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(in thousands) | December 31, | ||||||
2012 | 2011 | ||||||
Assets: | |||||||
Pension and postretirement benefits | $ | 21,341 | $ | 17,829 | |||
Unrecovered income taxes and other | 9,871 | 7,355 | |||||
Deferred revenue (included in deferred charges) | 3,644 | 3,883 | |||||
Other (included in deferred charges) | 3,151 | 2,464 | |||||
Total regulatory assets | $ | 38,007 | $ | 31,531 | |||
Liabilities: | |||||||
Other (included in other current liabilities) | $ | 499 | $ | — | |||
Unamortized Investment Tax Credits | 1,490 | 1,313 | |||||
Unfunded future income taxes and other | 11,215 | 7,355 | |||||
Total regulatory liabilities | $ | 13,204 | $ | 8,668 |
(in thousands) | 2012 | 2011 | 2010 | ||||||||
Additions to Utility Plant: | |||||||||||
Company Financed | $ | 24,653 | $ | 22,858 | $ | 26,240 | |||||
Allowance for Funds Used During Construction | 239 | 188 | 171 | ||||||||
Subtotal – Utility Plant Increase to Rate Base | 24,892 | 23,046 | 26,411 | ||||||||
Advances from Others for Construction | 1,041 | 966 | 281 | ||||||||
Net Additions to Utility Plant | $ | 25,933 | $ | 24,012 | $ | 26,692 |
Years ended December 31, | 2012 | 2011 | 2010 | ||||||||
Numerator (in thousands) | |||||||||||
Basic Net Income Applicable to Common Stock | $ | 13,602 | $ | 11,262 | $ | 9,760 | |||||
Diluted Net Income Applicable to Common Stock | $ | 13,602 | $ | 11,262 | $ | 9,760 | |||||
Denominator (in thousands) | |||||||||||
Basic Weighted Average Shares Outstanding | 8,763 | 8,610 | 8,532 | ||||||||
Dilutive Effect of Stock Awards | 137 | 110 | 101 | ||||||||
Diluted Weighted Average Shares Outstanding | 8,900 | 8,720 | 8,633 | ||||||||
Earnings per Share | |||||||||||
Basic Earnings per Share | $ | 1.55 | $ | 1.31 | $ | 1.14 | |||||
Dilutive Effect of Stock Awards | 0.02 | 0.02 | 0.01 | ||||||||
Diluted Earnings per Share | $ | 1.53 | $ | 1.29 | $ | 1.13 |
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(in thousands) | 2012 | 2011 | 2010 | |||||||||
Federal Classified as Operating Expense | $ | 6,103 | $ | 6,709 | $ | 5,513 | ||||||
Federal Classified as Other Utility Income | 427 | 424 | 368 | |||||||||
Federal Classified as Other Income | ||||||||||||
Land Sales and Donations | 477 | (176 | ) | (230 | ) | |||||||
Non-Water Sales | 748 | 558 | 487 | |||||||||
Other | (900 | ) | (276 | ) | (257 | ) | ||||||
Total Federal Income Tax Expense | 6,855 | 7,239 | 5,881 | |||||||||
State Classified as Operating Expense | 319 | 257 | (190 | ) | ||||||||
State Classified as Other Utility Income | 121 | 112 | 97 | |||||||||
State Classified as Other Income | ||||||||||||
Land Sales and Donations | (97 | ) | — | — | ||||||||
Non-Water Sales | 180 | 143 | 120 | |||||||||
Other | (47 | ) | (75 | ) | (43 | ) | ||||||
Total State Income Tax Expense | 476 | 437 | (16 | ) | ||||||||
Total Income Tax Expense | $ | 7,331 | $ | 7,676 | $ | 5,865 |
(in thousands) | 2012 | 2011 | 2010 | |||||||||
Current Income Taxes | ||||||||||||
Federal | $ | 4,747 | $ | 5,002 | $ | 3,902 | ||||||
State | 511 | 428 | 338 | |||||||||
Total Current | 5,258 | 5,430 | 4,240 | |||||||||
