0000863110-17-000015.txt : 20170804 0000863110-17-000015.hdr.sgml : 20170804 20170804135416 ACCESSION NUMBER: 0000863110-17-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170804 DATE AS OF CHANGE: 20170804 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: 171008006 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 June 30, 2017

☐ 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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12(b)-2 of the Exchange Act.:

Large Accelerated Filer ☐

Accelerated Filer ☑

Non-Accelerated Filer ☐

Smaller Reporting Company ☐

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

☐

Yes

☑

As of August 1, 2017, 8,306,977 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 June 30, 2017 and December 31, 2016 (unaudited)	3

		Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016 (unaudited)	4

		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016 (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	15-24

Item 3	-	Quantitative and Qualitative Disclosures about Market Risk	24

Item 4	-	Controls and Procedures	25

Part II	-	Other Information:

Item 1	-	Legal Proceedings	25

Item 1A	-	Risk Factors	25

Item 4		Mine Safety Disclosures	25

Item 6	-	Exhibits	26

Signatures

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ARTESIAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

ASSETS	June 30, 2017		December 31, 2016
Utility plant, at original cost (less accumulated depreciation 2017 - $ 114,313; and 2016 - $109,684)	$	438,259	$	425,502
Current assets
Cash and cash equivalents		303		226
Accounts receivable (less allowance for doubtful accounts 2017 - $273; 2016 - $263)		6,796		7,796
Income tax receivable		215		150
Unbilled operating revenues		1,657		1,403
Materials and supplies		1,605		1,564
Prepaid property taxes		3		1,669
Prepaid expenses and other		2,328		1,827
Total current assets		12,907		14,635
Other assets
Non-utility property (less accumulated depreciation - 2017- $653; 2016 - $611)		3,928		3,881
Other deferred assets		3,730		3,584
Total other assets		7,658		7,465
Regulatory assets, net		7,809		3,374
Total Assets	$	466,633	$	450,976

LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity
Common stock	$	9,183	$	9,127
Preferred stock		—		—
Additional paid-in capital		98,808		97,480
Retained earnings		34,548		32,416
Total stockholders' equity		142,539		139,023
Long-term debt, net of current portion		81,262		102,331
		223,801		241,354
Current liabilities
Lines of credit		5,195		7,130
Overdraft payable		1,183		32
Current portion of long-term debt		26,330		1,316
Accounts payable		3,404		5,532
Accrued expenses		3,200		1,309
Accrued interest		924		1,000
Customer deposits		927		864
Other		3,047		2,145
Total current liabilities		44,210		19,328

Commitments and contingencies		—		—

Deferred credits and other liabilities
Net advances for construction		7,844		8,169
Postretirement benefit obligation		149		149
Deferred investment tax credits		535		544
Utility plant retirement cost obligation		808		873
Deferred income taxes		70,607		68,453
Total deferred credits and other liabilities		79,943		78,188

Net contributions in aid of construction		118,679		112,106
	$	466,633	$	450,976

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 the Three Months Ended June 30,						For the Six Months Ended June 30,

	2017			2016			2017		2016
Operating revenues
Water sales	$	18,248		$	17,323		$	35,183	$	33,760
Other utility operating revenue		1,020			912			2,039		1,777
Non-utility operating revenue		1,234			1,160			2,469		2,308
		20,502			19,395			39,691		37,845

Operating expenses
Utility operating expenses		9,588			8,766			18,494		17,312
Non-utility operating expenses		662			590			1,349		1,226
Depreciation and amortization		2,329			2,249			4,648		4,564
State and federal income taxes		1,763			2,023			3,857		3,975
Property and other taxes		1,170			1,098			2,364		2,246
		15,512			14,726			30,712		29,323

Operating income		4,990			4,669			8,979		8,522

Other income, net
Allowance for funds used during construction (AFUDC)		76			49			146		72
Miscellaneous (expense) income		(290	)		(31	)		293		625

Income before interest charges		4,776			4,687			9,418		9,219

Interest charges		1,525			1,646			3,081		3,349

Net income applicable to common stock	$	3,251		$	3,041		$	6,337	$	5,870

Income per common share:
Basic	$	0.35		$	0.33		$	0.69	$	0.65
Diluted	$	0.35		$	0.33		$	0.69	$	0.64

Weighted average common shares outstanding:
Basic		9,163			9,092			9,149		9,079
Diluted		9,235			9,155			9,220		9,142

Cash dividends per share of common stock	$	0.2317		$	0.2249		$	0.4600	$	0.4465

See notes to the condensed consolidated financial statements.

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ARTESIAN RESOURCES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

(In thousands)

	For the Six Months Ended June 30,
	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	6,337		$	5,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,648			4,564
Deferred income taxes, net		2,145			1,731
Stock compensation		327			22
AFUDC, equity portion		(99	)		(48	)

Changes in assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts		1,000			(1,535	)
Income tax receivable		(65	)		1,371
Unbilled operating revenues		(254	)		(184	)
Materials and supplies		(41	)		(223	)
Prepaid property taxes		1,666			1,588
Prepaid expenses and other		(501	)		(546	)
Other deferred assets		(164	)		(181	)
Regulatory assets		180			336
Accounts payable		(2,128	)		(1,281	)
Accrued expenses		1,891			951
Accrued interest		(76	)		(42	)
Customer deposits and other, net		965			782
NET CASH PROVIDED BY OPERATING ACTIVITIES		15,831			13,175

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)		(17,140	)		(12,050	)
Proceeds from sale of assets		15			32
NET CASH USED IN INVESTING ACTIVITIES		(17,125	)		(12,018	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under lines of credit agreements		(1,935	)		(5,669	)
Increase in overdraft payable		1,151			295
Net advances and contributions in aid of construction		6,008			7,709
Net proceeds from issuance of common stock		1,057			1,216
Dividends paid		(4,205	)		(4,052	)
Debt issuance costs		(148	)		--
Principal repayments of long-term debt		(557	)		(642	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		1,371			(1,143	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		77			14

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		226			209

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	303		$	223

Supplemental Disclosures of Cash Flow Information:
Utility plant received as construction advances and contributions	$	1,294		$	1,332
Interest paid	$	3,157		$	3,391
Income taxes paid	$	1,278		$	153

See notes to the condensed consolidated financial statements.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – GENERAL

Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our nine 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 has contract operation agreements with private and municipal water providers. We also provide water for public and private fire protection to customers in our service territories.

Artesian Wastewater Management, Inc., or Artesian Wastewater, is a regulated entity that owns wastewater collection and treatment infrastructure and provides wastewater services to customers in Delaware as a regulated public wastewater service company. As of June 30, 2017 Artesian Wastewater owned and operated four wastewater treatment facilities, which are capable of treating approximately 500,000 gallons per day. In August 2016, Artesian Wastewater and Sussex County, a political subdivision of Delaware, entered into an agreement to provide wastewater treatment and disposal services for each other in order to address the periodic need of additional wastewater treatment and disposal capacities and facilities in Sussex County, beyond those under their own ownership and control, to assure the timely, efficient and cost effective transmission and management of wastewater. There are numerous locations in Sussex County where Artesian Wastewater's and Sussex County's facilities are capable of being connected or integrated to allow for the movement and disposal of wastewater generated by one or the other's system.

On September 27, 2016, Artesian Wastewater entered into a wastewater services agreement with Allen Harim Foods, LLC, or Allen Harim, for Artesian Wastewater to provide treatment and disposal services for sanitary wastewater discharged from Allen Harim's properties located in Sussex County, Delaware upon completion of a pipeline to transfer the sanitary wastewater. The pipeline was completed in the second quarter of 2017. The transfer of sanitary wastewater is pending completion of on-site improvements by Allen Harim. On January 27, 2017, Artesian Wastewater entered into a second wastewater agreement with Allen Harim for Artesian Wastewater to provide disposal services for approximately 1.5 million gallons per day of treated industrial and/or process wastewater upon completion of an approximately eight-mile pipeline that will transfer the wastewater from Allen Harim's properties to a 90 million gallon storage lagoon at Artesian's Northern Sussex Regional Water Recycling Facility. Artesian will use the reclaimed wastewater for spray irrigation on agricultural land in the area. The completion of the industrial and/or process wastewater pipeline and storage lagoon should occur during the first quarter of 2018.

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 four other subsidiaries, none of which are regulated, are Artesian Utility Development, Inc., or Artesian Utility, Artesian Development Corporation, or Artesian Development, Artesian Storm Water Services, Inc., or Artesian Storm Water, 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. In addition, as further discussed below, effective April 2012, Artesian Utility operates the Water Service Line Protection Plan, or WSLP Plan, and the Sewer Service Line Protection Plan, or SSLP Plan. In November 2015, a third plan was added, 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 million gallons per day 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 June 30, 2017, approximately 19,600, or 24.9%, of our eligible water customers signed up for the WSLP Plan, approximately 15,400, or 19.6%, of our eligible customers signed up for the SSLP Plan, and approximately 4,300, or 5.4%, of eligible customers signed up for the ISLP Plan. Approximately 1,500 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 Storm Water, incorporated on January 17, 2017, was formed to provide design, installation, maintenance and repair services related to existing or proposed storm water management systems in Delaware and the surrounding areas. The ability to offer storm water services will complement the primary water and wastewater services that we provide.

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.

Table of Contents

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 2016 as filed with the Securities and Exchange Commission on March 10, 2017.

The condensed consolidated financial statements include the accounts of Artesian Resources Corporation and its wholly owned subsidiaries, including its principal operating company, Artesian Water. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments (unless otherwise noted) necessary to present fairly the Company's balance sheet position as of June 30, 2017, the results of operations for the three and six month periods ended June 30, 2017 and 2016 and the cash flows for the six month periods ended June 30, 2017 and 2016.

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

NOTE 3 – STOCK COMPENSATION PLANS

On 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.

For the three and six months ended June 30, 2017 compensation expense of approximately $293,000 and $327,000 was recorded for restricted stock awards issued in May 2016 and May 2017, as well as unrestricted stock awards issued in June 2017. For both the three months and six months ended June 30, 2016, compensation expense of approximately $22,000 was recorded for restricted stock awards issued in May 2016. 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.

On May 3, 2017, 5,000 shares of Class A common stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $38.10, the closing price of the Class A Stock as recorded on the Nasdaq Global Market on May 3, 2017. 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 service.

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 service.

On June 28, 2017, 6,568 shares of Class A common stock were issued as fully vested unrestricted stock awards. The fair market value per share was $38.06, the closing price of the Class A common stock as recorded on the Nasdaq Global Market on June 28, 2017.

The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the six months ended June 30, 2017:

	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, 2017		231,755		$	19.32			$	2,925		5,000			27.70
Granted		–			–				–		11,568		$	38.08
Exercised/vested and released		(37,405	)		18.09				742		(11,568	)		33.58
Expired/cancelled		–			–				–		–			–
Outstanding at June 30, 2017		194,350		$	19.55		4.41	$	3,515		5,000		$	38.10

Exercisable/vested at June 30, 2017		194,350		$	19.55		4.41	$	3,515		–			–

The total intrinsic value of options exercised during the six months ended June 30, 2017 was approximately $742,000.

There were no unvested option shares outstanding under the 2015 Plan during the six months ended June 30, 2017.

As of June 30, 2017, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan.

As of June 30, 2017, there was $160,000 total unrecognized expense related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.84 years, the remaining vesting period for the restricted stock awards.

The total intrinsic value of awards released during the six months ended June 30, 2017 was approximately $441,000.

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NOTE 4 - REGULATORY ASSETS

The Financial Accounting Standards Board, or 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.

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. Artesian Water contributed $17,000 to its postretirement benefit plan in the first six months of 2017. These contributions consist of insurance premium payments for medical, dental and life insurance benefits made on behalf of the Company's eligible retired employees.

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.

Debt related costs include debt issuance costs and other debt related expense. The DEPSC has allowed rate recovery on unamortized issuance costs and make-whole premiums associated with the early retirement of Series O and Q First Mortgage bonds as the replacement of that debt in January 2017 with Series T First Mortgage bonds was deemed to be more favorable for the ratepayers. These amounts are recovered over the term of the new long-term debt issued.

