0000863110-16-000060.txt : 20161104 0000863110-16-000060.hdr.sgml : 20161104 20161104164252 ACCESSION NUMBER: 0000863110-16-000060 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161104 DATE AS OF CHANGE: 20161104 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: 161975680 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 form10q.htm ARTESIAN RESOURCES CORP FILE 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 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 ☐

Accelerated Filer ☑

Non-Accelerated Filer ☐

Smaller Reporting Company ☐

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

☐

Yes

☑

As of November 1, 2016, 8,233,755 shares of Class A Non-Voting Common Stock and 881,452 shares of Class B Common Stock were outstanding.

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 September 30, 2016 and December 31, 2015 (unaudited)	3

		Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 (unaudited)	4

		Condensed Consolidated Statements of Cash Flows for the nin2e months ended September 30, 2016 and 2015 (unaudited)	5

		Notes to the Condensed Consolidated Financial Statements	6 – 14

Item 2	-	Management's Discussion and Analysis of Financial Condition and Results of Operations	15-23

Item 3	-	Quantitative and Qualitative Disclosures about Market Risk	23

Item 4	-	Controls and Procedures	23

Part II	-	Other Information:

Item 1	-	Legal Proceedings	24

Item 1A	-	Risk Factors	24

Item 4		Mine Safety Disclosures	24

Item 6	-	Exhibits	24

Signatures

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ARTESIAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

ASSETS	September 30, 2016		December 31, 2015
Utility plant, at original cost (less accumulated depreciation 2016- $109,309; 2015 - $104,750)	$	419,952	$	405,606
Current assets
Cash and cash equivalents		244		209
Accounts receivable (less allowance for doubtful accounts 2016 - $261; 2015 - $277)		7,849		6,350
Income tax receivable		42		1,428
Unbilled operating revenues		1,620		1,535
Materials and supplies		2,058		1,713
Prepaid property taxes		2,298		1,591
Prepaid expenses and other		1,768		1,618
Total current assets		15,879		14,444
Other assets
Non-utility property (less accumulated depreciation 2016 - $591; 2015 - $535)		3,897		3,956
Other deferred assets		3,575		3,444
Total other assets		7,472		7,400
Regulatory assets, net		3,636		4,176
Total Assets	$	446,939	$	431,626

LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity
Common stock	$	9,114	$	9,058
Preferred stock		–		–
Additional paid-in capital		97,073		95,631
Retained earnings		29,690		27,642
Total stockholders' equity		135,877		132,331
Long-term debt, net of current portion		102,599		103,647
		238,476		235,978
Current liabilities
Lines of credit		4,008		10,487
Overdraft payable		896		546
Current portion of long-term debt		1,312		1,289
Dividends payable		2,081		–
Accounts payable		4,402		4,914
Accrued expenses		2,570		1,254
Accrued interest		1,164		1,032
Customer deposits		842		704
Other		3,618		2,177
Total current liabilities		20,893		22,403

Commitments and contingencies		–		–

Deferred credits and other liabilities
Net advances for construction		8,542		8,752
Postretirement benefit obligation		230		230
Deferred investment tax credits		548		562
Utility plant retirement cost obligation		933		883
Deferred income taxes		66,449		62,971
Total deferred credits and other liabilities		76,702		73,398

Net contributions in aid of construction		110,868		99,847
	$	446,939	$	431,626

See notes to the condensed consolidated financial statements.

Table of Contents

ARTESIAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share amounts)

	For theThree Months Ended September 30,						For the Nine Months Ended September 30,

	2016			2015			2016		2015
Operating revenues
Water sales	$	19,680		$	18,831		$	53,440	$	52,343
Other utility operating revenue		976			861			2,752		2,618
Non-utility operating revenue		1,172			1,084			3,480		3,313
		21,828			20,776			59,672		58,274

Operating expenses
Utility operating expenses		9,292			9,036			26,603		26,198
Non-utility operating expenses		698			578			1,924		1,705
Depreciation and amortization		2,270			2,196			6,835		6,597
State and federal income taxes		2,498			2,497			6,473		6,452
Property and other taxes		1,125			1,075			3,371		3,270
		15,883			15,382			45,206		44,222

Operating income		5,945			5,394			14,466		14,052

Other income, net
Allowance for funds used during construction (AFUDC)		87			86			160		153
Miscellaneous		(26	)		(28	)		598		521

Income before interest charges		6,006			5,452			15,224		14,726

Interest charges		1,646			1,753			4,996		5,256

Net income applicable to common stock	$	4,360		$	3,699		$	10,228	$	9,470

Income per common share:
Basic	$	0.48		$	0.41		$	1.13	$	1.06
Diluted	$	0.48		$	0.41		$	1.12	$	1.06

Weighted average common shares outstanding:
Basic		9,112			8,960			9,090		8,935
Diluted		9,177			9,000			9,154		8,972

Cash dividends per share of common stock	$	0.2249		$	0.2183		$	0.6714	$	0.6517

See notes to the condensed consolidated financial statements.

Table of Contents

ARTESIAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

(In thousands)

	Nine Months Ended September 30,
	2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	10,228		$	9,470
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,835			6,597
Deferred income taxes, net		3,464			4,027
Stock compensation		57			46
AFUDC, equity portion		(105	)		(101	)

Changes in assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts		(1,499	)		(1,541	)
Income tax receivable		1,386			2,496
Unbilled operating revenues		(85	)		1,645
Materials and supplies		(345	)		183
Prepaid property taxes		(707	)		(792	)
Prepaid expenses and other		(150	)		(37	)
Other deferred assets		(157	)		(143	)
Regulatory assets		489			--
Accounts payable		(512	)		(601	)
Accrued expenses		1,316			182
Accrued interest		132			(217	)
Customer deposits and other, net		1,579			913
NET CASH PROVIDED BY OPERATING ACTIVITIES		21,926			22,127

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)		(20,004	)		(15,875	)
Proceeds from sale of assets		60			25
NET CASH USED IN INVESTING ACTIVITIES		(19,944	)		(15,850	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under lines of credit agreements		(6,479	)		(6,125	)
Increase in overdraft payable		350			623
Net advances and contributions in aid of construction		9,865			4,448
Net proceeds from issuance of common stock		1,441			1,876
Dividends paid		(6,099	)		(5,814	)
Principal repayments of long-term debt		(1,025	)		(1,003	)
NET CASH USED IN FINANCING ACTIVITIES		(1,947	)		(5,995	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		35			282

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		209			243

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	244		$	525

Supplemental Disclosures of Cash Flow Information:
Utility plant received as construction advances and contributions	$	2,338		$	1,119
Interest paid	$	4,864		$	5,473
Income taxes paid	$	281		$	1,400

See notes to the condensed consolidated financial statements.

Table of Contents

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. 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.

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.

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.

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 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. Artesian Utility also operates the Water Service Line Protection Plan, or WSLP Plan, the Sewer Service Line Protection Plan, or SSLP Plan, and the Internal Service Line Protection Plan, or ISLP Plan.

We currently operate wastewater treatment facilities for the town of Middletown, in southern New Castle County, Delaware or Middletown, under a 20-year contract that expires in July 2022. 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. 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.

Artesian Utility has operated the WSLP Plan and the SSLP Plan since April 2012. In November 2015, a third plan was added, the ISLP 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. The ISLP Plan was introduced in November 2015 to further enhance available coverage to include water and wastewater lines within customers' residences. As of September 30, 2016, approximately 19,500, or 25.1%, of our eligible water customers signed up for the WSLP Plan, approximately 15,100, or 19.5%, of our eligible customers signed up for the SSLP Plan, and approximately 3,100 customers signed up for the ISLP Plan. Approximately 1,260 non-customer participants signed up for either the WSLP Plan, the SSLP Plan, or the ISLP 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. 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 2015 as filed with the Securities and Exchange Commission on March 11, 2016.

The condensed consolidated financial statements include the accounts of Artesian Resources 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 (unless otherwise noted) necessary to present fairly the Company's balance sheet position as of September 30, 2016, the results of operations for the three and nine month periods ended September 30, 2016 and 2015 and the cash flows for the nine month periods ended September 30, 2016 and 2015.

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

Reclassification

Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. These reclassifications had no effect on net income or stockholders' equity.

In the first quarter of 2016, the Company adopted amended guidance on the Presentation of Debt Issuance Costs and amended guidance on Income Taxes, both of which were issued by the Financial Accounting Standards Board, or FASB, in 2015. The amended guidance on the Presentation of Debt Issuance Costs requires entities to present debt issuance costs related to a debt liability as a direct deduction from the carrying amount of that debt liability on the balance sheet as opposed to being presented as a deferred charge. The amended guidance on Income Taxes simplified the presentation of deferred income taxes, permitting all deferred income tax liabilities be classified as noncurrent on the balance sheet.

For all periods presented in this Form 10-Q, unamortized debt issuance costs related to the Company's long-term debt are reported on the Condensed Consolidated Balance Sheets within "Regulatory Assets, Net" in accordance with FASB ASC Topic 980, as this amount will be recovered in future rates charged to our customers. Prior to adoption, the Company reported the unamortized debt issuance costs in "Other Assets" on the Condensed Consolidated Balance Sheets. Deferred income taxes are reported as noncurrent on the Condensed Consolidated Balance Sheets. Prior to adoption, the Company reported current and noncurrent deferred income tax liabilities as separate amounts on the Condensed Consolidated Balance Sheets.

NOTE 3 – STOCK COMPENSATION PLANS

On December 9, 2015, the Company's stockholders approved the 2015 Equity Compensation Plan, or the 2015 Plan, which replaced the 2005 Equity Compensation Plan, or the 2005 Plan that expired on May 24, 2015. The 2015 Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The 2015 Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the 2015 Plan, the type, size and terms of the grants, the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the 2015 Plan), and deal with any other matters arising under the 2015 Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries and non-employee directors of the Company are eligible for grants under the 2015 Plan.

A compensation expense of $35,000 and $57,000 related to the May 2016 issue of restricted stock awards was recorded for the three and nine months ended September 30, 2016, respectively. For the nine months ended September 30, 2015, compensation expense of approximately $46,000, was recorded for stock options granted in May 2014. There was no expense recorded for the three month period ended September 30, 2015. Costs were determined based on the fair value at the grant date and those costs were 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 was estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in May 2014. All options were granted at fair value with a 10-year option term with a vesting period of one year from the date of grant.


Expected Dividend Yield	3.88	%
Expected Stock Price Volatility	26.50	%
Weighted Average Risk-Free Interest Rate	2.24	%
Weighted Average Expected Life of Options (in years)	7.52

On May 4, 2016, 5,000 shares of Class A common stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $27.70, the closing price of the Class A Stock as recorded on the Nasdaq Global Market on May 4, 2016. The restricted shares are subject to a one year vesting period from the date of grant. Prior to their release date, these restricted stock awards may be subject to forfeiture in the event of the recipient's termination of employment.

On December 18, 2015, 5,000 shares of Class A Stock were issued as fully vested unrestricted stock awards. The fair value per share was $27.38, the closing price of the Class A Stock as recorded on the Nasdaq Global Market on December 18, 2015.

Table of Contents

The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the nine months ended September 30, 2016:

	Options									Restricted Awards
	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)		Outstanding Restricted Stock Awards		Weighted Average Grant Date Fair Value
Plan options/restricted stock awards
Outstanding at January 1, 2016		270,000		$	19.34			$	2,256		–		–
Granted		–			–				–		5,000	$	27.70
Exercised/vested and released		(33,750	)		19.64				286		–		–
Expired/cancelled		–			–				–		–		–
Outstanding at September 30, 2016		236,250		$	19.30		4.59	$	2,182		5,000	$	27.70

Exercisable/vested at September 30, 2016		236,250		$	19.30		4.59	$	2,182		–		–

The total intrinsic value of options exercised during the nine months ended September 30, 2016 was approximately $286,000.

There were no unvested option shares outstanding under the 2015 Plan during the nine months ended September 30, 2016.

As of September 30, 2016, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan.

As of September 30, 2016, there was $82,000 total unrecognized expense related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.59 years, the remaining vesting period for the restricted stock awards.

The following summary reflects changes in the non-vested restricted shares of Class A Stock for the nine months ended September 30, 2016.

