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<p class="MsoNormal" style="text-align: justify">USA-PA currently operates the City of Perth Amboy, New Jersey's water and wastewater systems under a 20-year agreement, which expires in December 2018.</p>
400000
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 1 – Basis of Presentation and Recent Developments</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Middlesex Water Company (Middlesex or the Company)
is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI),
Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility
Service Affiliates, Inc. (USA), Utility Service Affiliates  (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc.
(Twin Lakes). 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 (the Company)
are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated notes within the 2017 Annual
Report on Form 10-K (the 2017 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 June 30, 2018, the results of operations for the three and six month periods ended
June 30, 2018 and 2017 and cash flows for the six month periods ended June 30, 2018 and 2017. Information included in the Condensed
Consolidated Balance Sheet as of December 31, 2017, has been derived from the Company’s audited financial statements for
the year ended December 31, 2017 included in the 2017 Form 10-K.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><i>Recent Developments</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">USA-PA currently operates the City of
Perth Amboy, New Jersey’s water and wastewater systems under a 20-year agreement, which expires in December 2018. In
July 2018, through a competitive proposal process, USA-PA was awarded a $67 million base professional services contract to
continue to operate the water and wastewater systems through December 31, 2028.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><i>Recent Accounting Guidance </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue Recognition</b> - In May 2014, the
Financial Accounting Standards Board (FASB) issued guidance, which replaces most of the existing guidance with a single set of
principles for recognizing revenue from contracts with customers. The guidance was effective January 1, 2018 and did not have a
material impact on the Company’s financial statements. Disclosures related to Revenue Recognition are included in Note 9,
<i>Revenue Recognition from Contracts with Customers</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Recognition and Measurement of Financial
Assets and Financial Liabilities </b>- In January 2016, the FASB issued guidance which (i) requires all investments in equity securities,
including other ownership interests such as partnerships, unincorporated joint ventures and limited liability companies, to be
carried at fair value through net income, (ii) requires an incremental recognition and disclosure requirement related to the presentation
of fair value changes of financial liabilities for which the fair value option has been elected, (iii) amends several disclosure
requirements, including the methods and significant assumptions used to estimate fair value or a description of the changes in
the methods and assumptions used to estimate fair value, and (iv) requires disclosure of the fair value of financial assets and
liabilities measured at amortized cost at the amount that would be received to sell the asset or paid to transfer the liability.
The guidance was effective January 1, 2018 and did not have a material impact on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Statement of Cash Flows - </b>In August
2016, the FASB issued guidance which amends the previous guidance on the classification of certain cash receipts and payments in
the statement of cash flows. The primary purpose of the amendment is to reduce the diversity in practice that has resulted from
the lack of consistent principles on this topic. The guidance was effective January 1, 2018 and did not have a material impact
on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Restricted Cash - </b>In November 2016,
the FASB issued guidance related to the classification and presentation of restricted cash in the statement of cash flows, which
requires entities to a) include restricted cash balances in its cash and cash-equivalent balances in the statement of cash flows
and b) include a reconciliation of cash and cash-equivalents per the statement of financial position as compared to the statement
of cash flows. Changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents,
and restricted cash and restricted cash equivalents will not be presented as cash flow activities in the statement of cash flows.
