% within any 12-month period. In May 2012, Artesian Water filed an application with the DEPSC for approval to collect a 0.14% increase in the DSIC rate effective July 1, 2012. This increase was based on approximately $486,000 in eligible plant improvements since the last rate increase. On June 19, 2012, the DEPSC approved the DSIC effective July 1, 2012, subject to audit at a later date. In November 2012, Artesian Water filed an application with the DEPSC for approval to collect a 1.45% increase in the DSIC rate effective January 1, 2013. This increase was based on approximately $5.6 million in eligible plant improvements since the last rate increase. On December 14, 2012, the DEPSC approved the DSIC effective January 1, 2013, subject to audit at a later date. For the three months ended March 31, 2013, we earned approximately $258,000 in DSIC revenue. We did not have any DSIC rates in effect during the three months ended March 31, 2012.

NOTE 7 – INCOME TAXES

Under FASB ASC Topic 740, an uncertain tax position represents our expected treatment of a tax position taken, or planned to be taken in the future, that has not been reflected in measuring income tax expense for financial reporting purposes. As a result of our review of our tax positions, we determined that we had no material uncertain tax positions. The Company would recognize, if applicable, interest accrued and penalties related to unrecognized tax benefits in interest expense and in accordance with the regulations of the jurisdictions involved. There were no such interest and penalty charges for the three months ended March 31, 2013 or March 31, 2012. The Company remains subject to examination by federal and state authorities for tax years 2009 through 2012.

NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Current Assets and Liabilities

For those current assets and liabilities that are considered financial instruments, the carrying amounts approximate fair value because of the short maturity of those instruments.

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Long-term Financial Liabilities

All of Artesian Resources' outstanding long-term debt as of March 31, 2013 and December 31, 2012 was fixed-rate. The fair value of the Company's long-term debt is determined by discounting their future cash flows using current market interest rates on similar instruments with comparable maturities consistent with FASB ASC 825. Under the fair value hierarchy, the fair value of the long-term debt in the table below is classified as Level 2 measurements. The fair values for long-term debt differ from the carrying values primarily due to interest rates that differ from the current market interest rates. The carrying amount and fair value of Artesian Resources' long-term debt are shown below:

In thousands
	March 31, 2013			December 31, 2012
Carrying amount		$	107,142		$	107,368
Estimated fair value			133,536			133,818

The fair value of Advances for Construction cannot be reasonably estimated due to the inability to accurately estimate the timing and amounts of future refunds expected to be paid over the life of the contracts. Refund payments are based on the water sales to new customers in the particular development constructed. The fair value of Advances for Construction would be less than the carrying amount because these financial instruments are non-interest bearing.

NOTE 9 ‑ IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

In January 2013, the FASB issued guidance to clarify that ordinary trade receivables and receivables are not in the scope of FASB ASC Topic 210, relating to disclosures about offsetting assets and liabilities. FASB ASC Topic 210 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in ASC Topic 210 or subject to a master netting arrangement or similar agreement. The FASB undertook this clarification project in response to concerns expressed by U.S. stakeholders about the standard's broad definition of financial instruments. After the standard was finalized, companies realized that many contracts have standard commercial provisions that would equate to a master netting arrangement, significantly increasing the cost of compliance at minimal value to financial statement users. This guidance is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. There was not a material impact on the Company's financial statements due to the adoption of this guidance.

In February 2013, the FASB issued amended guidance to improve the transparency of reporting other comprehensive income reclassifications. This guidance is effective for reporting periods beginning after December 15, 2012. Early adoption is permitted. The Company currently does not have other comprehensive income.

In February 2013, the FASB issued updated guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this guidance should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the guidance's scope that exist at the beginning of an entity's fiscal year of adoption. The Company does not expect a material impact on the Company's financial statements due to the adoption of this guidance.

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ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS FOR THE PERIOD ENDED MARCH 31, 2013

OVERVIEW

Our profitability is primarily attributable to the sale of water by Artesian Water. Gross water sales in Artesian Water comprise 87.9% of total operating revenues. Our profitability is also attributed to the various contract operations, water and sewer Service Line Protection Plans and other services we provide. Water sales are subject to seasonal fluctuations, particularly during summer when water demand may vary with rainfall and temperature. In the event temperatures during the typically warmer months are cooler than expected, or rainfall is greater than expected, the demand for water may decrease and our revenues may be adversely affected. We believe the effects of weather are short term and do not materially affect the execution of our strategic initiatives. Our contract operations and other services provide a revenue stream that is not affected by changes in weather patterns.

While water sales revenues are our primary source of revenues, we continue to seek growth opportunities to provide wastewater service in Delaware and the surrounding areas. We also continue to explore and develop relationships with developers and municipalities in order to increase revenues from contract water and wastewater operations, wastewater management services, design, construction and engineering services. We plan to continue developing and expanding our contract operations and other services in a manner that complements our growth in water service to new customers. Our anticipated growth in these areas is subject to changes in residential and commercial construction, which may be affected by interest rates, inflation and general housing and economic market conditions. We anticipate continued growth in our non-regulated division due to our water and sewer Service Line Protection Plans.

Water Division

Artesian Water, Artesian Water Maryland and Artesian Water Pennsylvania provide water service to residential, commercial, industrial, governmental, municipal and utility customers. Increases in the number of customers contribute to increases, or help to offset any intermittent decreases in our operating revenue. The Town of Middletown, which is one of our municipal customers and is located in southern New Castle County, Delaware, has nearly doubled in population since 2001, and population growth in this area is expected to continue for some time as a result of ongoing and future residential construction. As population growth continues in Middletown and other areas in Delaware, we believe that the demand for water will increase, thereby contributing to an increase in our operating revenues. As of March 31, 2013, we had approximately 79,000 metered water customers in Delaware, an increase of approximately 400 compared to March 31, 2012. The number of metered water customers in Maryland increased by approximately 200 compared to 2012 following the purchase of the CECO Utilities assets. The number of metered water customers in Pennsylvania remained consistent with 2012. For the three months ended March 31, 2013, approximately 1.7 billion gallons of water were distributed in our Delaware systems and approximately 68.7 million gallons of water were distributed in our Maryland systems.

Wastewater Division

Artesian Wastewater owns wastewater infrastructure and began providing wastewater services in Delaware in July 2005. Artesian Wastewater Maryland was incorporated on June 3, 2008 to provide regulated wastewater services in Maryland. Our wastewater customers are billed a flat monthly fee, which contributes to providing a revenue stream unaffected by weather.

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Non-Regulated Division

Artesian Utility provides contract water and wastewater operation services to private, municipal and governmental institutions. Artesian Utility currently operates wastewater treatment facilities for the town of Middletown, in southern New Castle County, or Middletown, under a 20-year contract that expires on February 1, 2021. The facilities include two wastewater treatment stations with capacities of up to approximately 2.5 mgd and 250,000 gallons per day, respectively. We also operate a wastewater disposal facility in Middletown in order to support the 2.5 mgd wastewater facility.

Strategic Direction

Our strategy is to significantly increase customer growth, revenues, earnings and dividends by expanding our water, wastewater and Service Line Protection Plan services across the Delmarva Peninsula. We remain focused on providing superior service to our customers and continuously seeking ways to improve our efficiency and performance. By providing water and wastewater services, we believe we are positioned as the primary resource for developers and communities throughout the Delmarva Peninsula seeking to fill both needs simultaneously. We have a proven ability to acquire and integrate high growth, reputable entities, through which we have captured additional service territories that will serve as a base for future revenue. We believe this experience presents a strong platform for further expansion and that our success to date also produces positive relationships and credibility with regulators, municipalities, developers and customers in both existing and prospective service areas.

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In our regulated water division, our strategy is to focus on a wide spectrum of activities, which include identifying new and dependable sources of supply, developing the wells, treatment plants and delivery systems to supply water to customers and educating customers on the wise use of water. Our strategy includes focused efforts to expand in new regions added to our Delaware service territory over the last 10 years. In addition, we believe growth will occur in the Maryland counties on the Delmarva Peninsula. We plan to expand our regulated water service area in the Cecil County designated growth corridor and to expand our business through the design, construction, operation, management and acquisition of additional water systems. The expansion of our exclusive franchise areas elsewhere in Maryland and the award of additional contracts will similarly enhance our operations within the state.

We believe that Delaware's generally lower cost of living in the region, availability of development sites in relatively close proximity to the Atlantic Ocean in Sussex County, and attractive financing rates for construction and mortgages have resulted, and will continue to result, in increases to our customer base. Delaware's lower property and income tax rate make it an attractive region for new home development and retirement communities. Substantial portions of Delaware are currently not served by a public water system, which could also assist in an increase to our customer base as systems are added.

In our regulated wastewater division, we foresee significant growth opportunities and will continue to seek strategic partnerships and relationships with developers and municipalities to complement existing agreements for the provision of wastewater service on the Delmarva Peninsula. Artesian Wastewater completed an agreement with Georgetown, Delaware in July 2008 to provide wastewater treatment and disposal services for Georgetown's growth and annexation areas. Artesian Wastewater will provide up to 1 mgd of wastewater capacity for the town. The preliminary engineering and design work was completed on a regional wastewater treatment and disposal facility located in the northern Sussex County area that has the potential to treat up to approximately 8 mgd. This facility is strategically situated on 75 acres to provide service to the growing population in the Georgetown, Ellendale and Milton areas, as well as to neighboring municipal systems. This facility was granted conditional use approval by Sussex County Council to serve the Elizabethtown subdivision of approximately 4,000 homes and 439,000 square feet of proposed commercial space, as well as seven additional projects comprising approximately 3,000 residential units. The facility will also be capable of offering wastewater services to local municipalities. Artesian Wastewater will manage the design and construction of the facility and, once constructed, the operation of the facility.

The general need for increased capital investment in our water and wastewater systems is due to a combination of population growth, more protective water quality standards and aging infrastructure. Our capital investment plan for the next five years includes projects for water treatment plant improvements and additions in both Delaware and Maryland and wastewater treatment plant improvements and additions in Delaware. Capital improvements are planned and budgeted to meet anticipated changes in regulations and needs for increased capacity related to projected growth. The Delaware Public Service Commission and Maryland Public Service Commission have generally recognized the operating and capital costs associated with these improvements in setting water and wastewater rates for current customers and capacity charges for new customers.

In our non-regulated division, we are actively pursuing opportunities to expand our contract operations. Through Artesian Utility, we will seek to expand our contract design, engineering and construction services of water and wastewater facilities for developers, municipalities and other utilities. Artesian Development owns two nine-acre parcels of land, located in Sussex County, Delaware, which will allow for construction of a water treatment facility and wastewater treatment facility.

Regulatory Matters and Inflation

Our water and wastewater utility operations are subject to regulation by their respective state regulatory commissions, which have broad administrative power and authority to regulate rates charged for service, determine franchise areas and conditions of service, approve acquisitions, authorize the issuance of securities and oversee other matters. The profitability of our utility operations is influenced, to a great extent, by the timeliness and adequacy of rate allowances we are granted by the respective regulatory commissions or authorities in the states in which we operate.