Deferred Income Taxes, Net | ||||||||||||
Federal | ||||||||||||
Investment Tax Credit | (71 | ) | (63 | ) | (61 | ) | ||||||
Deferred Revenue | (77 | ) | (75 | ) | (75 | ) | ||||||
Land Donations | 29 | 392 | 201 | |||||||||
Depreciation | 2,411 | 1,990 | 1,909 | |||||||||
Other | (184 | ) | (7 | ) | 5 | |||||||
Total Federal | 2,108 | 2,237 | 1,979 | |||||||||
State | ||||||||||||
Land Donations | (83 | ) | — | — | ||||||||
Other | 48 | 9 | (354 | ) | ||||||||
Total State | (35 | ) | 9 | (354 | ) | |||||||
Total Deferred Income Taxes | 2,073 | 2,246 | 1,625 | |||||||||
Total Income Tax | $ | 7,331 | $ | 7,676 | $ | 5,865 |
(in thousands) | 2012 | 2011 | ||||||
Unrecovered Income Taxes | $ | (9,871 | ) | $ | (7,355 | ) | ||
Deferred Federal and State Income Taxes | 40,869 | 31,075 | ||||||
Unfunded Future Income Taxes | 8,992 | 7,355 | ||||||
Unamortized Investment Tax Credits | 1,490 | 1,313 | ||||||
Other | (207 | ) | (185 | ) | ||||
Net Deferred Income Tax Liability | $ | 41,273 | $ | 32,203 |
(in thousands) | 2012 | 2011 | ||||||
Tax Credit Carryforward (1) | $ | (2,487 | ) | $ | (2,533 | ) | ||
Prepaid Income Taxes on CIAC | (66 | ) | 4 | |||||
Net Operating Loss Carryforwards (2) | (385 | ) | — | |||||
Other Comprehensive Income | (842 | ) | (486 | ) | ||||
Accelerated Depreciation | 46,379 | 34,548 | ||||||
Unamortized Investment Tax Credits | 1,490 | 1,313 | ||||||
Other | (2,816 | ) | (643 | ) | ||||
Net Deferred Income Tax Liability | $ | 41,273 | $ | 32,203 |
(1) | State tax credit carry-forwards expire beginning in 2013 and ending in 2037. |
(2) | Net operating loss carry-forwards expire beginning 2029 and ending in 2032. |
(in thousands) | 2012 | 2011 | 2010 | |||||||||
Pre-Tax Income | ||||||||||||
Net Income | $ | 13,640 | $ | 11,300 | $ | 9,798 | ||||||
Income Taxes | 7,331 | 7,676 | 5,865 | |||||||||
Total Pre-Tax Income | $ | 20,971 | $ | 18,976 | $ | 15,663 |
2012 | 2011 | 2010 | |||||||
Federal Statutory Tax Rate | 35.0 | % | 34.0 | % | 34.0 | % | |||
Tax Effect Differences: | |||||||||
State Income Taxes Net of Federal Benefit | 1.3 | % | 1.5 | % | — | % | |||
Property Related Items | (0.1 | )% | 1.0 | % | — | % | |||
Charitable Contributions – Land Donation (Net of Valuation Allowance) | (0.3 | )% | (0.9 | )% | (1.5 | )% | |||
Pension Costs | 1.6 | % | 3.5 | % | 1.8 | % | |||
Unamortized Debt Expense | (2.6 | )% | 0.4 | % | 0.5 | % | |||
Other | 0.1 | % | 1.0 | % | 2.6 | % | |||
Effective Income Tax Rate | 35.0 | % | 40.5 | % | 37.4 | % |
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(in thousands, except share data) | Shares | Issuance Amount | Expense | Total | ||||||||||
Balance, January 1, 2010 | 8,573,744 | $ | 68,896 | $ | (1,610 | ) | $ | 67,286 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 31,282 | 1,077 | — | 1,077 | ||||||||||
Dividend Reinvestment Plan | 57,749 | 1,358 | — | 1,358 | ||||||||||
Stock Options Exercised and Expensed | 14,074 | 305 | (2 | ) | 303 | |||||||||
Balance, December 31, 2010 | 8,676,849 | $ | 71,636 | $ | (1,612 | ) | $ | 70,024 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 20,210 | 824 | — | 824 | ||||||||||
Dividend Reinvestment Plan | 52,668 | 1,346 | — | 1,346 | ||||||||||
