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Note 1 – Basis of Presentation and Recent Developments Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. The consolidated notes within the 2021 Annual Report on Form 10-K (the 2021 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of March 31, 2022 and the results of operations and cash flows for the three month periods ended March 31, 2022 and 2021. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2021, has been derived from the Company’s December 31, 2021 audited financial statements included in the 2021 Form 10-K. Recent Developments Regulatory Notice of Non-Compliance - In September 2021, the New Jersey Department of Environmental Protection (NJDEP) issued a Notice of Non-Compliance (Notice) to Middlesex based on self-reporting by Middlesex that the level of Perfluorooctanoic Acid (PFOA) in water treated at its Park Avenue Wellfield Treatment Plant in South Plainfield, New Jersey exceeded a recently promulgated NJDEP standard effective in 2021. Neither the NJDEP nor Middlesex has characterized this exceedance as an acute health threat. However, Middlesex was required to notify its affected customers and complied in November 2021 as required by the regulation. Further, the Notice required the Company to take any action necessary to comply with the new standard by September 7, 2022. The NJDEP standard for PFOA was developed based on a Health-based Maximum Contaminant Level (MCL) of 14 parts per trillion (ppt). Although the United States Environmental Protection Agency (USEPA) has not yet implemented a regulation relative to PFOA, the water distributed from the Park Avenue Wellfield Treatment Plant does meet the USEPA’s current health advisory level of 70 ppt and would meet the NJDEP’s pre-2021 standard guidance level of 40 ppt, which was not a regulation. Construction of an enhanced treatment process at the Park Avenue Wellfield Treatment Plant to comply with an anticipated NJDEP standard, at a level which is unknown at this time, had already begun prior to the regulation being enacted. Since completion is not expected until mid-2023, in December 2021, the Company implemented an interim solution to meet the Notice requirements. The Park Avenue Wellfield Treatment Plant was taken off-line and alternate sources of supply have been obtained. The Company is in the process of implementing an acceleration of a portion of the Park Avenue Wellfield treatment upgrades in order to meet anticipated increases in the historical higher water demand periods during the summer months. This is also intended to result in compliance with the requirements of the Notice. In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other claimed related costs. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability which may result from these lawsuits. In January 2022, the Company filed a petition with the New Jersey Board of Public Utilities (NJBPU) seeking to establish a regulatory asset and deferred accounting treatment until its next base rate setting proceeding for all costs associated with the interim solution to comply with the Notice. While the Company believes monetary penalties are unlikely, the issuance of the Notice does not preclude the State of New Jersey or any of its agencies from initiating formal administrative and/or judicial enforcement action, including assessment of penalties of up to $25,000 per day per offense if the Company is not in compliance with the requirements of the Notice by September 7, 2022. Sale of Subsidiary – In January 2022, Middlesex closed on the Delaware Public Service Commission (DEPSC) approved sale of 100% of the common stock of its subsidiary Tidewater Environmental Services, Inc. to Artesian Wastewater Management, Inc. for $6.4 million in cash and other consideration, resulting in a $5.2 million pre-tax gain. The Company will continue to own and operate its non-regulated water and wastewater contract operations business in Delaware. Coronavirus (COVID-19) Pandemic – On April 13, 2022, the United States Secretary of Health and Human Services renewed the determination that a nationwide health emergency exists as a result of the COVID-19 Pandemic. While the Company’s operations and capital construction program have not been materially disrupted to date from the pandemic, the COVID-19 impact on economic conditions nationally continues to be uncertain and could affect the Company’s results of operations, financial condition and liquidity in the future. In New Jersey, the declared COVID-19 State of Emergency ended on March 7, 2022. In Delaware, the declared COVID-19 State of Emergency Order ended in July 2021. The NJBPU and the DEPSC have approved the tracking of COVID-19 related incremental costs for potential recovery in customer rates in future rate proceedings. Neither jurisdiction has established a timetable or definitive formal procedures for seeking cost recovery. Since March 2020, the Company has increased its allowance for doubtful accounts for expected increases in accounts receivable write-offs due to the financial impact of COVID-19 on customers. Since the ultimate rate treatment to be determined by the NJBPU regarding incremental costs related to COVID-19 is not definitively known at this time, the Company has not deferred any such costs. We will continue to monitor the effects of COVID-19 and evaluate its impact on the Company’s results of operations, financial condition and liquidity. <div> <div style="width:100%; clear:both;"> 6 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <a href="#toc">Index</a> </div> Recent Accounting Guidance There is no new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

