Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 420

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 420
---
744  
     18,208 

    Total Operating Expenses 
     138,667  
     127,051  
     120,333 

    Gain on Sale of Subsidiary 
     —  
     —  
     5,232 

    Operating Income 
     53,210  
     39,223  
     47,333 

    Other Income: 

    Allowance for Funds Used During Construction 
     1,254  
     2,433  
     2,314 
  
    Other Income, net 
     10,815  
     4,052  
     5,389 

    Total Other Income, net 
     12,069  
     6,485  
     7,703 

    Interest Charges 
     14,023  
     13,143  
     9,367 

    Income before Income Taxes 
     51,256  
     32,565  
     45,669 

    Income Taxes 
     6,905  
     1,041  
     3,240 

    Net Income 
     44,351  
     31,524  
     42,429 

    Preferred Stock Dividend Requirements 
     112  
     120  
     120 

    Earnings Applicable to Common Stock 
    $44,239  
    $31,404  
    $42,309 

    Earnings per share of Common Stock: 

    Basic 
    $2.48  
    $1.77  
    $2.40 
  
    Diluted 
    $2.47  
    $1.76  
    $2.39 

    Average Number of 

    Common Shares Outstanding : 

    Basic 
     17,842  
     17,732  
     17,597 
  
    Diluted 
     17,946  
     17,847  
     17,712 

See Notes to Consolidated Financial Statements. 

40 

MIDDLESEX WATER COMPANY

CONSOLIDATED
BALANCE SHEETS

(In thousands)

    December 31,  
    December 31, 
  
    ASSETS 
      
    2024