	Non-vested Restricted Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares
Outsanding at January 1, 2016		–		–
Granted		5,000	$	27.70
Vested and released		–		–
Cancelled		–		–
Oustanding at September 30, 2016		5,000	$	27.70

Restricted shares vested at September 30, 2016		–		–

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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 Maryland Public Service Commission, or MDPSC, and the Pennsylvania Public Utility Commission, or PAPUC. Depreciation and salary study expenses are amortized on a straight-line basis over a period of five years. All other expenses related to Delaware rate proceedings and applications to increase rates are amortized on a straight line basis over a period of two and a half years. 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. Debt issuance costs are amortized over the term of the related debt, which ranges from ten to thirty years. 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 the Mountain Hill Water Company 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. 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)
	September 30, 2016		December 31, 2015

Postretirement benefit obligation	$	329	$	329
Debt issuance costs		1,656		1,747
Deferred income taxes		435		446
Goodwill		312		318
Deferred acquisition and franchise costs		692		720
Expense of rate and regulatory proceedings		212		616
	$	3,636	$	4,176

Artesian Water contributed $66,000 to its postretirement benefit plan in the first nine months of 2016. 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:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,

	2016	2015	2016	2015
	(in thousands)		(in thousands)

Weighted average common shares outstanding during the period for Basic computation	9,112	8,960	9,090	8,935
Dilutive effect of employee stock options	65	40	64	37

Weighted average common shares outstanding during the period for Diluted computation	9,177	9,000	9,154	8,972

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For the three months ended September 30, 2016, no shares of restricted stock awards were excluded from the calculations of diluted net income per share. For the nine months ended September 30, 2016 3,780 shares of restricted stock awards were excluded from the calculations of diluted net income per share. Due to unrecognized compensation costs during the noted period, the hypothetical repurchase of shares exceeds the number of restricted shares expected to vest during the period, creating an anti-dilutive effect.

The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Stock. As of September 30, 2016, 8,232,645 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of September 30, 2015, 8,119,781 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 September 30, 2016 and September 30, 2015, the Company issued 7,352 and 72,200 shares of Class A Stock, respectively. For the nine months ended September 30, 2016 and September 30, 2015, the Company issued 56,432 and 89,104 shares of Class A Stock.

Equity per common share was $14.95 and $14.77 at September 30, 2016 and December 31, 2015, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on September 30, 2016 and December 31, 2015, 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 customers the portion found to be in excess 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 August 18, 2015, the DEPSC made a preliminary ruling in response to Artesian Water's April 2014 application to implement new rates to meet a requested increase in revenue of 15.90%, or approximately $10.0 million, on an annualized basis. The preliminary ruling recommended a permanent rate increase in revenue of approximately $6.0 million, or 9.50%, on an annualized basis, which was an incremental increase for customers of approximately 6.20% above the Distribution System Improvement Charge, or DSIC, rate previously in effect. On October 6, 2015, a DEPSC order was issued concurring with the preliminary ruling issued on August 18, 2015. On January 19, 2016, a final DEPSC order was issued related to the permanent rate increase and concurred with the October 6, 2015 order. Because the permanent rate increase was less than amounts collected under previously approved temporary increases in rates, Artesian Water was required to refund a portion of the temporary rate increases to its customers. The refund, plus interest, at the average prime rate, for the overpayment from customers was applied to current and future customer bills in October 2015. Because the final rate award was at a level not less than the amount previously reported as income, there was no material impact upon previously reported water sales revenue. The new rates are designed to allow recovery of capital investments made by Artesian Water and to cover increased costs of operations, including water quality testing, chemicals and electricity for water treatment, taxes, labor and benefits.

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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 November 2014, Artesian Water filed an application with the DEPSC for approval to collect a DSIC rate of 0.34% effective January 1, 2015. This rate was based on approximately $1.3 million in eligible plant improvements since September 30, 2014. On December 16, 2014, the DEPSC approved the DSIC effective January 1, 2015, subject to audit at a later date. In May 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.15% effective July 1, 2015. This rate was based on approximately $4.6 million in eligible plant improvements through April 30, 2015. On June 16, 2015 the DEPSC approved the DSIC effective July 1, 2015, subject to audit at a later date. On November 24, 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.57% effective January 1, 2016. This rate was based on approximately $7.0 million in eligible plant improvements through October 31, 2015. On December 15, 2015, the DEPSC approved the DSIC effective January 1, 2016, subject to audit at a later date. On May 31, 2016, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 2.30% effective July 1, 2016. This rate was based on approximately $10.3 million in eligible plant improvements through April 30, 2016. On June 28, 2016, the DEPSC approved the DSIC effective July 1, 2016, subject to audit at a later date. For the three and nine months ended September 30, 2016 we earned approximately $432,000 and $938,000 in DSIC revenue, respectively. For the three and nine months ended September 30, 2015, we earned approximately $218,000 and $340,000 in DSIC revenue, respectively.

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. In 2014, the Company changed its tax method of accounting for qualifying utility system repairs effective with the tax year ended December 31, 2014 and for prior tax years. The tax accounting method was changed to permit the expensing of qualifying utility asset improvement costs that were previously being capitalized and depreciated for book and tax purposes. The Company recognized a tax deduction of $1.4 million for qualifying capital expenditures made during the year upon filing its 2015 Federal tax return.

The Company establishes reserves for uncertain tax positions based upon management's judgment as to the sustainability of these positions. These accounting estimates related to the uncertain tax position reserve require judgments to be made as to the sustainability of each uncertain tax position based on its technical merits. The Company believes its tax positions comply with applicable law and that it has adequately recorded reserves as required. However, to the extent the final tax outcome of these matters is different than the estimates recorded, the Company would then adjust its tax reserves or unrecognized tax benefits in the period that this information becomes known. The Company has elected to recognize accrued interest (net of related tax benefits) and penalties related to uncertain tax positions as a component of its income tax expense.

In December 2015, the Company was notified by the IRS that its Federal tax filing for 2014 would be reviewed along with the effects of the net operating loss generated in 2014 and carryback to the 2012 and 2013 tax years. This review, which began in the first quarter of 2016 and was completed in the second quarter of 2016, resulted in no change to the tax liability. Because the Company had previously recorded a provision for the possible disallowance of a portion of the repair deduction in prior periods, the completion of the audit resulted in the reversal of the reserves in the amount of approximately $201,000. While the Company maintains the belief that the deduction taken on its tax return is appropriate, the methodology for determining the deduction has not been agreed to by the tax authorities. Therefore, as required by FASB ASC 740, the Company has accrued approximately $400 and $3,300 in penalties and interest for the three and nine months ended September 30, 2016, respectively, for any disallowance pertaining to the 2015 tax filing. The Company had accrued $5,000 and $11,000 in penalties and interest for the three and nine months ended September 30, 2015, respectively, which have been reversed during the second quarter of 2016. The Company remains subject to examination by federal authorities for the tax year 2015 and state authorities for the tax years 2013 through 2015.

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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

All of Artesian Resources' outstanding long-term debt as of September 30, 2016 and December 31, 2015 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
	September 30, 2016			December 31, 2015
Carrying amount		$	103,911		$	104,936
Estimated fair value		$	119,558		$	120,243

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 – RELATED PARTY TRANSACTIONS

In July 2016, Artesian Water entered into a contract in the normal course of business with W.F. Construction, Inc., a related party, for 131,000 in work associated with building modifications to a water treatment plant. In May 2015, Artesian Water entered into an approximately 48,000 agreement in the normal course of business with W.F. Construction, Inc. for structural improvements at a water treatment plant. The owner of W.F. Construction, Inc. is the husband of Mrs. Jennifer Finch, Vice President and Assistant Treasurer of Artesian Resources. There were no payments made to W.F. Construction, Inc. during the three and nine months ended September 30, 2016, respectively. Approximately 48,000 was paid to W.F. Construction, Inc. for the nine months ended September 30, 2015. As of September 30, 2016, the Company had an accrued liability of approximately 66,000 for work completed by W.F. Construction, Inc. under the contract. As of December 31, 2015, the Company had no accounts payable balance due to W. F. Construction, Inc. As set forth in the Charter of the Audit Committee of the Board of Directors of Artesian Resources, the Audit Committee is responsible for reviewing and, if appropriate, approving all related party transactions between us and any officer, director, any person known to be the beneficial owner of more than 5% of any class of the Company's voting securities or any other related person that would potentially require disclosure. In its review and approval of the 2016 related party transaction with W.F. Construction, Inc., the Audit Committee considered the nature of the related person's interest in the transaction; the satisfactory performance of work contracted with the related party prior to our employment of Mrs. Finch; and the material terms of the transaction, including, without limitation, the amount and type of transaction, the importance of the transaction to the related person, the importance of the transaction to the Company and whether the transaction would impair the judgment of a director or officer to act in the best interest of the Company. The Audit Committee approves only those related person transactions that are in, or are not inconsistent with, the best interests of the Company and its stockholders.

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NOTE 10 - IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

In February 2016, FASB issued new guidance on leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard establishes a right-of-use or ROU, model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Management is currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements.

In March 2016, FASB issued amended guidance on Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. Some of the areas apply only to nonpublic companies allowing simplification. For public companies, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Management does not expect a material impact on the Company's financial statements due to the adoption of this guidance.

In August 2016, FASB issued amended guidance to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. For public companies, the amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented.

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ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 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 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, our ability to adjust our debt level, interest rate, maturity schedule and structure, 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, 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 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 our Annual Report on Form10-K for the year ended December 31, 2015, such as changes in weather, changes in our contractual obligations, changes in government policies, the timing and results of our rate requests failure to receive regulatory approval, 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.

RESULTS OF OPERATIONS FOR THE PERIOD ENDED SEPTEMBER 30, 2016

OVERVIEW

Our profitability is primarily attributable to the sale of water. Gross water sales comprise 89.6% of total operating revenues for the nine months ended September 30, 2016. 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, sewer, and internal Service Line Protection Plans.

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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, or Middletown, has more than tripled 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 September 30, 2016 we had approximately 82,400 metered water customers in Delaware, an increase of approximately 1,200 compared to September 30, 2015. The number of metered water customers in Maryland totaled 2,290 as of September 30, 2016, an increase of approximately 20 compared to September 30, 2015. The number of metered water customers in Pennsylvania remained consistent with 2015. For the nine months ended September 30, 2016, approximately 5.8 billion gallons of water were distributed in our Delaware systems and approximately 131.8 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, which was incorporated on June 3, 2008, is able 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.

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 under a 20-year contract that expires in July 2022. The facilities include two wastewater treatment stations with capacities of up to approximately 2.5 million gallons per day and 250,000 gallons per day, respectively. We also operate a wastewater disposal facility in Middletown in order to support the 2.5 million gallons per day wastewater facility.

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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 believe 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.

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 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 governmental agencies to complement existing agreements for the provision of wastewater service on the Delmarva Peninsula. Artesian Wastewater plans to utilize our larger regional wastewater facilities to expand service areas to new customers while transitioning our smaller treatment facilities into regional pump stations in order to gain additional efficiencies in the treatment and disposal of wastewater. We feel this will reduce operational costs at the smaller treatment facilities in the future since they will be converted from treatment and disposal plants to pump stations to assist with transitioning the flow of wastewater from one regional facility to another.

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 three 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 continue 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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On August 18, 2015, the DEPSC made a preliminary ruling in response to Artesian Water's April 2014 application to implement new rates to meet a requested increase in revenue of 15.90%, or approximately $10.0 million, on an annualized basis. The preliminary ruling recommended a permanent rate increase in revenue of approximately $6.0 million, or 9.50%, on an annualized basis, which was an incremental increase for customers of approximately 6.20% above the DSIC rate previously in effect. On October 6, 2015, a DEPSC order was issued concurring with the preliminary ruling issued on August 18, 2015. On January 19, 2016, a final DEPSC order was issued related to the permanent rate increase and concurred with the October 6, 2015 order. Because the permanent rate increase was less than amounts collected under previously approved temporary increases in rates, Artesian Water was required to refund a portion of the temporary rate increases to its customers. The refund, plus interest, at the average prime rate, for the overpayment from customers was applied to current and future customer bills in October 31, 2015. Because the final rate award was at a level not less than the amount previously reported as income, there was no material impact upon previously reported water sales revenue. The new rates are designed to allow recovery of capital investments made by Artesian Water and to cover increased costs of operations, including water quality testing, chemicals and electricity for water treatment, taxes, labor and benefits.