Regulatory expenses amortized on a straight-line basis are noted below:

Expense	Years Amortized
Debt related costs	15 to 25 (based on term of related debt)
Depreciation and salary studies	5
Delaware rate proceedings	2.5
Maryland rate proceedings	5
Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008)	50
Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010)	20
Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011)	80

Regulatory assets, net of amortization, comprise:
	(in thousands)
	June 30, 2017		December 31, 2016

Postretirement benefit obligation	$	186	$	186
Deferred income taxes		423		431
Debt related costs		6,135		1,648
Expense of rate and regulatory proceedings		93		116
Goodwill		307		310
Deferred acquisition and franchise costs		665		683
	$	7,809	$	3,374

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 June 30,		For the Six Months Ended June 30,

	2017	2016	2017	2016
	(in thousands)		(in thousands)

Weighted average common shares outstanding during the period for Basic computation	9,163	9,092	9,149	9,079
Dilutive effect of employee stock options	72	63	71	63

Weighted average common shares outstanding during the period for Diluted computation	9,235	9,155	9,220	9,142

For the three and six months ended June 30, 2017, 1,400 and 3,400 shares of restricted stock awards were excluded from the calculations of diluted net income per share, respectively. For the three and six months ended June 30, 2016, 4,430 and 4,500 shares of restricted stock awards were excluded from the calculations of diluted net income per share, respectively. Due to unrecognized compensation costs during the noted periods, the hypothetical repurchase of shares exceeds the number of restricted shares expected to vest during the period, creating an anti-dilutive effect. For the three and six months ended June 30, 2017 and June 30, 2016, no shares of stock options were excluded from the calculations of diluted net income per share, as the calculated proceeds from the options' exercise were greater than the average market price of the Company's common stock during the period.

The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Stock. As of June 30, 2017, 8,306,073 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of June 30, 2016, 8,225,293 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 June 30, 2017 and June 30, 2016, the Company issued 42,275 and 33,896 shares of Class A Stock, respectively. For the six months ended June 30, 2017 and June 30, 2016, the Company issued 60,040 and 49,080 shares of Class A Stock.

Equity per common share was $15.58 and $15.28 at June 30, 2017 and December 31, 2016, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on June 30, 2017 and December 31, 2016, respectively.

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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 is 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.

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 7.50% of the amount billed to customers under otherwise applicable rates and charges, and the DSIC rate increase applied cannot exceed 5.0% within any 12-month period.

The following table summarizes Artesian Water's applications with the DEPSC to collect DSIC rates and the eligible plant improvements the rates are based on:

Application Date

11/24/2015

05/31/2016

11/29/2016

DEPSC Approval Date

12/15/2015

06/28/2016

12/20/2016

Effective Date

01/01/2016

07/01/2016

01/01/2017

Cumulative DSIC Rate

1.57

2.30

4.71

Eligible Plant Improvements – Cumulative Dollars (in millions)

7.0

10.3

16.6

Eligible Plant Improvements – Installed Beginning Date

10/01/2014

Eligible Plant Improvements – Installed Ending Date

10/31/2015

04/30/2016

10/31/2016

All DEPSC approvals noted in the table above are subject to audit at a later date. For the three and six months ended June 30, 2017 we earned approximately $787,000 and $1,543,000 in DSIC revenue, respectively. For the three and six months ended June 30, 2016, we earned approximately $257,000 and $506,000 in DSIC revenue, respectively.

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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 $1,500 and $3,600 in penalties and interest for the three and six months ended June 30, 2017, respectively, for any disallowance pertaining to the 2015 and 2016 tax filings. The Company remains subject to examination by federal authorities for the tax years 2015 through 2016 and state authorities for the tax years 2014 through 2016.

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 June 30, 2017 and December 31, 2016 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
	June 30, 2017			December 31, 2016
Carrying amount		$	107,592		$	103,647
Estimated fair value		$	112,347		$	111,864

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.

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NOTE 9 – RELATED PARTY TRANSACTIONS

In February 2017 and July 2016, Artesian Water entered into agreements in the normal course of business with W.F. Construction, Inc. for work associated with building modification to water treatment plants. The amounts of these agreements were approximately $100,000 and $131,000, respectively. The owner of W.F. Construction, Inc. is the husband of Mrs. Jennifer Finch, Vice President and Assistant Treasurer of Artesian Resources. Approximately $44,000 and $87,000 was paid to W.F. Construction, Inc. during the three and six months ended June 30, 2017, respectively. No amounts were paid to W.F. Construction, Inc. for the three and six months ended June 30, 2016. As of June 30, 2017 and June 30, 2016, the Company had no liability 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 both the 2017 and 2016 related party transactions 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 consistent with, the best interests of the Company and its stockholders.

NOTE 10 - IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued amended guidance for reporting revenue from contracts with customers. This guidance affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and the related cash flows arising from contracts with customers. For a public entity, the amendments in this guidance are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect a material change to revenue currently being recognized compared to revenue that will be recognized under this amended guidance for the majority of the Company's revenue. These revenues include regulated water and wastewater sales subject to tariffs. The Company continues to evaluate the impact of adoption of this new standard and implementation issues specific to utilities identified by The American Institute of Certified Public Accountants Revenue Recognition Task Force in particular, contributions in aid of construction.

In February 2016, the 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 (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, which includes compiling a list of all contracts that meet the definitions of a lease under the new standard and determine the proper classification and accounting treatment to determine the ultimate impact the new standard will have on our consolidated financial statements.

In January 2017, the FASB issued new guidance on Business Combinations. The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company applied this amended guidance in 2017 to the purchase of the water assets from Fort DuPont Redevelopment and Preservation Corporation.

In February 2017, the FASB issued new guidance on Other Income – Gains and Losses from derecognition of Nonfinancial Assets to clarify the scope and application of the sale or transfer of nonfinancial assets to noncustomers, including partial sales and also defines what constitutes an "in substance nonfinancial asset" which can include financial assets. The new guidance eliminates several accounting differences between transactions involving assets and transactions involving businesses. Further, the guidance aligns the accounting for derecognition of a nonfinancial asset with that of a business. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Management does not expect a material impact on the Company's financial statement due to the adoption of this guidance.

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ITEM 2

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

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, 2016, 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 JUNE 30, 2017

OVERVIEW

Our profitability is primarily attributable to the sale of water. Gross water sales comprise 88.6% of total operating revenues for the six months ended June 30, 2017. 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 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.

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 June 30, 2017 we had approximately 83,400 metered water customers in Delaware, an increase of approximately 1,300 compared to June 30, 2016. The number of metered water customers in Maryland totaled 2,300 as of June 30, 2017, an increase of approximately 20 compared to June 30, 2016. The number of metered water customers in Pennsylvania remained consistent compared to June 30, 2016. For the six months ended June 30, 2017, approximately 3.7 billion gallons of water were distributed in our Delaware systems and approximately 59.7 million gallons of water were distributed in our Maryland systems.

Wastewater Division

Artesian Wastewater owns wastewater infrastructure and began providing wastewater services in Delaware in July 2005. Artesian Wastewater Maryland, which was incorporated on June 3, 2008, is able to provide regulated wastewater services in Maryland. Our residential and commercial wastewater customers are billed a flat monthly fee, which contributes to providing a revenue stream unaffected by weather. There has been consistent customer growth over the years. The number of Delaware wastewater customers totaled 1,685 as of June 30, 2017, an increase of approximately 170, or 11.2%, compared to June 30, 2016. In addition, Artesian Wastewater entered into a wastewater services agreement with Allen Harim Foods, LLC, or Allen Harim, a large industrial customer, under which service is expected to begin in 2018. The wastewater services agreement with Allen Harim is discussed further in the "Strategic Direction" section below.

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Non-Regulated Division

Artesian Utility provides contract water and wastewater operation services to private, municipal and governmental institutions. Artesian Utility currently operates wastewater treatment facilities for the town of Middletown 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.

Artesian Utility has operated the WSLP Plan and the SSLP Plan since 2012. Artesian Resources initiated the WSLP Plan in March 2005. In November 2015, a third plan was added, the ISLP Plan. 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 SSLP Plan was initiated in the second quarter of 2008. 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. 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 the residence. As of June 30, 2017, approximately 19,600, or 24.9%, of our eligible water customers signed up for the WSLP Plan, approximately 15,400, or 19.6%, of our eligible customers signed up for the SSLP Plan, and approximately 4,300, or 5.4%, of eligible customers signed up under the ISLP Plan. Approximately 1,500 non-customer participants signed up for either the WSLP Plan, the SSLP Plan, or the ISLP Plan.

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.

On February 23, 2017, Artesian Water entered into an agreement with Fort DuPont Redevelopment and Preservation Corporation, or FDRPC, for the purchase of existing water assets and for the provision of potable water and fire suppression services. The Fort DuPont National Historic District, or Fort DuPont, consists of 325-acres and lies between the Delaware River on the east, the Chesapeake and Delaware Canal on the south and the Delaware City Branch Canal. The final purchase price for the water assets consisting of a water treatment plant, storage tank, wells, mains, and other equipment used to provide potable water and fire suppression services to portions of Fort DuPont and the surrounding properties was $852,000. Closing occurred in June 2017. In connection with the planned future development of Fort DuPont, the parties intend to design, build and operate a state of the art, cost effective, safe and reliable water system that will include both new water assets as well as improvements and upgrades to the existing water assets. The water system can be expanded to meet the needs of the planned 600 residential unit as well as new commercial customers, in addition to water service currently provided to the Governor Bacon Health Center and National Guard facilities.

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.

Artesian Wastewater entered into agreements that will provide growth opportunities and will utilize our larger regional wastewater facilities. In August 2016, Artesian Wastewater and Sussex County, a political subdivision of Delaware, entered into an agreement to provide wastewater treatment and disposal services for each other in order to address the periodic need of additional wastewater treatment and disposal capacities and facilities in Sussex County, beyond those under their own ownership and control, to assure the timely, efficient and cost effective transmission and management of wastewater. There are numerous locations in Sussex County where Artesian Wastewater's and Sussex County's facilities are capable of being connected or integrated to allow for the movement and disposal of wastewater generated by one or the other's system.

On September 27, 2016, Artesian Wastewater entered into a wastewater services agreement with Allen Harim for Artesian Wastewater to provide treatment and disposal services for sanitary wastewater discharged from Allen Harim's properties located in Sussex County, Delaware upon completion of a pipeline to transfer the sanitary wastewater. The pipeline was completed in the second quarter of 2017. The transfer of sanitary wastewater is pending completion of on-site improvements by Allen Harim. On January 27, 2017, Artesian Wastewater entered into a second wastewater agreement with Allen Harim for Artesian Wastewater to provide disposal services for approximately 1.5 million gallons per day of treated industrial and/or process wastewater upon completion of an approximately eight-mile pipeline that will transfer the wastewater from Allen Harim's properties to a 90 million gallon storage lagoon at Artesian's Northern Sussex Regional Water Recycling Facility. Artesian will use the reclaimed wastewater for spray irrigation on agricultural land in the area. The completion of the industrial and/or process wastewater pipeline and storage lagoon should occur during the first quarter of 2018.

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 expansion 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. We also anticipate continued growth due to our water, sewer and internal Service Line Protection Plans. 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. Artesian Storm Water was recently formed to expand contract work related to the design, installation, maintenance and repair services associated with existing or proposed storm water management systems in Delaware and the surrounding areas.

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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.

The following table summarizes Artesian Water's applications with the DEPSC to collect DSIC rates and the eligible plant improvements the rates are based on:

Application Date

11/24/2015

05/31/2016

11/29/2016

DEPSC Approval Date

12/15/2015

06/28/2016

12/20/2016

Effective Date

01/01/2016

07/01/2016

01/01/2017

Cumulative DSIC Rate

1.57

2.30

4.71

Eligible Plant Improvements – Cumulative Dollars (in millions)

7.0

10.3

16.6

Eligible Plant Improvements – Installed Beginning Date

10/01/2014

Eligible Plant Improvements – Installed Ending Date

10/31/2015

4/30/2016

10/31/2016

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Results of Operations – Analysis of the Three Months Ended June 30, 2017 Compared to the Three Months Ended June 30, 2016.

Operating Revenues

Revenues totaled $20.5 million for the three months ended June 30, 2017, $1.1 million, or 5.7%, more than revenues for the three months ended June 30, 2016 of $19.4 million. Water sales revenue increased $0.9 million, or 5.3%, for the three months ended June 30, 2017 from the corresponding period in 2016, primarily due to an increase in DSIC and an increase in overall water consumption. We realized 89.0% of our total operating revenue for the three months ended June 30, 2017 from the sale of water as compared to 89.3% for the three months ended June 30, 2016.

Other utility operating revenue increased approximately $0.1 million, or 11.8%, for the three months ended June 30, 2017 compared to the three months ended June 30, 2016. The increase is primarily due to an increase in wastewater revenue from customer growth and new development inspection fees as well as an increase in water service charges.