In addition, an entity with a material balance of amounts described as restricted cash and restricted cash equivalents must disclose
information about the nature of the restrictions. The guidance was effective January 1, 2018 and did not have a material impact
on the Company’s financial statements. As a result of adopting this guidance, the consolidated statement of cash flows for
the six months ended June 30, 2017 was revised, which resulted in a $0.4 million increase in Cash, Cash Equivalents and Restricted
Cash at the Beginning and End of the Period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Employee Benefit Plans-Net Periodic Benefit
Cost – </b>In March 2017, the FASB issued guidance which requires entities to (1) disaggregate the current-service-cost component
from the other components of net benefit cost and present it with other current compensation costs for related employees in the
income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if
that subtotal is presented. In addition, the guidance requires entities to disclose the income statement lines that contain the
other components if they are not presented on appropriately described separate lines. The guidance was effective January 1, 2018
and did not have a material impact on the Company’s financial statements. See Note 8, <i>Employee Benefit Plans </i>for more
information. As a result of adopting this guidance, the consolidated statement of income for the three and six months ended June
30, 2017 was revised, which resulted in increases in Operations and Maintenance expense and Other Income (Expense), net of $0.2
million and $0.4 million, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases - </b>In February 2016, the
FASB issued guidance related to leases which will require lessees to recognize a lease liability (a lessee’s obligation
to make lease payments arising from a lease, measured on a discounted basis) and a right-of-use asset (an asset that
represents the lessee’s right to use, or control the use of, a specified asset for the lease term). In January 2018,
the FASB issued additional guidance related to leases which permits entities to forgo the evaluation of existing land
easement arrangements to determine if they contain a lease as part of the adoption of this guidance. Land easement
arrangements, or modifications to existing arrangements, entered into after adoption of this guidance will need to be
evaluated to determine if they meet the definition of a lease. The guidance is effective for fiscal years beginning after
December 15, 2018 with early adoption permitted. The Company is currently assessing the impact of this standard on its
consolidated financial statements and footnote disclosures, but, based on the Company’s current leasing activity, does
not expect the adoption of this guidance to have a material impact on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no other new adopted or proposed
accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 2 </b>– <b>Rate and Regulatory Matters</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Middlesex – </b>In March 2018, Middlesex’s
petition to the New Jersey Board of Public Utilities (NJBPU) seeking permission to increase its base water rates was concluded,
based on a negotiated settlement, resulting in an increase in annual operating revenues of $5.5 million. In its initial October
2017 filing with the NJBPU, Middlesex had sought an increase of $15.3 million to recover costs for capital infrastructure investments
Middlesex has made, or has committed to make, to drinking water infrastructure since the last filing in New Jersey in 2015 as well
as increased operations and maintenance costs. During the pendency of this rate matter, the Tax Cuts and Jobs Act of 2017 (the
Tax Act) was signed into law. Under the Tax Act the maximum corporate income tax rate was reduced from 35% to 21% effective January
1, 2018. Because income tax is one of the cost components used to determine a regulated utility’s revenue requirement, Middlesex
was able to reduce its original rate increase request by $4.9 million to $10.4 million. The new base water rates are designed to
recover the increased operating costs as well as a return on invested capital in rate base of $245.5 million, based on an authorized
return on equity of 9.6%. As part of the settlement, Middlesex received approval for regulatory accounting treatment of accumulated
deferred income tax benefits associated with required adoption of tangible property regulations issued by the Internal Revenue
Service (IRS). The settlement agreement allowed for a four-year amortization period for $28.7 million of deferred income tax benefits
as well as immediate and prospective recognition of the tangible property regulations tax benefits in future years. The rate increase
became effective April 1, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tidewater - </b>Effective July 1, 2018,
Tidewater revised its Delaware Public Service Commission (DEPSC)-approved Distribution System Improvement Charge (DSIC) rate, which
is expected to generate $0.2 million of revenues in 2018. A DSIC is a rate-mechanism that allows water utilities to recover investments
in, and generate a return on, qualifying capital improvements to their water distribution system made between base rate proceedings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Act - </b>On December 22, 2017, the
Tax Act was signed into law making significant changes to the Internal Revenue Code, including a corporate tax rate decrease from 35% to 21% effective
for tax years beginning after December 31, 2017. Tariff rates charged to customers in the Company’s regulated companies
include recovery of income taxes at the statutory rate in effect at the time those rates became effective. The conclusion of Middlesex’s
base rate case and the resulting rates implemented April 1, 2018 reflect the impact of the Tax Act on its revenue requirement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2018, the Company submitted compliance
filings with the DEPSC proposing to reduce rates charged to its Delaware customers to reflect the impact of the Tax Act. It is
uncertain at this time when the DEPSC will act upon the rate reduction proposals or whether it will accept the proposed methodologies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2018, the Company has recorded
regulatory liabilities of $32.6 million for excess income taxes collected through rates due to the lower income tax rate under
the Tax Act. These regulatory liabilities are overwhelmingly related to accelerated tax depreciation deduction timing differences,
which are subject to IRS normalization rules. The IRS rules limit how quickly the excess taxes attributable to accelerated tax
depreciation can be returned to customers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 3 – Capitalization</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Common Stock - </b>During the six months
ended June 30, 2018 and 2017, there were 15,026 shares (approximately $0.6 million) and 15,954 common shares (approximately $0.6
million), respectively, respectively, issued under the Middlesex Water Company Investment Plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Long-term Debt - </b>In April 2018, the
NJBPU approved Middlesex’s request to borrow up to $57.0 million under the New Jersey Infrastructure Bank (NJIB) program
to fund the construction of a large-diameter transmission pipeline from the Carl J. Olsen (CJO) water treatment plant and interconnect
with our distribution system. Middlesex currently expects to close on the NJIB construction loan in the third quarter of 2018 with
funding requisitions beginning in August 2018 through the end of 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2018, the NJBPU approved Middlesex’s
request to borrow up to $55.0 million under the NJIB program to fund upgrades to the Company’s CJO water treatment plant.
