Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1142

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 1142
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years of the award, as applicable, other than as a result of retirement at normal retirement age, death, disability or change in control.
The maximum number of shares authorized for award under the plan is 300,000 shares, of which approximately 70% remain available for issuance.

The Company recognizes compensation expense at
fair value for the plan awards in accordance with ASC 718, Compensation – Stock Compensation. Compensation expense is determined
by the market value of the stock on the date of the award and is being amortized over the expected vesting period.

64 

The following table presents awarded but not yet vested share information
for the plan:

    Shares(thousands)  
    Unearned  Compensation  (thousands)  
    Weighted  Average Granted  Price 
  
    Balance, January 1, 2022 
     83  
    $1,931  

    Granted 
     11  
     1,151  
    $105.17 
  
    Vested 
     (17) 

    Amortization of Compensation expense 
     —  
     (1,350) 

    Balance, December 31, 2022 
     77  
     1,732  

    Granted 
     15  
     1,165  
    $77.63 
  
    Vested 
     (18) 
     —  

    Amortization of Compensation expense 
     —  
     (1,854) 

    Balance, December 31, 2023 
     74  
     1,043  

    Granted 
     19  
     1,003  
    $52.50 
  
    Vested 
     (58) 
     —  

    Amortization of Compensation expense 
     —  
     (1,140) 

    Balance, December 31, 2024 
     35  
    $906  

Unearned compensation is recognized over a period of 4 years.

Note 8 – Business Segment Data

The Company’s Chief Operating Decision Maker
(CODM) consists of the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The CODM evaluates
segment performance and profitability using net income. This metric provides a clear, consistent basis for analyzing the financial results
of each segment and supports decision-making regarding the allocation