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We are affected by inflation, most notably by the continually increasing costs required to maintain, improve and expand our service capability. The cumulative effect of inflation results in significantly higher facility costs compared to investments made 20 to 40 years ago, which must be recovered from future cash flows.

Results of Operations – Analysis of the Three Months Ended March 31, 2013 Compared to the Three Months Ended March 31, 2012

Operating Revenues

Revenues totaled $16.3 million for the three months ended March 31, 2013, $0.4 million, or 2.2%, below revenues for the three months ended March 31, 2012 of $16.7 million. Water sales revenues decreased $0.5 million, or 3.2%, for the three months ended March 31, 2013 from the corresponding period in 2012, primarily due to a decrease in overall water consumption. Partially offsetting the decrease in water sales revenues is an increase in the Distribution System Improvement Charge, or DSIC, revenue of approximately $0.3 million for the three months ended March 31, 2013 compared to the same period in 2012. We realized 89.2% of our total operating revenue for the three months ended March 31, 2013 from the sale of water as compared to 90.1% for the three months ended March 31, 2012.

Other utility operating revenue increased approximately $51,000, or 6.9%, for the three months ended March 31, 2013 compared to the three months ended March 31, 2012. The increase is primarily due to an increase in wastewater revenue.

Non-utility operating revenue increased approximately $55,000, or 6.0%, for the three months ended March 31, 2013 compared to same period in 2012. The increase is primarily due to an approximately $76,000 increase in water and wastewater Service Line Protection Plan, or SLP Plans, revenue. The SLP Plans provide coverage for all material and labor required to repair or replace participants' leaking water service or clogged sewer lines up to an annual limit. The increase in non-utility operating revenue is partially offset by an approximately $32,000 decrease in Artesian Utility revenue, related to a decrease in contract services performed for municipalities in Maryland.

Operating Expenses

Operating expenses, excluding depreciation and income taxes, increased $1.0 million, or 10.3%, for the three months ended March 31, 2013, compared to the same period in 2012. The components of the change in operating expenses include an increase in utility operating expenses of $0.9 million and an increase in non-utility operating expenses of $41,000.

The increase in utility operating expenses of $0.9 million, or 11.4%, for the three months ended March 31, 2013 over the same period in 2012, was primarily due to increased legal costs associated with the litigation against Chester Water Authority in regard to the proper determination of the rate charged for water purchased under contract from the Chester Water Authority and increased wages and medical benefit premiums.

Non-utility expenses increased $41,000, or 8.2%, primarily the result of increased project activity in Artesian Utility as compared to the same period in 2012.

The ratio of operating expense, excluding depreciation and income taxes, to total revenue was 63.9% for the three months ended March 31, 2013, compared to 56.7% for the three months ended March 31, 2012.

Depreciation and amortization expense increased $81,000, or 4.1%, primarily due to continued investment in utility plant in service providing supply, treatment, storage and distribution of water.

Federal and state income tax expense decreased $0.6 million, primarily due to lower pre-tax income for the three months ended March 31, 2013, compared to the three months ended March 31, 2012.

Net Income

Our net income applicable to common stock decreased $0.9 million for the three months ended March 31, 2013, compared to the same period a year ago. This decrease in net income was due to lower operating income margins in our water utility business, primarily the result of increased legal costs and decreased water sales revenue.

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LIQUIDITY AND CAPITAL RESOURCES

Overview

Our primary sources of liquidity for the three months ended March 31, 2013 were $4.8 million provided by cash flow from operating activities, $1.3 million in net contributions and advances from developers and $0.6 million in net proceeds from the issuance of common stock. Cash flow from operating activities is primarily provided by our utility operations, and is impacted by the timeliness and adequacy of rate increases and changes in water consumption as a result of year-to-year variations in weather conditions, particularly during the summer. A significant part of our ability to maintain and meet our financial objectives is to ensure that our investments in utility plant and equipment are recovered in the rates charged to customers. As such, from time to time, we file rate increase requests to recover increases in operating expenses and investments in utility plant and equipment.

Investment in Plant and Systems

The primary focus of Artesian Water's investment was to continue to provide high quality reliable service to our growing service territory. We invested $4.1 million in capital expenditures during the first three months of 2013 compared to $3.6 million invested during the same period in 2012. During the first three months of 2013, we invested $0.3 million to enhance or improve existing treatment facilities and for the rehabilitation of pumping equipment to better serve our customers. We invested $0.2 million to upgrade and automate our meter reading equipment. We invested approximately $0.5 million for our rehabilitation program for transmission and distribution facilities by replacing aging or deteriorating mains and for new transmission and distribution facilities. We invested approximately $1.0 million in mandatory utility plant expenditures due to governmental highway projects which require the relocation of water service mains in addition to facility improvements and upgrades. Developers financed $0.6 million for the installation of water mains and hydrants for the first three months of 2013 compared to $0.4 million for the first three months of 2012. We invested $0.2 million for equipment purchases, computer hardware and software upgrades and furniture and equipment related to renovations made to our main office building located in New Castle County. We also invested $0.9 million to upgrade our customer service software. An additional $0.4 million was invested in wastewater projects in Delaware.

Lines of Credit

At March 31, 2013, Artesian Resources had a $40 million line of credit with Citizens Bank, or Citizens, which is available to all subsidiaries of Artesian Resources. As of March 31, 2013, there was $33.9 million of available funds under this line of credit. The interest rate for borrowings under this line is the London Interbank Offered Rate, or LIBOR, plus 1.00%. This is a demand line of credit and therefore the financial institution may demand payment for any outstanding amounts at any time. The term of this line of credit expires on the earlier of May 30, 2013 or any date on which Citizens demands payment.

At March 31, 2013, Artesian Water had a $20 million line of credit with CoBank, ACB, or CoBank, that allows for the financing of operations for Artesian Water, with up to $10 million of this line available for the operations of Artesian Water Maryland. As of March 31, 2013, there was $16.0 million of available funds under this line of credit. The interest rate for borrowings under this line is LIBOR plus 1.50%. The term of this line of credit expires on January 14, 2014.

Line of Credit Commitments	Commitment Due by Period
In thousands	Less than 1 Year		1-3 Years		4-5 Years		Over 5 Years
Lines of Credit	$	10,087	$	-----	$	-----	$	-----

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Long-Term Debt

Artesian Water's trust indentures, which set certain criteria for the issuance of new long-term debt, limit long-term debt, including the short-term portion thereof, to 66⅔% of total capitalization. Our debt to total capitalization, including the short-term portion thereof, was 47.5% at March 31, 2013. In addition, our revolving line of credit with CoBank contains customary affirmative and negative covenants that are binding on us (which are in some cases subject to certain exceptions), including, but not limited to, restrictions on our ability to make certain loans and investments, guaranty certain obligations, enter into, or undertake, certain mergers, consolidations or acquisitions, transfer certain assets, change our business or incur additional indebtedness. In addition, this line of credit requires us to abide by certain financial covenants and ratios. As of March 31, 2013, we were in compliance with these covenants.

We expect to fund our activities for the next 12 months using our available cash balances and bank credit lines, plus projected cash generated from operations.

Contractual Obligations	Payments Due by Period
In thousands	Less than 1 Year		1-3 Years		4-5 Years		After 5 Years		Total
First Mortgage Bonds (Principal and Interest)	$	6,985	$	13,847	$	13,694	$	140,900	$	175,426
State revolving fund loans (Principal and Interest)		867		1,838		1,838		7,458		12,001
Operating leases		46		102		107		1,645		1,900
Unconditional purchase obligations		3,780		7,571		7,561		14,200		33,112
Tank painting contractual obligation		234		---		---		---		234
Total contractual cash obligations	$	11,912	$	23,358	$	23,200	$	164,203	$	222,673

Long-term debt obligations reflect the maturities of certain series of our first mortgage bonds, which we intend to refinance when due. The state revolving fund loan obligation has an amortizing mortgage payment payable over a 20-year period, and will be refinanced as future securities are issued. Both the long-term debt and the state revolving fund loan have certain financial covenant provisions, the violation of which could result in default and require the obligation to be immediately repaid, including all interest. We have not experienced conditions that would result in our default under these agreements, and we do not anticipate any such occurrence. Payments for unconditional purchase obligations reflect minimum water purchase obligations based on rates that are subject to change under our interconnection agreement with the Chester Water Authority.

On July 15, 2011, Artesian Water entered into a Financing Agreement, or Financing Agreement, with the Delaware Drinking Water State Revolving Fund, acting by and through the Delaware Department of Health & Social Services, Division of Public Health, a public agency of Delaware, or the Department. The Company has been given a loan of approximately $3.6 million, or the Loan, from the Delaware Safe Drinking Water Revolving Fund to finance all or a portion of the cost to replace specific water transmission mains in service areas located in New Castle County, Delaware (collectively, the "Project"). In accordance with the Financing Agreement, the Company will from time to time request funds under the Loan as it incurs costs in connection with the Project. The Company shall pay to the Department, on the principal amount drawn down and outstanding from the date drawn, interest at a rate of 1.7% per annum and an administrative fee at the rate of 1.7% per annum. As of March 31, 2013, approximately $1.6 million was borrowed under this Loan.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements, including any arrangements with any structured finance, special purpose or variable interest entities.

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Critical Accounting Assumptions, Estimates and Policies; Recent Accounting Standards

This discussion and analysis of our financial condition and results of operations is based on the accounting policies used and disclosed in our 2012 consolidated financial statements and accompanying notes that were prepared in accordance with accounting principles generally accepted in the United States of America and included as part of our annual report on Form 10-K for the year ended December 31, 2012. The preparation of those financial statements required management to make assumptions and estimates that affected the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Actual amounts or results could differ from those based on such assumptions and estimates.

Our critical accounting policies are described in Management's Discussion and Analysis of Financial Condition and Results of Operations included in our annual report on Form 10-K for the year ended December 31, 2012. There have been no changes in our critical accounting policies. Our significant accounting policies are described in our notes to the 2012 consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2012.