Stock Options Exercised and Expensed | 5,671 | 152 | (1 | ) | 151 | |||||||||
Balance, December 31, 2011 | 8,755,398 | $ | 73,958 | $ | (1,613 | ) | $ | 72,345 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 34,301 | 1,213 | — | 1,213 | ||||||||||
Dividend Reinvestment Plan | 50,048 | 1,486 | — | 1,486 | ||||||||||
Stock Options Exercised and Expensed | 23,235 | 665 | (3 | ) | 662 | |||||||||
Shares issued to acquire BSWC | 380,254 | 12,012 | (154 | ) | 11,858 | |||||||||
Shares issued in stock offering | 1,696,250 | 49,615 | (2,306 | ) | 47,309 | |||||||||
Balance, December 31, 2012 (1) | 10,939,486 | $ | 138,949 | $ | (4,076 | ) | $ | 134,873 |
(1) | Includes 43,315 restricted shares and 140,235 common stock equivalent shares issued through the Performance Stock Programs through December 31, 2012. |
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Level 1 – | Quoted market prices in active markets for identical assets or liabilities. |
Level 2 – | Inputs other than Level 1 that are either directly or indirectly observable. |
Level 3 – | Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that the Company believes market participants would use. |
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Asset Type: | |||||||||||||||
Company owned life insurance | $ | — | $ | 2,538 | $ | — | $ | 2,538 | |||||||
Money Market Fund | 28 | — | — | 28 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 1,046 | — | — | 1,046 | |||||||||||
Total | $ | 1,074 | $ | 2,538 | $ | — | $ | 3,612 |
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Asset Type: | |||||||||||||||
Company owned life insurance | $ | — | $ | 2,269 | $ | — | $ | 2,269 | |||||||
Money Market Fund | 28 | — | — | 28 | |||||||||||
Mutual Funds: | |||||||||||||||
Equity Funds (1) | 852 | — | — | 852 | |||||||||||
Total | $ | 880 | $ | 2,269 | $ | — | $ | 3,149 |
(1) | Mutual funds consisting primarily of equity securities. |
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2012 | 2011 | ||||||||
Connecticut Water Service, Inc.: | |||||||||
4.09% | Term Loan Note and Supplement A | $ | 17,337 | $ | — | ||||
The Connecticut Water Company: | |||||||||
Unsecured Water Facilities Revenue Bonds | |||||||||
5.05% | 1998 Series A, Due 2028 | — | 9,550 | ||||||
5.125% | 1998 Series B, Due 2028 | — | 7,495 | ||||||
4.40% | 2003A Series, Due 2020 | — | 8,000 | ||||||
5.00% | 2003C Series, Due 2022 | — | 14,795 | ||||||
Var. | 2004 Series Variable Rate, Due 2029 | 12,500 | 12,500 | ||||||
Var. | 2004 Series A, Due 2028 | 5,000 | 5,000 | ||||||
Var. | 2004 Series B, Due 2028 | 4,550 | 4,550 | ||||||
5.00% | 2005 A Series, Due 2040 | — | 14,805 | ||||||
5.00% | 2007 A Series, Due 2037 | 14,550 | 14,570 | ||||||
5.10% | 2009 A Series, Due 2039 | 19,950 | 20,000 | ||||||
5.00% | 2011 A Series, Due 2021 | 23,797 | 23,991 | ||||||
3.16% | CoBank Note Payable, Due 2020 | 8,000 | — | ||||||
3.51% | CoBank Note Payable, Due 2022 | 14,795 | — | ||||||
4.29% | CoBank Note Payable, Due 2028 | 17,020 | — | ||||||
4.72% | CoBank Note Payable, Due 2032 | 14,795 | — | ||||||
Total The Connecticut Water Company | 134,957 | 135,256 | |||||||
