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Capitalization (Tables) | 12 Months Ended
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Dec. 31, 2018
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
2019 | $ 7.3
2020 | $ 7.2
2021 | $ 7.2
2022 | $ 6.7
2023 | $ 6.2
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, 2018. 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)
|  | 2018 |  | 2017 |  | 2016
Basic: |  | Income |  | Shares |  | Income |  | Shares |  | Income |  | Shares
Net Income |  | $ | 32,452 |  |  |  | 16,384 |  |  | $ | 22,809 |  |  |  | 16,330 |  |  | $ | 22,742 |  |  |  | 16,270 |
Preferred Dividend |  |  | (144 | ) |  |  |  |  |  |  | (144 | ) |  |  |  |  |  |  | (144 | ) |  |  |  |
Earnings Applicable to Common Stock |  | $ | 32,308 |  |  |  | 16,384 |  |  | $ | 22,665 |  |  |  | 16,330 |  |  | $ | 22,598 |  |  |  | 16,270 |
Basic EPS |  | $ | 1.97 |  |  |  |  |  |  | $ | 1.39 |  |  |  |  |  |  | $ | 1.39 |  |  |  |  |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings Applicable to Common Stock |  | $ | 32,308 |  |  |  | 16,384 |  |  | $ | 22,665 |  |  |  | 16,330 |  |  | $ | 22,598 |  |  |  | 16,270 |
$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 |  | $ | 32,399 |  |  |  | 16,540 |  |  | $ | 22,756 |  |  |  | 16,486 |  |  | $ | 22,689 |  |  |  | 16,426 |
Diluted EPS |  | $ | 1.96 |  |  |  |  |  |  | $ | 1.38 |  |  |  |  |  |  | $ | 1.38 |  |  |  |  |
Schedule of carrying amount and estimated fair value of bonds | The carrying amount and fair value of the Bonds were as follows:
|  | (Thousands of Dollars) At December 31,
|  | 2018 |  | 2017
|  | Carrying |  | Fair |  | Carrying |  | Fair
|  | Amount |  | Value |  | Amount |  | Value
Bonds |  | $ | 101,411 |  |  | $ | 102,789 |  |  | $ | 95,322 |  |  | $ | 98,036 |

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