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 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 November 2014, Artesian Water filed an application with the DEPSC for approval to collect a DSIC rate of 0.34% effective January 1, 2015. This rate was based on approximately $1.3 million in eligible plant improvements since September 30, 2014. On December 16, 2014, the DEPSC approved the DSIC effective January 1, 2015, subject to audit at a later date. In May 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.15% effective July 1, 2015. This rate was based on approximately $4.6 million in eligible plant improvements through April 30, 2015. On June 16, 2015 the DEPSC approved the DSIC effective July 1, 2015, subject to audit at a later date. On November 24, 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.57% effective January 1, 2016. This rate was based on approximately $7.0 million in eligible plant improvements through October 31, 2015. On December 15, 2015, the DEPSC approved the DSIC effective January 1, 2016, subject to audit at a later date. On May 31, 2016, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 2.30% effective July 1, 2016. This rate was based on approximately $10.3 million in eligible plant improvements through April 30, 2016. On June 28, 2016, the DEPSC approved the DSIC effective July 1, 2016, subject to audit at a later date. For the three and nine months ended September 30, 2016 we earned approximately $432,000 and $938,000 in DSIC revenue, respectively. For the three and nine months ended September 30, 2015, we earned approximately $218,000 and $340,000 in DSIC revenue, respectively.

Results of Operations – Analysis of the Three Months Ended September 30, 2016 Compared to the Three Months Ended September 30, 2015.

Operating Revenues

Revenues totaled $21.8 million for the three months ended September 30, 2016, $1.0 million, or 5.1%, more than revenues for the three months ended September 30, 2015 of $20.8 million. Water sales revenues increased $0.8 million, or 4.5%, for the three months ended September 30, 2016 from the corresponding period in 2015, primarily due to an increase in overall water consumption and an increase in the Distribution System Improvement Charge, or DSIC. We realized 90.2% of our total operating revenue for the three months ended September 30, 2016 from the sale of water as compared to 90.6% for the three months ended September 30, 2015.

Other utility operating revenue increased approximately $0.1 million, or 13.4%, for the three months ended September 30, 2016 compared to the three months ended September 30, 2015. The increase is primarily due to an increase in wastewater revenue related to new development inspections and customer growth.

Non-utility operating revenue increased approximately $0.1 million, or 8.1%, for the three months ended September 30, 2016 compared to the same period in 2015. The increase is primarily due to an increase in Service Line Protection Plan revenue and an increase in contract service revenue.

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Operating Expenses

Operating expenses, excluding depreciation and income taxes, increased $0.4 million, or 4.0%, for the three months ended September 30, 2016, compared to the same period in 2015.

Utility operating expenses increased $0.3 million, or 2.8%, for the three months ended September 30, 2016 over the same period in 2015. The increase is primarily related to the following:

Administrative expenses increased $0.2 million, primarily due to increased legal costs associated with litigation before the DEPSC pertaining to a developer dispute over Contributions in Aid of Construction. Artesian submitted a petition to the DEPSC on October 20, 2016 requesting deferred accounting treatment related to this litigation, which, if approved by the DEPSC, would result in the deferral of currently recorded expenses and their amortization over the course of a future rate period. In addition, rate case costs increased due to the timing of expenses related to Artesian Water's April 2014 application to implement new rates.

·	Purchased water expense increased $0.1 million, primarily due to the timing of purchases under contract from the Chester Water Authority.

Non-utility operating expenses increased $0.1 million, or 20.8%, for the three months ended September 30, 2016 over the same period in 2015 primarily due to costs associated with Service Line Protection Plan contract repair activities.

The ratio of operating expense, excluding depreciation and income taxes, to total revenue was 50.9% for the three months ended September 30, 2016, compared to 51.4% for the three months ended September 30, 2015.

Depreciation and amortization expense increased by $0.1 million, or 3.4%, as a result of continued investment in utility plant providing supply, treatment, storage and distribution of water to customers.

Interest Charges

Interest expense decreased $0.1 million for the three months ended September 30, 2016 compared to the same period a year ago primarily due to a decrease in the Series S First Mortgage Bond interest rate from 6.73% to 4.45% effective March 1, 2016 and a decrease in short-term debt outstanding.

Net Income

Our net income applicable to common stock increased $0.7 million for the three months ended September 30, 2016, compared to the same period a year ago. This increase in net income was due to higher operating income margins in our water utility business, primarily the result of increased water sales revenue and decreased interest expense.

Results of Operations – Analysis of the Nine Months Ended September 30, 2016 Compared to the Nine Months Ended September 30, 2015.

Operating Revenues

Revenues totaled $59.7 million for the nine months ended September 30, 2016, $1.4 million, or 2.4%, above revenues for the nine months ended September 30, 2015 of $58.3 million. Water sales revenues increased $1.1 million, or 2.1%, for the nine months ended September 30, 2016 from the corresponding period in 2015. The increase in water sales is primarily due to an increase in the Distribution System Improvement Charge, or DSIC. In addition, there was an increase in fixed customer and fire protection charges. We realized 89.6% of our total operating revenue for the nine months ended September 30, 2016 from the sale of water as compared to 89.8% for the nine months ended September 30, 2015.

Other utility operating revenue increased approximately $0.1 million, or 5.1%, for the nine months ended September 30, 2016 compared to the nine months ended September 30, 2015. The increase is primarily due to an increase in wastewater revenue related to new development inspections and customer growth.

Non-utility operating revenue increased approximately $0.2 million, or 5.0%, for the nine months ended September 30, 2016 compared to the same period in 2015. The increase is primarily due to an increase in Service Line Protection Plan revenue and an increase in contract service revenue.

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Operating Expenses

Operating expenses, excluding depreciation and income taxes, increased $0.7 million, or 2.3%, for the nine months ended September 30, 2016, compared to the same period in 2015.

Utility operating expenses increased $0.4 million, or 1.5%, for the nine months ended September 30, 2016 over the same period in 2015. The net increase is primarily related to the following:

Administrative expenses increased $0.3 million, primarily due to increased legal costs associated with litigation before the DEPSC pertaining to a developer dispute over Contributions in Aid of Construction. Artesian submitted a petition to the DEPSC on October 20, 2016 requesting deferred accounting treatment related to this litigation, which, if approved by the DEPSC, would result in the deferral of currently recorded expenses and their amortization over the course of a future rate period.

·	Payroll and employee benefit costs increased $0.2 million, primarily due to 2015 merit increases partially offset by greater capitalized pay in 2016 related to a meter replacement project.

·	Purchased power decreased $0.1 million, primarily due to the signing of a lower rate three-year supply contract effective May 2016 and reduced water distribution.

Non-utility operating expenses increased $0.2 million, or 12.8%, for the nine months ended September 30, 2016 over the same period in 2015 primarily due to an increase in payroll and benefit costs associated with Service Line Protection Plan and contract service activities as well as an increase in plumbing services related to the Service Line Protection Plans.

The ratio of operating expense, excluding depreciation and income taxes, to total revenue was 53.5% for the nine months ended September 30, 2016 and the nine months ended September 30, 2015.

Depreciation and amortization expense increased by $0.2 million, or 3.6%, to $6.8 million as a result of continued investment in utility plant providing supply, treatment, storage and distribution of water to customers.

Property and other taxes increased $0.1 million, or 3.1%, reflecting increases in tax rates charged for public schools in various areas where Artesian holds property and an increase in utility plant subject to taxation. Property taxes are assessed on land, buildings and certain utility plant, which include the footage and size of pipe, hydrants and wells.

Other Income, Net

Miscellaneous income, increased approximately $0.1 million, primarily due to the timing of charitable contributions this period compared to the same period last year.

Interest Charges

Interest expense decreased $0.3 million for the nine months ended September 30, 2016 compared to the same period a year ago primarily due to a decrease in the Series S First Mortgage Bond interest rate from 6.73% to 4.45% effective March 1, 2016 and a decrease in short-term debt outstanding.

Net Income

Our net income applicable to common stock increased $0.8 million for the nine months ended September 30, 2016, compared to the same period a year ago. This increase in net income was due to higher operating income margins in our water utility business, primarily the result of increased water sales revenue and decreased interest expense

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LIQUIDITY AND CAPITAL RESOURCES

Overview

Our primary sources of liquidity for the nine months ended September 30, 2016 were $21.9 million provided by cash flow from operating activities, $9.9 million in net contributions and advances from developers and $1.4 million in net proceeds from the issuance of common stock, all of which are registered securities. 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 is to continue to provide high quality reliable service to our growing service territory. We invested approximately $20.0 million in capital expenditures during the first nine months of 2016 compared to $15.9 million invested during the same period in 2015. During the first nine months of 2016, we invested approximately $5.1 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 $1.6 million to enhance or improve existing treatment facilities and for the rehabilitation of pumping equipment to better serve our customers. We invested $1.4 million for equipment purchases, computer hardware and software upgrades and transportation and equipment purchases. Developers financed $6.1 million for the installation of water mains and hydrants for the first nine months of 2016 compared to $2.8 million for the first nine months of 2015. We invested $3.2 million to upgrade and automate our meter reading equipment. We invested approximately $2.0 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. An additional $0.6 million was invested in wastewater projects in Delaware.

We depend on the availability of capital for expansion, construction and maintenance. We have several sources of liquidity to finance our investment in utility plant and other fixed assets. We estimate that future investments will be financed by our operations and external sources, including a combination of capital investment and short-term borrowings. We expect to fund our activities for the next twelve months using our available cash balances, bank credit lines, projected cash generated from operations and financing in the capital markets as necessary. We believe that internally generated funds along with existing credit facilities will be adequate to provide sufficient working capital to maintain normal operations and to meet our financing requirements. Our cash flows from operations are primarily derived from water sales revenues and may be materially affected by changes in water sales due to weather and the timing and extent of increases in rates approved by state Public Service Commissions.

Lines of Credit

At September 30, 2016, 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 September 30, 2016, there was $36.5 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 26, 2017 or any date on which Citizens demands payment. The Company expects to renew this line of credit.

At September 30, 2016, 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 September 30, 2016, there was $19.5 million of available funds under this line of credit. The interest rate for borrowings under this line is LIBOR plus 1.50%. CoBank may make an annual patronage refund, which has been equal to 1.00% of the average line of credit and loan volume outstanding by Artesian. The patronage refunds earned by Artesian for the nine months ended September 30, 2016 and September 30, 2015 were $0.7 million. The term of this line of credit expires on July 20, 2017. The Company expects to renew this line of credit.

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		$	4,008		$	--		$	--		$	--

Table of Contents

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 43.3% at September 30, 2016. 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 September 30, 2016, 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)	$	6,670	$	36,630	$	29,718	$	79,359	$	152,377
State revolving fund loans (principal and interest)		1,002		2,005		2,005		5,053		10,065
Operating leases		75		110		114		1,423		1,722
Unconditional purchase obligations		3,823		7,649		7,659		964		20,095
Tank painting contractual obligation		67		--		--		--		67
Total contractual cash obligations	$	11,637	$	46,394	$	39,496	$	86,799	$	184,326

Long-term debt obligations reflect the maturities of certain series of our first mortgage bonds, which we intend to refinance when due, if not refinanced earlier.. 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. 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.

Artesian Water entered into a Letter Agreement with CoBank in September 2015 confirming the forward setting of a fixed rate of a First Mortgage Bond, Series S. The Bond carried an annual interest rate of 6.73% through March 1, 2016. The Letter Agreement set the fixed annual interest rate, to be effective March 1, 2016 through the Maturity Date, at an annual interest rate of 4.45%. The Bond is subject to redemption in a principal amount equal to $150,000 plus interest per calendar quarter, payable on the first business day of March, June, September and December each year. The principal amount of the Bond at March 1, 2016 was $10.7 million.

In order to control purchased power costs, in October 2015 Artesian Water entered into an electric supply contract at a fixed rate that was 11.0% lower than its then current contract, which has since expired in May 2016 and was less than the rate charged by the local electric supplier at that time. This current fixed price contract is effective from May 2016 through May 2019.

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.

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 2015 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, 2015. 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, 2015. There have been no changes in our critical accounting policies. Our significant accounting policies are described in our notes to the 2015 consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2015.