Information concerning our implementation and the impact of recent accounting standards issued by the Financial Accounting Standards Board is included in the notes to our 2012 consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2012 and also in the notes to our unaudited condensed consolidated financial statements contained in this quarterly report on Form 10-Q. We did not adopt any accounting policy in the first three months of 2013 that had a material impact on our financial condition, liquidity or results of operations.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Statements in this Quarterly Report on Form 10-Q which express our "belief," "anticipation" or "expectation," as well as other statements which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act and the Private Securities Litigation Reform Act of 1995. Statements regarding our goals, priorities, growth and expansion plans and expectation for our water and wastewater subsidiaries and non-regulated subsidiaries, customer base growth opportunities in Delaware and Cecil County, Maryland, our belief regarding our capacity to provide water services for the foreseeable future to our customers, our belief relating to our compliance and the cost to achieve compliance with relevant governmental regulations, our expectation of the timing of decisions by regulatory authorities, the impact of weather on our operations and the execution of our strategic initiatives, our expectation of the timing for construction on new projects, our belief regarding our reliance on outside engineering firms, our expectation relating to the adoption of recent accounting pronouncements, contract operations opportunities, legal proceedings, our properties, deferred tax assets, adequacy of our available sources of financing, the expected recovery of expenses related to our long-term debt, our expectation to be in compliance with financial covenants in our debt instruments, our ability to refinance our debt as it comes due, the timing and terms of renewals of our lines of credit, plans to increase our wastewater treatment operations, engineering services and other revenue streams less affected by weather, expected future contributions to our postretirement benefit plan, the reclassification on our balance sheet regarding our utility plant, anticipated growth in our non-regulated division, the impact of recent acquisitions on our ability to expand and foster relationships, anticipated investments in certain of our facilities and systems, the positioning of our Company resulting from our simultaneous provision of water and wastewater services and the sources of funding for such investments, sufficiency of internally generated funds and credit facilities to provide working capital and our liquidity needs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "projects", "forecasts", "may", "should", variations of such words and similar expressions are intended to identify such forward-looking statements. Certain factors as discussed under Item 1A -Risk Factors, in the Company's annual report on Form 10-K, such as changes in weather, changes in our contractual obligations, changes in government policies, the timing and results of our rate requests, changes in economic and market conditions generally, and other matters could cause results to differ materially from those in the forward-looking statements. While the Company may elect to update forward-looking statements, we specifically disclaim any obligation to do so and you should not rely on any forward-looking statement as representation of the Company's views as of any date subsequent to the date of the filing of this Quarterly Report on Form 10-Q.

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ITEM 3 ‑ QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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 exposure to interest rate risk related to existing fixed rate, long-term debt is due to the term of the majority of our First Mortgage Bonds, which have final maturity dates ranging from 2018 to 2043, which exposes the Company to interest rate risk as interest rates may drop below the existing fixed rate of the long-term debt prior to such debt's maturity. In addition, the Company has interest rate exposure on $60 million of variable rate lines of credit with two banks, under which the interim bank loans payable at March 31, 2013 were approximately $10.1 million. An increase in interest rates will result in an increase in the cost of borrowing on this variable rate line. We are also exposed to market risk associated with changes in commodity prices. Our risks associated with price increases in chemicals, electricity and other commodities are mitigated by our ability to recover our costs through rate increases to our customers. We have also sought to mitigate future significant electric price increases by signing a two year supply contract, at a fixed price.

ITEM 4 – CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were designed to provide reasonable assurance that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is (1) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (2) accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. In addition, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective to achieve the foregoing objectives. A control system cannot provide absolute assurance, however, that the objectives of the control system are met and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

(b) Change in Internal Control over Financial Reporting

No change in our internal control over financial reporting occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS

As previously disclosed, on December 22, 2010, Artesian Water filed a complaint in the United States District Court for the Eastern District of Pennsylvania against Chester Water Authority claiming breach of contract, unjust enrichment and requesting declaratory judgment in relation to an agreement by Chester Water to supply bulk water supplies to Artesian Water. On February 11, 2011, Artesian Water received an answer and counterclaim from Chester Water Authority denying Artesian Water's claims and allegations, asserting a counterclaim for breach of contract and seeking monetary damages, related costs and attorneys' fees. Although Artesian Water intends to pursue its claims and defense in the action vigorously, there can be no assurances that it will prevail on any of the claims in the action, or, if it does prevail on one or more claims, of the amount or nature of recovery that may be awarded.

Periodically, we are involved in other proceedings or litigation arising in the ordinary course of business. We do not believe that the ultimate resolution of these matters will materially affect our business, financial position or results of operations. However, we cannot assure that we will prevail in any litigation and, regardless of the outcome, may incur significant litigation expense and may have significant diversion of management attention.

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ITEM 1A – RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012, which could materially affect our business, financial condition or future results. There have been no material changes to the risk factors described in such Annual Report on Form 10-K.

ITEM 4 – MINE SAFETY DISCLOSURES

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is not applicable to our Company.

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ITEM 6 ‑ EXHIBITS

Exhibit No.	Description

31.1	Certification of Chief Executive Officer of the Registrant required by Rule 13a – 14 (a) under the Securities Exchange Act of 1934, as amended.*

31.2	Certification of Chief Financial Officer of the Registrant required by Rule 13a – 14 (a) under the Securities Exchange Act of 1934, as amended.*

32	Certification of Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350).*

101	The following financial statements from Artesian Resources Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013 formatted in eXtensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Cash Flows; and (iv) the Notes to the Condensed Consolidated Financial Statements.

* Filed herewith

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SIGNATURES

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

ARTESIAN RESOURCES CORPORATION

Date: May 8, 2013	By:	/s/ DIAN C. TAYLOR
		Dian C. Taylor (Principal Executive Officer)

Date: May 8, 2013	By:	/s/ DAVID B. SPACHT
		David B. Spacht (Principal Financial and Accounting Officer)

EX-31.1 2 ex31-1.htm EXHIBIT 31.1

Exhibit 31.1
Certification of Chief Executive Officer of Artesian Resources Corporation required by Rule 13a – 14 (a) under the Securities Act of 1934, as amended

I, Dian C. Taylor, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2013 of Artesian Resources Corporation;

2.	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;

3.	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;

4.	The registrant's other certifying officer(s) 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:

a)		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;
b)		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;
c)		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
d)		Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) 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 the registrant's board of directors (or persons performing the equivalent functions):

a)		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
b)		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.


Date: May 8, 2013			/s/ DIAN C. TAYLOR
			Dian C. Taylor
			Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Certification of Chief Financial Officer of Artesian Resources Corporation required by Rule 13a – 14 (a) under the Securities Act of 1934, as amended

I, David B. Spacht, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2013 of Artesian Resources Corporation;

2.	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;

3.	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;

4.	The registrant's other certifying officer(s) 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:

a)		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;
b)		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;
c)		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
d)		Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal 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

5.	The registrant's other certifying officer(s) 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 the registrant's board of directors (or persons performing the equivalent functions):

a)		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
b)		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.



Date: May 8, 2013			/s/ DAVID B. SPACHT
			David B. Spacht
			Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32 4 ex32.htm EXHIBIT 32

Exhibit 32


Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350


I, Dian C. Taylor, Chief Executive Officer, and David B. Spacht, Chief Financial Officer, of Artesian Resources Corporation, a Delaware corporation (the "Company"), hereby certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on our knowledge:

(1)	The Company's Quarterly Report on Form 10-Q for the period ended March 31, 2013 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 USC Section 78m(a) or Section 78o(d)), as amended; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition of the Company at the end of the period covered by the Report and results of operations of the Company for the period covered by the Report.

These certifications accompany the Report to which they relate, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Report), irrespective of any general incorporation language contained in such filing.

Date: May 8, 2013

CHIEF EXECUTIVE OFFICER:		CHIEF FINANCIAL OFFICER:


/s/ DIAN C. TAYLOR		/s/ DAVID B. SPACHT
Dian C. Taylor		David B. Spacht

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<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 3 – STOCK COMPENSATION PLANS</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">On May 25, 2005, the Company's stockholders approved a new Equity Compensation Plan, which authorizes up to 500,000 shares of Class A Non-Voting Common Stock, or Class A Stock, for issuance, referred to as the 2005 Equity Compensation Plan, or the Plan.  Since May 25, 2005, no additional grants have been made under the Company's other stock-based compensation plans that were previously available.  The Company accounts for stock options issued after January 1, 2006 under Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC Topic, 718.  For the three months ended March 31, 2013, compensation expense of approximately $24,000 was recorded for stock options granted in May 2012.  Approximately $29,000 in compensation expense was recorded during the three months ended March 31, 2012 for stock options granted in May 2011.  Costs were determined based on the fair value at the grant dates and those costs are being charged to income over the service period associated with the grants.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">There was no stock compensation cost capitalized as part of an asset.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The fair value of each option grant is estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in 2012 and 2011.  All options were granted at market value with a 10-year option term with a vesting period of one year from the date of grant.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 1px; vertical-align: top;"><div> </div></td><td valign="bottom" style="padding-bottom: 1px; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 1px solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1px; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1px; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 1px solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1px; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Expected Dividend Yield</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">4.18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3.99</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Expected Stock Price Volatility</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">25.13</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">24.97</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Weighted Average Risk-Free Interest Rate</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">1.87</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3.12</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Weighted Average Expected Life of Options (in years)</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">9.47</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8.36</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The expected dividend yield was based on a 12-month rolling average of the Company's dividend yield.  The expected volatility is the standard deviation of the change in the natural logarithm of the stock price (expressed as an annual rate) for the expected term shown above.  The expected term was based on historic exercise patterns for similar grants.  The risk-free interest rate is the 10-year Treasury Constant Maturity rate as of the date of the grants.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The following summary reflects changes in the shares of Class A Stock underlying options:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Option Shares</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted Average Remaining Life (Yrs.)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Aggregate Intrinsic Value (in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Plan options</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Outstanding at January 1, 2013</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">421,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18.30</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Granted</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Exercised</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(18,958</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">14.76</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Expired</div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Outstanding at March 31, 2013</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">402,542</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18.47</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4.41</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,612</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Options exercisable at March 31, 2013</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">368,792</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18.42</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3.98</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,495</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The total intrinsic value of options exercised during the three months ended March 31, 2013 was approximately $135,000.</div><div><br /></div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">The following summary reflects changes in the non-vested shares of Class A Stock underlying options:</div><div><br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div style="text-align: left; text-indent: 79.85pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Non-vested Shares</div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Option Shares</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted Average Grant – Date Fair Value Per Option</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: middle;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Non-vested at January 1, 2013</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33,750</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2.92</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Granted</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Vested</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 0.5pt; width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Canceled</div></td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">----</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 1.5pt; width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Non-vested at March 31, 2013</div></td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33,750</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2.92</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">As of March 31, 2013, there was $10,000 of total unrecognized expense related to non-vested option shares granted under the Plan.  The cost will be recognized over the remaining 0.10 years vesting period of the unvested options.</div></div>

0.19

0.29

0.19

0.29

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 5 ‑ NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Basic net income per share is based on the weighted average number of common shares outstanding.  Diluted net income per share is based on the weighted average number of common shares outstanding and the potentially dilutive effect of employee stock options.  The following table summarizes the shares used in computing basic and diluted net income per share:</div><div><br /></div><div><br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">For the Three Months</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"><div> </div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted average common shares outstanding during the period for Basic computation</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,725</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,626</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 0.5pt; width: 76%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Dilutive effect of employee stock options</div></td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">69</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">37</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 1.5pt; width: 76%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted average common shares outstanding during the period for Diluted computation</div></td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,794</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,663</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">For the three months ended March 31, 2013, no shares of common stock were excluded from the calculations of diluted net income per share.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Stock.  As of March 31, 2013, 7,859,027 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of March 31, 2012, 7,760,243 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  The par value for both classes is $1.00 per share.  For the three months ended March 31, 2013 and March 31, 2012, the Company issued 30,191 and 30,737 shares of Class A Stock, respectively.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Equity per common share was $13.60 and $13.64 at March 31, 2013 and December 31, 2012, respectively.  These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on March 31, 2013 and December 31, 2012, respectively.</div></div>