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Note 2 – Rate and Regulatory Matters Middlesex – In December 2021, Middlesex’s petition to the NJBPU seeking permission to increase its base water rates was concluded, based on a negotiated settlement, resulting in an expected increase in annual operating revenues of $27.7 million. The approved tariff rates were designed to recover increased operating costs as well as a return on invested capital of $513.5 million, based on an authorized return on common equity of 9.6%. The increase is being implemented in two phases with $20.7 million of the increase effective January 1, 2022 and the remaining $7.0 million effective January 1, 2023. As part of the negotiated settlement, the Purchased Water Adjustment Clause (PWAC), which is a rate mechanism that allows for recovery of increased purchased water costs between base rate case filings, was reset to zero. In March 2022, Middlesex filed a petition with the NJBPU seeking approval to set its PWAC tariff rate to recover additional costs of $3.7 million for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. We cannot predict whether the NJBPU will ultimately approve, deny or reduce the amount of our request. Twin Lakes Utilities, Inc. (Twin Lakes) - Twin Lakes provides water services to approximately 115 residential customers in Shohola, Pennsylvania. Pursuant to the Pennsylvania Public Utility Code, Twin Lakes filed a petition requesting the Pennsylvania Public Utilities Commission (PAPUC) to order the acquisition of Twin Lakes by a capable public utility. The PAPUC assigned an Administrative Law Judge (ALJ) to adjudicate the matter and submit a recommended decision (Recommended Decision) to the PAPUC. As part of this legal proceeding the PAPUC also issued an Order in January 2021 appointing a large Pennsylvania based investor-owned water utility as the receiver (the Receiver Utility) of the Twin Lakes system until the petition is fully adjudicated by the PAPUC. In November 2021, the PAPUC issued an Order affirming the ALJ’s Recommended Decision, ordering the Receiver Utility to acquire the Twin Lakes water system and for Middlesex to submit $1.7 million into an escrow account within 30 days. Twin Lakes immediately filed a Petition For Review (PFR) with the Commonwealth Court of Pennsylvania (the Pennsylvania Court) seeking reversal and vacation of the escrow requirement on the grounds that it violates the Pennsylvania Public Utility Code as well as the United States Constitution. In addition, Twin Lakes filed an emergency petition for stay of the PAPUC Order pending the Pennsylvania Court’s review of the merits arguments contained in Twin Lakes’ PFR. In December 2021, the Pennsylvania Court granted Twin Lakes’ emergency petition, pending its review. A final decision by the Pennsylvania Court is not expected before June 2022. The final adjudication of this matter cannot be predicted at this time. The financial results, total assets and financial obligations of Twin Lakes are not material to Middlesex.