Non-utility operating revenue increased approximately $0.1 million, or 6.4%, for the three months ended June 30, 2017 compared to the same period in 2016. The increase is primarily due to an increase in Service Line Protection Plan revenue.

Operating Expenses

Operating expenses, excluding depreciation and income taxes, increased $1.0 million, or 9.2%, for the three months ended June 30, 2017, compared to the same period in 2016.

Utility operating expenses increased $0.8 million, or 9.4%, for the three months ended June 30, 2017 over the same period in 2016. The increase is primarily related to the following:

·	Payroll, employee benefit costs and related expenses increased $0.6 million due to an increase in and timing of compensation, including equity compensation awards.

·	Purchased water expense increased $0.2 million, primarily due to increased water purchased during relocation of a major transmission main in our northern New Castle County, Delaware water system due to state highway construction.

·	Repair and maintenance expense increased $0.2 million, primarily due to the timing of expenses related to the maintenance of water treatment equipment, specifically carbon filter replacements.

Other expenses decreased $0.2 million, primarily due to a decrease in amortization of Delaware rate proceedings related to the 2014 rate case that was fully amortized at the end of 2016 and a decrease in legal costs associated with litigation before the DEPSC pertaining to a developer dispute over contributions in aid of construction.

Non-utility operating expenses increased $0.1 million, or 12.2%, for the three months ended June 30, 2017 over the same period in 2016 primarily due to an increase in costs related to Service Line Protection Plans.

Property and other taxes increased $0.1 million, or 6.6%, primarily due to an increase in payroll taxes associated with increased payroll related expenses for the quarter.

The ratio of operating expense, excluding depreciation and income taxes, to total revenue was 55.7% for the three months ended June 30, 2017, compared to 53.9% for the three months ended June 30, 2016.

Depreciation and amortization expense increased by $0.1 million, or 3.6%, to $2.3 million as a result of continued investment in utility plant providing supply, treatment, storage and distribution of water to customers and service to our wastewater customers.

Federal and state income tax expense decreased $0.3 million, or 12.9%, primarily due to the adoption of amended guidance issued by the Financial Accounting Standards Board, or FASB, in 2017 that updated how stock compensation activities are recorded, resulting in a tax deduction. Also, we recognized an additional expense, for tax purposes only, related to the federal Qualified Domestic Production Activities Deduction, or QPAD, which reduced the effective tax rates.

Other Income, Net

Miscellaneous income, net, decreased $0.3 million, primarily due to a pledge made to a non-profit entity in Delaware being organized to support the State's economic development efforts.

Interest Charges

Interest expense decreased $0.1 million, or 7.4%, for the three months ended June 30, 2017 compared to the same period a year ago primarily due to the refinancing of the Series O and Series Q First Mortgage Bonds in January 2017, reducing interest rates from 8.17% and 4.75%, respectively, to 4.24%.

Net Income

Our net income applicable to common stock increased $0.2 million for the three months ended June 30, 2017, 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 long-term debt interest expense. In addition, federal and state income tax expense decreased, primarily due to the adoption of amended guidance issued by the FASB in 2017 that updated how stock compensation activities are recorded, resulting in a tax deduction and we recognized an additional expense, for tax purposes only, related to the federal QPAD which reduced the effective tax rates.

Results of Operations – Analysis of the Six Months Ended June 30, 2017 Compared to the Six Months Ended June 30, 2016.

Operating Revenues

Revenues totaled $39.7 million for the six months ended June 30, 2017, $1.9 million, or 4.9%, above revenues for the six months ended June 30, 2016 of $37.8 million. Water sales revenues increased $1.4 million, or 4.2%, for the six months ended June 30, 2017 from the corresponding period in 2016. The increase in water sales is primarily due to an increase in DSIC and an increase in overall water consumption. We realized 88.6% of our total operating revenue for the six months ended June 30, 2017 from the sale of water as compared to 89.2% for the six months ended June 30, 2016.

Other utility operating revenue increased approximately $0.3 million, or 14.8%, for the six months ended June 30, 2017 compared to the six months ended June 30, 2016. The increase is primarily due to an increase in water service charges and an increase in wastewater revenue from customer growth and new development inspection fees.

Non-utility operating revenue increased approximately $0.2 million, or 7.0%, for the six months ended June 30, 2017 compared to the same period in 2016. The increase is primarily due to an increase in Service Line Protection Plan revenue.

Operating Expenses

Operating expenses, excluding depreciation and income taxes, increased $1.4 million, or 6.8%, for the six months ended June 30, 2017, compared to the same period in 2016.

Utility operating expenses increased $1.2 million, or 6.8%, for the six months ended June 30, 2017 over the same period in 2016. The net increase is primarily related to the following:

·	Payroll, employee benefit costs and related expenses increased $0.6 million due to an increase in and timing of compensation, including equity compensation awards.

Purchased water expense increased $0.4 million, primarily due to increased water purchased during relocation of a major transmission main in our northern New Castle County, Delaware water system due to state highway construction. In addition, part of the increase was related to the timing of purchases under a minimum take contract with Chester Water Authority.

·	Repair and maintenance expense increased $0.3 million, primarily due to the timing of expenses related to the maintenance of water treatment equipment, specifically carbon filter replacements.

·	Water treatment expense increased $0.1 million, primarily due to the timing of chemical purchases and an increase in sludge removal.

Non-utility operating expenses increased $0.1 million, or 10.0%, for the six months ended June 30, 2017 over the same period in 2016 primarily due to an increase in costs related to Service Line Protection Plans.

Property and other taxes increased $0.1 million, or 5.3%, primarily due to 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.

The ratio of operating expense, excluding depreciation and income taxes, to total revenue was 55.9% for the six months ended June 30, 2017, compared to 55.0% for the six months ended June 30, 2016.

Depreciation and amortization expense increased by $0.1 million, or 1.8%, to $4.6 million as a result of continued investment in utility plant providing supply, treatment, storage and distribution of water to customers and service to our wastewater customers.

Federal and state income tax expense decreased $0.1 million, or 3.0%, due to the adoption of amended guidance issued by the FASB in 2017 that updated how stock compensation activities are recorded, resulting in a tax deduction. Also, we recognized an additional expense, for tax purposes only, related to the federal QPAD which reduced the effective tax rates. These decreases are offset by an increase in federal and state income tax expense related to higher pre-tax income for the six months ended June 30, 2017, compared to the six months ended June 30, 2016.

Other Income, Net

Miscellaneous income, net decreased $0.3 million, primarily due to a pledge made to a non-profit entity in Delaware to support the State's economic development efforts.

Interest Charges

Interest expense decreased $0.3 million for the six months ended June 30, 2017 compared to the same period a year ago primarily due to the refinancing of the Series O and Series Q First Mortgage Bonds in January 2017, reducing interest rates from 8.17% and 4.75%, respectively, to 4.24%. Additionally, there was an interest rate change from 6.73% to 4.45% effective March 1, 2016 for the Series S First Mortgage Bond.

Net Income

Our net income applicable to common stock increased $0.5 million for the six months ended June 30, 2017, 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 long-term debt interest expense. In addition, federal and state income tax expense decreased, primarily due to the adoption of amended guidance issued by the FASB in 2017 that updated how stock compensation activities are recorded, resulting in a tax deduction and we recognized an additional expense, for tax purposes only, related to the federal QPAD which reduced the effective tax rates.

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LIQUIDITY AND CAPITAL RESOURCES

Overview

Our primary sources of liquidity for the six months ended June 30, 2017 were $15.8 million provided by cash flow from operating activities, $6.0 million in net contributions and advances from developers and $1.1 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 $17.1 million in capital expenditures during the first six months of 2017 compared to $12.1 million invested during the same period in 2016. During the first six months of 2017, we invested approximately $3.0 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 $1.9 million to enhance or improve existing treatment facilities and for the rehabilitation of pumping equipment to better serve our customers. We invested $2.0 million for equipment purchases, computer hardware and software upgrades and transportation and equipment purchases. Developers financed $2.3 million for the installation of water mains and hydrants for the first six months of 2017 compared to $4.2 million for the first six months of 2016. We invested $1.0 million to upgrade and automate our meter reading equipment. We invested approximately $1.8 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 $5.1 million was invested in wastewater projects in Delaware, of which $2.3 million was invested in the ongoing construction of an eight mile pipeline and a 90 million gallon storage lagoon for spray irrigation to dispose of treated wastewater from a new industrial customer.

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 June 30, 2017, 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 June 30, 2017, there was $36.8 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 25, 2018 or any date on which Citizens demands payment. The Company expects to renew this line of credit.

At June 30, 2017, 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 June 30, 2017, there was $18.0 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 six months ended June 30, 2017 and June 30, 2016 were $0.6 million and $0.7 million, respectively. The term of this line of credit expires on September 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		$	5,195		$	--		$	--		$	--

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Long-Term Debt

Artesian Water's trust indentures, which set certain criteria for the issuance of new long-term debt, limit long-term debt, including the short-term portion thereof, to 66⅔% of total capitalization. Our debt to total capitalization, including the short-term portion thereof, was 43.0% at June 30, 2017. 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 June 30, 2017, 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)	$	30,839	$	8,569	$	8,325	$	110,135	$	157,868
State revolving fund loans (principal and interest)		1,002		2,005		1,939		4,539		9,485
Operating leases		76		110		115		1,378		1,679
Unconditional purchase obligations		4,139		7,659		5,752		--		17,550
Tank painting contractual obligation		426		852		--		--		1,278
Total contractual cash obligations	$	36,482	$	19,195	$	16,131	$	116,052	$	187,860

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, which expires December 31, 2021.

On January 18, 2017, Artesian Water and CoBank entered into a Bond Purchase Agreement relating to the issue and sale by the Company to CoBank of a $40 million principal amount First Mortgage Bond, Series T, or the Bond, due December 20, 2036 (the "Maturity Date"). The Bond was issued pursuant to the Company's Indenture of Mortgage dated as of July 1, 1961, as amended and supplemented by supplemental indentures, including the Twenty-Second Supplemental Indenture (the "Supplemental Indenture"), dated as of January 18, 2017 from the Company to Wilmington Trust Company, as Trustee. The Indenture is a first mortgage lien against substantially all of the Company's utility plant. The proceeds from the sale of the Bond were used to prepay indebtedness of the Company under two existing First Mortgage Bonds: Series O, principal amount $20 million with interest rate of 8.17% and related prepayment costs of $4.5 million; and Series Q, principal amount $15.4 million with interest rate of 4.75%. The DEPSC approved the issuance of the Bond on December 20, 2016. The DEPSC also approved deferral of the prepayment costs associated with the First Mortgage Bond, Series O and the previously deferred debt related costs associated with the First Mortgage Bonds, Series O and Series Q.

The Bond carries an annual interest rate of 4.24% through and including the Maturity Date. Interest is payable on June 30^th and December 31^st of each year, beginning June 30, 2017 until the Company's obligation with respect to the payment of principal, premium (if any) and interest shall be discharged. Overdue payments shall bear interest as provided in the Supplemental Indenture. The terms of the Bond also include certain limitations on the Company's indebtedness.

The Company's First Mortgage Bond, Series P, principal amount $25 million with interest rate of 6.58% is due to expire on January 31, 2018. It is the Company's intent to refinance this First Mortgage Bond prior to expiration.

In order to control purchased power costs, in October 2015 Artesian Water entered into an electric supply contract for a term from May 2016 through May 2019 at a fixed rate 11.0% lower than its contract set to expire in May 2016 and a rate then less than that charged by the local electric supplier. The previous contract term was in effect from May 2013 through May 2016.

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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 2016 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, 2016. 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, 2016. There have been no changes in our critical accounting policies. Our significant accounting policies are described in our notes to the 2016 consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2016.

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 2016 consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2016 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 six months of 2017 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 2036, and interest rates ranging from 4.24% to 6.58%, 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 June 30, 2017 were approximately $5.2 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.

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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, 2016, which could materially affect our business, financial condition or future results. There have been no material changes to the risk factors described in such Annual Report on Form 10-K.