P1M6D

10000

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Current Assets and Liabilities</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">For those current assets and liabilities that are considered financial instruments, the carrying amounts approximate fair value because of the short maturity of those instruments.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Long-term Financial Liabilities</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">All of Artesian Resources' outstanding long-term debt as of March 31, 2013 and December 31, 2012 was fixed-rate.  The fair value of the Company's long-term debt is determined by discounting their future cash flows using current market interest rates on similar instruments with comparable maturities consistent with FASB ASC 825.  Under the fair value hierarchy, the fair value of the long-term debt in the table below is classified as Level 2 measurements.  The fair values for long-term debt differ from the carrying values primarily due to interest rates that differ from the current market interest rates.  The carrying amount and fair value of Artesian Resources' long-term debt are shown below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">In thousands</div></td><td colspan="7" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"><div> </div></td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">March 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">December 31, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Carrying amount</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">107,142</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">107,368</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Estimated fair value</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">133,536</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">133,818</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr></table><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"> </div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The fair value of Advances for Construction cannot be reasonably estimated due to the inability to accurately estimate the timing and amounts of future refunds expected to be paid over the life of the contracts.  Refund payments are based on the water sales to new customers in the particular development constructed.  The fair value of Advances for Construction would be less than the carrying amount because these financial instruments are non-interest bearing.</div><div><br /></div></div>

<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">All of Artesian Resources' outstanding long-term debt as of March 31, 2013 and December 31, 2012 was fixed-rate.  The fair value of the Company's long-term debt is determined by discounting their future cash flows using current market interest rates on similar instruments with comparable maturities consistent with FASB ASC 825.  Under the fair value hierarchy, the fair value of the long-term debt in the table below is classified as Level 2 measurements.  The fair values for long-term debt differ from the carrying values primarily due to interest rates that differ from the current market interest rates.  The carrying amount and fair value of Artesian Resources' long-term debt are shown below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">In thousands</div></td><td colspan="7" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"><div> </div></td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">March 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">December 31, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Carrying amount</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">107,142</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">107,368</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Estimated fair value</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">133,536</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">133,818</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr></table></div>

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 7 – INCOME TAXES</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Under FASB ASC Topic 740, an uncertain tax position represents our expected treatment of a tax position taken, or planned to be taken in the future, that has not been reflected in measuring income tax expense for financial reporting purposes.  As a result of our review of our tax positions, we determined that we had no material uncertain tax positions.  The Company would recognize, if applicable, interest accrued and penalties related to unrecognized tax benefits in interest expense and in accordance with the regulations of the jurisdictions involved.  There were no such interest and penalty charges for the three months ended March 31, 2013 or March 31, 2012.  The Company remains subject to examination by federal and state authorities for tax years 2009 through 2012.</div></div>

3387000

4277000

1111000

1688000

for tax years 2009 through 2012

914000

-439000

-202000

303000

750000

700000

-120000

323000

360000

124000

-1861000

149000

240000

-72000

-67000

151000

-49000

124000

180000

-5000

-237000

201000

474000

69000

37000

1262000

1138000

1747000

1772000

1623000

1592000

1504000

1353000

24482000

24939000

61293000

60990000

393146000

391714000

10087000

10717000

107142000

107368000

133536000

133818000

1120000

1111000

106022000

106257000

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 1 – GENERAL</div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><br /></font>Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our eight wholly owned subsidiaries and the income derived from our Service Line Protection Plans described below.  The terms "we", "our", "Artesian" and the "Company" as used herein refer to Artesian Resources and its subsidiaries.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">DELAWARE REGULATED SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Water Company Inc., or Artesian Water, our principal subsidiary, is the oldest and largest public water utility in the State of Delaware and has been providing water service within the state since 1905.  Artesian Water distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware.  In addition, Artesian Water provides services to other water utilities, including operations and billing functions, and also has contract operation agreements with private and municipal water providers.  We also provide water for public and private fire protection to customers in our service territories.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Wastewater Management, Inc., or Artesian Wastewater, is a regulated entity that owns wastewater collection and treatment infrastructure and provides wastewater services to customers in Delaware as a regulated public wastewater service company.  As of March 31, 2013, Artesian Wastewater owned and operated four wastewater treatment facilities, which are capable of treating approximately 730,000 gallons per day and can be expanded to treat approximately 1.6 million gallons per day, or mgd.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">MARYLAND REGULATED SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Water Maryland, Inc., or Artesian Water Maryland, began operations in August 2007.  Artesian Water Maryland distributes and sells water to residential, commercial, industrial and municipal customers in Cecil County, Maryland.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">In May 2012, Artesian Water Maryland entered into an Asset Transfer Agreement with CECO Utilities, Inc., or CECO.  At closing, which occurred in November 2012, CECO transferred its water utility assets, which included water mains, a treatment facility and an elevated water storage tank, to Artesian Water Maryland.  The CECO water system serves approximately 200 customers.  The CECO system was connected to Artesian Water Maryland's Meadowview water system upon closing on the transfer of assets.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Wastewater Maryland, Inc., or Artesian Wastewater Maryland, is a regulated wastewater entity in the State of Maryland and was incorporated on June 3, 2008.  Artesian Wastewater Maryland is able to provide public wastewater services to customers in the State of Maryland.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">PENNSYLVANIA REGULATED SUBSIDIARY</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Water Pennsylvania, Inc., or Artesian Water Pennsylvania, began operations upon receiving recognition as a regulated public water utility by the Pennsylvania Public Utility Commission, or PAPUC, in 2002.  It provides water service to a residential community in Chester County.  Artesian Water Pennsylvania filed an application with the PAPUC to increase our service area in Pennsylvania, which was approved and a related order was entered on February 4, 2005.  This application involved specific developments, in which we expect modest future growth.</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">OTHER SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Our three other subsidiaries, none of which are regulated, are Artesian Utility Development, Inc., or Artesian Utility, Artesian Development Corporation, or Artesian Development, and Artesian Consulting Engineers, Inc., or Artesian Consulting Engineers.</div><div><br /></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Utility was formed in 1996.  It designs and builds water and wastewater infrastructure and provides contract water and wastewater services on the Delmarva Peninsula.  Artesian Utility also evaluates land parcels, provides recommendations to developers on the size of water or wastewater facilities and the type of technology that should be used for treatment at such facilities, and operates water and wastewater facilities in Delaware and Maryland for municipal and governmental organizations.  Artesian Utility also contracts with developers for design and construction of wastewater facilities within the Delmarva Peninsula, using a number of different technologies for treatment of wastewater at each facility.  In addition, as further discussed below, effective April 2012, Artesian Utility operates the Water Service Line Protection Plan, or WSLP Plan, and the Sewer Service Line Protection Plan, or SSLP Plan.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">We currently operate wastewater treatment facilities for the town of Middletown, in southern New Castle County, or Middletown, under a 20-year contract that expires on February 1, 2021.  The facilities include two wastewater treatment stations with capacities of up to approximately 2.5 mgd and 250,000 gallons per day, respectively.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">One of the wastewater treatment facilities in Middletown now provides reclaimed wastewater for use in spray irrigation on public and agricultural lands in the area.  Our relationship with the Town of Middletown has given us the opportunity to create the Artesian Water Resource Management Partnership, or AWRMP, to encourage and support the use of reclaimed water for agricultural irrigation and other needs.  Using reclaimed water to irrigate farm fields can save the Delmarva region millions of gallons of groundwater each day.  The AWRMP's first project in Middletown saves up to three million gallons of water per day during the peak growing season.  Through the AWRMP initiative, Artesian will provide planning, engineering and technical expertise and help bring together the various state, local and private partners needed for water recycling project approvals.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Utility operates the WSLP Plan and the SSLP Plan.  Artesian Resources initiated the WSLP Plan in March 2005.  The WSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking water service lines up to an annual limit.  The WSLP Plan was expanded in the second quarter of 2008 to include maintenance or repair to customers' sewer lines.  The SSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking or clogged sewer lines up to an annual limit.  Also, in the second quarter of 2010, the WSLP Plan and SSLP Plan were extended to include non-utility customers of Artesian Resources.  As of March 31, 2013, approximately 17,800, or 25.7%, of our eligible water customers signed up for the WSLP Plan, approximately 10,600, or 15.3%, of our eligible customers signed up for the SSLP Plan and approximately 1,000 non-customer participants signed up for either the WSLP Plan or SSLP Plan.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Development is a real estate holding company that owns properties, including land zoned for office buildings, a water treatment plant and wastewater facility, as well as property for current operations, including an office facility in Sussex County, Delaware.  The facility consists of approximately 10,000 square feet of office space along with nearly 10,000 square feet of warehouse space.  This facility allows all of our Sussex County, Delaware operations to be housed in one central location.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Consulting Engineers no longer offers development and architectural services to outside third parties.  However, Artesian Consulting Engineers continues to work with existing clients on outstanding projects for engineering services until those projects are complete.  Artesian will continue to provide design and engineering contract services through our Artesian Utility subsidiary.</div></div>

-4081000

-3586000

-966000

-3854000

1640000

2505000

4751000

7582000

<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 9 ‑ IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">In January 2013, the FASB issued guidance to clarify that ordinary trade receivables and receivables are not in the scope of FASB ASC Topic 210, relating to disclosures about offsetting assets and liabilities.  FASB ASC Topic 210 <font style="font-family: 'Times New Roman', serif; font-size: 10pt;">applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in ASC Topic 210 or subject to a master netting arrangement or similar agreement.</font><font style="font-family: Tahoma, sans-serif; font-size: 9pt;">  </font><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">The FASB undertook this clarification project in response to concerns expressed by U.S. stakeholders about the standard's broad definition of financial instruments.  After the standard was finalized, companies realized that many contracts have standard commercial provisions that would equate to a master netting arrangement, significantly increasing the cost of compliance at minimal value to financial statement users.  This guidance is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods.  An entity should provide the required disclosures retrospectively for all comparative periods presented.  </font>There was not a material impact on the Company's financial statements due to the adoption of this guidance.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">In February 2013, the FASB issued amended guidance <font style="font-family: 'Times New Roman', serif; font-size: 10pt;">to improve the transparency of reporting other comprehensive income reclassifications.  This guidance is effective for reporting periods beginning after December 15, 2012.  Early adoption is permitted.</font><font style="font-family: Tahoma, sans-serif; font-size: 9pt;">  </font><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">The Company currently does not have other comprehensive income.</font></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 9pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">In February 2013, the FASB issued updated guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP.  The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors.  This guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations.</font><font style="font-family: Tahoma, sans-serif; font-size: 9pt;">  </font><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">The amendments in this guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013.  The amendments in this guidance should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the guidance's scope that exist at the beginning of an entity's fiscal year of adoption.  </font><font style="font-family: 'Times New Roman', serif; font-size: 10pt;">The Company does not expect a material impact on the Company's financial statements due to the adoption of this guidance.</font></div></div>