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Note 3 – Capitalization Common Stock - For the three months ended March 31, 2022 and 2021, the Company received proceeds of $2.9 million and $0.3 million, respectively, for the issuance of shares of its common stock under the Middlesex Water Company Investment Plan (the Investment Plan). On September 1, 2021, the Company began offering shares of its common stock for purchase at a 3% discount to participants in the Investment Plan. The discount offering will continue until 200,000 shares are purchased at the discounted price or August 1, 2022, whichever event occurs first. Through March 31, 2022, 60,096 shares have been purchased through the discounted offering. The discount applies to all common stock purchases made under the Investment Plan, whether by optional cash payment or by dividend reinvestment. <div> <div style="width:100%; clear:both;"> 7 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <a href="#toc">Index</a> </div> Long-term Debt - Middlesex currently has two projects that are in the construction loan phase of the New Jersey State Revolving Fund (SRF) program: 1) In April 2018, the NJBPU approved Middlesex’s request to participate in the New Jersey Infrastructure Bank (NJIB) loan program to fund the construction of a 4.5 mile large-diameter transmission pipeline from the Carl J. Olsen water treatment plant in Edison, New Jersey and interconnect with our distribution system. Middlesex closed on a $43.5 million NJIB interest-free construction loan in August 2018 and completed withdrawal of the proceeds in June 2021; and 2) In March 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program to fund the 2018 RENEW Program, which is an ongoing initiative to rehabilitate or replace water distribution mains in the Middlesex system. Middlesex closed on an $8.7 million interest-free NJIB construction loan in September 2018 and completed withdrawal of the proceeds in October 2019. The Company anticipates that these two interest-free construction loans will be converted into long-term securitized loans by the NJIB during the second quarter of 2022. In November 2021, Tidewater received approval from the DEPSC to borrow up to $5.0 million under the Delaware SRF Program for construction of a one million gallon elevated storage tank. Tidewater closed on the $5.0 million loan in December 2021 and began receiving disbursements in January 2022. Through March 31, 2022, Tidewater has drawn a total of $1.3 million and expects borrowing under this loan to continue through mid-2023. The final maturity date on the loan is 2044. <div> <div style="width:100%; clear:both;"> 8 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <a href="#toc">Index</a> </div> 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 condensed consolidated balance sheets for cash and cash equivalents, trade receivables, 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 Bonds (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 FMBs in the table below are classified as Level 2 measurements. The carrying amount and fair value of the FMBs were as follows: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td colspan="4" style="width:15%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td colspan="2" style="width:15%; vertical-align:bottom; "> March 31, 2022 </td> <td colspan="2" style="width:15%; vertical-align:bottom; "> December 31, 2021 </td> </tr> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> Carrying </td> <td style="width:15%; vertical-align:bottom; "> Fair </td> <td style="width:15%; vertical-align:bottom; "> Carrying </td> <td style="width:15%; vertical-align:bottom; "> Fair </td> </tr> <tr class="even" style=""> <td style="width:40%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Amount </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Value </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Amount </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Value </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:40%; vertical-align:bottom; "> FMBs </td> <td style="width:15%; vertical-align:bottom; "> $98,441 </td> <td style="width:15%; vertical-align:bottom; "> $102,282 </td> <td style="width:15%; vertical-align:bottom; "> $98,828 </td> <td style="width:15%; vertical-align:bottom; "> $107,781 </td></tr></tbody></table></div> It was not practicable to estimate their fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series of long-term debt titled “Amortizing Secured Notes”, “State Revolving Trust Notes”, and “Construction Loans” on the Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $212.7 million and $212.3 million at March 31, 2022 and December 31, 2021, respectively. Customer advances for construction have carrying amounts of $23.0 million and $23.5 million at March 31, 2022 and December 31, 2021, 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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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 condensed consolidated balance sheets for cash and cash equivalents, trade receivables, 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 Bonds (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 FMBs in the table below are classified as Level 2 measurements. The carrying amount and fair value of the FMBs were as follows: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td colspan="4" style="width:15%; vertical-align:bottom; "> (Thousands of Dollars) </td> </tr> <tr class="even" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td colspan="2" style="width:15%; vertical-align:bottom; "> March 31, 2022 </td> <td colspan="2" style="width:15%; vertical-align:bottom; "> December 31, 2021 </td> </tr> <tr class="odd" style=""> <td style="width:40%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> Carrying </td> <td style="width:15%; vertical-align:bottom; "> Fair </td> <td style="width:15%; vertical-align:bottom; "> Carrying </td> <td style="width:15%; vertical-align:bottom; "> Fair </td> </tr> <tr class="even" style=""> <td style="width:40%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Amount </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Value </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Amount </td> <td style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Value </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:40%; vertical-align:bottom; "> FMBs </td> <td style="width:15%; vertical-align:bottom; "> $98,441 </td> <td style="width:15%; vertical-align:bottom; "> $102,282 </td> <td style="width:15%; vertical-align:bottom; "> $98,828 </td> <td style="width:15%; vertical-align:bottom; "> $107,781 </td></tr></tbody></table></div>

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23000000.0 23500000

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. <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> 2021 </td> </tr> <tr class="even" style=""> <td style="width:48%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Basic: </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Shares </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Shares </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Net Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,100 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,907 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Preferred Dividend </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (30 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (30 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,070 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,877 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Basic EPS </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.69 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.39 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> Diluted: </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,070 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,877 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> $7.00 Series Preferred Dividend </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 17 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 115 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 17 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 115 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Adjusted Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,087 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,653 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,894 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,591 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Diluted EPS </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.68 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.39 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div>