ITEM 4 – MINE SAFETY DISCLOSURES

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

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ITEM 6 - EXHIBITS

Exhibit No.	Description


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

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

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

101	The following financial statements from Artesian Resources Corporation's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2017 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

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SIGNATURES

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

ARTESIAN RESOURCES CORPORATION

Date: August 4, 2017	By:	/s/ DIAN C. TAYLOR
		Dian C. Taylor (Principal Executive Officer)

Date: August 4, 2017	By:	/s/ DAVID B. SPACHT
		David B. Spacht (Principal Financial and Accounting Officer)

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 June 30, 2017 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 June 30, 2017 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: August 4, 2017			/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 June 30, 2017 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: August 4, 2017			/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 June 30, 2017 (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: August 4, 2017

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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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">NOTE 3 – STOCK COMPENSATION PLANS</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">For the three and six months ended June 30, 2017 compensation expense of approximately $293,000 and $327,000 was recorded for restricted stock awards issued in May 2016 and May 2017, as well as unrestricted stock awards issued in June 2017.  For both the three months and six months ended June 30, 2016, compensation expense of approximately $22,000 was recorded for restricted stock awards issued in May 2016. 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">On May 3, 2017, 5,000 shares of Class A common stock, or Class A Stock, were granted as restricted stock awards.  The fair value per share was $38.10, the closing price of the Class A Stock as recorded on the Nasdaq Global Market on May 3, 2017.  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 service.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">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 service.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">On June 28, 2017, 6,568 shares of Class A common stock were issued as fully vested unrestricted stock awards. The fair market value per share was $38.06, the closing price of the Class A common stock as recorded on the Nasdaq Global Market on June 28, 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; background-color: #ffffff;">The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the six months ended June 30, 2017:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="14" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Options</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Restricted Awards</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Option Shares</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Weighted Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Weighted Average Remaining Life (Yrs.)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Aggregate Intrinsic Value (in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Outstanding Restricted Stock Awards</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Weighted Average Grant Date Fair</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Plan options/restricted stock awards</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Outstanding at January 1, 2017</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">231,755</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.32</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,925</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Granted</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,568</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.08</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Exercised/vested and released</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(37,405</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.09</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">742</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11,568</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">33.58</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Expired/cancelled</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Outstanding at June 30, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">194,350</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.41</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,515</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.10</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Exercisable/vested at June 30, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">194,350</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.41</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,515</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr></table><div><br /></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The total intrinsic value of options exercised during the six months ended June 30, 2017 was approximately $742,000.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">There were no unvested option shares outstanding under the 2015 Plan during the six months ended June 30, 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of June 30, 2017, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan.  </div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">As of June 30, 2017, there was $160,000 total unrecognized expense related to non-vested awards of restricted shares awarded under the 2015 Plan.  The cost will be recognized over 0.84 years, the remaining vesting period for the restricted stock awards.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The total intrinsic value of awards released during the six months ended June 30, 2017 was approximately $441,000.</div><div><br /></div></div>

15.58

15.28

0.35

0.33

0.65

0.69

0.35

0.33

0.64

0.69

P0Y10M2D

160000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">All of Artesian Resources' outstanding lo<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">ng-term debt as of </font>June 30, 2017<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;"> and </font>December 31, 2016<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;"> 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-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">In thousands</div></td><td colspan="7" valign="bottom" style="vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </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 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">June 30, 2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td colspan="3" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">December 31, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Carrying amount</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">107,592</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103,647</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Estimated fair value</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">112,347</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">111,864</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr></table><div><br /></div></div>

4776000

4687000

9418000

9219000

1763000

2023000

3975000

3857000

150000

215000

1278000

153000

-2128000

-1281000

1535000

-1000000

951000

1891000

-1731000

-2145000

782000

965000

-65000

1371000

-1666000

-1588000

-42000

-76000

546000

501000

223000

41000

184000

254000

181000

164000

-180000

-336000

63000

71000

72000

63000

924000

1000000

1646000

1525000

3081000

3349000

3391000

3157000

1605000

1564000

466633000

450976000

19328000

44210000

78188000

79943000

5195000

7130000

103647000

112347000

107592000

111864000

26330000

1316000

81262000

102331000

15831000

13175000

-17125000

-12018000

3251000

3041000

5870000

6337000

1371000

-1143000

2014

2016

2015

15512000

14726000

29323000

30712000

4669000

4990000

8979000

8522000

3584000

3730000

590000

662000

1226000

1349000

-31000

-290000

293000

625000

2145000

3047000

1160000

1234000

2308000

2469000

148000

4205000

4052000

17140000

12050000

149000

17000

1827000

2328000

1669000

3000

1151000

295000

-1935000

-5669000

1057000

1216000

32000

15000

3881000

3928000

49000

76000

146000

72000

114313000

109684000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">The following table summarizes Artesian Water's applications with the DEPSC to collect DSIC rates and the eligible plant improvements the rates are based on:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Application Date</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">11/24/2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">05/31/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">11/29/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">DEPSC Approval Date</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">12/15/2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">06/28/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">12/20/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Effective Date</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">01/01/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">07/01/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">01/01/2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Cumulative DSIC Rate</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.57</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.30</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.71</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Eligible Plant Improvements – Cumulative Dollars (in millions)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.3</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.6</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Eligible Plant Improvements – Installed Beginning Date</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">10/01/2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">10/01/2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">10/01/2014</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Eligible Plant Improvements – Installed Ending Date</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">10/31/2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">04/30/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">10/31/2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td></tr></table><div><br /></div></div>

425502000

438259000

18248000

17323000

35183000

33760000

912000

1020000

2039000

1777000

20502000

19395000

37845000

39691000

P5Y

3374000

7809000

683000

93000

116000

1648000

6135000

186000

423000

186000

307000

431000

310000

665000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">NOTE 9 – RELATED PARTY TRANSACTIONS</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">In February 2017 and July 2016, Artesian Water entered into agreements in the normal course of business with W.F. Construction, Inc. for work associated with building modification to water treatment plants.  The amounts of these agreements were approximately $100,000 and $131,000, respectively. The owner of W.F. Construction, Inc. is the husband of Mrs. Jennifer Finch, Vice President and Assistant Treasurer of Artesian Resources. Approximately $44,000 and $87,000 was paid to W.F. Construction, Inc. during the three and six months ended June 30, 2017, respectively. No amounts were paid to W.F. Construction, Inc. for the three and six months ended June 30, 2016. As of June 30, 2017 and June 30, 2016, the Company had no liability to W.F. Construction, Inc.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">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 both the 2017 and 2016 related party transactions 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 consistent with, the best interests of the Company and its stockholders.</div><div><br /></div></div>

131000

100000

642000

557000

34548000

32416000

3515000

P4Y4M28D

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify; background-color: #ffffff;">The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the six months ended June 30, 2017:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="14" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Options</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Restricted Awards</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Option Shares</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Weighted Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Weighted Average Remaining Life (Yrs.)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Aggregate Intrinsic Value (in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Outstanding Restricted Stock Awards</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: middle;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Weighted Average Grant Date Fair</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">Value</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Plan options/restricted stock awards</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Outstanding at January 1, 2017</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">231,755</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.32</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,925</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.70</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Granted</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,568</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.08</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Exercised/vested and released</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(37,405</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.09</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">742</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11,568</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">33.58</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Expired/cancelled</div></td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td 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 nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 14.4pt; text-indent: -7.2pt;">Outstanding at June 30, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">194,350</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.41</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,515</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,000</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.10</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"> </td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 28%; vertical-align: bottom; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Exercisable/vested at June 30, 2017</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">194,350</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.55</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.41</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,515</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">–</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">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-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 40.15%; vertical-align: top;"> </td><td colspan="3" style="width: 27.37%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">For the Three Months Ended June 30,</div></td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">For the Six Months Ended June 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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2017</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2016</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2017</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">2016</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">(in thousands)</font></div></td><td style="width: 4.69%; vertical-align: top;"> </td><td colspan="3" style="width: 27.8%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">(in thousands)</font></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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Weighted average common shares outstanding during the period for Basic computation</div></td><td style="width: 11.4%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,163</div></td><td style="width: 4.13%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,092</div></td><td style="width: 4.69%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,149</div></td><td style="width: 4.12%; vertical-align: bottom;"> </td><td style="width: 11.84%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,079</div></td></tr><tr><td style="width: 40.15%; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Dilutive effect of employee stock options</div></td><td style="width: 11.4%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">72</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">63</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">71</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">63</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,235</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,155</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,220</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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: right;">9,142</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-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td colspan="8" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Regulatory assets, net of amortization, comprise:</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">June 30, 2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">December 31, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Postretirement benefit obligation</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">186</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">186</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Deferred income taxes</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">423</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">431</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Debt related costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6,135</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,648</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Expense of rate and regulatory proceedings</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">93</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">116</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Goodwill</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">307</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">310</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Deferred acquisition and franchise costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">665</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">683</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7,809</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,374</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table><div><br /></div></div>

327000

22000

293000

P1Y

18.09

38.08

38.06

27.70

38.10

5000

6568

5000

11568

27.70

38.10

5000

19.55

194350

742000

33.58

11568

441000

19.32

19.55

231755

194350

2925000

3515000

33896

42275

49080

60040

37405

139023000

142539000

1098000

1170000

2364000

2246000

1403000

1657000

1400000

1500

3600

8766000

9588000

18494000

17312000

9235000

9220000

9155000

9142000

9092000

9149000

9079000

9163000

0 0 3 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">N<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">OTE 4 - REGULATORY ASSETS</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; background-color: #ffffff;">The </font>Financial Accounting Standards Board, or 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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">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.  Artesian Water contributed $17,000 to its postretirement benefit plan in the first six months of 2017. These contributions consist of insurance premium payments for medical, dental and life insurance benefits made on behalf of the Company's eligible retired employees.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">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.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: justify;">Debt related costs include debt issuance costs and other debt related expense. The DEPSC has allowed rate recovery on unamortized issuance costs and make-whole premiums associated with the early retirement of Series O and Q First Mortgage bonds as the replacement of that debt in January 2017 with Series T First Mortgage bonds was deemed to be more favorable for the ratepayers.  These amounts are recovered over the term of the new long-term debt issued.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Regulatory expenses amortized on a straight-line basis are noted below:</div><div style="margin-bottom: 0.1pt; margin-top: 0.1pt;"><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-right: 0.1pt;">Expense</div></td><td style="width: 31.89%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center; margin-right: 0.1pt;">Years Amortized</div></td></tr><tr><td style="width: 68.11%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Debt related costs</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">15 to 25</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">(based on term of related debt)</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Depreciation and salary studies</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">5</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Delaware rate proceedings</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">2.5</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Maryland rate proceedings</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">5</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008)</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">50</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010)</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">20</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011)</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">80</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td colspan="8" valign="bottom" style="vertical-align: bottom;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left;">Regulatory assets, net of amortization, comprise:</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" valign="bottom" style="vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">(in thousands)</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">June 30, 2017</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">December 31, 2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: top;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Postretirement benefit obligation</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">186</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">186</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Deferred income taxes</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">423</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">431</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Debt related costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6,135</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,648</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Expense of rate and regulatory proceedings</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">93</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">116</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Goodwill</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">307</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">310</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Deferred acquisition and franchise costs</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">665</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;"> </td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">683</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"> </td></tr><tr><td valign="bottom" style="width: 76%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7,809</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,374</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"> </td></tr></table><div><br /></div></div> P20Y P25Y P15Y P80Y P50Y P5Y P2Y6M <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Regulatory expenses amortized on a straight-line basis are noted below:</div><div style="margin-bottom: 0.1pt; margin-top: 0.1pt;"><br /></div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-right: 0.1pt;">Expense</div></td><td style="width: 31.89%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center; margin-right: 0.1pt;">Years Amortized</div></td></tr><tr><td style="width: 68.11%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Debt related costs</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">15 to 25</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center;">(based on term of related debt)</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Depreciation and salary studies</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">5</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Delaware rate proceedings</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">2.5</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Maryland rate proceedings</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">5</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008)</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">50</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010)</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">20</div></td></tr><tr><td style="width: 68.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; margin-right: 0.1pt;">Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011)</div></td><td style="width: 31.89%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: center; margin-right: 0.1pt;">80</div></td></tr></table><div><br /></div></div> 6008000 7709000 48000 99000 0.0471 0.0157 0.023 16600000 7000000 10300000 P7M 0.15 2500000 0.15 0.050 0.0750 787000 257000 506000 1543000 9 0.1960 10000 4 10000 15400 2 P20Y 19600 4 1 8 0.2490 500000 250000 2500000 1500000 90000000 4300 1500 0.0540 0.05 87000 44000 0 0

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Document and Entity Information - USD ($)
6 Months Ended

Jun. 30, 2017

Aug. 01, 2017

Jun. 30, 2016

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XML 13 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2017

Dec. 31, 2016

ASSETS

Utility plant, at original cost (less accumulated depreciation 2017-$114,313; 2016-$109,684) $ 438,259 $ 425,502