13589000

13108000

2738000

3590000

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 2 – BASIS OF PRESENTATION</div><div><br /></div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Basis of Presentation</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The unaudited condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required in the financial statements included in the Company's annual report on Form 10-K.  Accordingly, these financial statements and related notes should be read in conjunction with the financial statements and related notes in the Company's annual report on Form 10-K for fiscal year 2012 as filed with the Securities and Exchange Commission on March 14, 2013.</div><div><br /></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The condensed consolidated financial statements include the accounts of Artesian Resources Corporation and its wholly-owned subsidiaries, including its principal operating company, Artesian Water.  In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company's balance sheet position as of March 31, 2013, the results of operations for the three month periods ended March 31, 2013 and 2012 and cash flows for the three month periods ended March 31, 2013 and 2012.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The results of operations for the interim periods presented are not necessarily indicative of the results for the full year or for future periods.</div></div>

5315000

5196000

539000

498000

2160000

2563000

582000

653000

974000

919000

-11000

-29000

1766000

1663000

4087000

3597000

31000

374000

701000

1328000

1452000

1457000

-259000

154000

-630000

-2662000

855000

587000

506000

6000

11000

4142000

4082000

368340000

366563000

<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 6 ‑ REGULATORY PROCEEDINGS</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Our water and wastewater utilities generate operating revenue from customers based on rates that are established by state Public Service Commissions through a rate setting process that may include public hearings, evidentiary hearings and the submission of evidence and testimony in support of the requested level of rates by the Company.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">We are subject to regulation by the following state regulatory commissions:  The DEPSC regulates both Artesian Water and Artesian Wastewater.  Artesian Water Maryland and Artesian Wastewater Maryland are subject to the regulatory jurisdiction of the MDPSC, and Artesian Water Pennsylvania is subject to the regulatory jurisdiction of the PAPUC.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Rate Proceedings</u></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Our regulated utilities periodically seek rate increases to cover the cost of increased operating expenses, increased financing expenses due to additional investments in utility plant and other costs of doing business.  In Delaware, utilities are permitted by law to place rates into effect, under bond, on a temporary basis pending completion of a rate increase proceeding.  The first temporary increase may be up to the lesser of $2.5 million on an annual basis or 15% of gross water sales.  Should the rate case not be completed within seven months, by law, the utility may put the entire requested rate relief, up to 15% of gross water sales, in effect under bond until a final resolution is ordered and placed into effect.  If any such rates are found to be in excess of rates the DEPSC finds to be appropriate, the utility must refund the portion found to be in excess to customers with interest.  The timing of our rate increase requests are therefore dependent upon the estimated cost of the administrative process in relation to the investments and expenses that we hope to recover through the rate increase.  We can provide no assurances that rate increase requests will be approved by applicable regulatory agencies and, if approved, we cannot guarantee that these rate increases will be granted in a timely or sufficient manner to cover the investments and expenses for which we initially sought the rate increase.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">On January 18, 2013, Artesian Wastewater filed an application with the DEPSC to revise its rates and charges for wastewater services concerning territories located in Kent and Sussex County, Delaware.  Artesian Wastewater requested authorization to implement proposed rates for wastewater services to meet a requested increase in revenue of approximately $343,000, or 34.8%, on an annualized basis.  The new rates are designed to support Artesian Wastewater's ongoing capital improvement program and to cover increased costs of operations.</div><div><br /></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Service Territory Expansion Proceedings</u></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">In November 2012, Artesian Water Maryland closed on the transfer of the CECO water system assets.  CECO transferred its water utility assets, which included water mains, a treatment facility and an elevated water storage tank, to Artesian Water Maryland.  The CECO water system serves approximately 200 customers.  The CECO system was connected to Artesian Water Maryland's Meadowview water system upon closing on the transfer of assets.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Other Proceedings</u></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Delaware law permits water utilities to put into effect, on a semi-annual basis, increases related to specific types of distribution system improvements through a Distribution System Improvement Charge, or DSIC.  This charge may be implemented by water utilities between general rate increase applications that normally recognize changes in a water utility's overall financial position.  The DSIC approval process is less costly when compared to the approval process for general rate increase requests.  The DSIC rate applied between base rate filings is capped at 7.5% of the amount billed to customers under otherwise applicable rates and charges, and the DSIC rate increase applied cannot exceed 5% within any 12-month period.  In May 2012, Artesian Water filed an application with the DEPSC for approval to collect a 0.14% increase in the DSIC rate effective July 1, 2012.  This increase was based on approximately $486,000 in eligible plant improvements since the last rate increase.  On June 19, 2012, the DEPSC approved the DSIC effective July 1, 2012, subject to audit at a later date.  In November 2012, Artesian Water filed an application with the DEPSC for approval to collect a 1.45% increase in the DSIC rate effective January 1, 2013.  This increase was based on approximately $5.6 million in eligible plant improvements since the last rate increase.  On December 14, 2012, the DEPSC approved the DSIC effective January 1, 2013, subject to audit at a later date.  For the three months ended March 31, 2013, we earned approximately $258,000 in DSIC revenue.  We did not have any DSIC rates in effect during the three months ended March 31, 2012.</div></div>

67000

34000

786000

735000

14567000

15044000

16327000

16698000

P5Y

2321000

2393000

497000

487000

491000

338000

340000

820000

824000

179000

241000

1082000

290000

20945000

21071000

1495000

P9Y5M19D

P8Y4M10D

P3Y11M23D

P4Y4M28D

<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">The following summary reflects changes in the non-vested shares of Class A Stock underlying options:</div><div><br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div style="text-align: left; text-indent: 79.85pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Non-vested Shares</div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Option Shares</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted Average Grant – Date Fair Value Per Option</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: middle;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Non-vested at January 1, 2013</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33,750</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2.92</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Granted</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Vested</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 0.5pt; width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Canceled</div></td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">----</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 1.5pt; width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Non-vested at March 31, 2013</div></td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33,750</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2.92</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">As of March 31, 2013, there was $10,000 of total unrecognized expense related to non-vested option shares granted under the Plan.  The cost will be recognized over the remaining 0.10 years vesting period of the unvested options.</div></div>

<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The following summary reflects changes in the shares of Class A Stock underlying options:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Option Shares</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted Average Remaining Life (Yrs.)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td><td valign="bottom" style="vertical-align: middle;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Aggregate Intrinsic Value (in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: middle;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Plan options</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Outstanding at January 1, 2013</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">421,500</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18.30</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Granted</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Exercised</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(18,958</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">14.76</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Expired</div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">---</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 16.55pt; font-size: 10pt;">Outstanding at March 31, 2013</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">402,542</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18.47</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4.41</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,612</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Options exercisable at March 31, 2013</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">368,792</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18.42</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3.98</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,495</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The total intrinsic value of options exercised during the three months ended March 31, 2013 was approximately $135,000.</div></div>

<div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 1px; vertical-align: top;"><div> </div></td><td valign="bottom" style="padding-bottom: 1px; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 1px solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1px; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1px; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 1px solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1px; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Expected Dividend Yield</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">4.18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3.99</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Expected Stock Price Volatility</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">25.13</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">24.97</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Weighted Average Risk-Free Interest Rate</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">1.87</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3.12</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 15.3pt; font-size: 10pt;">Weighted Average Expected Life of Options (in years)</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">9.47</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8.36</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div></div>

<div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">For the Three Months</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">Ended March 31,</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"><div> </div></td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted average common shares outstanding during the period for Basic computation</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,725</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,626</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 0.5pt; width: 76%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Dilutive effect of employee stock options</div></td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">69</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">37</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 1.5pt; width: 76%; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Weighted average common shares outstanding during the period for Diluted computation</div></td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,794</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">8,663</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div></div>

<div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td colspan="8" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Regulatory assets, net of amortization, comprise:</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td colspan="7" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td colspan="7" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"><div> </div></td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">March 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">December 31, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Postretirement benefit obligation</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">497</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">497</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Deferred income taxes</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">487</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">491</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Goodwill</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">338</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">340</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Deferred acquisition and franchise costs</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">820</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">824</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 0.5pt; width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Expense of rate and regulatory proceedings</div></td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">179</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">241</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 1.5pt; width: 76%; vertical-align: top;"><div> </div></td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">$</div></td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">2,321</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,393</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div></div>

24000

29000

P1Y

14.76

0.0187

0.0312

0.2513

0.2497

18.42

0.0418

0.0399

135000

368792

500000

18.30

18.47

1612000

421500

402542

30191

30737

18958

118665000

118180000

1067000

1033000

8831000

7929000

8725000

8626000

8794000

8663000

44000 22000 -627000 -642000 1318000 72000 110000 12000 8 4 730000 1600000 2500000 250000 3 P20Y 2 1 3000000 10000 10000 17800 10600 0.257 0.153 1000 200 33750 33750 0 2.92 2.92 0 0 P10Y P12M P10Y <div><div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">NOTE 4 - REGULATORY ASSETS<font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><br /></font></font><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">FASB ASC Topic 980 stipulates generally accepted accounting principles for companies whose rates are established or subject to approvals by a third-party regulatory agency.  Certain expenses are recoverable through rates charged to our customers, without a return on investment, and are deferred and amortized during future periods using various methods as permitted by the Delaware Public Service Commission, or DEPSC, the MDPSC and the PAPUC.  Depreciation and salary study expenses are amortized on a straight-line basis over a period of five years and two years for all other expenses related to Delaware rate proceedings and applications to increase rates.  Other expenses related to Maryland rate proceedings and applications to increase rates are amortized on a straight line basis over a period of five years or until the next rate increase application.  The postretirement benefit obligation is the recognition of an offsetting regulatory asset as it relates to the accrual of the expected cost of providing postretirement health care and life insurance benefits to retired employees when they render the services necessary to earn the benefits.  The deferred income taxes will<font style="font-family: 'Times New Roman', serif; font-size: 11pt;"> </font>be amortized over future years as the tax effects of temporary differences that previously flowed through to our customers are reversed.  Goodwill was recognized as a result of the acquisition of Mountain Hill in August 2008 and is currently being amortized on a straight-line basis over a period of fifty years.  Deferred acquisition and franchise costs are the result of due diligence costs related to the December 2011 purchase of water assets in Cecil County, Maryland and the November 2010 purchase of the Port Deposit, Maryland water assets.  Amortization of these deferred acquisition costs began once the acquired assets were placed into service.  The amortization of the Port Deposit acquisition began in November 2010 and the amortization of the Cecil County acquisition began in December 2011.  These acquisition costs will be amortized over a period of twenty years, while the franchise costs will be amortized over a period of eighty years.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td colspan="8" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Regulatory assets, net of amortization, comprise:</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td colspan="7" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td colspan="7" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 0.5pt; vertical-align: top;"><div> </div></td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">March 31, 2013</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td><td colspan="3" valign="bottom" style="border-bottom: #000000 0.5pt solid; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">December 31, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; vertical-align: top;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div> </div></td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td><td valign="bottom" style="vertical-align: top;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Postretirement benefit obligation</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">497</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">497</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Deferred income taxes</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">487</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">491</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Goodwill</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">338</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">340</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Deferred acquisition and franchise costs</div></td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">820</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">824</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 0.5pt; width: 76%; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Expense of rate and regulatory proceedings</div></td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">179</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: left; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 0.5pt solid; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">241</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 0.5pt; width: 1%; vertical-align: top;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 1.5pt; width: 76%; vertical-align: top;"><div> </div></td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">$</div></td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">2,321</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: left; width: 1%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 1.5pt double; text-align: right; width: 9%; vertical-align: top;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,393</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 1.5pt; width: 1%; vertical-align: top;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Artesian Water contributed $31,000 to its postretirement benefit plan in the first three months of 2013.  These contributions consist of insurance premium payments for medical, dental and life insurance benefits made on behalf of the Company's eligible retired employees.</div></div> P2Y five years or until the next rate increase application P50Y P20Y P80Y 13.60 13.64 2500000 0.15 P7M 0.15 0.348 343000 0.075 0.05 0.0014 0.0145 486000 5600000 258000 0 3198000 2997000 XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; 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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Carrying Amount [Member]
Long-term Financial Liabilities [Abstract]
Long-term Debt, Fair Value	$ 107,142	$ 107,368
Estimated fair value [Member]
Long-term Financial Liabilities [Abstract]
Long-term Debt, Fair Value	$ 133,536	$ 133,818