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. <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> 2021 </td> </tr> <tr class="even" style=""> <td style="width:48%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Basic: </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Shares </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Income </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Shares </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Net Income </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,100 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,907 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Preferred Dividend </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (30 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (30 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,070 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,877 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Basic EPS </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.69 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.39 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> Diluted: </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,070 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,538 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,877 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,476 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> $7.00 Series Preferred Dividend </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 17 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 115 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 17 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 115 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Adjusted Earnings Applicable to Common Stock </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 12,087 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,653 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,894 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 17,591 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Diluted EPS </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.68 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 0.39 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div>

12100000

17538000

6907000

17476000

30000

12070000

17538000

6877000

17476000

0.69

0.39

12070000

17538000

6877000

17476000

17000

115000

17000

115000

12087000

17653000

6894000

17591000

0.68

0.39

Note 5 – Business Segment Data The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey and Delaware with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender. <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> Three Months Ended </td> </tr> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> March 31, </td> </tr> <tr class="even" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Operations by Segments: </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> Revenues: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,325 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 29,421 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,009 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,257 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (138 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (137 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Consolidated Revenues </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 36,196 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 32,541 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Operating Income: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 11,705 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 4,716 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 818 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 918 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Consolidated Operating Income </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12,523 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 5,634 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Net Income: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 11,513 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,240 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 587 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 667 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Consolidated Net Income </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12,100 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 6,907 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Capital Expenditures: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 16,585 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 21,963 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 46 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 70 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Total Capital Expenditures </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 16,631 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 22,033 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> </tbody> </table> </div> <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> As of </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> March 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Assets: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,015,059 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,022,116 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,378 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,811 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (13,853 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (9,912 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Consolidated Assets </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,009,584 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,020,015 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div>

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey and Delaware with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender. <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> Three Months Ended </td> </tr> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> March 31, </td> </tr> <tr class="even" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Operations by Segments: </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> Revenues: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 33,325 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 29,421 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,009 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,257 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (138 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (137 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Consolidated Revenues </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 36,196 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 32,541 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Operating Income: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 11,705 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 4,716 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 818 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 918 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Consolidated Operating Income </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12,523 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 5,634 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Net Income: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 11,513 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 6,240 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 587 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 667 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Consolidated Net Income </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12,100 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 6,907 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Capital Expenditures: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 16,585 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 21,963 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 46 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 70 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Total Capital Expenditures </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 16,631 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 22,033 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> </tbody> </table> </div> <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> As of </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> March 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> December 31, </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Assets: </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,015,059 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 1,022,116 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Non – Regulated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 8,378 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 7,811 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (13,853 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (9,912 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Consolidated Assets </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,009,584 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,020,015 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div>

33325000

29421000

3009000

3257000

-138000

-137000

36196000

32541000

11705000

4716000

818000

918000

12523000

5634000

11513000

6240000

587000

667000

12100000

6907000

16585000

21963000

46000

70000

16631000

22033000

1015059000

1022116000

8378000

7811000

-13853000

-9912000

1009584000

1020015000

Note 6 – Short-term Borrowings The Company maintains lines of credit aggregating $140.0 million. <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (Millions) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> As of March 31, 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Outstanding </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Available </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Maximum </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:13%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Credit Type </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:18%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Renewal Date </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:27%; vertical-align:bottom; "> Bank of America </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 60.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 60.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Uncommitted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> January 26, 2023 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:27%; vertical-align:bottom; "> PNC Bank </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 15.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 53.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 68.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Committed </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> January 31, 2024 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:27%; vertical-align:bottom; "> CoBank </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Committed </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> November 30, 2023 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 15.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 125.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 140.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div> The interest rate for borrowings under the Bank of America and PNC Bank lines of credit is set using the Bloomberg Short-Term Bank Yield Index and adding a credit spread, which varies by financial institution. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the Standard Overnight Financing Rate and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit. The weighted average interest rate on the outstanding borrowings at March 31, 2022 under these credit lines is 1.20%. The weighted average daily amounts of outstanding borrowings under the Company’s credit lines and the weighted average interest rates on those amounts were $13.4 million and $8.0 million at 1.12% and 1.12% for the three months ended March 31, 2022 and 2021, respectively. The maturity dates for the $15.0 million outstanding as of March 31, 2022 are in April 2022 and May 2022 and were or are expected to be extended at the discretion of the Company.