Middlesex currently expects to close on the NJIB construction loan in the fourth quarter of 2018 with funding requisitions beginning
late in 2018 and through 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2018, the NJBPU approved Middlesex’s
request to borrow up to $14.0 million under the NJIB program to fund the 2018 RENEW Program, which is an ongoing initiative to
eliminate all unlined water distribution mains in the Middlesex system. Middlesex expects to close on the NJIB construction loan
in the third quarter of 2018 with funding requisitions beginning in September 2018 through early 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2018, the DEPSC approved Tidewater’s
request to borrow up to $0.9 million under the Delaware State Revolving Fund (SRF) program to fund the replacement of an entire
water distribution system of a small Delaware subdivision. Tidewater closed on the SRF loan in May 2018 and expects to complete
the project in the fourth quarter of 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2017, Middlesex closed out three
of its NJIB construction loans (booster station upgrade, RENEW 2015 and RENEW 2016 projects) by issuing to the NJIB first mortgage
bonds designated as Series XX ($11.3 million) and Series YY ($3.9 million). The interest rate on the Series XX bond is zero and
the interest rate on the Series YY bond range between 3.0% and 5.0%. Through June 30, 2018, Middlesex has drawn down $14.9 million
and expects to draw down the remaining proceeds during the third quarter of 2018. The final maturity date for both bonds is August
1, 2047, with scheduled debt service payments over the life of the loan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2018, Middlesex closed out its RENEW
2017 construction loan by issuing to the NJIB first mortgage bonds designated as Series 2018A ($7.1 million) and Series 2018B ($2.4
million). The interest rate on the Series 2018A bond is zero and the interest rate on the Series 2018B bond ranges between 3.0%
and 5.0%. Through June 30, 2018, Middlesex has drawn down $7.1 million and expects to draw down the remaining proceeds during the
third quarter of 2018. The final maturity date for both bonds is August 1, 2047, with scheduled debt service payments over the
life of the loan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value of Financial Instruments -</b>
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 and State Revolving Fund Bonds (collectively,
the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value
of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table
below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">June 30, 2018</font></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">December 31, 2017</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"> </td>
<td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Fair</font></td>
<td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Fair </font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Value</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Value</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"><font style="font-size: 10pt">Bonds</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">$  104,449</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">$ 106,188</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">$95,322</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt"> $98,036</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For other long-term debt for which there was
no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details,
including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as “Amortizing
Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Condensed Consolidated
Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $46.8 million and $52.5 million at
June 30, 2018 and December 31, 2017, respectively. Customer advances for construction have carrying amounts of $21.8 million and
$21.4 million at June 30, 2018 and December 31, 2017, 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 6 – Short-term Borrowings</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2018, the Company has established
lines of credit aggregating $92.0 million. At June 30, 2018, the outstanding borrowings under these credit lines were $39.0 million
at a weighted average interest rate of 3.18%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average daily amounts of borrowings
outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">Three Months</td><td> </td>
<td colspan="7" style="text-align: center">Six Months</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Average Daily Amounts Outstanding</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,582</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,721</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,221</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Weighted Average Interest Rates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.10%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.08%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.94%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.95%</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The maturity dates for the $39.0 million outstanding
as of June 30, 2018 are in July 2018 through September 2018 and are extendable at the discretion of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest rates for short-term borrowings under
the lines of credit are below the prime rate with no requirement for compensating balances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 8 – Employee Benefit Plans</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Pension Benefits</b> - The Company’s
Pension Plan covers all active employees hired prior to April 1, 2007. For the three months ended June 30, 2018 and 2017, the Company
made Pension Plan cash contributions of $0.8 million and $1.0 million, respectively. For the six months ended June 30, 2018 and
2017, the Company made Pension Plan cash contributions of $1.3 million and $1.5 million, respectively. The Company expects to make
Pension Plan cash contributions of approximately $2.0 million over the remainder of the current year. Employees hired after March
31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual
contribution at the discretion of the Company, based upon a percentage of the participants’ eligible 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. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers
and currently pays $0.3 million in annual benefits to the retired participants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other Postretirement Benefits</b> <i>- </i>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 each of the three months ended June 30, 2018 and 2017, the Company made Other Benefits Plan cash contributions of $0.2 million,
respectively. For each of the six months ended June 30, 2018 and 2017, the Company made Other Benefits Plan cash contributions
of $0.4 million and $0.2 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately
$1.2 million over the remainder of the current year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following tables set forth information relating to the Company’s
periodic costs for its employee retirement benefit plans:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Three Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">607</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">600</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">272</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest Cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">765</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">786</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">491</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected Return on Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,218</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,122</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(637</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(601</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">415</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">391</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">445</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(402</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(432</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">569</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">655</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">166</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">175</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,213</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">567</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">544</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest Cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,530</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,572</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">949</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">982</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected Return on Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,435</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,245</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,275</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,203</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">829</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">783</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">894</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">890</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(803</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(864</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,137</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,310</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">332</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">349</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td colspan="17" style="text-align: left">*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount and fair value of the Bonds were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">June 30, 2018</font></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">December 31, 2017</font></td></tr>
<tr style="vertical-align: top">
<td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"> </td>
<td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Fair</font></td>
<td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Carrying</font></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Fair </font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Value</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Amount</font></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">Value</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"><font style="font-size: 10pt">Bonds</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">$  104,449</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">$ 106,188</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt">$95,322</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><font style="font-size: 10pt"> $98,036</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average daily amounts of borrowings
outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">Three Months</td><td> </td>
<td colspan="7" style="text-align: center">Six Months</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Average Daily Amounts Outstanding</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,555</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,582</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,721</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,221</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Weighted Average Interest Rates</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.10%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.08%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2.94%</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.95%</td><td style="text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following tables set forth information relating to the Company’s
periodic costs for its employee retirement benefit plans:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Three Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">607</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">600</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">272</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest Cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">765</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">786</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">474</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">491</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected Return on Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,218</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,122</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(637</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(601</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">415</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">391</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">445</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(402</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(432</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">569</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">655</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">166</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">175</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td><td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,213</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">567</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">544</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest Cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,530</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,572</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">949</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">982</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Expected Return on Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,435</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,245</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,275</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,203</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">829</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">783</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">894</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">890</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(803</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(864</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,137</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,310</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">332</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">349</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td colspan="17" style="text-align: left">*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.</td></tr></table>
2
2
100000
100000
78000000
2023-11-30
2021-02-27
27000000
3000000
15000000
100000
100000
400000
1300000
200000
1500000
200000
200000
800000
1000000
2000000
1200000
300000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 4 – Earnings Per Share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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 both the Convertible
Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Three Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2018</td><td> </td>
<td colspan="7" style="text-align: center">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 10pt Times New Roman, Times, Serif">       </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,675</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,381</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,332</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,388</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,332</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.53</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,388</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,332</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8,662</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,544</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,368</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,488</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.52</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2018</td><td> </td>
<td colspan="7" style="text-align: center">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 10pt Times New Roman, Times, Serif">   </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,371</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,316</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(72</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(72</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13,097</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,371</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,750</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,316</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.60</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13,097</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,371</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,750</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,316</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13,143</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,527</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,472</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.59</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 5 – Business Segment Data</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, Delaware and Pennsylvania. 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, Delaware and Pennsylvania 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">June 30,</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap">Operations by Segments:</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap">Revenues:</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; white-space: nowrap">   Regulated</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">31,168</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">29,278</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">58,374</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">55,771</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,882</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,863</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,982</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,613</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(131</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(127</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(260</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(239</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">34,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">33,014</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">66,096</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">63,145</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Operating Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">9,988</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">8,672</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">15,613</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">15,687</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">733</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">686</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,458</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,246</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">10,721</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">9,358</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">17,071</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">16,933</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Net Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">8,151</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">4,972</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">12,134</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">9,111</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">524</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">409</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,035</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">711</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,675</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">5,381</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">13,169</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">9,822</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Capital Expenditures:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">  Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">18,350</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,588</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">28,328</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">21,160</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">16</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">5</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">18,366</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,588</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">28,377</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">21,165</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">As of</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">As of</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">June 30,</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">December 31,</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; padding-bottom: 1pt; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">Assets:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">732,592</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">661,816</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,819</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,093</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(9,667</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(7,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Assets</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">729,744</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">661,140</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 7 – Commitments and Contingent Liabilities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Water Supply </b>- 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Middlesex also has an agreement with a non-affiliated
regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2021, provides for the minimum
purchase of 3.0 mgd of treated water with provisions for additional purchases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tidewater contracts with the City of Dover,
Delaware to purchase 15.0 million gallons of treated water annually.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchased water costs are shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">Three Months Ended</td><td> </td>
<td colspan="7" style="text-align: center">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">703</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">795</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,591</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,574</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Untreated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">573</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,780</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,232</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,553</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,368</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,371</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,806</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Guarantees</b> <i>- </i>As part of an agreement
with the County of Monmouth, New Jersey (County), Middlesex serves as guarantor of the performance of Applied Water Management,
Inc. (AWM), an unaffiliated wastewater treatment contractor, to operate a County-owned leachate pretreatment facility at the Monmouth
County Reclamation Center in Tinton Falls, New Jersey. The performance guaranty is effective through 2028 unless another guarantor,
acceptable to the County, replaces Middlesex before such date. Under agreements with AWM and Natural Systems Utilities, LLC (NSU),
the parent company of AWM, Middlesex earns a fee for providing the performance guaranty. In addition, Middlesex may provide operational
support to the facility, as needed, and AWM and NSU, serving as guarantor to Middlesex with respect to the performance of AWM,
agree to indemnify Middlesex against any claims that may arise under the Middlesex guaranty to the County.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">If requested to perform
under the guaranty to the County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify
Middlesex against any claims that may arise under the Middlesex guaranty to the County, Middlesex would be required to fulfill
the remaining operational commitment of AWM. As of both June 30, 2018 and December 31, 2017, the liability recognized in Other
Non-Current Liabilities on the balance sheet for the guaranty is less than $0.1 million.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases</b> <i>- </i>The Company has entered
into office space operating leases. Rental expenses under operating leases were less than $0.1 million for each of the six months
ended June 30, 2018 and 2017. The operating leases for these facilities will expire in 2028.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Construction</b> - The Company has forecasted
to spend approximately $78 million for its construction program in 2018. The actual timing and amount of capital expenditures is
dependent on project scheduling and refinement of engineering estimates for certain projects.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Litigation</b> - The Company is a defendant
in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a
material adverse effect on the Company’s consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Change in Control Agreements</b> - 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note
9 – Revenue Recognition from Contracts with Customers</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 entity expects
to be entitled in exchange for those goods and services.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s regulated revenue from
contracts with customers is derived from tariff-based sales that result from the obligation to provide water and wastewater services
to residential, industrial, commercial, fire-protection and wholesale customers. The Company’s residential customers are
billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly.
Payments by customers are due between 15 to 30 days after the invoice date. The Company recognizes revenue as the water and wastewater
services are delivered to customers as well as records 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 its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater
customers that are recognized as service is provided to the customer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 146.25pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-regulated service contract revenues consist
of base service fees as well as fees for additional billable services provided to customers, 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 between December 2018 and 2022 and thus contain remaining performance obligations for which the Company
expects to recognize revenue in the future. These contracts also contain customary termination provisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Almost 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s contracts do not contain
any significant financing components.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s operating revenues are
comprised of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="14" style="text-align: center; white-space: nowrap; vertical-align: bottom">(In Thousands)</td><td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="6" style="text-align: center; white-space: nowrap; vertical-align: bottom">Three Months Ended June 30,</td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="6" style="text-align: center; white-space: nowrap; vertical-align: bottom">Six Months Ended June 30,</td><td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2017</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2017</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Regulated Tariff Sales</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 52%; text-align: left; padding-left: 9px; white-space: nowrap">Residential</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">17,892</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">17,024</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">33,515</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">32,183</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Commercial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,771</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,493</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,880</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,447</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Industrial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,689</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,395</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">5,001</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,578</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Fire Protection</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,073</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,911</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">5,961</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">5,824</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Wholesale</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,680</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,397</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,892</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,631</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,781</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,762</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,780</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,411</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue from Contracts with Customers</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">34,886</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">32,982</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">66,029</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">63,074</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Other Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">63</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">48</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">125</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">98</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Other Non-Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">111</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">202</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">212</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(131</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(127</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(260</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(239</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">34,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">33,014</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">66,096</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">63,145</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 10 – Income Taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of its 2014 Federal income tax return,
the Company adopted the final IRS tangible property regulations and changed its accounting method for the tax treatment of expenditures
that qualified as deductible repairs. The adoption resulted in a net reduction of $17.6 million in taxes previously remitted to
the IRS, for which the Company has already sought and received the tax refunds. While the Company believes that its treatment of
qualifying tangible property repair costs is proper, a reserve provision against refunded taxes of $2.3 million was recorded in
2015 at the time of filing its change in accounting method. This was based on a possible challenge by the IRS during an audit examination.
