EXHIBIT 11
MIDDLESEX WATER COMPANY
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(In Thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
BASIC: Income Shares Income Shares Income Shares Income Shares
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Income Before Preferred Stock
Dividend Requirement $ 2,781 4,932 $ 2,348 4,358 $ 6,846 4,916 $ 5,185 4,326
Less Preferred Stock Dividend Requirement (78) (80) (237) (239)
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Earnings Applicable to Common Stock $ 2,703 4,932 $ 2,268 4,358 $ 6,609 4,916 $ 4,946 4,326
Basic Earnings Per Share of Common Stock $ 0.55 $ 0.52 $ 1.34 $ 1.14
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DILUTED:
Earnings Applicable to Common Stock $ 2,703 4,932 $ 2,268 4,358 $ 6,609 4,916 $ 4,946 4,326
Convertible Preferred Stock $7.00 Series Dividend 26 89 26 89 78 89 78 89
Convertible Preferred Stock $8.00 Series Dividend 38 135 40 137 118 137 120 137
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Adjusted Earnings Applicable to Common Stock $ 2,767 5,156 $ 2,334 4,584 $ 6,805 5,142 $ 5,144 4,552
Diluted Earnings Per Share of Common Stock $ 0.54 $ 0.51 $ 1.32 $ 1.13
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(continued)
Twelve Months Ended
September 30,
1999 1998
BASIC: Income Shares Income Shares
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Income Before Preferred Stock
Dividend Requirement $ 8,182 4,795 $ 6,559 4,310
Less Preferred Stock Dividend Requirement (317) (319)
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Earnings Applicable to Common Stock $ 7,865 4,795 $ 6,240 4,310
Basic Earnings Per Share of Common Stock $ 1.64 $ 1.45
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DILUTED:
Earnings Applicable to Common Stock $ 7,865 4,795 $ 6,240 4,310
Convertible Preferred Stock $7.00 Series Dividend 104 89 104 89
Convertible Preferred Stock $8.00 Series Dividend 158 137 160 137
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Adjusted Earnings Applicable to Common Stock $ 8,127 5,021 $ 6,504 4,536
Diluted Earnings Per Share of Common Stock $ 1.62 $ 1.43
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