Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 27

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 27
---
115 |     |        |     67 |   |     |        |    115 |
| Adjusted Earnings Applicable to Common Stock |     | $                                        | 44,285 |   |     |        | 17,946 |     | $      | 31,471 |   |     |        | 17,847 |     | $      | 42,376 |   |     |        | 17,712 |
| Diluted EPS                                  |     | $                                        |   2.47 |   |     |        |        |     | $      |   1.76 |   |     |        |        |     | $      |   2.39 |   |     |        |        |

Fair Value of Financial Instruments

The following methods and assumptions were used
by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The
carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and
notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMBs and
SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy,
the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in
the table below are classified as Level 2 measurements.

|      |     | (In Thousands)  
 At December 31, 
 2024            
 Carrying        
 Amount          |         |     | Fair  
 Value |         |     | 2023     
 Carrying 
 Amount   |         |     | Fair  
 Value |         |
|:-----|:----|:----------------|--------:|:----|:------|--------:|:----|:---------|--------:|:----|:------|--------:|
| FMBs |     | $               | 129,602 |     | $     | 125,067 |     | $        | 133,374 |     | $     | 131,745 |

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 rate and due date on these series of long