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 2015 consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2015 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 nine months of 2016 that had a material impact on our financial condition, liquidity or results of operations.

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 September 30, 2016 were approximately $4.0 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 multi-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.

(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

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.

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, 2015, 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.

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 September 30, 2016 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

Table of Contents

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: November 4, 2016	By:	/s/ DIAN C. TAYLOR
		Dian C. Taylor (Principal Executive Officer)

Date: November 4, 2016	By:	/s/ DAVID B. SPACHT
		David B. Spacht (Principal Financial and Accounting Officer)

Table of Contents

INDEX TO 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 September 30, 2016 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
** Furnished herewith

EX-31.1 2 exhibit31-1.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 September 30, 2016 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: November 4, 2016			/s/ DIAN C. TAYLOR
			Dian C. Taylor
			Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 exhibit31-2.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 September 30, 2016 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: November 4, 2016			/s/ DAVID B. SPACHT
			David B. Spacht
			Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32 4 exhibit32.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 September 30, 2016 (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.




Date: November 4, 2016

CHIEF EXECUTIVE OFFICER:		CHIEF FINANCIAL OFFICER:


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



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.

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6835000

2270000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-weight: bold; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NOTE 3 – STOCK COMPENSATION PLANS</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 9, 2015, the Company's stockholders approved the 2015 Equity Compensation Plan, or the 2015 Plan, which replaced the 2005 Equity Compensation Plan, or the 2005 Plan that expired on May 24, 2015. The 2015 Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The 2015 Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the 2015 Plan, the type, size and terms of the grants, the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the 2015 Plan), and deal with any other matters arising under the 2015 Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries and non-employee directors of the Company are eligible for grants under the 2015 Plan. </div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A compensation expense of $35,000 and <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> $57,000 </font>related to the May 2016 issue of restricted stock awards was recorded for the three and nine months ended September 30, 2016, respectively.  For the nine months ended September 30, 2015, compensation expense of approximately<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> $46,000, was recorded for stock options granted in May 2014. </font>There was no expense recorded for the three month period ended September 30, 2015. Costs were determined based on the fair value at the grant date and those costs were charged to income over the service period associated with the grants.</div><div><br /></div><div style="text-align: justify; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There was no stock compensation cost capitalized as part of an asset.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value of each option grant was estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in May 2014. All options were granted at fair 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 59.26%; vertical-align: top;"> </td><td style="width: 10.78%; vertical-align: top;"> </td><td style="width: 7.87%; vertical-align: top;"> </td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected Dividend Yield</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.88</div></td><td style="width: 7.87%; vertical-align: top;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected Stock Price Volatility</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.50</div></td><td style="width: 7.87%; vertical-align: top;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Risk-Free Interest Rate</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.24</div></td><td style="width: 7.87%; vertical-align: top;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Expected Life of Options (in years)</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.52</div></td><td style="width: 7.87%; vertical-align: top;"> </td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On May 4, 2016, 5,000 shares of Class A common stock, or Class A Stock, were granted as restricted stock awards.  The fair value per share was $27.70, the closing price of the Class A Stock as recorded on the Nasdaq Global Market on May 4, 2016.  The restricted shares are subject to a one year vesting period from the date of grant. Prior to their release date, these restricted stock awards may be subject to forfeiture in the event of the recipient's termination of employment.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 18, 2015, 5,000 shares of Class A Stock were issued as fully vested unrestricted stock awards. The fair value per share was $27.38, the closing price of the Class A Stock as recorded on the Nasdaq Global Market on December 18, 2015.</div><div><br /></div><div style="background-color: #FFFFFF; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the nine months ended September 30, 2016:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="14" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Restricted Awards</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Option Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Exercise Price</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Remaining Life (Yrs.)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div></div><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Aggregate Intrinsic Value (in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outstanding Restricted Stock Awards</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Grant Date Fair</div><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Plan options/restricted stock awards</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outstanding at January 1, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">270,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.34</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,256</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exercised/vested and released</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(33,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">286</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expired/cancelled</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outstanding at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">236,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exercisable/vested at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">236,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The total intrinsic value of options exercised during the nine months ended September 30, 2016 was approximately $286,000.</div><div><br /></div><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There were no unvested option shares outstanding under the 2015 Plan during the nine months ended September 30, 2016.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of September 30, 2016, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan.  </div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of September 30, 2016, there was $82,000 total unrecognized expense related to non-vested awards of restricted shares awarded under the 2015 Plan.  The cost will be recognized over 0.59 years, the remaining vesting period for the restricted stock awards.</div><div><br /></div><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following summary reflects changes in the non-vested restricted shares of Class A Stock for the nine months ended September 30, 2016.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-vested Restricted Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Grant Date Fair Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-vested Restricted Shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outsanding at January 1, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: 2.6pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: 2.6pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vested and released</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: 2.6pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cancelled</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Oustanding at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Restricted shares vested at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div><br /></div></div>

2081000

14.95

14.77

0.48

0.41

1.06

1.13

1.06

0.41

0.48

1.12

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTE<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 5 </font>- NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table summarizes the shares used in computing basic and diluted net income per share:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 40.15%; vertical-align: top;"> </td><td colspan="3" style="width: 27.37%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the Three Months Ended September 30,</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the Nine Months Ended September 30,</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td colspan="3" style="width: 27.37%; vertical-align: top;"> </td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"> </td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td style="width: 11.4%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td style="width: 4.13%; vertical-align: top; border-bottom: #000000 2px solid;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td style="width: 4.12%; vertical-align: top; border-bottom: #000000 2px solid;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td colspan="3" style="width: 27.37%; vertical-align: top;"><div style="text-align: center; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands)</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"><div style="text-align: center; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands)</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td style="width: 11.4%; vertical-align: top;"> </td><td style="width: 4.13%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.12%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td></tr><tr><td style="width: 40.15%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted average common shares outstanding during the period for Basic computation</div></td><td style="width: 11.4%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,112</div></td><td style="width: 4.13%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,960</div></td><td style="width: 4.69%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,090</div></td><td style="width: 4.12%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,935</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dilutive effect of employee stock options</div></td><td style="width: 11.4%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">65</div></td><td style="width: 4.13%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">64</div></td><td style="width: 4.12%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td style="width: 11.4%; vertical-align: top;"> </td><td style="width: 4.13%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.12%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td></tr><tr><td style="width: 40.15%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted average common shares outstanding during the period for Diluted computation</div></td><td style="width: 11.4%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,177</div></td><td style="width: 4.13%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,000</div></td><td style="width: 4.69%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,154</div></td><td style="width: 4.12%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,972</div></td></tr></table><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three months ended September 30, 2016, no shares of restricted stock awards were excluded from the calculations of diluted net income per share.  For the nine months ended September 30, 2016 3,780 shares of restricted stock awards were excluded from the calculations of diluted net income per share.  Due to unrecognized compensation costs during the noted period, the hypothetical repurchase of shares exceeds the number of restricted shares expected to vest during the period, creating an anti-dilutive effect.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Stock.  As of September 30, 2016<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> 8,232,645 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of September 30, 2015<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</font> 8,119,781 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. The par value for both classes is <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1.00 per</font> share. For the<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> three months ended September 30, 2016 and September 30, 2015, th</font>e Company issued 7,352 and 72,200 shares of Class A Stock, respectively. For<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> the nine months ended September 30, 2016 and September 30, 2015, the </font>Company issued 56,432 and 89,104 shares of Class A Stock.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity per common share was<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> $14.95 and $14.77 at September 30, 2016 and December 31, 2015, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on September 30, 2016 and December 31, 2015, respectively.</font></div><div><br /></div></div>

P0Y7M2D

82000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">N<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OTE 8 – FAIR VALUE OF FINANC</font>IAL INSTRUMENTS</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Current Assets and Liabilities</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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><br /></div><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Long-term Financial Liabilities</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All of Artesian Resources' outstanding lo<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ng-term debt as of </font>September 30, 2016<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and </font>December 31, 2015<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 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:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In thousands</div></td><td colspan="7" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">September 30, 2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">December 31, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Carrying amount</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103,911</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">104,936</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Estimated fair value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">119,558</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">120,243</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All of Artesian Resources' outstanding lo<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ng-term debt as of </font>September 30, 2016<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and </font>December 31, 2015<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 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:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In thousands</div></td><td colspan="7" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">September 30, 2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">December 31, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Carrying amount</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103,911</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">104,936</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Estimated fair value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">119,558</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">120,243</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div><br /></div></div>

5452000

6006000

15224000

14726000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-weight: bold; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NOTE 7 – INCOME TAXES</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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. In 2014, the Company changed its tax method of accounting for qualifying utility system repairs effective with the tax year ended December 31, 2014 and for prior tax years. The tax accounting method was changed to permit the expensing of qualifying utility asset improvement costs that were previously being capitalized and depreciated for book and tax purposes. The Company recognized a tax deduction of<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> $1.4 </font>million for qualifying capital expenditures made during the year upon filing its 2015 Federal tax return.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company establishes reserves for uncertain tax positions based upon management's judgment as to the sustainability of these positions. These accounting estimates related to the uncertain tax position reserve require judgments to be made as to the sustainability of each uncertain tax position based on its technical merits. The Company believes its tax positions comply with applicable law and that it has adequately recorded reserves as required. However, to the extent the final tax outcome of these matters is different than the estimates recorded, the Company would then adjust its tax reserves or unrecognized tax benefits in the period that this information becomes known. The Company has elected to recognize accrued interest (net of related tax benefits) and penalties related to uncertain tax positions as a component of its income tax expense.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In December 2015, the Company was notified by the IRS that its Federal tax filing for 2014 would be reviewed along with the effects of the net operating loss generated in 2014 and carryback to the 2012 and 2013 tax years.  This review, which began in the first quarter of 2016 and was completed in the second quarter of 2016, resulted in no change to the tax liability. Because the Company had previously recorded a provision for the possible disallowance of a portion of the repair deduction in prior periods, the completion of the audit resulted in the reversal of the reserves in the amount of approximately $201,000.  While the Company maintains the belief that the deduction taken on its tax return is appropriate, the methodology for determining the deduction has not been agreed to by the tax authorities.  Therefore, as required by FASB ASC 740, the Company ha<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">s accrued approximately $400 and $3,300 in penalties and interest for the three and nine months ended September 30, 2016, respectively, for any disallowance pertaining to the 2015 tax filing. The Company had accrued </font>$5,000 and $11,000 in penalties and interest for the three and nine months ended September 30, 2<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">015, respectively, which have been reversed during the second quarter of 2016. The Company remains subject to examination by federal authorities for the tax year 2015 and state authorities for the tax years 2013 through 2015</font>.</div><div><br /></div></div>

6473000

2498000

2497000

6452000

1428000

42000

1400000

281000

-512000

-601000

1541000

1499000

1316000

182000

3464000

4027000

913000

1579000

2496000

1386000

707000

792000

-217000

132000

37000

150000

-183000

345000

-1645000

85000

157000

143000

-489000

64000

65000

40000

37000

1032000

1164000

5256000

4996000

1753000

1646000

4864000

5473000

1713000

2058000

431626000

446939000

22403000

20893000

73398000

76702000

4008000

10487000

104936000

120243000

119558000

103911000

1312000

1289000

103647000

102599000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTE<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 1</font> – GENERAL</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our eight wholly owned subsidiaries. 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-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">DELAWARE REGULATED SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1905. </font>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-size: 10pt; font-family: 'Times New Roman', Times, serif;">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.</div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></font><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">MARYLAND REGULATED SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Water Maryland, Inc., or Artesian Water Maryland, began operations in August<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2007. Artesian Water Maryland distributes and sells water to residential, commercial, industrial and municipal customers in Cecil County, Maryland.</font></div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Wastewater Maryland, Inc., or Artesian Wastewater Maryland, is a regulated wastewater entity in the State of Maryland and was incorporated on June <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3, 2008. Artesian Wastewater Maryland is able to provide public wastewater services to customers in the State of Maryland.</font></div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">PENNSYLVANIA REGULATED SUBSIDIARY</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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, <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in 2002. It provides water service to a residential community in Chester County. </font></div><div><br /></div><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">OTHER SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Utility was formed in <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1996.</font> 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 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. Artesian Utility also operates the Water Service Line Protection Plan, or WSLP Plan, the Sewer Service Line Protection Plan, or SSLP Plan, and the Internal Service Line Protection Plan, or ISLP Plan.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We currently operate wastewater treatment facilities for the town of Middletown, in southern New Castle County, Delaware or Middletown, under a 20-year contract that expires in July<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2022. </font>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. One<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>of the wastewater treatment facilities in Middletown now provides reclaimed wastewater for use in spray irrigation on public and agricultural lands in the area.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Utility has operated the WSLP Plan and the SSLP Plan since April 2012. In November 2015, a third plan was added, the ISLP Plan. Artesian Resources initiated the WSLP Plan in M<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">arch 2005. The </font>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 wa<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">s 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 Pla</font>n and SSLP Plan were extended to include non-utility customers of Artesian Resources. The ISLP Plan was introduced in November 2015 to further enhance available coverage to include water and wastewater lines within customers' residences. As of September 30, 2016<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, </font>approximately 19,500, or 25.1%, of our eligible water customers signed up for the WSLP Plan, approximately 15,100, or 19.5%, of our eligible customers signed up for the SSLP Plan, and approximately 3,100 customers signed up for the ISLP Plan. Approximately 1,260 non-customer participants signed up for either the WSLP Plan, the SSLP Plan, or the ISLP Plan.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 house<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d in one central location.</font></div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Consulting Engineers no longer offers development and architectural services to outside third parties. </font>Artesian will continue to provide design and engineering contract services through our Artesian Utility subsidiary.</div><div><br /></div></div>