Current assets

Cash and cash equivalents 303 226

Accounts receivable (less allowance for doubtful accounts 2017 - $273; 2016-$263) 6,796 7,796

Income tax receivable 215 150

Unbilled operating revenues 1,657 1,403

Materials and supplies 1,605 1,564

Prepaid property taxes 3 1,669

Prepaid expenses and other 2,328 1,827

Total current assets 12,907 14,635

Other assets

Non-utility property (less accumulated depreciation 2017 - $653; 2016 - $611) 3,928 3,881

Other deferred assets 3,730 3,584

Total other assets 7,658 7,465

Regulatory assets, net 7,809 3,374

Total Assets 466,633 450,976

Stockholders' equity

Common stock 9,183 9,127

Preferred stock 0 0

Additional paid-in capital 98,808 97,480

Retained earnings 34,548 32,416

Total stockholders' equity 142,539 139,023

Long-term debt, net of current portion 81,262 102,331

Total stockholders' equity and long term debt 223,801 241,354

Current liabilities

Lines of credit 5,195 7,130

Overdraft payable 1,183 32

Current portion of long-term debt 26,330 1,316

Accounts payable 3,404 5,532

Accrued expenses 3,200 1,309

Accrued interest 924 1,000

Customer deposits 927 864

Other 3,047 2,145

Total current liabilities 44,210 19,328

Commitments and contingencies

Deferred credits and other liabilities

Net advances for construction 7,844 8,169

Postretirement benefit obligation 149 149

Deferred investment tax credits 535 544

Utility plant retirement cost obligation 808 873

Deferred income taxes 70,607 68,453

Total deferred credits and other liabilities 79,943 78,188

Net contributions in aid of construction 118,679 112,106

Total Liabilities and Stockholders' equity $ 466,633 $ 450,976

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CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - USD ($)
$ in Thousands

Jun. 30, 2017

Dec. 31, 2016

ASSETS

Less - accumulated depreciation $ 114,313 $ 109,684

Current assets

Accounts receivable (allowance for doubtful accounts) 273 263

Other assets

Non utility property (accumulated depreciation) $ 653 $ 611

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

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Operating expenses

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Non-utility operating expenses 662 590 1,349 1,226

Depreciation and amortization 2,329 2,249 4,648 4,564

State and federal income taxes 1,763 2,023 3,857 3,975

Property and other taxes 1,170 1,098 2,364 2,246

Total operating expenses 15,512 14,726 30,712 29,323

Operating income 4,990 4,669 8,979 8,522

Other income, net

Allowance for funds used during construction (AFUDC) 76 49 146 72

Miscellaneous (expense) income (290) (31) 293 625

Income before interest charges 4,776 4,687 9,418 9,219

Interest charges 1,525 1,646 3,081 3,349

Net income applicable to common stock $ 3,251 $ 3,041 $ 6,337 $ 5,870

Income per common share:

Basic (in dollars per share) $ 0.35 $ 0.33 $ 0.69 $ 0.65

Diluted (in dollars per share) $ 0.35 $ 0.33 $ 0.69 $ 0.64

Weighted average common shares outstanding:

Basic (in shares) 9,163 9,092 9,149 9,079

Diluted (in shares) 9,235 9,155 9,220 9,142

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

CASH FLOWS FROM OPERATING ACTIVITIES

Net income $ 6,337 $ 5,870

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 4,648 4,564

Deferred income taxes, net 2,145 1,731

Stock compensation 327 22

AFUDC, equity portion (99) (48)

Changes in assets and liabilities:

Accounts receivable, net of allowance for doubtful accounts 1,000 (1,535)

Income taxes receivable (65) 1,371

Unbilled operating revenues (254) (184)

Materials and supplies (41) (223)

Prepaid property taxes 1,666 1,588

Prepaid expenses and other (501) (546)

Other deferred assets (164) (181)

Regulatory assets 180 336

Accounts payable (2,128) (1,281)

Accrued expenses 1,891 951

Accrued interest (76) (42)

Customer deposits and other, net 965 782

NET CASH PROVIDED BY OPERATING ACTIVITIES 15,831 13,175

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures (net of AFUDC, equity portion) (17,140) (12,050)

Proceeds from sale of assets 15 32

NET CASH USED IN INVESTING ACTIVITIES (17,125) (12,018)

CASH FLOWS FROM FINANCING ACTIVITIES

Net repayments under lines of credit agreements (1,935) (5,669)

Increase in overdraft payable 1,151 295

Net advances and contributions in aid of construction 6,008 7,709

Net proceeds from issuance of common stock 1,057 1,216

Dividends paid (4,205) (4,052)

Debt issuance costs (148) 0

Principal repayments of long-term debt (557) (642)

NET CASH USED IN FINANCING ACTIVITIES 1,371 (1,143)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 77 14

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 226 209

CASH AND CASH EQUIVALENTS AT END OF PERIOD 303 223

Supplemental Disclosures of Cash Flow Information:

Utility plant received as construction advances and contributions 1,294 1,332

Interest paid 3,157 3,391

Income taxes paid $ 1,278 $ 153

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GENERAL
6 Months Ended

Jun. 30, 2017

GENERAL [Abstract]

GENERAL
NOTE 1 – GENERAL

Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our nine 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 has contract operation agreements with private and municipal water providers. We also provide water for public and private fire protection to customers in our service territories.

Artesian Wastewater Management, Inc., or Artesian Wastewater, is a regulated entity that owns wastewater collection and treatment infrastructure and provides wastewater services to customers in Delaware as a regulated public wastewater service company. As of June 30, 2017 Artesian Wastewater owned and operated four wastewater treatment facilities, which are capable of treating approximately 500,000 gallons per day. In August 2016, Artesian Wastewater and Sussex County, a political subdivision of Delaware, entered into an agreement to provide wastewater treatment and disposal services for each other in order to address the periodic need of additional wastewater treatment and disposal capacities and facilities in Sussex County, beyond those under their own ownership and control, to assure the timely, efficient and cost effective transmission and management of wastewater. There are numerous locations in Sussex County where Artesian Wastewater's and Sussex County's facilities are capable of being connected or integrated to allow for the movement and disposal of wastewater generated by one or the other's system.

On September 27, 2016, Artesian Wastewater entered into a wastewater services agreement with Allen Harim Foods, LLC, or Allen Harim, for Artesian Wastewater to provide treatment and disposal services for sanitary wastewater discharged from Allen Harim's properties located in Sussex County, Delaware upon completion of a pipeline to transfer the sanitary wastewater. The pipeline was completed in the second quarter of 2017. The transfer of sanitary wastewater is pending completion of on-site improvements by Allen Harim. On January 27, 2017, Artesian Wastewater entered into a second wastewater agreement with Allen Harim for Artesian Wastewater to provide disposal services for approximately 1.5 million gallons per day of treated industrial and/or process wastewater upon completion of an approximately eight-mile pipeline that will transfer the wastewater from Allen Harim's properties to a 90 million gallon storage lagoon at Artesian's Northern Sussex Regional Water Recycling Facility. Artesian will use the reclaimed wastewater for spray irrigation on agricultural land in the area. The completion of the industrial and/or process wastewater pipeline and storage lagoon should occur during the first quarter of 2018.

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 four other subsidiaries, none of which are regulated, are Artesian Utility Development, Inc., or Artesian Utility, Artesian Development Corporation, or Artesian Development, Artesian Storm Water Services, Inc., or Artesian Storm Water, 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. In addition, as further discussed below, effective April 2012, Artesian Utility operates the Water Service Line Protection Plan, or WSLP Plan, and the Sewer Service Line Protection Plan, or SSLP Plan. In November 2015, a third plan was added, 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 million gallons per day 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 June 30, 2017, approximately 19,600, or 24.9%, of our eligible water customers signed up for the WSLP Plan, approximately 15,400, or 19.6%, of our eligible customers signed up for the SSLP Plan, and approximately 4,300, or 5.4%, of eligible customers signed up for the ISLP Plan. Approximately 1,500 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 Storm Water, incorporated on January 17, 2017, was formed to provide design, installation, maintenance and repair services related to existing or proposed storm water management systems in Delaware and the surrounding areas. The ability to offer storm water services will complement the primary water and wastewater services that we provide.

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.

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BASIS OF PRESENTATION
6 Months Ended

Jun. 30, 2017

BASIS OF PRESENTATION [Abstract]

BASIS OF PRESENTATION
NOTE 2 – BASIS OF PRESENTATION

Basis of Presentation

The unaudited condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required in the financial statements included in the Company's annual report on Form 10-K. Accordingly, these financial statements and related notes should be read in conjunction with the financial statements and related notes in the Company's annual report on Form 10-K for fiscal year 2016 as filed with the Securities and Exchange Commission on March 10, 2017.

The condensed consolidated financial statements include the accounts of Artesian Resources Corporation and its wholly owned subsidiaries, including its principal operating company, Artesian Water. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments (unless otherwise noted) necessary to present fairly the Company's balance sheet position as of June 30, 2017, the results of operations for the three and six month periods ended June 30, 2017 and 2016 and the cash flows for the six month periods ended June 30, 2017 and 2016.

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

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STOCK COMPENSATION PLANS
6 Months Ended

Jun. 30, 2017

STOCK COMPENSATION PLANS [Abstract]

STOCK COMPENSATION PLANS
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.

For the three and six months ended June 30, 2017 compensation expense of approximately $293,000 and $327,000 was recorded for restricted stock awards issued in May 2016 and May 2017, as well as unrestricted stock awards issued in June 2017. For both the three months and six months ended June 30, 2016, compensation expense of approximately $22,000 was recorded for restricted stock awards issued in May 2016. 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.

On May 3, 2017, 5,000 shares of Class A common stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $38.10, the closing price of the Class A Stock as recorded on the Nasdaq Global Market on May 3, 2017. 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 service.

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 service.

On June 28, 2017, 6,568 shares of Class A common stock were issued as fully vested unrestricted stock awards. The fair market value per share was $38.06, the closing price of the Class A common stock as recorded on the Nasdaq Global Market on June 28, 2017.

The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the six months ended June 30, 2017:

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, 2017

231,755

$
19.32

$
2,925

5,000

27.70

Granted

–

–

–

11,568

$
38.08

Exercised/vested and released

(37,405
)

18.09

742

(11,568
)

33.58

Expired/cancelled

–

–

–

–

–

Outstanding at June 30, 2017

194,350

$
19.55

4.41

$
3,515

5,000

$
38.10

Exercisable/vested at June 30, 2017

194,350

$
19.55

4.41

$
3,515

–

–

The total intrinsic value of options exercised during the six months ended June 30, 2017 was approximately $742,000.

There were no unvested option shares outstanding under the 2015 Plan during the six months ended June 30, 2017.

As of June 30, 2017, there was no unrecognized expense related to non-vested option shares granted under the 2015 Plan.

As of June 30, 2017, there was $160,000 total unrecognized expense related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.84 years, the remaining vesting period for the restricted stock awards.

The total intrinsic value of awards released during the six months ended June 30, 2017 was approximately $441,000.

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REGULATORY ASSETS
6 Months Ended

Jun. 30, 2017

REGULATORY ASSETS [Abstract]

REGULATORY ASSETS
NOTE 4 - REGULATORY ASSETS

The Financial Accounting Standards Board, or 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.

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. Artesian Water contributed $17,000 to its postretirement benefit plan in the first six months of 2017. These contributions consist of insurance premium payments for medical, dental and life insurance benefits made on behalf of the Company's eligible retired employees.

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.

Debt related costs include debt issuance costs and other debt related expense. The DEPSC has allowed rate recovery on unamortized issuance costs and make-whole premiums associated with the early retirement of Series O and Q First Mortgage bonds as the replacement of that debt in January 2017 with Series T First Mortgage bonds was deemed to be more favorable for the ratepayers. These amounts are recovered over the term of the new long-term debt issued.

