Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 55

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 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 September 30,20252024Basic:IncomeSharesIncomeSharesNet Income$13,958 18,123$14,319 17,838Preferred Dividend(18)(29)Earnings Applicable to Common Stock$13,940 18,123$14,290 17,838Basic EPS$0.77 $0.80 Diluted:Earnings Applicable to Common Stock$13,940 18,123$14,290 17,838$7.00 Series Preferred Dividend5 3117 114Adjusted Earnings Applicable to Common Stock$13,945 18,154$14,307 17,952Diluted EPS$0.77 $0.80 (In Thousands Except per Share Amounts)Nine Months Ended September 30,20252024Basic:IncomeSharesIncomeSharesNet Income$34,217 17,992$35,547 17,828Preferred Dividend(59)(89)Earnings Applicable to Common Stock$34,158 17,992$35,458 17,828Basic EPS$1.90 $1.99 Diluted:Earnings Applicable to Common Stock$34,158 17,992$35,458 17,828$7.00 Series Preferred Dividend19 3150 115Adjusted Earnings Applicable to Common Stock$34,177 18,023$35,508 17,943Diluted EPS$1.90 $1.98 

Note 5 – Business Segment Data

The Company’s Chief Operating Decision Maker (CODM) consists of the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The CODM evaluates segment performance and profitability using net income. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.Resource allocation to the Company’s regulated and non-regulated segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, capital and financing requirements, aligning with the Company’s strategic objectives and regulatory obligations. The CODM reviews budget-to-actual variances on a monthly, quarterly and year to-date basis and makes interim decisions to