Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 793

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 793
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2022A bond is zero and the interest rate on the Series 2022B bond ranges between 2.7% and 3.0%. The final maturity date for both FMBs
is August 1, 2056, 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 five years 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 3.64% and 3.65%, 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.

57 

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
$7.00 Series.

    (In Thousands, Except Per Share Amounts)

    2024 
    2023 
    2022 

    Basic: 
    Income 
    Shares 
    Income 
    Shares 
    Income 
    Shares
  
    Net Income 
    $44,351  
     17,842  
    $31,524  
     17,732  
    $42,429  
     17,597 
  
    Preferred Dividend 
     (112) 
        
     (120) 
        
     (120) 

    Earnings Applicable to Common Stock 
    $44,239  
     17,842  
    $31,404  
     17,732