XML 14 R9.htm IDEA: XBRL DOCUMENT

REGULATORY ASSETS

3 Months Ended

Mar. 31, 2013

REGULATORY ASSETS [Abstract]

REGULATORY ASSETS

NOTE 4 - REGULATORY ASSETS

Regulatory assets, net of amortization, comprise:

	(in thousands)
	March 31, 2013			December 31, 2012

Postretirement benefit obligation		$	497		$	497
Deferred income taxes			487			491
Goodwill			338			340
Deferred acquisition and franchise costs			820			824
Expense of rate and regulatory proceedings			179			241
		$	2,321		$	2,393

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
ASSETS
Utility plant, at original cost less accumulated depreciation	$ 368,340	$ 366,563
Current assets
Cash and cash equivalents	321	617
Accounts receivable (less allowance for doubtful accounts 2013 - $225; 2012-$241)	5,852	5,728
Unbilled operating revenues	3,198	2,997
Materials and supplies	1,504	1,353
Prepaid property taxes	701	1,328
Prepaid expenses and other	1,452	1,457
Total current assets	13,028	13,480
Other assets
Non?utility property (less accumulated depreciation 2013-$328; 2012-$309)	4,142	4,082
Other deferred assets	5,315	5,196
Total other assets	9,457	9,278
Regulatory assets, net	2,321	2,393
Total Assets	393,146	391,714
Stockholders' equity
Common stock	8,741	8,710
Preferred stock	0	0
Additional paid-in capital	88,979	88,399
Retained earnings	20,945	21,071
Total stockholders' equity	118,665	118,180
Long-term debt, net of current portion	106,022	106,257
Total stockholders' equity and long term debt	224,687	224,437
Current liabilities
Lines of credit	10,087	10,717
Overdraft payable	491	750
Current portion of long-term debt	1,120	1,111
Accounts payable	4,199	3,499
Accrued expenses	3,753	3,430
Deferred income taxes	552	837
Accrued interest	1,262	1,138
Customer deposits	858	894
Other	2,160	2,563
Total current liabilities	24,482	24,939
Commitments and contingencies	0	0
Deferred credits and other liabilities
Net advances for construction	12,732	13,023
Postretirement benefit obligation	374	374
Deferred investment tax credits	617	622
Utility plant retirement cost obligation	1,098	1,092
Deferred income taxes	46,472	45,879
Total deferred credits and other liabilities	61,293	60,990
Net contributions in aid of construction	82,684	81,348
Liabilities and Stockholders' equity	$ 393,146	$ 391,714

XML 19 R6.htm IDEA: XBRL DOCUMENT

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2013
GENERAL [Abstract]
GENERAL	NOTE 1 – GENERAL Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our eight wholly owned subsidiaries and the income derived from our Service Line Protection Plans described below. The terms "we", "our", "Artesian" and the "Company" as used herein refer to Artesian Resources and its subsidiaries. DELAWARE REGULATED SUBSIDIARIES Artesian Water Company Inc., or Artesian Water, our principal subsidiary, is the oldest and largest public water utility in the State of Delaware and has been providing water service within the state since 1905. Artesian Water distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware. In addition, Artesian Water provides services to other water utilities, including operations and billing functions, and also has contract operation agreements with private and municipal water providers. We also provide water for public and private fire protection to customers in our service territories. Artesian Wastewater Management, Inc., or Artesian Wastewater, is a regulated entity that owns wastewater collection and treatment infrastructure and provides wastewater services to customers in Delaware as a regulated public wastewater service company. As of March 31, 2013, Artesian Wastewater owned and operated four wastewater treatment facilities, which are capable of treating approximately 730,000 gallons per day and can be expanded to treat approximately 1.6 million gallons per day, or mgd. MARYLAND REGULATED SUBSIDIARIES Artesian Water Maryland, Inc., or Artesian Water Maryland, began operations in August 2007. Artesian Water Maryland distributes and sells water to residential, commercial, industrial and municipal customers in Cecil County, Maryland. In May 2012, Artesian Water Maryland entered into an Asset Transfer Agreement with CECO Utilities, Inc., or CECO. At closing, which occurred in November 2012, CECO transferred its water utility assets, which included water mains, a treatment facility and an elevated water storage tank, to Artesian Water Maryland. The CECO water system serves approximately 200 customers. The CECO system was connected to Artesian Water Maryland's Meadowview water system upon closing on the transfer of assets. Artesian Wastewater Maryland, Inc., or Artesian Wastewater Maryland, is a regulated wastewater entity in the State of Maryland and was incorporated on June 3, 2008. Artesian Wastewater Maryland is able to provide public wastewater services to customers in the State of Maryland. PENNSYLVANIA REGULATED SUBSIDIARY Artesian Water Pennsylvania, Inc., or Artesian Water Pennsylvania, began operations upon receiving recognition as a regulated public water utility by the Pennsylvania Public Utility Commission, or PAPUC, in 2002. It provides water service to a residential community in Chester County. Artesian Water Pennsylvania filed an application with the PAPUC to increase our service area in Pennsylvania, which was approved and a related order was entered on February 4, 2005. This application involved specific developments, in which we expect modest future growth. OTHER SUBSIDIARIES Our three other subsidiaries, none of which are regulated, are Artesian Utility Development, Inc., or Artesian Utility, Artesian Development Corporation, or Artesian Development, and Artesian Consulting Engineers, Inc., or Artesian Consulting Engineers. Artesian Utility was formed in 1996. It designs and builds water and wastewater infrastructure and provides contract water and wastewater services on the Delmarva Peninsula. Artesian Utility also evaluates land parcels, provides recommendations to developers on the size of water or wastewater facilities and the type of technology that should be used for treatment at such facilities, and operates water and wastewater facilities in Delaware and Maryland for municipal and governmental organizations. Artesian Utility also contracts with developers for design and construction of wastewater facilities within the Delmarva Peninsula, using a number of different technologies for treatment of wastewater at each facility. In addition, as further discussed below, effective April 2012, Artesian Utility operates the Water Service Line Protection Plan, or WSLP Plan, and the Sewer Service Line Protection Plan, or SSLP Plan. We currently operate wastewater treatment facilities for the town of Middletown, in southern New Castle County, or Middletown, under a 20-year contract that expires on February 1, 2021. The facilities include two wastewater treatment stations with capacities of up to approximately 2.5 mgd and 250,000 gallons per day, respectively. One of the wastewater treatment facilities in Middletown now provides reclaimed wastewater for use in spray irrigation on public and agricultural lands in the area. Our relationship with the Town of Middletown has given us the opportunity to create the Artesian Water Resource Management Partnership, or AWRMP, to encourage and support the use of reclaimed water for agricultural irrigation and other needs. Using reclaimed water to irrigate farm fields can save the Delmarva region millions of gallons of groundwater each day. The AWRMP's first project in Middletown saves up to three million gallons of water per day during the peak growing season. Through the AWRMP initiative, Artesian will provide planning, engineering and technical expertise and help bring together the various state, local and private partners needed for water recycling project approvals. Artesian Utility operates the WSLP Plan and the SSLP Plan. Artesian Resources initiated the WSLP Plan in March 2005. The WSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking water service lines up to an annual limit. The WSLP Plan was expanded in the second quarter of 2008 to include maintenance or repair to customers' sewer lines. The SSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking or clogged sewer lines up to an annual limit. Also, in the second quarter of 2010, the WSLP Plan and SSLP Plan were extended to include non-utility customers of Artesian Resources. As of March 31, 2013, approximately 17,800, or 25.7%, of our eligible water customers signed up for the WSLP Plan, approximately 10,600, or 15.3%, of our eligible customers signed up for the SSLP Plan and approximately 1,000 non-customer participants signed up for either the WSLP Plan or SSLP Plan. Artesian Development is a real estate holding company that owns properties, including land zoned for office buildings, a water treatment plant and wastewater facility, as well as property for current operations, including an office facility in Sussex County, Delaware. The facility consists of approximately 10,000 square feet of office space along with nearly 10,000 square feet of warehouse space. This facility allows all of our Sussex County, Delaware operations to be housed in one central location. Artesian Consulting Engineers no longer offers development and architectural services to outside third parties. However, Artesian Consulting Engineers continues to work with existing clients on outstanding projects for engineering services until those projects are complete. Artesian will continue to provide design and engineering contract services through our Artesian Utility subsidiary.