The Company maintains lines of credit aggregating $140.0 million. <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (Millions) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> As of March 31, 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Outstanding </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Available </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Maximum </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:13%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Credit Type </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:18%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Renewal Date </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:27%; vertical-align:bottom; "> Bank of America </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> - </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 60.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 60.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Uncommitted </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> January 26, 2023 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:27%; vertical-align:bottom; "> PNC Bank </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 15.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 53.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 68.0 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Committed </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> January 31, 2024 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:27%; vertical-align:bottom; "> CoBank </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 12.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> Committed </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> November 30, 2023 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:27%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 15.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 125.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> 140.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:13%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:18%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div>

140000000.0

60000000.0

Uncommitted

2023-01-26

15000000.0

53000000.0

68000000.0

Committed

2024-01-31

12000000.0

Committed

2023-11-30

15000000.0

125000000.0

140000000.0

0.0120

13400000

8000000.0

0.0112

15000000.0

Note 7 – Commitments and Contingent Liabilities Water Supply - Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27.0 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds. Middlesex has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases. Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually. Purchased water costs are shown below: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> Three Months Ended </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> March 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="2" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="2" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Treated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 747 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 877 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Untreated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 811 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 861 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Total Costs </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,558 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,738 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div> <div> <div style="width:100%; clear:both;"> 11 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <a href="#toc">Index</a> </div> Guarantees - As part of an agreement with the County of Monmouth, New Jersey (County), prior to 2020 Middlesex had served as guarantor of the performance of an unaffiliated wastewater treatment contractor and partner (Contractor), to operate a County-owned leachate pretreatment facility. In November 2019, Middlesex was notified that the County terminated its Agreement with the Contractor. The Contractor had initiated legal action against the County that in part contests the County’s exercise of this termination. The County filed a counter-claim against the Contractor’s parent company and has brought Middlesex into the suit as a third-party defendant. Our ongoing monitoring of this litigation has led to the conclusion that we do not anticipate the ultimate outcome will have a material impact on the Company’s results of operations or financial condition. Leases - The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset. The Company has entered into an operating lease of office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company. The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the Company used an estimated incremental borrowing rate (4.03%) based on the information available at commencement date in determining the present value of lease payments. Given the impacts of accounting for regulated operations, and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent with lease expense and were $0.2 million for each of the three months ended March 31, 2022 and 2021, respectively. Information related to operating lease ROU assets and lease liabilities is as follows: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:71%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Millions) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:71%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:71%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> March 31, 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> December 31, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:71%; vertical-align:bottom; "> ROU Asset at Lease Inception </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:12%; vertical-align:bottom; "> 7.3 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 7.3 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:71%; vertical-align:bottom; "> Accumulated Amortization </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (3.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (2.8 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:71%; vertical-align:bottom; "> Current ROU Asset </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 4.3 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 4.5 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div> <div> <div style="width:100%; clear:both;"> 12 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <a href="#toc">Index</a> </div> The Company’s future minimum operating lease commitments as of March 31, 2022 are as follows: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="59.9290780141844%"> <thead> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> (In Millions) </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> 2022 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:32%; vertical-align:bottom; "> 0.6 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> 2023 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> 2024 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> 2025 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> 2026 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.9 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Thereafter </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 2.7 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> Total Lease Payments </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:32%; vertical-align:bottom; "> 6.6 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Imputed Interest </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (1.7 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> Present Value of Lease Payments </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 4.9 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Less Current Portion* </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (0.7 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> Non-Current Lease Liability </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 4.2 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> *Included in Other Current Liabilities </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div> Construction - The Company has forecasted to spend approximately $90 million for its construction program in 2022. The Company has entered into several construction contracts that, in the aggregate, obligate expenditure of an estimated $39 million in the future. The actual amount and timing of capital expenditures is dependent on the need for replacement of existing infrastructure, customer growth, residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs and could be impacted if the effects of new variants of COVID-19 pandemic arise and continue for an extended period of time (for further discussion of the impact of COVID-19 on the Company, see Note 1 - Coronavirus (COVID-19) Pandemic). There is no assurance that projected customer growth and residential new home construction and sales will occur. PFOA Matter - In November 2021, the Company was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other related costs and economic damages. These lawsuits are in the early stages of the legal process and their ultimate resolution cannot be predicted at this time. The Company’s insurance provider has acknowledged coverage of potential liability resulting from these lawsuits (for further discussion of this matter, see Note 1 - Regulatory Notice of Non-Compliance). Contingencies - Based on our operations in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory and legal matters, including responsibility for fines and penalties related to regulatory compliance. At this time, Management does not believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may mitigate the effect of any current or future loss contingencies. Change in Control Agreements - The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

