Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 64

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 8
Chunk 64
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 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.

10 

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 June 30,

    2025 
    2024
  
    Basic:  
    Income 
    Shares 
    Income 
    Shares
  
    Net Income 
    $10,778  
     17,962  
    $10,546  
     17,829 
  
    Preferred Dividend 
     (19) 
        
     (30) 

    Earnings Applicable to Common Stock 
    $10,759  
     17,962  
    $10,516  
     17,829 

    Basic EPS 
    $0.60  
        
    $0.59  

    Diluted: 

    Earnings Applicable to Common Stock 
    $10,759  
     17,962  
    $10,516  
     17,829 
  
    $7.00 Series Preferred Dividend 
     7  
     31  
     17  
     115 
  
    Adjusted Earnings Applicable to Common Stock 
    $10,766  
     17,993  
    $10,533  
     17,944 

    Diluted EPS 
    $0.60  
        
    $0.59  

    (In Thousands Except per Share Amounts)

    Six Months Ended June 30,

    2025 
    2024
  
    Basic:  
    Income 
    Shares 
    Income 
    Shares
  
    Net Income 
    $20,258  
     17,926  
    $21,228  
     17,824 
  
    Preferred Dividend 
     (41) 
        
     (60) 

    Earnings Applicable to Common Stock 
    $20,217  
     17,926