XML 20 R22.htm IDEA: XBRL DOCUMENT

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Shares used in computing basic and diluted net income per share [Abstract]
Weighted average common shares outstanding during the period for Basic computation (in shares)	8,725,000	8,626,000
Dilutive effect of employee stock options (in shares)	69,000	37,000
Weighted average common shares outstanding during the period for Diluted computation (in shares)	8,794,000	8,663,000
Common stock excluded from calculations of diluted net income per share (in shares)	0
Class of Stock [Line Items]
Equity per common share (in dollars per share)	$ 13.60		$ 13.64
Class A Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	15,000,000
Common stock, shares issued (in shares)	7,859,027	7,760,243
Common stock, shares outstanding (in shares)	7,859,027	7,760,243
Common stock, par value (in dollars per share)	$ 1.00
Common stock, shares issued during period (in shares)	30,191	30,737
Class B Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,040,000
Common stock, shares issued (in shares)	881,452	881,452
Common stock, shares outstanding (in shares)	881,452	881,452
Common stock, par value (in dollars per share)	$ 1.00

XML 21 R24.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2013
State Authorities [Member]
Income Tax Examination [Line Items]
Income tax examination description	for tax years 2009 through 2012
Federal Authorities [Member]
Income Tax Examination [Line Items]
Income tax examination description	for tax years 2009 through 2012

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BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2013
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION Basis of Presentation The unaudited condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required in the financial statements included in the Company's annual report on Form 10-K. Accordingly, these financial statements and related notes should be read in conjunction with the financial statements and related notes in the Company's annual report on Form 10-K for fiscal year 2012 as filed with the Securities and Exchange Commission on March 14, 2013. The condensed consolidated financial statements include the accounts of Artesian Resources Corporation and its wholly-owned subsidiaries, including its principal operating company, Artesian Water. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company's balance sheet position as of March 31, 2013, the results of operations for the three month periods ended March 31, 2013 and 2012 and cash flows for the three month periods ended March 31, 2013 and 2012. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year or for future periods.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets
Accounts receivable, allowance for doubtful accounts	$ 225	$ 241
Other assets
Non utility property (less accumulated depreciation)	$ 328	$ 309

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2013

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract]

Shares used in computing basic and diluted net income per share

	For the Three Months
	Ended March 31,
	2013		2012
	(in thousands)

Weighted average common shares outstanding during the period for Basic computation		8,725		8,626
Dilutive effect of employee stock options		69		37

Weighted average common shares outstanding during the period for Diluted computation		8,794		8,663

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Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Mar. 31, 2013	May 03, 2013 Class A Stock [Member]	Jun. 30, 2012 Class A Stock [Member]	May 03, 2013 Class B Stock [Member]	Jun. 30, 2012 Class B Stock [Member]
Entity Information [Line Items]
Entity Registrant Name	Artesian Resources Corporation
Entity Central Index Key	0000863110
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 162,630,000		$ 4,741,000
Entity Common Stock, Shares Outstanding		7,860,973		881,452
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2013

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Fair value of long-term debt

In thousands
	March 31, 2013			December 31, 2012
Carrying amount		$	107,142		$	107,368
Estimated fair value			133,536			133,818

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Operating revenues
Water sales	$ 14,567	$ 15,044
Other utility operating revenue	786	735
Non-utility operating revenue	974	919
Total Operating Revenues	16,327	16,698
Operating expenses
Utility operating expenses	8,831	7,929
Non-utility operating expenses	539	498
Depreciation and amortization	2,041	1,960
State and federal income taxes	1,111	1,688
Property and other taxes	1,067	1,033
Total Operating Expenses	13,589	13,108
Operating income	2,738	3,590
Other income (expense), net
Allowance for funds used during construction (AFUDC)	67	34
Miscellaneous	582	653
Income before interest charges	3,387	4,277
Interest charges	1,747	1,772
Net income	$ 1,640	$ 2,505
Income per common share:
Basic (in dollars per share)	$ 0.19	$ 0.29
Diluted (in dollars per share)	$ 0.19	$ 0.29
Weighted average common shares outstanding
Basic (in shares)	8,725	8,626
Diluted (in shares)	8,794	8,663
Cash dividends per share of common stock	$ 0.2027	$ 0.1930

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INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2013
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 7 – INCOME TAXES Under FASB ASC Topic 740, an uncertain tax position represents our expected treatment of a tax position taken, or planned to be taken in the future, that has not been reflected in measuring income tax expense for financial reporting purposes. As a result of our review of our tax positions, we determined that we had no material uncertain tax positions. The Company would recognize, if applicable, interest accrued and penalties related to unrecognized tax benefits in interest expense and in accordance with the regulations of the jurisdictions involved. There were no such interest and penalty charges for the three months ended March 31, 2013 or March 31, 2012. The Company remains subject to examination by federal and state authorities for tax years 2009 through 2012.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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REGULATORY PROCEEDINGS	3 Months Ended
REGULATORY PROCEEDINGS	Mar. 31, 2013
REGULATORY PROCEEDINGS [Abstract]
REGULATORY PROCEEDINGS	NOTE 6 ‑ REGULATORY PROCEEDINGS Our water and wastewater utilities generate operating revenue from customers based on rates that are established by state Public Service Commissions through a rate setting process that may include public hearings, evidentiary hearings and the submission of evidence and testimony in support of the requested level of rates by the Company. We are subject to regulation by the following state regulatory commissions: The DEPSC regulates both Artesian Water and Artesian Wastewater. Artesian Water Maryland and Artesian Wastewater Maryland are subject to the regulatory jurisdiction of the MDPSC, and Artesian Water Pennsylvania is subject to the regulatory jurisdiction of the PAPUC. Rate Proceedings Our regulated utilities periodically seek rate increases to cover the cost of increased operating expenses, increased financing expenses due to additional investments in utility plant and other costs of doing business. In Delaware, utilities are permitted by law to place rates into effect, under bond, on a temporary basis pending completion of a rate increase proceeding. The first temporary increase may be up to the lesser of $2.5 million on an annual basis or 15% of gross water sales. Should the rate case not be completed within seven months, by law, the utility may put the entire requested rate relief, up to 15% of gross water sales, in effect under bond until a final resolution is ordered and placed into effect. If any such rates are found to be in excess of rates the DEPSC finds to be appropriate, the utility must refund the portion found to be in excess to customers with interest. The timing of our rate increase requests are therefore dependent upon the estimated cost of the administrative process in relation to the investments and expenses that we hope to recover through the rate increase. We can provide no assurances that rate increase requests will be approved by applicable regulatory agencies and, if approved, we cannot guarantee that these rate increases will be granted in a timely or sufficient manner to cover the investments and expenses for which we initially sought the rate increase. On January 18, 2013, Artesian Wastewater filed an application with the DEPSC to revise its rates and charges for wastewater services concerning territories located in Kent and Sussex County, Delaware. Artesian Wastewater requested authorization to implement proposed rates for wastewater services to meet a requested increase in revenue of approximately $343,000, or 34.8%, on an annualized basis. The new rates are designed to support Artesian Wastewater's ongoing capital improvement program and to cover increased costs of operations. Service Territory Expansion Proceedings In November 2012, Artesian Water Maryland closed on the transfer of the CECO water system assets. CECO transferred its water utility assets, which included water mains, a treatment facility and an elevated water storage tank, to Artesian Water Maryland. The CECO water system serves approximately 200 customers. The CECO system was connected to Artesian Water Maryland's Meadowview water system upon closing on the transfer of assets. Other Proceedings Delaware law permits water utilities to put into effect, on a semi-annual basis, increases related to specific types of distribution system improvements through a Distribution System Improvement Charge, or DSIC. This charge may be implemented by water utilities between general rate increase applications that normally recognize changes in a water utility's overall financial position. The DSIC approval process is less costly when compared to the approval process for general rate increase requests. The DSIC rate applied between base rate filings is capped at 7.5% of the amount billed to customers under otherwise applicable rates and charges, and the DSIC rate increase applied cannot exceed 5% within any 12-month period. In May 2012, Artesian Water filed an application with the DEPSC for approval to collect a 0.14% increase in the DSIC rate effective July 1, 2012. This increase was based on approximately $486,000 in eligible plant improvements since the last rate increase. On June 19, 2012, the DEPSC approved the DSIC effective July 1, 2012, subject to audit at a later date. In November 2012, Artesian Water filed an application with the DEPSC for approval to collect a 1.45% increase in the DSIC rate effective January 1, 2013. This increase was based on approximately $5.6 million in eligible plant improvements since the last rate increase. On December 14, 2012, the DEPSC approved the DSIC effective January 1, 2013, subject to audit at a later date. For the three months ended March 31, 2013, we earned approximately $258,000 in DSIC revenue. We did not have any DSIC rates in effect during the three months ended March 31, 2012.

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REGULATORY PROCEEDINGS (Details) (USD $)	3 Months Ended				12 Months Ended				3 Months Ended
REGULATORY PROCEEDINGS (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2013 Delaware [Member]	Mar. 31, 2013 Artesian Water [Member]	Mar. 31, 2012 Artesian Water [Member]	Dec. 31, 2013 Artesian Water [Member]	Dec. 31, 2012 Artesian Water [Member]	Nov. 30, 2012 Artesian Water [Member]	May 31, 2012 Artesian Water [Member]	Mar. 31, 2013 Artesian Water Maryland [Member]	Jan. 18, 2013 Artesian Wastewater [Member]
Rate Proceedings [Abstract]
Maximum temporary annual rate increase subject to 15% gross water sales limitation		$ 2,500,000
Percentage of gross water sales maximum temporary annual rate increase subject to $2.5 million limitation (in hundredths)	15.00%
Period to complete rate case by law (in months)		7 months
Percentage of rate relief allowed should a rate case not complete, maximum (in hundredths)	15.00%
Percentage of revenue increase in a filed request to implement new rates (in hundredths)										34.80%
Amount of annual revenue increase in a filed request to implement new rates										343,000
Service Territory Expansion Proceedings [Abstract]
Number of customers served by CECO water systems									200
Other Proceedings [Abstract]
Distribution System Improvement Charge rate increase applied between base rate filings, maximum (in hundredths)		7.50%
Distribution System Improvement Charge rate increase maximum within a 12-month period (in hundredths)		5.00%
Percentage of Distribution System Improvement Charges annual rate increase application filed by company to regulatory (in hundredths)							1.45%	0.14%
Increase in revenue due to DSIC rate increase application, annually					5,600,000	486,000
Revenue earned in DSIC rate increases			$ 258,000	$ 0

XML 32 R19.htm IDEA: XBRL DOCUMENT

GENERAL (Details)	3 Months Ended
GENERAL (Details)	Mar. 31, 2013 sqft
Number of wholly owned subsidiaries	8
Number of subsidiaries not regulated	3
Artesian Development purchased area of office space (in square feet)	10,000
Artesian Development purchased area of warehouse space (in square feet)	10,000
Artesian Wastewater [Member]
Number of wastewater treatment facilities owned and operated	4
Capacity of wastewater treatment facilities, minimum (in gallons per day)	730,000
Capacity of waste water treatment facilities, maximum (in gallons per day)	1,600,000
Artesian Water Maryland [Member]
Number of customers served by CECO water systems	200
Artesian Utility [Member]
Initial contract period of operating wastewater treatment facilities in Middletown (in years)	20 years
Number of wastewater treatment station facility operations in Middletown	2
Number of wastewater treatment facilities in Middletown providing reclaimed wastewater	1
Volume of water save by Artesian Water Management Partnership in Middletown, maximum (in gallons per day)	3,000,000
Number of Water Service Line Protection Plan customers	17,800
Number of Sewer Service Line Protection Plan customers	10,600
Percentage of Water Service Line Protection Plan customers signed up (in hundredths)	25.70%
Percentage Of Sewer Service Protection Plan customer signed up (in hundredths)	15.30%
Number of non-customers signed up with either Water Service Line Protection Plan or Service Line Protection Plan	1,000
Artesian Utility [Member] \| Wastewater treatment facility first of two [Member]
Capacity of waste water treatment facilities, maximum (in gallons per day)	2,500,000
Artesian Utility [Member] \| Wastewater treatment facility second of two [Member]
Capacity of waste water treatment facilities, maximum (in gallons per day)	250,000

XML 33 R15.htm IDEA: XBRL DOCUMENT

STOCK COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2013

STOCK COMPENSATION PLANS [Abstract]

Weighted-average assumptions used for grants option

	2012			2011
Expected Dividend Yield		4.18	%		3.99	%
Expected Stock Price Volatility		25.13	%		24.97	%
Weighted Average Risk-Free Interest Rate		1.87	%		3.12	%
Weighted Average Expected Life of Options (in years)		9.47			8.36

Shares of Class A Non-Voting Common Stock under option

The following summary reflects changes in the shares of Class A Stock underlying options:

	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)
Plan options
Outstanding at January 1, 2013		421,500		$	18.30
Granted		---
Exercised		(18,958	)		14.76
Expired		---
Outstanding at March 31, 2013		402,542		$	18.47		4.41	$	1,612

Options exercisable at March 31, 2013		368,792		$	18.42		3.98	$	1,495

The total intrinsic value of options exercised during the three months ended March 31, 2013 was approximately $135,000.