2023-11-30

2026-02-27

Purchased water costs are shown below: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> Three Months Ended </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> March 31, </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="2" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="2" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Treated </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 747 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 877 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Untreated </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 811 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 861 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Total Costs </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,558 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 1,738 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div>

747000 877000 811000 861000

1558000

1738000

0.0403

200000

Information related to operating lease ROU assets and lease liabilities is as follows: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="79.7872340425532%"> <thead> <tr class="odd" style=""> <td style="width:71%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Millions) </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:71%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> As of </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style=""> <td style="width:71%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> March 31, 2022 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> December 31, 2021 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:71%; vertical-align:bottom; "> ROU Asset at Lease Inception </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:12%; vertical-align:bottom; "> 7.3 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 7.3 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:71%; vertical-align:bottom; "> Accumulated Amortization </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (3.0 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (2.8 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:71%; vertical-align:bottom; "> Current ROU Asset </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 4.3 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 4.5 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div>

7300000 7300000 3000000.0 2800000 4300000 4500000

The Company’s future minimum operating lease commitments as of March 31, 2022 are as follows: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="59.9290780141844%"> <thead> <tr class="odd" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> (In Millions) </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> 2022 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:32%; vertical-align:bottom; "> 0.6 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> 2023 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> 2024 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> 2025 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.8 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> 2026 </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 0.9 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Thereafter </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 2.7 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> Total Lease Payments </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:32%; vertical-align:bottom; "> 6.6 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Imputed Interest </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (1.7 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> Present Value of Lease Payments </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> 4.9 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> Less Current Portion* </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (0.7 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> Non-Current Lease Liability </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:32%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 4.2 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:50%; vertical-align:bottom; "> </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:50%; vertical-align:bottom; "> *Included in Other Current Liabilities </td> <td style="width:15%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:32%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td></tr></tbody></table></div>

600000

800000

900000

2700000

6600000

1700000

4900000 700000 90000000 39000000

Note 8 – Employee Benefit Plans Pension Benefits - The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual contribution in an amount that is at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. For each of the three month periods ended March 31, 2022 and 2021, the Company did not make Pension Plan cash contributions. The Company expects to make Pension Plan cash contributions of approximately $3.4 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 million in annual benefits to the retired participants. Other Postretirement Benefits - The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three month periods ended March 31, 2022 and 2021, the Company did not make Other Benefits Plan cash contributions. The Company expects to make additional Other Benefits Plan cash contributions of $0.8 million over the remainder of the current year. <div> <div style="width:100%; clear:both;"> 13 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <a href="#toc">Index</a> </div> The following table sets forth information relating to the Company’s periodic cost (benefit) for its employee retirement benefit plans: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Pension Benefits </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Other Benefits </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:1%; vertical-align:bottom; "> Three Months Ended March 31, </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Service Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 591 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 674 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 200 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 229 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Interest Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 761 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 677 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 331 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 309 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Expected Return on Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (1,760 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (1,556 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (887 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (786 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amortization of Unrecognized Losses </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 418 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 717 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 132 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Net Periodic Benefit Cost (Benefit)* </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 10 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 512 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (356 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (116 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td></tr></tbody></table></div> *Service cost is included in Operations and Maintenance expense on the Condensed Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.