The Maine Water Company: | |||||||||
8.95% | 1994 Series G, Due 2024 | 9,000 | — | ||||||
2.68% | 1999 Series J, Due 2019 | 524 | — | ||||||
0.00% | 2001 Series K, Due 2031 | 780 | — | ||||||
2.58% | 2002 Series L, Due 2022 | 98 | — | ||||||
1.53% | 2003 Series M, Due 2023 | 421 | — | ||||||
1.73% | 2004 Series N, Due 2024 | 471 | — | ||||||
0.00% | 2004 Series O, Due 2034 | 147 | — | ||||||
1.76% | 2006 Series P, Due 2026 | 471 | — | ||||||
1.57% | 2009 Series R, Due 2029 | 247 | — | ||||||
0.00% | 2009 Series S, Due 2029 | 762 | — | ||||||
0.00% | 2009 Series T, Due 2029 | 2,137 | — | ||||||
0.00% | 2012 Series U, Due 2042 | 177 | — | ||||||
2.52% | CoBank Note Payable, Due 2017 | 1,965 | — | ||||||
Total The Maine Water Company | 17,200 | — | |||||||
The Biddeford & Saco Water Company | |||||||||
6.45% | Series M, Due 2014 | 2,700 | — | ||||||
7.72% | Series L, Due 2018 | 2,250 | — | ||||||
2.40% | Series N, Due 2022 | 1,297 | — | ||||||
1.86% | Series O, Due 2025 | 862 | — | ||||||
2.23% | Series P, Due 2028 | 1,354 | — | ||||||
Various | Various Capital Leases | 126 | — | ||||||
Total The Biddeford & Saco Water Company | 8,589 | — | |||||||
Add: Acquisition Fair Value Adjustment | 1,696 | — | |||||||
Less: Current Portion | (1,304 | ) | — | ||||||
Total Long-Term Debt | $ | 178,475 | $ | 135,256 |
2013 | $ | 1,304 | ||
2014 | $ | 4,103 | ||
2015 | $ | 2,442 | ||
2016 | $ | 2,486 | ||
2017 | $ | 4,501 |
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(in thousands) | 2012 | 2011 | |||||
Land | $ | 12,512 | $ | 10,623 | |||
Source of supply | 33,627 | 29,687 | |||||
Pumping | 35,337 | 30,653 | |||||
Water treatment | 75,684 | 56,799 | |||||
Transmission and distribution | 411,923 | 325,174 | |||||
General | 47,444 | 39,619 | |||||
Held for future use | 437 | 472 | |||||
Acquisition Adjustment | (5,177 | ) | (5,487 | ) | |||
Total | $ | 611,787 | $ | 487,540 |
(in thousands) | 2012 | 2011 | |||||
Land | $ | 12,512 | $ | 10,623 | |||
Source of supply | 33,627 | 29,687 | |||||
Pumping | 35,337 | 30,653 | |||||
Water treatment | 75,684 | 56,799 | |||||
Transmission and distribution | 411,923 | 325,174 | |||||
General | 47,444 | 39,619 | |||||
Held for future use | 437 | 472 | |||||
Acquisition Adjustment | (5,177 | ) | (5,487 | ) | |||
Total | $ | 611,787 | $ | 487,540 |
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(in thousands) | 2012 | 2011 | |||||
Defined Benefit Pension Plan | $ | 22,139 | $ | 12,319 | |||
Post Retirement Benefit Other than Pension | 6,243 | 6,431 | |||||
Supplemental Executive Retirement Plan | 6,224 | 4,843 | |||||
Deferred Compensation | 1,639 | 1,411 | |||||
Other Long-Term Compensation | 185 | 228 | |||||
Total Long-Term Compensation Arrangements | $ | 36,430 | $ | 25,232 |
2012 | 2011 | ||||
Equity | 65 | % | 65 | % | |
Fixed Income | 35 | % | 35 | % | |
Total | 100 | % | 100 | % |
Pension Benefits (in thousands) | 2012 | 2011 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 49,102 | $ | 40,758 | |||
Service cost | 2,020 | 1,523 | |||||
Interest cost | 2,570 | 2,134 | |||||
Actuarial loss (gain) | 14,494 | 5,878 | |||||
Benefits paid | (1,685 | ) | (1,191 | ) | |||