The Company’s 2014 federal income tax return was subsequently selected for examination by the IRS in 2016. During the second
quarter of 2018, the Company received information from the IRS regarding certain aspects of the its adopted accounting method used
to calculate qualifying tangible property repair cost deductions and has determined that it should increase its reserve provision
to $3.7 million. As the IRS examination continues and pending its completion, the tax liability could be different than the recorded
reserve provision. For the three and six months ended June 30, 2018, the Company has recorded $0.4 million in interest expense
due to this reserve provision.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">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 both the Convertible
Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Three Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2018</td><td> </td>
<td colspan="7" style="text-align: center">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 10pt Times New Roman, Times, Serif">       </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,675</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,381</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,332</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,388</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,332</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.53</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8,639</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,388</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,345</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,332</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">8,662</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,544</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,368</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,488</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.52</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">Six Months Ended June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">2018</td><td> </td>
<td colspan="7" style="text-align: center">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: normal; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:<font style="font: normal 10pt Times New Roman, Times, Serif">   </font></td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,371</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,316</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(72</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(72</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13,097</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,371</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,750</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,316</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.60</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13,097</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,371</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,750</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,316</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13,143</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,527</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,796</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,472</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.80</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.59</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; white-space: nowrap">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">June 30,</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap">Operations by Segments:</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap">Revenues:</td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="3" style="text-align: right; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; white-space: nowrap">   Regulated</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">31,168</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">29,278</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">58,374</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">55,771</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,882</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,863</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,982</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,613</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(131</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(127</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(260</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(239</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">34,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">33,014</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">66,096</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">63,145</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Operating Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">9,988</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">8,672</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">15,613</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">15,687</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">733</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">686</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,458</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,246</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">10,721</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">9,358</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">17,071</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">16,933</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Net Income:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">8,151</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">4,972</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">12,134</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">9,111</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">524</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">409</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,035</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">711</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,675</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">5,381</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">13,169</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">9,822</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Capital Expenditures:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">  Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">18,350</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,588</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">28,328</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">21,160</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">16</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">5</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">18,366</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,588</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">28,377</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">21,165</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">As of</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">As of</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">June 30,</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; white-space: nowrap">December 31,</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: center; padding-bottom: 1pt; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="white-space: nowrap">Assets:</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">732,592</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">661,816</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,819</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,093</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(9,667</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(7,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Consolidated Assets</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">729,744</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">661,140</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Purchased water costs are shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="15" style="text-align: center">(In Thousands)</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="7" style="text-align: center">Three Months Ended</td><td> </td>
<td colspan="7" style="text-align: center">Six Months Ended</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td><td> </td>
<td colspan="7" style="text-align: center">June 30,</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td><td> </td>
<td colspan="3" style="text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">703</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">795</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,591</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,574</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Untreated</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">573</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,780</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,232</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1pt">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,553</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,368</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,371</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,806</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s operating revenues are
comprised of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="14" style="text-align: center; white-space: nowrap; vertical-align: bottom">(In Thousands)</td><td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td colspan="6" style="text-align: center; white-space: nowrap; vertical-align: bottom">Three Months Ended June 30,</td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="6" style="text-align: center; white-space: nowrap; vertical-align: bottom">Six Months Ended June 30,</td><td style="white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2017</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; vertical-align: bottom"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">2017</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Regulated Tariff Sales</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 52%; text-align: left; padding-left: 9px; white-space: nowrap">Residential</td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">17,892</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">17,024</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">33,515</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td>
<td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">32,183</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Commercial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,771</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,493</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,880</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,447</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Industrial</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,689</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,395</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">5,001</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,578</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Fire Protection</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,073</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,911</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">5,961</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">5,824</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9px; white-space: nowrap">Wholesale</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,680</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,397</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,892</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">6,631</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,781</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,762</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,780</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,411</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue from Contracts with Customers</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">34,886</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">32,982</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">66,029</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">63,074</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Other Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">63</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">48</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">125</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">98</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; white-space: nowrap">Other Non-Regulated Revenues</td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">111</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">202</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td>
<td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">212</td><td style="text-align: left; white-space: nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(131</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(127</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(260</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(239</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">34,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">33,014</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">66,096</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">63,145</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.