Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 26

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 26
---
 Proceeds were used to reduce
the Company’s outstanding balances under its bank lines of credit.

In May 2022, Middlesex repaid its two outstanding
New Jersey Infrastructure Bank (NJIB) construction loans by issuing FMBs to the NJIB under two loan agreements. The total amount of FMBs
issued is $ million and designated as Series 2022A ($ million) and Series 2022B ($ million). The interest rate on the Series
2022A bond is zero and the interest rate on the Series 2022B bond ranges between % and %. The final maturity date for both FMBs
is , with scheduled debt service payments over the life of these loans.

The aggregate annual principal repayment obligations as of December
31, 2024 for all long-term debt over the next and thereafter are shown below:

| Year       |     | (In Millions)     
 Annual Maturities |       |
|:-----------|:----|:------------------|------:|
| 2025       |     | $                 |   7.7 |
| 2026       |     |                   |   7.5 |
| 2027       |     |                   |   7.3 |
| 2028       |     |                   |   7.0 |
| 2029       |     |                   |   6.5 |
| Thereafter |     |                   | 323.4 |

The weighted average interest rate on all long-term
debt at December 31, 2024 and 2023 was % and %, respectively.

Substantially all of the utility plant of the
Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance
with all of its mortgage covenants and restrictions.

20

Earnings Per Share

The following table presents the calculation of
basic and diluted earnings per share (EPS) of common stock for the years ended December 31, 2024, 2023 and 2022. Basic EPS is computed
on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of the Convertible Preferred Stock
$ Series.

| Basic:                                       |     | (In Thousands, Except Per Share Amounts) 
 2024                                     
 Income                                   |        |   |     | Shares |        |     | 2023   
 Income |        |   |     | Shares |        |