Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 13

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 13
---

     
    $
    128,857

    $
    124,031

    $
    129,602

    $
    125,067

It was not practicable to estimate the fair value
on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including
carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing
Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term
Debt. The carrying amount of these instruments was $229.0 million and $229.8 million at March 31, 2025 and December 31, 2024, respectively.
Advances for construction have carrying amounts of $22.7 million and $22.6 million at March 31, 2025 and December 31, 2024, respectively.
Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer
connections, customer consumption levels and future rate increases.

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.

9 

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the
basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible
Preferred Stock $7.00 Series.

    (In Thousands Except per Share Amounts) 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Basic:  
    Income  
    Shares  
    Income  
    Shares 
  
    Net Income 
    $9,479  
     17,890  
    $10,682  
     17,819 
  
    Preferred Dividend 
     (22) 
        
     (30) 

    Earnings Applicable to Common Stock 
    $9,457  
     17,890  
    $10,652  
     17,819 

    Basic EPS 
    $0.53  
        
    $0.60