3400000

400000

800000

The following table sets forth information relating to the Company’s periodic cost (benefit) for its employee retirement benefit plans: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Pension Benefits </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> Other Benefits </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="15" style="width:1%; vertical-align:bottom; "> Three Months Ended March 31, </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> <tr class="odd" style=""> <td style="width:48%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; vertical-align:bottom; "> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Service Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 591 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 674 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 200 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 229 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Interest Cost </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 761 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 677 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 331 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 309 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Expected Return on Assets </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (1,760 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (1,556 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (887 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> (786 </td> <td style="width:1%; vertical-align:bottom; "> ) </td> </tr> <tr class="even" style=""> <td style="width:48%; vertical-align:bottom; "> Amortization of Unrecognized Losses </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 418 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 717 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> - </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 132 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:48%; vertical-align:bottom; "> Net Periodic Benefit Cost (Benefit)* </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 10 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 512 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (356 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (116 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td></tr></tbody></table></div>

591000

674000

200000

229000

761000

677000

331000

309000

1760000

1556000

887000

786000

-418000

-717000

-132000

10000

512000

-356000

-116000

Note 9 – Revenue Recognition from Contracts with Customers The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others.Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company’s regulated revenue from contracts with customers results from tariff-based sales from the provision of water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 to 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered to customers as well as from accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general economic conditions in the relevant service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer. Non-regulated service contract revenues consist of base service fees as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2030 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain customary termination provisions. Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company records its allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories. The Company’s contracts do not contain any significant financing components. <div> <div style="width:100%; clear:both;"> 14 </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <a href="#toc">Index</a> </div> The Company’s operating revenues are comprised of the following: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> Three Months Ended March 31, </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated Tariff Sales </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Residential </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 19,152 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 16,957 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Commercial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,427 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,576 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Industrial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,595 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,177 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Fire Protection </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,120 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,104 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Wholesale </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,964 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,539 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Non-Regulated Contract Operations </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 2,900 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 3,151 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Total Revenue from Contracts with Customers </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36,158 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,504 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Other Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 68 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Other Non-Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 109 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 106 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (138 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (137 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Total Revenue </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 36,196 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 32,541 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div>

The Company’s operating revenues are comprised of the following: <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> (In Thousands) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td colspan="7" style="width:1%; vertical-align:bottom; "> Three Months Ended March 31, </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2022 </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> </td> <td colspan="3" style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> 2021 </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Regulated Tariff Sales </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Residential </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 19,152 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 16,957 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Commercial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 4,427 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,576 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Industrial </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,595 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 2,177 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Fire Protection </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,120 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,104 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Wholesale </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,964 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 3,539 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Non-Regulated Contract Operations </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 2,900 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 3,151 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Total Revenue from Contracts with Customers </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 36,158 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> $ </td> <td style="width:10%; vertical-align:bottom; "> 32,504 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Other Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 67 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 68 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Other Non-Regulated Revenues </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 109 </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:1%; vertical-align:bottom; "> </td> <td style="width:10%; vertical-align:bottom; "> 106 </td> <td style="width:1%; vertical-align:bottom; "> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> Inter-segment Elimination </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (138 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> (137 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> ) </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> Total Revenue </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 36,196 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> $ </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> 32,541 </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> </td></tr></tbody></table></div>

19152000 16957000 4427000 3576000 2595000 2177000 3120000 3104000 3964000 3539000 2900000 3151000

36158000

32504000

67000

68000

109000 106000 -138000 -137000

36196000

32541000

Note 10 – Income Taxes The Company’s federal income tax returns for the tax years 2014 through 2017 were selected for examination by the Internal Revenue Service (IRS), which included the tax year in which the Company had adopted the final IRS tangible property regulations and changed its accounting method for the tax treatment of expenditures that qualified as deductible repairs. As a result of the audit examination, the Company agreed to certain modifications of its accounting method for expenditures that qualify as deductible repairs. In 2019, the Company paid $2.7 million in income taxes and $0.1 million in interest in connection with the conclusion of the 2014 through 2017 federal income tax return audits. As of March 31, 2022, the Company’s income tax reserve provision and interest expense liability are $0.5 million and $0.2 million, respectively.

2700000

100000

500000

200000

Service cost is included in Operations and Maintenance expense on the Condensed Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net. Included in Other Current Liabilities