EXHIBIT 11
MIDDLESEX WATER COMPANY
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
Basic: Income Shares Income Shares Income Shares Income Shares
---------- --------- ---------- --------- ---------- --------- ---------- ---------
Income Before Preferred Stock
Dividend Requirement $2,347,572 4,357,571 $1,893,943 4,243,478 $5,184,831 4,326,337 $4,486,788 4,226,241
Less Preferred Stock
Dividend Requirement (79,697) (66,398) (239,090) (145,861)
---------- --------- ---------- --------- ---------- --------- ---------- ---------
Earnings Applicable to Common Stock $2,267,875 4,357,571 $1,827,545 4,243,478 $4,945,741 4,326,337 $4,340,927 4,226,241
Basic Earnings Per Share
of Common Stock $ 0.52 $ 0.43 $ 1.14 $ 1.03
---------- ---------- ---------- ----------
Diluted:
Earnings Applicable to Common Stock $2,267,875 4,357,571 $1,827,545 4,243,478 $4,945,741 4,326,337 $4,340,927 4,226,241
Convertible Preferred Stock
$7.00 Series Dividend 26,042 89,286 26,077 89,406 78,125 89,286 78,230 89,406
Convertible Preferred Stock
$8.00 Series Dividend 40,000 137,140 27,178 92,420 120,000 137,140 27,178 31,145
---------- --------- ---------- --------- ---------- --------- ---------- ---------
Adjusted Earnings Applicable
to Common Stock $2,333,917 4,583,997 $1,880,800 4,425,304 $5,143,866 4,552,763 $4,446,335 4,346,792
Diluted Earnings Per Share
of Common Stock $ 0.51 $ 0.43 $ 1.13 $ 1.02
---------- ---------- ---------- ----------