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Capitalization (Tables)

12 Months Ended

Dec. 31, 2021

CAPITALIZATION:

Schedule of maturities of long term debt

FMBs Series 2019A, 2019B, 2020A, 2021A and 2021B and the CoBank 2021 Amortizing Secured Note are term bonds with single maturity dates subsequent to 2026. 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
	2022	$ 6.7
	2023	$ 16.1
	2024	$ 6.0
	2025	$ 5.6
	2026	$ 5.4

Schedule of earnings per share

The following table presents the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2021, 2020 and 2019. 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 (fully converted into common stock in September 2019).

		(In Thousands, Except Per Share Amounts)
		2021								2020								2019
Basic:		Income				Shares				Income				Shares				Income				Shares
Net Income		$	36,543				17,492			$	38,425				17,459			$	33,888				16,685
Preferred Dividend			(120	)							(120	)							(132	)
Earnings Applicable to Common Stock		$	36,423				17,492			$	38,305				17,459			$	33,756				16,685
Basic EPS		$	2.08							$	2.19							$	2.02
Diluted:
Earnings Applicable to Common Stock		$	36,423				17,492			$	38,305				17,459			$	33,756				16,685
$7.00 Series Dividend			67				115				67				115				67				115
$8.00 Series Dividend			-				-				-				-				12				29
Adjusted Earnings Applicable to Common Stock		$	36,490				17,607			$	38,372				17,574			$	33,835				16,829
Diluted EPS		$	2.07							$	2.18							$	2.01

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 FMBs 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,
		2021								2020
		Carrying				Fair				Carrying				Fair
		Amount				Value				Amount				Value
FMBs		$	98,828			$	107,781			$	147,667			$	159,195

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