Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 22

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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2024, respectively. Advances for construction have carrying amounts of $24.1 million and $22.6 million at September 30, 2025 and December 31, 2024, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases.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.

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Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding 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