Regulatory expenses amortized on a straight-line basis are noted below:

Expense
Years Amortized
Debt related costs
15 to 25
(based on term of related debt)
Depreciation and salary studies
5
Delaware rate proceedings
2.5
Maryland rate proceedings
5
Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008)
50
Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010)
20
Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011)
80

Regulatory assets, net of amortization, comprise:

(in thousands)

June 30, 2017

December 31, 2016

Postretirement benefit obligation

$
186

$
186

Deferred income taxes

423

431

Debt related costs

6,135

1,648

Expense of rate and regulatory proceedings

93

116

Goodwill

307

310

Deferred acquisition and franchise costs

665

683

$
7,809

$
3,374

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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE
6 Months Ended

Jun. 30, 2017

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

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 June 30,

For the Six Months Ended June 30,

2017

2016

2017

2016

(in thousands)

(in thousands)

Weighted average common shares outstanding during the period for Basic computation
9,163

9,092

9,149

9,079
Dilutive effect of employee stock options
72

63

71

63

Weighted average common shares outstanding during the period for Diluted computation
9,235

9,155

9,220

9,142

For the three and six months ended June 30, 2017, 1,400 and 3,400 shares of restricted stock awards were excluded from the calculations of diluted net income per share, respectively. For the three and six months ended June 30, 2016, 4,430 and 4,500 shares of restricted stock awards were excluded from the calculations of diluted net income per share, respectively. Due to unrecognized compensation costs during the noted periods, the hypothetical repurchase of shares exceeds the number of restricted shares expected to vest during the period, creating an anti-dilutive effect. For the three and six months ended June 30, 2017 and June 30, 2016, no shares of stock options were excluded from the calculations of diluted net income per share, as the calculated proceeds from the options' exercise were greater than the average market price of the Company's common stock during the period.

The Company has 15,000,000 authorized shares of Class A Stock and 1,040,000 authorized shares of Class B Stock. As of June 30, 2017, 8,306,073 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of June 30, 2016, 8,225,293 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 June 30, 2017 and June 30, 2016, the Company issued 42,275 and 33,896 shares of Class A Stock, respectively. For the six months ended June 30, 2017 and June 30, 2016, the Company issued 60,040 and 49,080 shares of Class A Stock.

Equity per common share was $15.58 and $15.28 at June 30, 2017 and December 31, 2016, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on June 30, 2017 and December 31, 2016, respectively.

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REGULATORY PROCEEDINGS
6 Months Ended

Jun. 30, 2017

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 is 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.

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 7.50% of the amount billed to customers under otherwise applicable rates and charges, and the DSIC rate increase applied cannot exceed 5.0% within any 12-month period.

The following table summarizes Artesian Water's applications with the DEPSC to collect DSIC rates and the eligible plant improvements the rates are based on:

Application Date

11/24/2015

05/31/2016

11/29/2016

DEPSC Approval Date

12/15/2015

06/28/2016

12/20/2016

Effective Date

01/01/2016

07/01/2016

01/01/2017

Cumulative DSIC Rate

1.57
%

2.30
%

4.71
%
Eligible Plant Improvements – Cumulative Dollars (in millions)

$
7.0

$
10.3

$
16.6

Eligible Plant Improvements – Installed Beginning Date

10/01/2014

10/01/2014

10/01/2014

Eligible Plant Improvements – Installed Ending Date

10/31/2015

04/30/2016

10/31/2016

All DEPSC approvals noted in the table above are subject to audit at a later date. For the three and six months ended June 30, 2017 we earned approximately $787,000 and $1,543,000 in DSIC revenue, respectively. For the three and six months ended June 30, 2016, we earned approximately $257,000 and $506,000 in DSIC revenue, respectively.

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INCOME TAXES
6 Months Ended

Jun. 30, 2017

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 $1,500 and $3,600 in penalties and interest for the three and six months ended June 30, 2017, respectively, for any disallowance pertaining to the 2015 and 2016 tax filings. The Company remains subject to examination by federal authorities for the tax years 2015 through 2016 and state authorities for the tax years 2014 through 2016.

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FAIR VALUE OF FINANCIAL INSTRUMENTS
6 Months Ended

Jun. 30, 2017

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

All of Artesian Resources' outstanding long-term debt as of June 30, 2017 and December 31, 2016 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

June 30, 2017

December 31, 2016

Carrying amount

$
107,592

$
103,647

Estimated fair value

$
112,347

$
111,864

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.

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RELATED PARTY TRANSACTIONS
6 Months Ended

Jun. 30, 2017

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS
NOTE 9 – RELATED PARTY TRANSACTIONS

In February 2017 and July 2016, Artesian Water entered into agreements in the normal course of business with W.F. Construction, Inc. for work associated with building modification to water treatment plants. The amounts of these agreements were approximately $100,000 and $131,000, respectively. The owner of W.F. Construction, Inc. is the husband of Mrs. Jennifer Finch, Vice President and Assistant Treasurer of Artesian Resources. Approximately $44,000 and $87,000 was paid to W.F. Construction, Inc. during the three and six months ended June 30, 2017, respectively. No amounts were paid to W.F. Construction, Inc. for the three and six months ended June 30, 2016. As of June 30, 2017 and June 30, 2016, the Company had no liability 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 both the 2017 and 2016 related party transactions 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 consistent with, the best interests of the Company and its stockholders.

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IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
6 Months Ended

Jun. 30, 2017

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
NOTE 10 - IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued amended guidance for reporting revenue from contracts with customers. This guidance affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and the related cash flows arising from contracts with customers. For a public entity, the amendments in this guidance are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect a material change to revenue currently being recognized compared to revenue that will be recognized under this amended guidance for the majority of the Company's revenue. These revenues include regulated water and wastewater sales subject to tariffs. The Company continues to evaluate the impact of adoption of this new standard and implementation issues specific to utilities identified by The American Institute of Certified Public Accountants Revenue Recognition Task Force in particular, contributions in aid of construction.

In February 2016, the 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 (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, which includes compiling a list of all contracts that meet the definitions of a lease under the new standard and determine the proper classification and accounting treatment to determine the ultimate impact the new standard will have on our consolidated financial statements.

In January 2017, the FASB issued new guidance on Business Combinations. The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company applied this amended guidance in 2017 to the purchase of the water assets from Fort DuPont Redevelopment and Preservation Corporation.

In February 2017, the FASB issued new guidance on Other Income – Gains and Losses from derecognition of Nonfinancial Assets to clarify the scope and application of the sale or transfer of nonfinancial assets to noncustomers, including partial sales and also defines what constitutes an "in substance nonfinancial asset" which can include financial assets. The new guidance eliminates several accounting differences between transactions involving assets and transactions involving businesses. Further, the guidance aligns the accounting for derecognition of a nonfinancial asset with that of a business. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Management does not expect a material impact on the Company's financial statement due to the adoption of this guidance.

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STOCK COMPENSATION PLANS (Tables)
6 Months Ended

Jun. 30, 2017

STOCK COMPENSATION PLANS [Abstract]

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 six months ended June 30, 2017:

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, 2017

231,755

$
19.32

$
2,925

5,000

27.70

Granted

–

–

–

11,568

$
38.08

Exercised/vested and released

(37,405
)

18.09

742

(11,568
)

33.58

Expired/cancelled

–

–

–

–

–

Outstanding at June 30, 2017

194,350

$
19.55

4.41

$
3,515

5,000

$
38.10

Exercisable/vested at June 30, 2017

194,350

$
19.55

4.41

$
3,515

–

–

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REGULATORY ASSETS (Tables)
6 Months Ended

Jun. 30, 2017

REGULATORY ASSETS [Abstract]

Amortization period of other regulatory expense
Regulatory expenses amortized on a straight-line basis are noted below:

Expense
Years Amortized
Debt related costs
15 to 25
(based on term of related debt)
Depreciation and salary studies
5
Delaware rate proceedings
2.5
Maryland rate proceedings
5
Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008)
50
Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010)
20
Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011)
80

Regulatory assets, net of amortization, comprise
Regulatory assets, net of amortization, comprise:

(in thousands)

June 30, 2017

December 31, 2016

Postretirement benefit obligation

$
186

$
186

Deferred income taxes

423

431

Debt related costs

6,135

1,648

Expense of rate and regulatory proceedings

93

116

Goodwill

307

310

Deferred acquisition and franchise costs

665

683

$
7,809

$
3,374

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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE (Tables)
6 Months Ended

Jun. 30, 2017

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 June 30,

For the Six Months Ended June 30,

2017

2016

2017

2016

(in thousands)

(in thousands)

Weighted average common shares outstanding during the period for Basic computation
9,163

9,092

9,149

9,079
Dilutive effect of employee stock options
72

63

71

63

Weighted average common shares outstanding during the period for Diluted computation
9,235

9,155

9,220

9,142

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REGULATORY PROCEEDINGS (Tables)
6 Months Ended

Jun. 30, 2017

REGULATORY PROCEEDINGS [Abstract]

Eligible plant improvements
The following table summarizes Artesian Water's applications with the DEPSC to collect DSIC rates and the eligible plant improvements the rates are based on:

Application Date

11/24/2015

05/31/2016

11/29/2016

DEPSC Approval Date

12/15/2015

06/28/2016

12/20/2016

Effective Date

01/01/2016

07/01/2016

01/01/2017

Cumulative DSIC Rate

1.57
%

2.30
%

4.71
%
Eligible Plant Improvements – Cumulative Dollars (in millions)

$
7.0

$
10.3

$
16.6

Eligible Plant Improvements – Installed Beginning Date

10/01/2014

10/01/2014

10/01/2014

Eligible Plant Improvements – Installed Ending Date

10/31/2015

04/30/2016

10/31/2016

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended

Jun. 30, 2017

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Fair value of long-term debt
All of Artesian Resources' outstanding long-term debt as of June 30, 2017 and December 31, 2016 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

June 30, 2017

December 31, 2016

Carrying amount

$
107,592

$
103,647

Estimated fair value

$
112,347

$
111,864

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GENERAL (Details)
6 Months Ended

Jan. 27, 2017

gal

mi

Jun. 30, 2017

Subsidiary

Facility

Squarefeet

Customer

gal

Number of wholly owned subsidiaries | Subsidiary 9

Number of subsidiaries not regulated | Subsidiary 4

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 Wastewater [Member]

Number of wastewater treatment facilities owned and operated | Facility 4

Capacity of wastewater treatment facilities 500,000

Allen Harim Foods, LLC [Member]

Capacity of wastewater treatment facilities 1,500,000

Approximate pipeline mileage | mi 8

Volume of storage lagoon 90,000,000

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 | Customer 19,600

Number of sewer service line protection plan customers | Customer 15,400

Percentage of water service line protection plan customers signed up 24.90%

Percentage of sewer service protection plan customers signed up 19.60%

Percentage of internal service protection plan eligible customers signed up 5.40%

Number of internal service line protection plan customers | Customer 4,300

Number of non customers signed up with plan | Customer 1,500

Artesian Utility [Member] | Wastewater treatment facility first of two [Member] | Maximum [Member]

Capacity of wastewater treatment facilities 2,500,000

Artesian Utility [Member] | Wastewater treatment facility second of two [Member] | Maximum [Member]

Capacity of wastewater treatment facilities 250,000

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STOCK COMPENSATION PLANS (Details)
3 Months Ended 6 Months Ended

Jun. 28, 2017

$ / shares

shares

May 03, 2017

$ / shares

shares

May 04, 2016

$ / shares

shares

Jun. 30, 2017

USD ($)

$ / shares

shares

Jun. 30, 2016

USD ($)

Jun. 30, 2017

USD ($)

Director

$ / shares

shares

Jun. 30, 2016

USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of directors in committee | Director 3

Intrinsic value of awards $ 441,000

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period 1 year

Class A Stock [Member] | 2015 Equity Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation expense | $ $ 293,000 $ 22,000 $ 327,000 $ 22,000

Unrecognized expense related to non-vested option shares | $ $ 0 $ 0

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 231,755

Granted, option shares (in shares) | shares 0

Exercised/vested and released, option shares (in shares) | shares (37,405)

Expired, option shares (in shares) | shares 0

Outstanding at end of period, option shares (in shares) | shares 194,350 194,350

Exercisable/vested at end of period, option share (in shares) | shares 194,350 194,350

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Outstanding at beginning of period, weighted average exercise price (in dollars per shares) $ 19.32

Granted, weighted average exercise price (in dollars per share) 0

Exercised, weighted average exercise price (in dollars per shares) 18.09

Expired, weighted average exercise price (in dollars per share) 0

Outstanding at end of period, weighted average exercise price (in dollars per shares) $ 19.55 19.55

Exercisable/vested at end of period, weighted average exercise price (in dollars per shares) $ 19.55 $ 19.55

Shares of Class A Non-Voting Common Stock under option [Abstract]

Outstanding at end of period, weighted average remaining life 4 years 4 months 28 days

Exercisable/vested at end of period, weighted average remaining life 4 years 4 months 28 days

Outstanding at beginning of period, aggregate intrinsic value | $ $ 2,925,000

Granted, aggregate intrinsic value | $ 0

Exercised/ vested and released, aggregate intrinsic value | $ 742,000

Expired/cancelled, aggregate intrinsic value | $ 0

Outstanding at end of period, aggregate intrinsic value | $ $ 3,515,000 3,515,000

