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Capitalization (Tables)
 12 Months Ended
Dec. 31, 2017
CAPITALIZATION:  
Schedule of maturities of long term debt

The aggregate annual principal repayment obligations for all long-term debt over the next five years are shown below:

 

Year

(Millions of Dollars)

Annual Maturities

2018 $ 6.9
2019 $ 7.1
2020 $ 6.9
2021 $ 6.9
2022 $ 6.4
Schedule of earnings per share

The following table presents the calculation of basic and diluted earnings per share (EPS) for the three years ended December 31, 2017. Basic EPS is computed on the basis of the weighted average number of shares outstanding. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and $8.00 Series.

 

   (In Thousands, Except Per Share Amounts)
   2017  2016  2015   
Basic:  Income  Shares  Income  Shares  Income  Shares
Net Income  $22,809    16,330   $22,742    16,270   $20,028    16,175 
Preferred Dividend   (144)        (144)        (144)     
Earnings Applicable to Common Stock  $22,665    16,330   $22,598    16,270   $19,884    16,175 
Basic EPS  $1.39        $1.39        $1.23      
Diluted:                              
Earnings Applicable to Common Stock  $22,665    16,330   $22,598    16,270   $19,884    16,175 
$7.00 Series Dividend   67    115    67    115    67    115 
$8.00 Series Dividend   24    41    24    41    24    41 
Adjusted Earnings Applicable to Common Stock  $22,756    16,486   $22,689    16,426   $19,975    16,331 
Diluted EPS  $1.38        $1.38        $1.22      
Schedule of carrying amount and estimated fair value of bonds

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 First Mortgage and State Revolving Fund 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. The carrying amount and fair value of the Bonds were as follows:

 

   (Thousands of Dollars)
   At December 31,
   2017  2016
   Carrying  Fair  Carrying  Fair
   Amount  Value  Amount  Value
Bonds  $95,322   $98,036   $82,786   $84,821