-15850000

-19944000

-5995000

-1947000

21926000

22127000

9470000

10228000

4360000

3699000

2015

2013

44222000

15382000

15883000

45206000

5945000

14052000

5394000

14466000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-weight: bold; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NOTE 2 – BASIS OF PRESENTATION</div><div><br /></div><div style="text-align: left; font-style: italic; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basis of Presentation</div><div><br /></div><div style="text-align: justify; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 2015 as filed with the Securities and Exchange Commission on March 11, 2016.</div><div><br /></div><div style="text-align: justify; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The condensed consolidated financial statements include the accounts of Artesian Resources 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 (unless otherwise noted) necessary to present fairly the Company's balance sheet position as of September 30, 2016, the results of operations for the three and nine month periods ended September 30, 2016 and 2015 and the cash flows for the nine month periods ended September 30, 2016 and 2015.</div><div><br /></div><div style="text-align: justify; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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><br /></div><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reclassification</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. These reclassifications had no effect on net income or stockholders' equity.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the first quarter of 2016, the Company adopted amended guidance on the Presentation of Debt Issuance Costs and amended guidance on Income Taxes, both of which were issued by the Financial Accounting Standards Board, or FASB, in 2015. The amended guidance on the Presentation of Debt Issuance Costs requires entities to present debt issuance costs related to a debt liability as a direct deduction from the carrying amount of that debt liability on the balance sheet as opposed to being presented as a deferred charge. The amended guidance on Income Taxes simplified the presentation of deferred income taxes, permitting all deferred income tax liabilities be classified as noncurrent on the balance sheet.</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For all periods presented in this Form 10-Q, unamortized debt issuance costs related to the Company's long-term debt are reported on the Condensed Consolidated Balance Sheets within "Regulatory Assets, Net" in accordance with FASB ASC Topic 980, as this amount will be recovered in future rates charged to our customers.  Prior to adoption, the Company reported the unamortized debt issuance costs in "Other Assets" on the Condensed Consolidated Balance Sheets.  Deferred income taxes are reported as noncurrent on the Condensed Consolidated Balance Sheets.  Prior to adoption, the Company reported current and noncurrent deferred income tax liabilities as separate amounts on the Condensed Consolidated Balance Sheets.</div><div><br /></div></div>

3575000

3444000

578000

698000

1705000

1924000

598000

-28000

-26000

521000

3618000

2177000

1084000

3313000

1172000

3480000

48000

6099000

5814000

20004000

15875000

230000

66000

1618000

1768000

1591000

2298000

623000

350000

-6125000

-6479000

1441000

1876000

25000

60000

3956000

3897000

86000

87000

153000

160000

104750000

109309000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">N<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OTE 6 - REGULATO</font>RY PROCEEDINGS</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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-size: 10pt; font-family: 'Times New Roman', Times, serif;">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-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rate Proceedings</u></div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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.  Th<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e first t</font>emporary increase may be up to the les<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ser of $2.5 million on an</font> 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 customers the portion found to be in excess 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-size: 10pt; font-family: 'Times New Roman', Times, serif;">On August 18, 2015, the DEPSC made a preliminary ruling in response to Artesian Water's April 2014 application to implement new rates to meet a requested increase in revenue of 15.90%, or approximately $10.0 million, on an annualized basis.  The preliminary ruling recommended a permanent rate increase in revenue of approximately $6.0 million, or 9.50%, on an annualized basis, which was an incremental increase for customers of approximately 6.20% above the Distribution System Improvement Charge, or DSIC, rate previously in effect. On October 6, 2015, a DEPSC order was issued concurring with the preliminary ruling issued on August 18, 2015. On January 19, 2016, a final DEPSC order was issued related to the permanent rate increase and concurred with the October 6, 2015 order. Because the permanent rate increase was less than amounts collected under previously approved temporary increases in rates, Artesian Water was required to refund a portion of the temporary rate increases to its customers. The refund, plus interest, at the average prime rate, for the overpayment from customers was applied to current and future customer bills in October 2015. Because the final rate award was at a level not less than the amount previously reported as income, there was no material impact upon previously reported water sales revenue. The new rates are designed to allow recovery of capital investments made by Artesian Water and to cover increased costs of operations, including water quality testing, chemicals and electricity for water treatment, taxes, labor and benefits.</div><div><br /></div><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Other Proceedings</u></div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 an<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">y 12-month period. In November 2014, Artesian Water filed an application with the DEPSC for approval to collect a DSIC rate of 0.34% effective January 1, 2015. This rate was based on approximately $1.3 million in eligible plant improvements since September 30, 2014</font>. On December 16, 2014, the DEPSC approved the DSIC effective January 1, 2015, subject to audit at a later date. In May 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.15% effective July 1, 2015. This rate was based on approximately $4.6 million in eligible plant improvements through April 30, 2015. On June 16, 2015 the DEPSC approved the DSIC effective July 1, 2015, subject to audit at a later date. On November 24, 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.57% effective January 1, 2016. This rate was based on approximately $7.0 million in eligible plant improvements through October 31, 2015. On December 15, 2015, the DEPSC approved the DSIC effective January 1, 2016, subject to audit at a later date. On May 31, 2016, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 2.30% effective July 1, 2016.  This rate was based on approximately $10.3 million in eligible plant improvements through April 30, 2016.  On June 28, 2016, the DEPSC approved the DSIC effective July 1, 2016, subject to audit at a later date.  For the three and nine months ended September 30, 2016 we earned approximately $432,000 and $938,000 in DSIC revenue, respectively. For the three and nine months ended September 30, 2015, we earned approximately $218,000 and $340,000 in DSIC revenue, respectively.</div><div><br /></div></div>

419952000

405606000

19680000

52343000

53440000

18831000

976000

861000

2618000

2752000

20776000

21828000

58274000

59672000

P5Y

4176000

3636000

329000

435000

446000

1656000

1747000

616000

212000

692000

312000

720000

329000

318000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTE 9 – RELATED PARTY TRANSACTIONS</div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In July 2016, Artesian Water entered into a contract in the normal course of business with W.F. Construction, Inc., a related party, for 131,000 in work associated with building modifications to a water treatment plant.  In May 2015, Artesian Water entered into an approximately 48,000 agreement in the normal course of business with W.F. Construction, Inc. for structural improvements at a water treatment plant.  The owner of W.F. Construction, Inc. is the husband of Mrs. Jennifer Finch, Vice President and Assistant Treasurer of Artesian Resources. There were no payments made to W.F. Construction, Inc. during the three and nine months ended September 30, 2016, respectively.  Approximately 48,000 was paid to W.F. Construction, Inc. for the nine months ended September 30, 2015. As of September 30, 2016, the Company had an accrued liability of approximately 66,000 for work completed by W.F. Construction, Inc. under the contract. As of December 31, 2015, the Company had no accounts payable balance due to W. F. Construction, Inc. As set forth in the Charter of the Audit Committee of the Board of Directors of Artesian Resources, the Audit Committee is responsible for reviewing and, if appropriate, approving all related party transactions between us and any officer, director, any person known to be the beneficial owner of more than 5% of any class of the Company's voting securities or any other related person that would potentially require disclosure. In its review and approval of the 2016 related party transaction with W.F. Construction, Inc., the Audit Committee considered the nature of the related person's interest in the transaction; the satisfactory performance of work contracted with the related party prior to our employment of Mrs. Finch; and the material terms of the transaction, including, without limitation, the amount and type of transaction, the importance of the transaction to the related person, the importance of the transaction to the Company and whether the transaction would impair the judgment of a director or officer to act in the best interest of the Company. The Audit Committee approves only those related person transactions that are in, or are not inconsistent with, the best interests of the Company and its stockholders.</div><div><br /></div></div>

131000

48000

1025000

1003000

29690000

27642000

2182000

27.7

P10Y

P4Y7M2D

P7Y6M7D

5000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="background-color: #FFFFFF; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the nine months ended September 30, 2016:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="14" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Options</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Restricted Awards</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Option Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Exercise Price</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Remaining Life (Yrs.)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div></div><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Aggregate Intrinsic Value (in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outstanding Restricted Stock Awards</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Grant Date Fair</div><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Plan options/restricted stock awards</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outstanding at January 1, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">270,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.34</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,256</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exercised/vested and released</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(33,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.64</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">286</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expired/cancelled</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outstanding at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">236,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exercisable/vested at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">236,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.59</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div><br /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value of each option grant was estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions used for grants issued in May 2014. All options were granted at fair 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 59.26%; vertical-align: top;"> </td><td style="width: 10.78%; vertical-align: top;"> </td><td style="width: 7.87%; vertical-align: top;"> </td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected Dividend Yield</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.88</div></td><td style="width: 7.87%; vertical-align: top;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected Stock Price Volatility</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.50</div></td><td style="width: 7.87%; vertical-align: top;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Risk-Free Interest Rate</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.24</div></td><td style="width: 7.87%; vertical-align: top;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr><tr><td style="width: 59.26%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Expected Life of Options (in years)</div></td><td style="width: 10.78%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.52</div></td><td style="width: 7.87%; vertical-align: top;"> </td><td style="width: 11.36%; vertical-align: top;"> </td><td style="width: 10.73%; vertical-align: top;"> </td></tr></table><div><br /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following summary reflects changes in the non-vested restricted shares of Class A Stock for the nine months ended September 30, 2016.</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-vested Restricted Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted Average Grant Date Fair Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-vested Restricted Shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outsanding at January 1, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: 2.6pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: 2.6pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vested and released</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: 2.6pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cancelled</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Oustanding at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Restricted shares vested at September 30, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div><br /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table summarizes the shares used in computing basic and diluted net income per share:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td style="width: 40.15%; vertical-align: top;"> </td><td colspan="3" style="width: 27.37%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the Three Months Ended September 30,</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the Nine Months Ended September 30,</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td colspan="3" style="width: 27.37%; vertical-align: top;"> </td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"> </td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td style="width: 11.4%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td style="width: 4.13%; vertical-align: top; border-bottom: #000000 2px solid;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</div></td><td style="width: 4.12%; vertical-align: top; border-bottom: #000000 2px solid;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td colspan="3" style="width: 27.37%; vertical-align: top;"><div style="text-align: center; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands)</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"><div style="text-align: center; background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands)</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td style="width: 11.4%; vertical-align: top;"> </td><td style="width: 4.13%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.12%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td></tr><tr><td style="width: 40.15%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted average common shares outstanding during the period for Basic computation</div></td><td style="width: 11.4%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,112</div></td><td style="width: 4.13%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,960</div></td><td style="width: 4.69%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,090</div></td><td style="width: 4.12%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,935</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dilutive effect of employee stock options</div></td><td style="width: 11.4%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">65</div></td><td style="width: 4.13%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">64</div></td><td style="width: 4.12%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"> </td><td style="width: 11.4%; vertical-align: top;"> </td><td style="width: 4.13%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.69%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td><td style="width: 4.12%; vertical-align: top;"> </td><td style="width: 11.84%; vertical-align: top;"> </td></tr><tr><td style="width: 40.15%; vertical-align: top;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weighted average common shares outstanding during the period for Diluted computation</div></td><td style="width: 11.4%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,177</div></td><td style="width: 4.13%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,000</div></td><td style="width: 4.69%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,154</div></td><td style="width: 4.12%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,972</div></td></tr></table><div><br /></div></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td colspan="8" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulatory assets, net of amortization, comprise:</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">September 30, 2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">December 31, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Postretirement benefit obligation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">329</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">329</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,656</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,747</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred income taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">435</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Goodwill</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">312</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">318</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred acquisition and franchise costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">692</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expense of rate and regulatory proceedings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">212</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">616</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3,636</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div></div>