Exercisable/vested at end of period, aggregate intrinsic value | $ $ 3,515,000 $ 3,515,000

Class A Stock [Member] | Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]

Outstanding at beginning of period, restricted stock awards (in shares) | shares 5,000

Granted, restricted stock awards (in shares) | shares 11,568

Exercised/vested and released, restricted stock awards (in shares) | shares (11,568)

Expired/cancelled, restricted stock awards (in shares) | shares 0

Outstanding at end of period, restricted stock awards (in shares) | shares 5,000 5,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]

Outstanding at beginning of period, weighted average grant date fair value (in dollars per shares) $ 27.70

Granted, weighted average grant date fair value (in dollars per share) 38.08

Vested and released, weighted average grant date fair value (in dollars per shares) 33.58

Cancelled, weighted average grant date fair value (in dollars per share) 0

Outstanding at end of period, weighted average grant date fair value (in dollars per shares) $ 38.10 $ 38.10

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 | $ $ 160,000 $ 160,000

Period over which unvested options cost will recognized 10 months 2 days

Fair value per share (in dollars per share) $ 38.10 $ 27.70

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]

Granted, restricted stock awards (in shares) | shares 5,000 5,000

Class A Stock [Member] | Unrestricted Stock [Member] | 2015 Equity Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value per share (in dollars per share) $ 38.06

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]

Granted, restricted stock awards (in shares) | shares 6,568

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REGULATORY ASSETS (Details) - USD ($)
6 Months Ended

Jun. 30, 2017

Dec. 31, 2016

Regulatory Assets [Line Items]

Artesian Water contributed to its postretirement benefit plan $ 17,000

Amortization period of other regulatory expense [Abstract]

Depreciation and salary studies 5 years

Goodwill 50 years

Deferred acquisition costs 20 years

Franchise costs 80 years

Summary of regulatory assets net of amortization, comprise [Abstract]

Regulatory assets, net $ 7,809,000 $ 3,374,000

Maximum [Member]

Amortization period of other regulatory expense [Abstract]

Amortization period of debt related cost 25 years

Minimum [Member]

Amortization period of other regulatory expense [Abstract]

Amortization period of debt related cost 15 years

Maryland [Member]

Amortization period of other regulatory expense [Abstract]

Regulatory rate proceedings 5 years

Delaware [Member]

Amortization period of other regulatory expense [Abstract]

Regulatory rate proceedings 2 years 6 months

Postretirement Benefit Obligation [Member]

Summary of regulatory assets net of amortization, comprise [Abstract]

Regulatory assets, net $ 186,000 186,000

Debt Related Costs [Member]

Summary of regulatory assets net of amortization, comprise [Abstract]

Regulatory assets, net 6,135,000 1,648,000

Deferred Income Taxes [Member]

Summary of regulatory assets net of amortization, comprise [Abstract]

Regulatory assets, net 423,000 431,000

Goodwill [Member]

Summary of regulatory assets net of amortization, comprise [Abstract]

Regulatory assets, net 307,000 310,000

Deferred Acquisition and Franchise Costs [Member]

Summary of regulatory assets net of amortization, comprise [Abstract]

Regulatory assets, net 665,000 683,000

Expense of Rate and Regulatory Proceedings [Member]

Summary of regulatory assets net of amortization, comprise [Abstract]

Regulatory assets, net $ 93,000 $ 116,000

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NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE (Details) - $ / shares
3 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Dec. 31, 2016

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) 9,163,000 9,092,000 9,149,000 9,079,000

Dilutive effect of employee stock options (in shares) 72,000 63,000 71,000 63,000

Weighted average common shares outstanding during the period for Diluted computation (in shares) 9,235,000 9,155,000 9,220,000 9,142,000

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) 8,306,073 8,225,293 8,306,073 8,225,293

Common stock, shares outstanding (in shares) 8,306,073 8,225,293 8,306,073 8,225,293

Common stock, par value (in dollars per share) $ 1.00 $ 1.00

Common stock, shares issued during period (in shares) 42,275 33,896 60,040 49,080

Equity per common share (in dollars per share) $ 15.58 $ 15.28

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

Stock Option [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Shares excluded from calculations of diluted net income per share (in shares) 0 0 0 0

Restricted Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Shares excluded from calculations of diluted net income per share (in shares) 1,400 4,430 3,400 4,500

X

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REGULATORY PROCEEDINGS (Details) - USD ($)
3 Months Ended 6 Months Ended

Nov. 29, 2016

May 31, 2016

Nov. 24, 2015

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Other Proceedings [Abstract]

Percentage of Distribution System Improvement Charges annual rate increase application filed by company to regulatory 4.71% 2.30% 1.57%

Increase Amount Based On Eligible Plant Improvements Since Last Rate Increase $ 16,600,000 $ 10,300,000 $ 7,000,000

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]

Other Proceedings [Abstract]

Revenue earned in DSIC rate increases $ 787,000 $ 257,000 $ 1,543,000 $ 506,000

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INCOME TAXES (Details)
3 Months Ended 6 Months Ended

Jun. 30, 2017

USD ($)

Jun. 30, 2017

USD ($)

Income Tax Examination [Line Items]

Income tax penalties and interest accrued for unrecognized tax position $ 1,500 $ 3,600

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 2014

State Authorities [Member] | Tax Year 2016 [Member] | Maximum [Member]

Income Tax Examination [Line Items]

Open tax year 2016

Federal Authorities [Member]

Income Tax Examination [Line Items]

Additions based on tax positions related to the current year $ 1,400,000

Federal Authorities [Member] | Tax Year 2015 [Member] | Minimum [Member]

Income Tax Examination [Line Items]

Open tax year 2015

Federal Authorities [Member] | Tax Year 2016 [Member] | Maximum [Member]

Income Tax Examination [Line Items]

Open tax year 2016

X

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A0#% @ XFX$2S^2,,I\?@ QM(% !( M ( ! &%R=&YA+3(P,3&UL M4$L! A0#% @ XFX$2Z\E3\_P> &30' !8 ( ![+T M &%R=&YA+3(P,3

Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2017	Aug. 01, 2017	Jun. 30, 2016
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	2017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Class A Stock [Member]
Entity Information [Line Items]
Entity Public Float			$ 269,178,000
Entity Common Stock, Shares Outstanding		8,306,977
Class B Stock [Member]
Entity Information [Line Items]
Entity Public Float			$ 8,328,000
Entity Common Stock, Shares Outstanding		881,452

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Utility plant, at original cost (less accumulated depreciation 2017-$114,313; 2016-$109,684)	$ 438,259	$ 425,502
Current assets
Cash and cash equivalents	303	226
Accounts receivable (less allowance for doubtful accounts 2017 - $273; 2016-$263)	6,796	7,796
Income tax receivable	215	150
Unbilled operating revenues	1,657	1,403
Materials and supplies	1,605	1,564
Prepaid property taxes	3	1,669
Prepaid expenses and other	2,328	1,827
Total current assets	12,907	14,635
Other assets
Non-utility property (less accumulated depreciation 2017 - $653; 2016 - $611)	3,928	3,881
Other deferred assets	3,730	3,584
Total other assets	7,658	7,465
Regulatory assets, net	7,809	3,374
Total Assets	466,633	450,976
Stockholders' equity
Common stock	9,183	9,127
Preferred stock	0	0
Additional paid-in capital	98,808	97,480
Retained earnings	34,548	32,416
Total stockholders' equity	142,539	139,023
Long-term debt, net of current portion	81,262	102,331
Total stockholders' equity and long term debt	223,801	241,354
Current liabilities
Lines of credit	5,195	7,130
Overdraft payable	1,183	32
Current portion of long-term debt	26,330	1,316
Accounts payable	3,404	5,532
Accrued expenses	3,200	1,309
Accrued interest	924	1,000
Customer deposits	927	864
Other	3,047	2,145
Total current liabilities	44,210	19,328
Commitments and contingencies
Deferred credits and other liabilities
Net advances for construction	7,844	8,169
Postretirement benefit obligation	149	149
Deferred investment tax credits	535	544
Utility plant retirement cost obligation	808	873
Deferred income taxes	70,607	68,453
Total deferred credits and other liabilities	79,943	78,188
Net contributions in aid of construction	118,679	112,106
Total Liabilities and Stockholders' equity	$ 466,633	$ 450,976

CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Less - accumulated depreciation	$ 114,313	$ 109,684
Current assets
Accounts receivable (allowance for doubtful accounts)	273	263
Other assets
Non utility property (accumulated depreciation)	$ 653	$ 611

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 6,337	$ 5,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,648	4,564
Deferred income taxes, net	2,145	1,731
Stock compensation	327	22
AFUDC, equity portion	(99)	(48)
Changes in assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts	1,000	(1,535)
Income taxes receivable	(65)	1,371
Unbilled operating revenues	(254)	(184)
Materials and supplies	(41)	(223)
Prepaid property taxes	1,666	1,588
Prepaid expenses and other	(501)	(546)
Other deferred assets	(164)	(181)
Regulatory assets	180	336
Accounts payable	(2,128)	(1,281)
Accrued expenses	1,891	951
Accrued interest	(76)	(42)
Customer deposits and other, net	965	782
NET CASH PROVIDED BY OPERATING ACTIVITIES	15,831	13,175
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)	(17,140)	(12,050)
Proceeds from sale of assets	15	32
NET CASH USED IN INVESTING ACTIVITIES	(17,125)	(12,018)
CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under lines of credit agreements	(1,935)	(5,669)
Increase in overdraft payable	1,151	295
Net advances and contributions in aid of construction	6,008	7,709
Net proceeds from issuance of common stock	1,057	1,216
Dividends paid	(4,205)	(4,052)
Debt issuance costs	(148)	0
Principal repayments of long-term debt	(557)	(642)
NET CASH USED IN FINANCING ACTIVITIES	1,371	(1,143)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	77	14
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	226	209
CASH AND CASH EQUIVALENTS AT END OF PERIOD	303	223
Supplemental Disclosures of Cash Flow Information:
Utility plant received as construction advances and contributions	1,294	1,332
Interest paid	3,157	3,391
Income taxes paid	$ 1,278	$ 153

GENERAL	6 Months Ended
GENERAL	Jun. 30, 2017
GENERAL [Abstract]
GENERAL	NOTE 1 – GENERAL Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our nine 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 has contract operation agreements with private and municipal water providers. We also provide water for public and private fire protection to customers in our service territories. Artesian Wastewater Management, Inc., or Artesian Wastewater, is a regulated entity that owns wastewater collection and treatment infrastructure and provides wastewater services to customers in Delaware as a regulated public wastewater service company. As of June 30, 2017 Artesian Wastewater owned and operated four wastewater treatment facilities, which are capable of treating approximately 500,000 gallons per day. In August 2016, Artesian Wastewater and Sussex County, a political subdivision of Delaware, entered into an agreement to provide wastewater treatment and disposal services for each other in order to address the periodic need of additional wastewater treatment and disposal capacities and facilities in Sussex County, beyond those under their own ownership and control, to assure the timely, efficient and cost effective transmission and management of wastewater. There are numerous locations in Sussex County where Artesian Wastewater's and Sussex County's facilities are capable of being connected or integrated to allow for the movement and disposal of wastewater generated by one or the other's system. On September 27, 2016, Artesian Wastewater entered into a wastewater services agreement with Allen Harim Foods, LLC, or Allen Harim, for Artesian Wastewater to provide treatment and disposal services for sanitary wastewater discharged from Allen Harim's properties located in Sussex County, Delaware upon completion of a pipeline to transfer the sanitary wastewater. The pipeline was completed in the second quarter of 2017. The transfer of sanitary wastewater is pending completion of on-site improvements by Allen Harim. On January 27, 2017, Artesian Wastewater entered into a second wastewater agreement with Allen Harim for Artesian Wastewater to provide disposal services for approximately 1.5 million gallons per day of treated industrial and/or process wastewater upon completion of an approximately eight-mile pipeline that will transfer the wastewater from Allen Harim's properties to a 90 million gallon storage lagoon at Artesian's Northern Sussex Regional Water Recycling Facility. Artesian will use the reclaimed wastewater for spray irrigation on agricultural land in the area. The completion of the industrial and/or process wastewater pipeline and storage lagoon should occur during the first quarter of 2018. 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 four other subsidiaries, none of which are regulated, are Artesian Utility Development, Inc., or Artesian Utility, Artesian Development Corporation, or Artesian Development, Artesian Storm Water Services, Inc., or Artesian Storm Water, 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. In addition, as further discussed below, effective April 2012, Artesian Utility operates the Water Service Line Protection Plan, or WSLP Plan, and the Sewer Service Line Protection Plan, or SSLP Plan. In November 2015, a third plan was added, 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 million gallons per day 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 June 30, 2017, approximately 19,600, or 24.9%, of our eligible water customers signed up for the WSLP Plan, approximately 15,400, or 19.6%, of our eligible customers signed up for the SSLP Plan, and approximately 4,300, or 5.4%, of eligible customers signed up for the ISLP Plan. Approximately 1,500 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 Storm Water, incorporated on January 17, 2017, was formed to provide design, installation, maintenance and repair services related to existing or proposed storm water management systems in Delaware and the surrounding areas. The ability to offer storm water services will complement the primary water and wastewater services that we provide. 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.