Non-vested shares of Class A Stock under option

The following summary reflects changes in the non-vested shares of Class A Stock underlying options:

Non-vested Shares	Option Shares		Weighted Average Grant – Date Fair Value Per Option
Non-vested at January 1, 2013		33,750	$	2.92
Granted		---		---
Vested		---		---
Canceled		---		----
Non-vested at March 31, 2013		33,750	$	2.92

XML 34 R13.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2013

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Current Assets and Liabilities

For those current assets and liabilities that are considered financial instruments, the carrying amounts approximate fair value because of the short maturity of those instruments.

Long-term Financial Liabilities

In thousands
	March 31, 2013			December 31, 2012
Carrying amount		$	107,142		$	107,368
Estimated fair value			133,536			133,818

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

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-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

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-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

+ Details

XML 35 R14.htm IDEA: XBRL DOCUMENT

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	Mar. 31, 2013
NEW ACCOUNTING PRONOUNCEMENTS OR CHANGE IN ACCOUNTING PRINCIPLE [Abstract]
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 9 ‑ IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS In January 2013, the FASB issued guidance to clarify that ordinary trade receivables and receivables are not in the scope of FASB ASC Topic 210, relating to disclosures about offsetting assets and liabilities. FASB ASC Topic 210 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in ASC Topic 210 or subject to a master netting arrangement or similar agreement. The FASB undertook this clarification project in response to concerns expressed by U.S. stakeholders about the standard's broad definition of financial instruments. After the standard was finalized, companies realized that many contracts have standard commercial provisions that would equate to a master netting arrangement, significantly increasing the cost of compliance at minimal value to financial statement users. This guidance is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. There was not a material impact on the Company's financial statements due to the adoption of this guidance. In February 2013, the FASB issued amended guidance to improve the transparency of reporting other comprehensive income reclassifications. This guidance is effective for reporting periods beginning after December 15, 2012. Early adoption is permitted. The Company currently does not have other comprehensive income. In February 2013, the FASB issued updated guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this guidance should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the guidance's scope that exist at the beginning of an entity's fiscal year of adoption. The Company does not expect a material impact on the Company's financial statements due to the adoption of this guidance.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.10-01.(b)(6))

-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

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-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

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-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22580-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 01

-Paragraph b

-Subparagraph 6

-Article 10

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Accounting Change

-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Retrospective Application

-URI http://asc.fasb.org/extlink&oid=6523989

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

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-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22583-107794

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-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Indirect Effects of a Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6515603

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Direct Effects of a Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6510796

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6507316

+ Details

XML 36 R16.htm IDEA: XBRL DOCUMENT

REGULATORY ASSETS (Tables)

3 Months Ended

Mar. 31, 2013

REGULATORY ASSETS [Abstract]

Regulatory assets, net of amortization, comprise

Regulatory assets, net of amortization, comprise:

	(in thousands)
	March 31, 2013			December 31, 2012

Postretirement benefit obligation		$	497		$	497
Deferred income taxes			487			491
Goodwill			338			340
Deferred acquisition and franchise costs			820			824
Expense of rate and regulatory proceedings			179			241
		$	2,321		$	2,393

- Definition

Tabular disclosure of assets that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet.

+ References+ Details

XML 37 R21.htm IDEA: XBRL DOCUMENT

REGULATORY ASSETS (Details) (USD $)	3 Months Ended
REGULATORY ASSETS (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Regulatory Assets [Line Items]
Regulatory assets, net	$ 2,321,000	$ 2,393,000
Period over which depreciation and salary study expenses amortized (in years)	P5Y
Period over which Delaware rate proceedings and applications expenses amortized (in years)	P2Y
Period over which Maryland rate proceedings and applications expenses amortized	five years or until the next rate increase application
Period over which goodwill amortized (in years)	P50Y
Period over which Port Deposit and Cecil County deferred acquisition costs amortized (in years)	P20Y
Period over which Cecil County deferred franchise costs amortized (in years)	P80Y
Artesian Water contributed to its postretirement benefit plan	31,000
Postretirement benefit obligation [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	497,000	497,000
Deferred income taxes recoverable in future rates [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	487,000	491,000
Goodwill [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	338,000	340,000
Deferred acquisition and franchise costs [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	820,000	824,000
Expense of rate and regulatory proceedings [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	$ 179,000	$ 241,000

XML 38 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,640	$ 2,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,041	1,960
Deferred income taxes, net	303	750
Stock compensation	24	29
AFUDC, equity portion	(44)	(22)
Changes in assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts	(124)	1,861
Unbilled operating revenues	(201)	(474)
Materials and supplies	(151)	49
Prepaid property taxes	627	642
Prepaid expenses and other	5	237
Other deferred assets	(149)	(240)
Regulatory assets	72	67
Accounts payable	700	(120)
Accrued expenses	323	360
Accrued interest	124	180
Customer deposits and other, net	(439)	(202)
Postretirement benefit obligation	0	0
NET CASH PROVIDED BY OPERATING ACTIVITIES	4,751	7,582
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)	(4,087)	(3,597)
Proceeds from sale of assets	6	11
NET CASH USED IN INVESTING ACTIVITIES	(4,081)	(3,586)
CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under lines of credit agreements	(630)	(2,662)
(Decrease) increase in overdraft payable	(259)	154
Net advances and contributions in aid of construction	1,318	72
Change in deferred debt issuance costs	11	29
Net proceeds from issuance of common stock	587	506
Dividends paid	(1,766)	(1,663)
Issuance of long-term debt	855	0
Principal repayments of long-term debt	(1,082)	(290)
NET CASH USED IN FINANCING ACTIVITIES	(966)	(3,854)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(296)	142
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	617	311
CASH AND CASH EQUIVALENTS AT END OF PERIOD	321	453
Supplemental Disclosures of Cash Flow Information:
Utility plant received as construction advances and contributions	110	12
Interest paid	1,623	1,592
Income taxes paid	$ 914	$ 0

XML 39 R10.htm IDEA: XBRL DOCUMENT

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

3 Months Ended

Mar. 31, 2013

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract]

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

NOTE 5 ‑ NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

	For the Three Months
	Ended March 31,
	2013		2012
	(in thousands)

Weighted average common shares outstanding during the period for Basic computation		8,725		8,626
Dilutive effect of employee stock options		69		37

Weighted average common shares outstanding during the period for Diluted computation		8,794		8,663

For the three months ended March 31, 2013, no shares of common stock were excluded from the calculations of diluted net income per share.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

STOCK COMPENSATION PLANS (Details) (USD $)	3 Months Ended
STOCK COMPENSATION PLANS (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012	May 25, 2005
Non-vested shares of Class A Stock under option [Abstract]
Vesting period for granted option (in years)	1 year
Options granted term (in years)	10 years
Weighted-average assumptions used for grants issued [Abstract]
Expected Dividend Yield (in hundredths)	4.18%	3.99%
Expected Stock Price Volatility (in hundredths)	25.13%	24.97%
Weighted Average Risk-Free Interest Rate (in hundredths)	1.87%	3.12%
Weighted Average Expected Life of Options (in years)	9 years 5 months 19 days	8 years 4 months 10 days
Base period for calculation of expected dividend yield (in months)	12 months
Period for risk free interest rate base on treasury constant maturity rate (in years)	10 years
Total intrinsic value of options exercised	$ 135,000
Unrecognized expense related to non-vested option shares	10,000
Period over which unvested options cost will recognized (in years)	1 month 6 days
Class A Stock [Member] \| 2005 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorizes for new issues			500,000
Compensation expense	24,000	29,000
Class A Stock [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period, option shares (in shares)	421,500
Granted, option shares (in shares)	0
Exercised, option shares (in shares)	(18,958)
Expired, option shares (in shares)	0
Outstanding at end of period, option shares (in shares)	402,542
Shares of Class A Non-Voting Common Stock under option [Abstract]
Outstanding at beginning of period, weighted average exercise price (in dollars per shares)	$ 18.30
Exercised, weighted average exercise price (in dollars per shares)	$ 14.76
Outstanding at end of period, weighted average exercise price (in dollars per shares)	$ 18.47
Options exercisable at end of period, weighted average exercise price (in dollars per shares)	$ 18.42
Outstanding at end of period, weighted average remaining life (in years)	4 years 4 months 28 days
Options exercisable at end of period, weighted average remaining life (in years)	3 years 11 months 23 days
Outstanding at end of period, aggregate intrinsic value	1,612,000
Options exercisable at end of period, aggregate intrinsic value	$ 1,495,000
Options exercisable at end of period, option share (in shares)	368,792
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Outstanding [Roll Forward]
Granted, option shares (in shares)	0
Class A Stock [Member] \| Non-Vested Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted, option shares (in shares)	0
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Outstanding [Roll Forward]
Outstanding at beginning of period, Non-vested option shares (in shares)	33,750
Granted, option shares (in shares)	0
Vested, option shares (in shares)	0
Canceled, option shares (in shares)	0
Outstanding at end of period, Non-vested option shares (in shares)	33,750
Non-vested shares of Class A Stock under option [Abstract]
Outstanding at beginning of period, weighted average grant - date fair value per option (in dollars per shares)	$ 2.92
Granted, weighted average grant - date fair value per option (in dollars per shares)	$ 0
Vested, weighted average grant - date fair value per option (in dollars per shares)	$ 0
Canceled, weighted average grant - date fair value per option (in dollars per shares)	$ 0
Outstanding at end of period, weighted average grant - date fair value per option (in dollars per shares)	$ 2.92