Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 450

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 450
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 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  
    $42,309  
     17,597 
  
    Basic EPS 
    $2.48  
        
    $1.77  
        
    $2.40  

    Diluted: 

    Earnings Applicable to Common Stock 
    $44,239  
     17,842  
    $31,404  
     17,732  
    $42,309  
     17,597 
  
    Convertible Preferred $7.00 Series Dividend 
     46  
     104  
     67  
     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