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2017
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION Basis of Presentation The unaudited condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required in the financial statements included in the Company's annual report on Form 10-K. Accordingly, these financial statements and related notes should be read in conjunction with the financial statements and related notes in the Company's annual report on Form 10-K for fiscal year 2016 as filed with the Securities and Exchange Commission on March 10, 2017. The condensed consolidated financial statements include the accounts of Artesian Resources Corporation and its wholly owned subsidiaries, including its principal operating company, Artesian Water. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments (unless otherwise noted) necessary to present fairly the Company's balance sheet position as of June 30, 2017, the results of operations for the three and six month periods ended June 30, 2017 and 2016 and the cash flows for the six month periods ended June 30, 2017 and 2016. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year or for future periods.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2017
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 $1,500 and $3,600 in penalties and interest for the three and six months ended June 30, 2017, respectively, for any disallowance pertaining to the 2015 and 2016 tax filings. The Company remains subject to examination by federal authorities for the tax years 2015 through 2016 and state authorities for the tax years 2014 through 2016.

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2017
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS In February 2017 and July 2016, Artesian Water entered into agreements in the normal course of business with W.F. Construction, Inc. for work associated with building modification to water treatment plants. The amounts of these agreements were approximately $100,000 and $131,000, respectively. The owner of W.F. Construction, Inc. is the husband of Mrs. Jennifer Finch, Vice President and Assistant Treasurer of Artesian Resources. Approximately $44,000 and $87,000 was paid to W.F. Construction, Inc. during the three and six months ended June 30, 2017, respectively. No amounts were paid to W.F. Construction, Inc. for the three and six months ended June 30, 2016. As of June 30, 2017 and June 30, 2016, the Company had no liability 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 both the 2017 and 2016 related party transactions 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 consistent with, the best interests of the Company and its stockholders.

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2017
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 10 - IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued amended guidance for reporting revenue from contracts with customers. This guidance affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenue and the related cash flows arising from contracts with customers. For a public entity, the amendments in this guidance are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect a material change to revenue currently being recognized compared to revenue that will be recognized under this amended guidance for the majority of the Company's revenue. These revenues include regulated water and wastewater sales subject to tariffs. The Company continues to evaluate the impact of adoption of this new standard and implementation issues specific to utilities identified by The American Institute of Certified Public Accountants Revenue Recognition Task Force in particular, contributions in aid of construction. In February 2016, the 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 (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, which includes compiling a list of all contracts that meet the definitions of a lease under the new standard and determine the proper classification and accounting treatment to determine the ultimate impact the new standard will have on our consolidated financial statements. In January 2017, the FASB issued new guidance on Business Combinations. The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company applied this amended guidance in 2017 to the purchase of the water assets from Fort DuPont Redevelopment and Preservation Corporation. In February 2017, the FASB issued new guidance on Other Income – Gains and Losses from derecognition of Nonfinancial Assets to clarify the scope and application of the sale or transfer of nonfinancial assets to noncustomers, including partial sales and also defines what constitutes an "in substance nonfinancial asset" which can include financial assets. The new guidance eliminates several accounting differences between transactions involving assets and transactions involving businesses. Further, the guidance aligns the accounting for derecognition of a nonfinancial asset with that of a business. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Management does not expect a material impact on the Company's financial statement due to the adoption of this guidance.

GENERAL (Details)		6 Months Ended
GENERAL (Details)	Jan. 27, 2017 gal mi	Jun. 30, 2017 Subsidiary Facility Squarefeet Customer gal
Number of wholly owned subsidiaries \| Subsidiary		9
Number of subsidiaries not regulated \| Subsidiary		4
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 Wastewater [Member]
Number of wastewater treatment facilities owned and operated \| Facility		4
Capacity of wastewater treatment facilities		500,000
Allen Harim Foods, LLC [Member]
Capacity of wastewater treatment facilities	1,500,000
Approximate pipeline mileage \| mi	8
Volume of storage lagoon	90,000,000
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 \| Customer		19,600
Number of sewer service line protection plan customers \| Customer		15,400
Percentage of water service line protection plan customers signed up		24.90%
Percentage of sewer service protection plan customers signed up		19.60%
Percentage of internal service protection plan eligible customers signed up		5.40%
Number of internal service line protection plan customers \| Customer		4,300
Number of non customers signed up with plan \| Customer		1,500
Artesian Utility [Member] \| Wastewater treatment facility first of two [Member] \| Maximum [Member]
Capacity of wastewater treatment facilities		2,500,000
Artesian Utility [Member] \| Wastewater treatment facility second of two [Member] \| Maximum [Member]
Capacity of wastewater treatment facilities		250,000

STOCK COMPENSATION PLANS (Details)				3 Months Ended		6 Months Ended
STOCK COMPENSATION PLANS (Details)	Jun. 28, 2017 $ / shares shares	May 03, 2017 $ / shares shares	May 04, 2016 $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) Director $ / shares shares	Jun. 30, 2016 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors in committee \| Director						3
Intrinsic value of awards						$ 441,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						1 year
Class A Stock [Member] \| 2015 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense \| $				$ 293,000	$ 22,000	$ 327,000	$ 22,000
Unrecognized expense related to non-vested option shares \| $				$ 0		$ 0
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						231,755
Granted, option shares (in shares) \| shares						0
Exercised/vested and released, option shares (in shares) \| shares						(37,405)
Expired, option shares (in shares) \| shares						0
Outstanding at end of period, option shares (in shares) \| shares				194,350		194,350
Exercisable/vested at end of period, option share (in shares) \| shares				194,350		194,350
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period, weighted average exercise price (in dollars per shares)						$ 19.32
Granted, weighted average exercise price (in dollars per share)						0
Exercised, weighted average exercise price (in dollars per shares)						18.09
Expired, weighted average exercise price (in dollars per share)						0
Outstanding at end of period, weighted average exercise price (in dollars per shares)				$ 19.55		19.55
Exercisable/vested at end of period, weighted average exercise price (in dollars per shares)				$ 19.55		$ 19.55
Shares of Class A Non-Voting Common Stock under option [Abstract]
Outstanding at end of period, weighted average remaining life						4 years 4 months 28 days
Exercisable/vested at end of period, weighted average remaining life						4 years 4 months 28 days
Outstanding at beginning of period, aggregate intrinsic value \| $						$ 2,925,000
Granted, aggregate intrinsic value \| $						0
Exercised/ vested and released, aggregate intrinsic value \| $						742,000
Expired/cancelled, aggregate intrinsic value \| $						0
Outstanding at end of period, aggregate intrinsic value \| $				$ 3,515,000		3,515,000
Exercisable/vested at end of period, aggregate intrinsic value \| $				$ 3,515,000		$ 3,515,000
Class A Stock [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period, restricted stock awards (in shares) \| shares						5,000
Granted, restricted stock awards (in shares) \| shares						11,568
Exercised/vested and released, restricted stock awards (in shares) \| shares						(11,568)
Expired/cancelled, restricted stock awards (in shares) \| shares						0
Outstanding at end of period, restricted stock awards (in shares) \| shares				5,000		5,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period, weighted average grant date fair value (in dollars per shares)						$ 27.70
Granted, weighted average grant date fair value (in dollars per share)						38.08
Vested and released, weighted average grant date fair value (in dollars per shares)						33.58
Cancelled, weighted average grant date fair value (in dollars per share)						0
Outstanding at end of period, weighted average grant date fair value (in dollars per shares)				$ 38.10		$ 38.10
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 \| $				$ 160,000		$ 160,000
Period over which unvested options cost will recognized						10 months 2 days
Fair value per share (in dollars per share)		$ 38.10	$ 27.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted, restricted stock awards (in shares) \| shares		5,000	5,000
Class A Stock [Member] \| Unrestricted Stock [Member] \| 2015 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share (in dollars per share)	$ 38.06
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted, restricted stock awards (in shares) \| shares	6,568

REGULATORY ASSETS (Details) - USD ($)	6 Months Ended
REGULATORY ASSETS (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Regulatory Assets [Line Items]
Artesian Water contributed to its postretirement benefit plan	$ 17,000
Amortization period of other regulatory expense [Abstract]
Depreciation and salary studies	5 years
Goodwill	50 years
Deferred acquisition costs	20 years
Franchise costs	80 years
Summary of regulatory assets net of amortization, comprise [Abstract]
Regulatory assets, net	$ 7,809,000	$ 3,374,000
Maximum [Member]
Amortization period of other regulatory expense [Abstract]
Amortization period of debt related cost	25 years
Minimum [Member]
Amortization period of other regulatory expense [Abstract]
Amortization period of debt related cost	15 years
Maryland [Member]
Amortization period of other regulatory expense [Abstract]
Regulatory rate proceedings	5 years
Delaware [Member]
Amortization period of other regulatory expense [Abstract]
Regulatory rate proceedings	2 years 6 months
Postretirement Benefit Obligation [Member]
Summary of regulatory assets net of amortization, comprise [Abstract]
Regulatory assets, net	$ 186,000	186,000
Debt Related Costs [Member]
Summary of regulatory assets net of amortization, comprise [Abstract]
Regulatory assets, net	6,135,000	1,648,000
Deferred Income Taxes [Member]
Summary of regulatory assets net of amortization, comprise [Abstract]
Regulatory assets, net	423,000	431,000
Goodwill [Member]
Summary of regulatory assets net of amortization, comprise [Abstract]
Regulatory assets, net	307,000	310,000
Deferred Acquisition and Franchise Costs [Member]
Summary of regulatory assets net of amortization, comprise [Abstract]
Regulatory assets, net	665,000	683,000
Expense of Rate and Regulatory Proceedings [Member]
Summary of regulatory assets net of amortization, comprise [Abstract]
Regulatory assets, net	$ 93,000	$ 116,000

REGULATORY PROCEEDINGS (Details) - USD ($)				3 Months Ended		6 Months Ended
REGULATORY PROCEEDINGS (Details) - USD ($)	Nov. 29, 2016	May 31, 2016	Nov. 24, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Proceedings [Abstract]
Percentage of Distribution System Improvement Charges annual rate increase application filed by company to regulatory	4.71%	2.30%	1.57%
Increase Amount Based On Eligible Plant Improvements Since Last Rate Increase	$ 16,600,000	$ 10,300,000	$ 7,000,000
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]
Other Proceedings [Abstract]
Revenue earned in DSIC rate increases				$ 787,000	$ 257,000	$ 1,543,000	$ 506,000

INCOME TAXES (Details)	3 Months Ended	6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)
Income Tax Examination [Line Items]
Income tax penalties and interest accrued for unrecognized tax position	$ 1,500	$ 3,600
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	2014
State Authorities [Member] \| Tax Year 2016 [Member] \| Maximum [Member]
Income Tax Examination [Line Items]
Open tax year	2016
Federal Authorities [Member]
Income Tax Examination [Line Items]
Additions based on tax positions related to the current year		$ 1,400,000
Federal Authorities [Member] \| Tax Year 2015 [Member] \| Minimum [Member]
Income Tax Examination [Line Items]
Open tax year		2015
Federal Authorities [Member] \| Tax Year 2016 [Member] \| Maximum [Member]
Income Tax Examination [Line Items]
Open tax year		2016

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Amount [Member]
Long-term Financial Liabilities [Abstract]
Long-term debt	$ 107,592	$ 103,647
Estimated Fair Value [Member]
Long-term Financial Liabilities [Abstract]
Long-term debt	$ 112,347	$ 111,864

RELATED PARTY TRANSACTIONS (Details) - USD ($)			3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Feb. 28, 2017	Jul. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
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 modify water treatment plant	$ 100,000	$ 131,000
Amount paid to related party			$ 44,000	$ 0	$ 87,000	$ 0
Accrued liabilities			$ 0	$ 0	$ 0	$ 0