46000

57000

35000

27.70

P1Y

19.64

5000

27.7

27.38

19.30

5000

0.0224

236250

286000

0.0388

0.265

19.34

27.70

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0.05 3100 1260 0.251 2500000 250000 1 19500 P20Y 2 15100 10000 3 10000 0.195 8 0.095 4600000 1300000 7000000 10300000 340000 432000 938000 218000 0.075 0.0157 0.023 0.0115 0.0034 0.05 0.159 0.15 0.062 2500000 6000000 0.15 P7M 10000000 105000 101000 9865000 4448000 P30Y P10Y P50Y P20Y P80Y two and a half P5Y <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">N<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OTE 4 - REGULATORY ASSETS</font></div><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FASB ASC Topic 980 stipu</font>lates generally accepted accounting principles for companies whose rates are established or subject to approvals<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> by a third-party regulatory agency. Ce</font>rtain 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 Maryland Public Service Commission, or MDPSC, and the Pennsylvania Public Utility Commission, or PAPUC. Depreciation and salary study expenses are amortized on a straight-line basis over a period of five years. All other expenses related to Delaware rate proceedings and applications to increase rates are amortized on a straight line basis over a period of two and a half years. 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. Debt issuance costs are amortized over the term of the related debt, which ranges from ten to thirty years. The deferred income taxes will<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </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 the Mountain Hill Water Company in Au<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">gust 2008 and is currently </font>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 t<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">he 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. These acquisition costs will be amortized over a</font> 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"><tr><td colspan="8" valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulatory assets, net of amortization, comprise:</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(in thousands)</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">September 30, 2016</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">December 31, 2015</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Postretirement benefit obligation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">329</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">329</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,656</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,747</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred income taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">435</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Goodwill</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">312</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">318</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred acquisition and franchise costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">692</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">720</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expense of rate and regulatory proceedings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">212</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">616</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3,636</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,176</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Artesian Water <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">contributed $66,000 to its postretirement benefit plan in the first nine months of 2016. 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Document and Entity Information - USD ($)	9 Months Ended
Document and Entity Information - USD ($)	Sep. 30, 2016	Nov. 01, 2016	Jun. 30, 2015
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
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Class A Stock [Member]
Entity Information [Line Items]
Entity Public Float			$ 164,631,000
Entity Common Stock, Shares Outstanding		8,233,755
Class B Stock [Member]
Entity Information [Line Items]
Entity Public Float			$ 6,575,000
Entity Common Stock, Shares Outstanding		881,452

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Utility plant, at original cost (less accumulated depreciation 2016-$109,309; 2015-$104,750)	$ 419,952	$ 405,606
Current assets
Cash and cash equivalents	244	209
Accounts receivable (less allowance for doubtful accounts 2016 - $261; 2015 - $277)	7,849	6,350
Income tax receivable	42	1,428
Unbilled operating revenues	1,620	1,535
Materials and supplies	2,058	1,713
Prepaid property taxes	2,298	1,591
Prepaid expenses and other	1,768	1,618
Total current assets	15,879	14,444
Other assets
Non-utility property (less accumulated depreciation 2016 - $591; 2015 - $535)	3,897	3,956
Other deferred assets	3,575	3,444
Total other assets	7,472	7,400
Regulatory assets, net	3,636	4,176
Total Assets	446,939	431,626
Stockholders' equity
Common stock	9,114	9,058
Preferred stock	0	0
Additional paid-in capital	97,073	95,631
Retained earnings	29,690	27,642
Total stockholders' equity	135,877	132,331
Long-term debt, net of current portion	102,599	103,647
Total stockholders' equity and long term debt	238,476	235,978
Current liabilities
Lines of credit	4,008	10,487
Overdraft payable	896	546
Current portion of long-term debt	1,312	1,289
Accounts payable	4,402	4,914
Dividends payable	2,081	0
Accrued expenses	2,570	1,254
Accrued interest	1,164	1,032
Customer deposits	842	704
Other	3,618	2,177
Total current liabilities	20,893	22,403
Commitments and contingencies	0	0
Deferred credits and other liabilities
Net advances for construction	8,542	8,752
Postretirement benefit obligation	230	230
Deferred investment tax credits	548	562
Utility plant retirement cost obligation	933	883
Deferred income taxes	66,449	62,971
Total deferred credits and other liabilities	76,702	73,398
Net contributions in aid of construction	110,868	99,847
Total Liabilities and Stockholders' equity	$ 446,939	$ 431,626

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Utility plant, at original cost (accumulated depreciation)	$ 109,309	$ 104,750
Current assets
Accounts receivable (allowance for doubtful accounts)	261	277
Other assets
Non utility property (accumulated depreciation)	$ 591	$ 535

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating revenues
Water sales	$ 19,680	$ 18,831	$ 53,440	$ 52,343
Other utility operating revenue	976	861	2,752	2,618
Non-utility operating revenue	1,172	1,084	3,480	3,313
Total operating revenues	21,828	20,776	59,672	58,274
Operating expenses
Utility operating expenses	9,292	9,036	26,603	26,198
Non-utility operating expenses	698	578	1,924	1,705
Depreciation and amortization	2,270	2,196	6,835	6,597
State and federal income taxes	2,498	2,497	6,473	6,452
Property and other taxes	1,125	1,075	3,371	3,270
Total operating expenses	15,883	15,382	45,206	44,222
Operating income	5,945	5,394	14,466	14,052
Other income, net
Allowance for funds used during construction (AFUDC)	87	86	160	153
Miscellaneous	(26)	(28)	598	521
Income before interest charges	6,006	5,452	15,224	14,726
Interest charges	1,646	1,753	4,996	5,256
Net income applicable to common stock	$ 4,360	$ 3,699	$ 10,228	$ 9,470
Income per common share:
Basic (in dollars per share)	$ 0.48	$ 0.41	$ 1.13	$ 1.06
Diluted (in dollars per share)	$ 0.48	$ 0.41	$ 1.12	$ 1.06
Weighted average common shares outstanding:
Basic (in shares)	9,112	8,960	9,090	8,935
Diluted (in shares)	9,177	9,000	9,154	8,972
Cash dividends paid per share of common stock (in dollars per share)	$ 0.2249	$ 0.2183	$ 0.6714	$ 0.6517

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 10,228	$ 9,470
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,835	6,597
Deferred income taxes, net	3,464	4,027
Stock compensation	57	46
AFUDC, equity portion	(105)	(101)
Changes in assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts	(1,499)	(1,541)
Income taxes receivable	1,386	2,496
Unbilled operating revenues	(85)	1,645
Materials and supplies	(345)	183
Prepaid property taxes	(707)	(792)
Prepaid expenses and other	(150)	(37)
Other deferred assets	(157)	(143)
Regulatory assets	489	0
Accounts payable	(512)	(601)
Accrued expenses	1,316	182
Accrued interest	132	(217)
Customer deposits and other, net	1,579	913
NET CASH PROVIDED BY OPERATING ACTIVITIES	21,926	22,127
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)	(20,004)	(15,875)
Proceeds from sale of assets	60	25
NET CASH USED IN INVESTING ACTIVITIES	(19,944)	(15,850)
CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under lines of credit agreements	(6,479)	(6,125)
Increase in overdraft payable	350	623
Net advances and contributions in aid of construction	9,865	4,448
Net proceeds from issuance of common stock	1,441	1,876
Dividends paid	(6,099)	(5,814)
Principal repayments of long-term debt	(1,025)	(1,003)
NET CASH USED IN FINANCING ACTIVITIES	(1,947)	(5,995)
NET INCREASE IN CASH AND CASH EQUIVALENTS	35	282
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	209	243
CASH AND CASH EQUIVALENTS AT END OF PERIOD	244	525
Supplemental Disclosures of Cash Flow Information:
Utility plant received as construction advances and contributions	2,338	1,119
Interest paid	4,864	5,473
Income taxes paid	$ 281	$ 1,400

XML 17 R6.htm IDEA: XBRL DOCUMENT

GENERAL	9 Months Ended
GENERAL	Sep. 30, 2016
GENERAL [Abstract]
GENERAL	NOTE 1 – GENERAL Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our eight wholly owned subsidiaries. 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. 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. 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. 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 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. Artesian Utility also operates the Water Service Line Protection Plan, or WSLP Plan, the Sewer Service Line Protection Plan, or SSLP Plan, and the Internal Service Line Protection Plan, or ISLP Plan. We currently operate wastewater treatment facilities for the town of Middletown, in southern New Castle County, Delaware or Middletown, under a 20-year contract that expires in July 2022. 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. 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. Artesian Utility has operated the WSLP Plan and the SSLP Plan since April 2012. In November 2015, a third plan was added, the ISLP 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. The ISLP Plan was introduced in November 2015 to further enhance available coverage to include water and wastewater lines within customers' residences. As of September 30, 2016, approximately 19,500, or 25.1%, of our eligible water customers signed up for the WSLP Plan, approximately 15,100, or 19.5%, of our eligible customers signed up for the SSLP Plan, and approximately 3,100 customers signed up for the ISLP Plan. Approximately 1,260 non-customer participants signed up for either the WSLP Plan, the SSLP Plan, or the ISLP 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. Artesian will continue to provide design and engineering contract services through our Artesian Utility subsidiary.

XML 18 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND ADJUSTMENTS	9 Months Ended
BASIS OF PRESENTATION AND ADJUSTMENTS	Sep. 30, 2016
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION AND ADJUSTMENTS	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 2015 as filed with the Securities and Exchange Commission on March 11, 2016. The condensed consolidated financial statements include the accounts of Artesian Resources 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 (unless otherwise noted) necessary to present fairly the Company's balance sheet position as of September 30, 2016, the results of operations for the three and nine month periods ended September 30, 2016 and 2015 and the cash flows for the nine month periods ended September 30, 2016 and 2015. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year or for future periods. Reclassification Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. These reclassifications had no effect on net income or stockholders' equity. In the first quarter of 2016, the Company adopted amended guidance on the Presentation of Debt Issuance Costs and amended guidance on Income Taxes, both of which were issued by the Financial Accounting Standards Board, or FASB, in 2015. The amended guidance on the Presentation of Debt Issuance Costs requires entities to present debt issuance costs related to a debt liability as a direct deduction from the carrying amount of that debt liability on the balance sheet as opposed to being presented as a deferred charge. The amended guidance on Income Taxes simplified the presentation of deferred income taxes, permitting all deferred income tax liabilities be classified as noncurrent on the balance sheet. For all periods presented in this Form 10-Q, unamortized debt issuance costs related to the Company's long-term debt are reported on the Condensed Consolidated Balance Sheets within "Regulatory Assets, Net" in accordance with FASB ASC Topic 980, as this amount will be recovered in future rates charged to our customers. Prior to adoption, the Company reported the unamortized debt issuance costs in "Other Assets" on the Condensed Consolidated Balance Sheets. Deferred income taxes are reported as noncurrent on the Condensed Consolidated Balance Sheets. Prior to adoption, the Company reported current and noncurrent deferred income tax liabilities as separate amounts on the Condensed Consolidated Balance Sheets.

XML 19 R8.htm IDEA: XBRL DOCUMENT

STOCK COMPENSATION PLANS

9 Months Ended

Sep. 30, 2016

STOCK COMPENSATION PLANS [Abstract]

STOCK COMPENSATION PLANS

NOTE 3 – STOCK COMPENSATION PLANS

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


Expected Dividend Yield	3.88	%
Expected Stock Price Volatility	26.50	%
Weighted Average Risk-Free Interest Rate	2.24	%
Weighted Average Expected Life of Options (in years)	7.52

The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the nine months ended September 30, 2016:

	Options									Restricted Awards
	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)		Outstanding Restricted Stock Awards		Weighted Average Grant Date Fair Value
Plan options/restricted stock awards
Outstanding at January 1, 2016		270,000		$	19.34			$	2,256		–		–
Granted		–			–				–		5,000	$	27.70
Exercised/vested and released		(33,750	)		19.64				286		–		–
Expired/cancelled		–			–				–		–		–
Outstanding at September 30, 2016		236,250		$	19.30		4.59	$	2,182		5,000	$	27.70

Exercisable/vested at September 30, 2016		236,250		$	19.30		4.59	$	2,182		–		–

The total intrinsic value of options exercised during the nine months ended September 30, 2016 was approximately $286,000.

There were no unvested option shares outstanding under the 2015 Plan during the nine months ended September 30, 2016.

As of September 30, 2016, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan.

The following summary reflects changes in the non-vested restricted shares of Class A Stock for the nine months ended September 30, 2016.

	Non-vested Restricted Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares
Outsanding at January 1, 2016		–		–
Granted		5,000	$	27.70
Vested and released		–		–
Cancelled		–		–
Oustanding at September 30, 2016		5,000	$	27.70

Restricted shares vested at September 30, 2016		–		–

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 20 R9.htm IDEA: XBRL DOCUMENT

REGULATORY ASSETS

9 Months Ended

Sep. 30, 2016

REGULATORY ASSETS [Abstract]

REGULATORY ASSETS

NOTE 4 - REGULATORY ASSETS

Regulatory assets, net of amortization, comprise:
	(in thousands)
	September 30, 2016		December 31, 2015

Postretirement benefit obligation	$	329	$	329
Debt issuance costs		1,656		1,747
Deferred income taxes		435		446
Goodwill		312		318
Deferred acquisition and franchise costs		692		720
Expense of rate and regulatory proceedings		212		616
	$	3,636	$	4,176

XML 21 R10.htm IDEA: XBRL DOCUMENT

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

9 Months Ended

Sep. 30, 2016

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

The following table summarizes the shares used in computing basic and diluted net income per share:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,

	2016	2015	2016	2015
	(in thousands)		(in thousands)

Weighted average common shares outstanding during the period for Basic computation	9,112	8,960	9,090	8,935
Dilutive effect of employee stock options	65	40	64	37

Weighted average common shares outstanding during the period for Diluted computation	9,177	9,000	9,154	8,972

XML 22 R11.htm IDEA: XBRL DOCUMENT

REGULATORY PROCEEDINGS	9 Months Ended
REGULATORY PROCEEDINGS	Sep. 30, 2016
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 customers the portion found to be in excess 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 August 18, 2015, the DEPSC made a preliminary ruling in response to Artesian Water's April 2014 application to implement new rates to meet a requested increase in revenue of 15.90%, or approximately $10.0 million, on an annualized basis. The preliminary ruling recommended a permanent rate increase in revenue of approximately $6.0 million, or 9.50%, on an annualized basis, which was an incremental increase for customers of approximately 6.20% above the Distribution System Improvement Charge, or DSIC, rate previously in effect. On October 6, 2015, a DEPSC order was issued concurring with the preliminary ruling issued on August 18, 2015. On January 19, 2016, a final DEPSC order was issued related to the permanent rate increase and concurred with the October 6, 2015 order. Because the permanent rate increase was less than amounts collected under previously approved temporary increases in rates, Artesian Water was required to refund a portion of the temporary rate increases to its customers. The refund, plus interest, at the average prime rate, for the overpayment from customers was applied to current and future customer bills in October 2015. Because the final rate award was at a level not less than the amount previously reported as income, there was no material impact upon previously reported water sales revenue. The new rates are designed to allow recovery of capital investments made by Artesian Water and to cover increased costs of operations, including water quality testing, chemicals and electricity for water treatment, taxes, labor and benefits. 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 November 2014, Artesian Water filed an application with the DEPSC for approval to collect a DSIC rate of 0.34% effective January 1, 2015. This rate was based on approximately $1.3 million in eligible plant improvements since September 30, 2014. On December 16, 2014, the DEPSC approved the DSIC effective January 1, 2015, subject to audit at a later date. In May 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.15% effective July 1, 2015. This rate was based on approximately $4.6 million in eligible plant improvements through April 30, 2015. On June 16, 2015 the DEPSC approved the DSIC effective July 1, 2015, subject to audit at a later date. On November 24, 2015, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 1.57% effective January 1, 2016. This rate was based on approximately $7.0 million in eligible plant improvements through October 31, 2015. On December 15, 2015, the DEPSC approved the DSIC effective January 1, 2016, subject to audit at a later date. On May 31, 2016, Artesian Water filed an application with the DEPSC for approval to collect a cumulative DSIC rate of 2.30% effective July 1, 2016. This rate was based on approximately $10.3 million in eligible plant improvements through April 30, 2016. On June 28, 2016, the DEPSC approved the DSIC effective July 1, 2016, subject to audit at a later date. For the three and nine months ended September 30, 2016 we earned approximately $432,000 and $938,000 in DSIC revenue, respectively. For the three and nine months ended September 30, 2015, we earned approximately $218,000 and $340,000 in DSIC revenue, respectively.

XML 23 R12.htm IDEA: XBRL DOCUMENT

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2016
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. In 2014, the Company changed its tax method of accounting for qualifying utility system repairs effective with the tax year ended December 31, 2014 and for prior tax years. The tax accounting method was changed to permit the expensing of qualifying utility asset improvement costs that were previously being capitalized and depreciated for book and tax purposes. The Company recognized a tax deduction of $1.4 million for qualifying capital expenditures made during the year upon filing its 2015 Federal tax return. The Company establishes reserves for uncertain tax positions based upon management's judgment as to the sustainability of these positions. These accounting estimates related to the uncertain tax position reserve require judgments to be made as to the sustainability of each uncertain tax position based on its technical merits. The Company believes its tax positions comply with applicable law and that it has adequately recorded reserves as required. However, to the extent the final tax outcome of these matters is different than the estimates recorded, the Company would then adjust its tax reserves or unrecognized tax benefits in the period that this information becomes known. The Company has elected to recognize accrued interest (net of related tax benefits) and penalties related to uncertain tax positions as a component of its income tax expense. In December 2015, the Company was notified by the IRS that its Federal tax filing for 2014 would be reviewed along with the effects of the net operating loss generated in 2014 and carryback to the 2012 and 2013 tax years. This review, which began in the first quarter of 2016 and was completed in the second quarter of 2016, resulted in no change to the tax liability. Because the Company had previously recorded a provision for the possible disallowance of a portion of the repair deduction in prior periods, the completion of the audit resulted in the reversal of the reserves in the amount of approximately $201,000. While the Company maintains the belief that the deduction taken on its tax return is appropriate, the methodology for determining the deduction has not been agreed to by the tax authorities. Therefore, as required by FASB ASC 740, the Company has accrued approximately $400 and $3,300 in penalties and interest for the three and nine months ended September 30, 2016, respectively, for any disallowance pertaining to the 2015 tax filing. The Company had accrued $5,000 and $11,000 in penalties and interest for the three and nine months ended September 30, 2015, respectively, which have been reversed during the second quarter of 2016. The Company remains subject to examination by federal authorities for the tax year 2015 and state authorities for the tax years 2013 through 2015.

XML 24 R13.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2016

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
	September 30, 2016			December 31, 2015
Carrying amount		$	103,911		$	104,936
Estimated fair value		$	119,558		$	120,243

- 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 + Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2016
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS In July 2016, Artesian Water entered into a contract in the normal course of business with W.F. Construction, Inc., a related party, for 131,000 in work associated with building modifications to a water treatment plant. In May 2015, Artesian Water entered into an approximately 48,000 agreement in the normal course of business with W.F. Construction, Inc. for structural improvements at a water treatment plant. The owner of W.F. Construction, Inc. is the husband of Mrs. Jennifer Finch, Vice President and Assistant Treasurer of Artesian Resources. There were no payments made to W.F. Construction, Inc. during the three and nine months ended September 30, 2016, respectively. Approximately 48,000 was paid to W.F. Construction, Inc. for the nine months ended September 30, 2015. As of September 30, 2016, the Company had an accrued liability of approximately 66,000 for work completed by W.F. Construction, Inc. under the contract. As of December 31, 2015, the Company had no accounts payable balance due to W. F. Construction, Inc. As set forth in the Charter of the Audit Committee of the Board of Directors of Artesian Resources, the Audit Committee is responsible for reviewing and, if appropriate, approving all related party transactions between us and any officer, director, any person known to be the beneficial owner of more than 5% of any class of the Company's voting securities or any other related person that would potentially require disclosure. In its review and approval of the 2016 related party transaction with W.F. Construction, Inc., the Audit Committee considered the nature of the related person's interest in the transaction; the satisfactory performance of work contracted with the related party prior to our employment of Mrs. Finch; and the material terms of the transaction, including, without limitation, the amount and type of transaction, the importance of the transaction to the related person, the importance of the transaction to the Company and whether the transaction would impair the judgment of a director or officer to act in the best interest of the Company. The Audit Committee approves only those related person transactions that are in, or are not inconsistent with, the best interests of the Company and its stockholders.

XML 26 R15.htm IDEA: XBRL DOCUMENT

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2016
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 10 - IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, FASB issued new guidance on leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard establishes a right-of-use or ROU, model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Management is currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In March 2016, FASB issued amended guidance on Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The amendments are intended to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. Some of the areas apply only to nonpublic companies allowing simplification. For public companies, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Management does not expect a material impact on the Company's financial statements due to the adoption of this guidance. In August 2016, FASB issued amended guidance to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. For public companies, the amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented.

- 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
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: 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=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 6: 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=27015980&loc=d3e46468-122699

Reference 7: 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 8: 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=64853466&loc=d3e22499-107794

Reference 9: 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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

+ Details

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STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2016

STOCK COMPENSATION PLANS [Abstract]

Weighted-average assumptions used for grants option


Expected Dividend Yield	3.88	%
Expected Stock Price Volatility	26.50	%
Weighted Average Risk-Free Interest Rate	2.24	%
Weighted Average Expected Life of Options (in years)	7.52

Shares of Class A Non-Voting Common Stock under option

The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the nine months ended September 30, 2016:

	Options									Restricted Awards
	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)		Outstanding Restricted Stock Awards		Weighted Average Grant Date Fair Value
Plan options/restricted stock awards
Outstanding at January 1, 2016		270,000		$	19.34			$	2,256		–		–
Granted		–			–				–		5,000	$	27.70
Exercised/vested and released		(33,750	)		19.64				286		–		–
Expired/cancelled		–			–				–		–		–
Outstanding at September 30, 2016		236,250		$	19.30		4.59	$	2,182		5,000	$	27.70

Exercisable/vested at September 30, 2016		236,250		$	19.30		4.59	$	2,182		–		–

Non-vested shares of Class A Stock under option

The following summary reflects changes in the non-vested restricted shares of Class A Stock for the nine months ended September 30, 2016.

	Non-vested Restricted Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares
Outsanding at January 1, 2016		–		–
Granted		5,000	$	27.70
Vested and released		–		–
Cancelled		–		–
Oustanding at September 30, 2016		5,000	$	27.70

Restricted shares vested at September 30, 2016		–		–

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REGULATORY ASSETS (Tables)

9 Months Ended

Sep. 30, 2016

REGULATORY ASSETS [Abstract]

Regulatory assets, net of amortization, comprise

Regulatory assets, net of amortization, comprise:
	(in thousands)
	September 30, 2016		December 31, 2015

Postretirement benefit obligation	$	329	$	329
Debt issuance costs		1,656		1,747
Deferred income taxes		435		446
Goodwill		312		318
Deferred acquisition and franchise costs		692		720
Expense of rate and regulatory proceedings		212		616
	$	3,636	$	4,176

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

9 Months Ended

Sep. 30, 2016

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

Shares used in computing basic and diluted net income per share

The following table summarizes the shares used in computing basic and diluted net income per share:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,

	2016	2015	2016	2015
	(in thousands)		(in thousands)

Weighted average common shares outstanding during the period for Basic computation	9,112	8,960	9,090	8,935
Dilutive effect of employee stock options	65	40	64	37

Weighted average common shares outstanding during the period for Diluted computation	9,177	9,000	9,154	8,972

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Fair value of long-term debt

In thousands
	September 30, 2016			December 31, 2015
Carrying amount		$	103,911		$	104,936
Estimated fair value		$	119,558		$	120,243

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GENERAL (Details)	9 Months Ended
GENERAL (Details)	Sep. 30, 2016 Subsidiary Facility Squarefeet Customer gal
Number of wholly owned subsidiaries \| Subsidiary	8
Number of subsidiaries not regulated \| Subsidiary	3
Artesian Development purchased area of office space (in square feet) \| Squarefeet	10,000
Artesian Development purchased area of warehouse space (in square feet) \| Squarefeet	10,000
Artesian Utility [Member]
Initial contract period of operating wastewater treatment facilities in Middletown	20 years
Number of wastewater treatment station facility operations in Middletown \| Facility	2
Number of wastewater treatment facilities in Middletown providing reclaimed wastewater \| Facility	1
Number of water service line protection plan customers	19,500
Number of sewer service line protection plan customers	15,100
Percentage of water service line protection plan customers signed up	25.10%
Percentage of sewer service protection plan customer signed up	19.50%
Percentage Of Internal Service Line Protection Plan customer signed up (in hundredths)	1,260
Number of internal service line protection plan customers	3,100
Number Of Non Customers Signed Up With Plan	1,260
Artesian Utility [Member] \| Wastewater treatment facility first of two [Member] \| Maximum [Member]
Capacity of waste water treatment facilities \| gal	2,500,000
Artesian Utility [Member] \| Wastewater treatment facility second of two [Member] \| Maximum [Member]
Capacity of waste water treatment facilities \| gal	250,000

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STOCK COMPENSATION PLANS (Details)	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
STOCK COMPENSATION PLANS (Details)	Sep. 30, 2016 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares shares	Sep. 30, 2016 USD ($) Director $ / shares shares	Sep. 30, 2015 USD ($)	Dec. 31, 2014	May 04, 2016 $ / shares shares	Dec. 18, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors in committee \| Director			3
Non-vested shares of Class A Stock under option [Abstract]
Vesting period for granted option			1 year
Options granted term			10 years
Weighted-average assumptions used for grants issued [Abstract]
Expected Dividend Yield					3.88%
Expected Stock Price Volatility					26.50%
Weighted Average Risk-Free Interest Rate					2.24%
Weighted Average Expected Life of Options					7 years 6 months 7 days
Restricted Stock [Member]
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) \| shares		0	0
Granted, option shares (in shares) \| shares			5,000
Vested, option shares (in shares) \| shares			0
Cancelled, option shares (in shares) \| shares			0
Outstanding at end of period, Non-vested option shares (in shares) \| shares	5,000		5,000
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 share) \| $ / shares		$ 0	$ 0
Granted, weighted average grant-date fair value per option (in dollars per share) \| $ / shares			27.7
Vested, weighted average grant-date fair value per option (in dollars per share) \| $ / shares			0
Cancelled, weighted average grant-date fair value per option (in dollars per share) \| $ / shares			0
Outstanding at end of period, weighted average grant-date fair value per option (in dollars per share) \| $ / shares	$ 27.7		$ 27.7
Class A Stock [Member] \| 2005 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense \| $				$ 46,000
Class A Stock [Member] \| 2015 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense \| $	$ 35,000		$ 57,000
Unrecognized expense related to non-vested option shares \| $	$ 0		$ 0
Number of shares authorizes under the plan (in shares) \| shares						5,000	5,000
Fair market value (in dollars per share) \| $ / shares						$ 27.7	$ 27.38
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) \| shares		270,000	270,000
Granted, option shares (in shares) \| shares			0
Exercised/vested and released, option shares (in shares) \| shares			(33,750)
Expired, option shares (in shares) \| shares			0
Outstanding at end of period, option shares (in shares) \| shares	236,250		236,250
Exercisable/vested at end of period, option share (in shares) \| shares	236,250		236,250
Shares of Class A Non-Voting Common Stock under option [Abstract]
Outstanding at beginning of period, weighted average exercise price (in dollars per shares) \| $ / shares		$ 19.34	$ 19.34
Granted, weighted average exercise price (in dollars per share) \| $ / shares			0
Exercised/vested and released, weighted average exercise price (in dollars per shares) \| $ / shares			19.64
Expired/cancelled, weighted average exercise price (in dollars per share) \| $ / shares			0
Outstanding at end of period, weighted average exercise price (in dollars per shares) \| $ / shares	$ 19.30		19.30
Exercisable/vested at end of period, weighted average exercise price (in dollars per shares) \| $ / shares	$ 19.30		$ 19.30
Outstanding at end of period, weighted average remaining life			4 years 7 months 2 days
Exercisable/vested at end of period, weighted average remaining life			4 years 7 months 2 days
Outstanding at beginning of period, aggregate intrinsic value \| $		$ 2,256,000	$ 2,256,000
Granted, aggregate intrinsic value \| $			0
Exercised/ vested and released, aggregate intrinsic value \| $			286,000
Expired/cancelled, aggregate intrinsic value \| $		$ 0
Outstanding at end of period, aggregate intrinsic value \| $	$ 2,182,000		2,182,000
Exercisable/vested at end of period, aggregate intrinsic value \| $	$ 2,182,000		$ 2,182,000
Class A Stock [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period, option shares (in shares) \| shares		0	0
Granted, option shares (in shares) \| shares		5,000
Exercised/vested and released, option shares (in shares) \| shares		0
Expired, option shares (in shares) \| shares		0
Outstanding at end of period, option shares (in shares) \| shares	5,000		5,000
Exercisable/vested at end of period, option share (in shares) \| shares	0		0
Shares of Class A Non-Voting Common Stock under option [Abstract]
Outstanding at beginning of period, weighted average exercise price (in dollars per shares) \| $ / shares		$ 0	$ 0
Granted, weighted average exercise price (in dollars per share) \| $ / shares			27.70
Exercised/vested and released, weighted average exercise price (in dollars per shares) \| $ / shares			0
Expired/cancelled, weighted average exercise price (in dollars per share) \| $ / shares			0
Outstanding at end of period, weighted average exercise price (in dollars per shares) \| $ / shares	$ 27.70		27.70
Exercisable/vested at end of period, weighted average exercise price (in dollars per shares) \| $ / shares	$ 0		$ 0
Class A Stock [Member] \| Restricted Stock [Member] \| 2015 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense related to non-vested option shares \| $	$ 82,000		$ 82,000
Period over which unvested options cost will recognized			7 months 2 days

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REGULATORY ASSETS (Details) - USD ($)	9 Months Ended
REGULATORY ASSETS (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Regulatory Assets [Line Items]
Regulatory assets, net	$ 3,636,000	$ 4,176,000
Period over which depreciation and salary study expenses amortized	5 years
Period over which Delaware rate proceedings and applications expenses amortized	two and a half
Period over which Maryland rate proceedings and applications expenses amortized	5 years
Period over which goodwill amortized	50 years
Period over which Port Deposit and Cecil County deferred acquisition costs amortized	20 years
Period over which Cecil County deferred franchise costs amortized	80 years
Artesian Water contributed to its postretirement benefit plan	$ 66,000
Maximum [Member]
Regulatory Assets [Line Items]
Amortization period of debt issuance costs	30 years
Minimum [Member]
Regulatory Assets [Line Items]
Amortization period of debt issuance costs	10 years
Postretirement Benefit Obligation [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	$ 329,000	329,000
Debt Issuance Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	1,656,000	1,747,000
Deferred Income Taxes [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	435,000	446,000
Goodwill [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	312,000	318,000
Deferred Acquisition and Franchise Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	692,000	720,000
Expense of Rate and Regulatory Proceedings [Member]
Regulatory Assets [Line Items]
Regulatory assets, net	$ 212,000	$ 616,000

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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE (Details) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
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)	9,112,000	8,960,000	9,090,000	8,935,000
Dilutive effect of employee stock options (in shares)	65,000	40,000	64,000	37,000
Weighted average common shares outstanding during the period for Diluted computation (in shares)	9,177,000	9,000,000	9,154,000	8,972,000
Common stock excluded from calculations of diluted net income per share (in shares)			3,780
Class A Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	15,000,000		15,000,000
Common stock, shares issued (in shares)	8,232,645	8,119,781	8,232,645	8,119,781
Common stock, shares outstanding (in shares)	8,232,645	8,119,781	8,232,645	8,119,781
Common stock, par value (in dollars per share)	$ 1.00		$ 1.00
Common stock, shares issued during period (in shares)	7,352	72,200	56,432	89,104
Equity per common share (in dollars per share)			$ 14.95		$ 14.77
Class B Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,040,000		1,040,000
Common stock, shares issued (in shares)	881,452	881,452	881,452	881,452
Common stock, shares outstanding (in shares)	881,452	881,452	881,452	881,452
Common stock, par value (in dollars per share)	$ 1.00		$ 1.00

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REGULATORY PROCEEDINGS (Details) - USD ($)					3 Months Ended		9 Months Ended
REGULATORY PROCEEDINGS (Details) - USD ($)	May 31, 2016	Nov. 24, 2015	May 31, 2015	Nov. 13, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Aug. 18, 2015	Apr. 11, 2014
Delaware [Member]
Rate Proceedings [Abstract]
Percentage of gross water sales							15.00%
Period to complete rate case by law							7 months
Delaware [Member] \| Maximum [Member]
Rate Proceedings [Abstract]
Temporary annual rate increase subject to 15% gross water sales limitation							$ 2,500,000
Percentage of rate relief allowed should a rate case not complete							15.00%
Other Proceedings [Abstract]
Distribution System Improvement Charge rate increase applied between base rate filings							7.50%
Distribution System Improvement Charge rate increase within a 12-month period							5.00%
Artesian Water [Member]
Rate Proceedings [Abstract]
Percentage of revenue increase in a filed request to implement new rates										15.90%
Amount of annual revenue increase in a filed request to implement new rates										$ 10,000,000
Authorized rate increase in annualized basis revenue									$ 6,000,000
Incremental increase to customers									6.20%
Percentage increase in annual operating revenue due to temp rate increase in effect									9.50%
Other Proceedings [Abstract]
Percentage of Distribution System Improvement Charges annual rate increase application filed by company to regulatory	2.30%	1.57%	1.15%	0.34%
Increase in revenue due to DSIC rate increase application, annually	$ 10,300,000	$ 7,000,000	$ 4,600,000	$ 1,300,000
Revenue earned in DSIC rate increases					$ 432,000	$ 218,000	$ 938,000	$ 340,000

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INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Examination [Line Items]
Income tax penalties and interest accrued for unrecognized tax position	$ 400	$ 5,000	$ 3,300	$ 11,000
Deferred tax assets, net	$ 201,000		201,000
State Authorities [Member] \| Tax Year 2013 [Member] \| Minimum [Member]
Income Tax Examination [Line Items]
Open tax year	2013
State Authorities [Member] \| Tax Year 2015 [Member] \| Maximum [Member]
Income Tax Examination [Line Items]
Open tax year	2015
Federal Authorities [Member]
Income Tax Examination [Line Items]
Deduction on tax return for qualifying capital expenditures made			$ 1,400,000
Federal Authorities [Member] \| Tax Year 2015 [Member]
Income Tax Examination [Line Items]
Open tax year			2015

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying Amount [Member]
Long-term Financial Liabilities [Abstract]
Long-term debt	$ 103,911	$ 104,936
Estimated Fair Value [Member]
Long-term Financial Liabilities [Abstract]
Long-term debt	$ 119,558	$ 120,243

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RELATED PARTY TRANSACTIONS (Details) - USD ($)			3 Months Ended	9 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jul. 31, 2016	May 31, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Stock ownership required to be disclosed, minimum			5.00%	5.00%
W.F. Construction [Member]
Related Party Transaction [Line Items]
Contract to repair water treatment plant	$ 131,000	$ 48,000
Amounts paid			$ 0	$ 0	$ 48,000
Accounts payable balance due						$ 0
Accrued liabilities			$ 66,000	$ 66,000

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