Benefit obligation, end of year | $ | 66,501 | $ | 49,102 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 36,783 | $ | 36,990 | |||
Actual return on plan assets | 9,723 | (216 | ) | ||||
Employer contributions | 585 | 1,200 | |||||
Benefits paid | (1,685 | ) | (1,191 | ) | |||
Fair value, end of year | $ | 45,406 | $ | 36,783 | |||
Funded Status | $ | (21,095 | ) | $ | (12,319 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (21,095 | ) | (12,319 | ) | |||
Net amount recognized | $ | (21,095 | ) | $ | (12,319 | ) |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2012 | 2011 | |||
Discount rate | 4.05 | % | 4.60 | % | |
Rate of compensation increase | 3.50 | % | 3.50 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2012 | 2011 | 2010 | |||||
Discount rate | 4.60 | % | 5.50 | % | 5.95 | % | ||
Expected long-term return on plan assets | 7.25 | % | 7.25 | % | 8.00 | % | ||
Rate of compensation increase | 3.50 | % | 3.50 | % | 4.50 | % |
Pension Benefits (in thousands) | 2012 | 2011 | 2010 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 2,020 | $ | 1,523 | $ | 1,668 | |||||
Interest cost | 2,570 | 2,134 | 2,175 | ||||||||
Expected return on plan assets | (2,693 | ) | (2,456 | ) | (2,507 | ) | |||||
Amortization of: | |||||||||||
Net transition obligation | — | 2 | 2 | ||||||||
Prior service cost | 74 | 69 | 69 | ||||||||
Net loss | 1,753 | 687 | 602 | ||||||||
Net Periodic Pension Benefit Costs | $ | 3,724 | $ | 1,959 | $ | 2,009 |
Pension Benefits (in thousands) | 2012 | 2011 | |||||
Change in net loss (gain) | $ | 6,254 | $ | 8,550 | |||
Change in prior service cost | 14 | — | |||||
Amortization of transition obligation | — | (2 | ) | ||||
Amortization of prior service cost | (74 | ) | (69 | ) | |||
Amortization of net loss | (1,753 | ) | (687 | ) | |||
Total recognized to Regulatory Asset | $ | 4,441 | $ | 7,792 |
Amounts Recognized as a Regulatory Asset at December 31: (in thousands) | 2012 | 2011 | |||||
Transition obligation | $ | — | $ | — | |||
Prior service cost | 249 | 309 | |||||
Net loss | 18,069 | 13,553 | |||||
Total Recognized as a Regulatory Asset | $ | 18,318 | $ | 13,862 |
Amounts Recognized in Other Comprehensive Income at December 31: (in thousands) | 2012 | 2011 | 2010 | ||||||||
Transition obligation | $ | — | $ | — | $ | — | |||||
Prior service cost | — | — | — | ||||||||
Net loss | 538 | 554 | 327 | ||||||||
Total Recognized in Other Comprehensive Income | $ | 538 | $ | 554 | $ | 327 |
Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) | 2013 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service cost | 74 | ||
Amortization of net loss | 1,964 | ||
Total Estimated Net Periodic Benefit Cost Amortizations | $ | 2,038 |
2012 | 2011 | ||||
Equity | 64 | % | 66 | % | |
Fixed Income | 36 | % | 34 | % | |
Total | 100 | % | 100 | % |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 483 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 15,769 | — | — | ||||||||
Equity Funds (2) | 29,154 | — | — | ||||||||
Total | $ | 45,406 | $ | — | $ | — |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 172 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 12,491 | — | — | ||||||||
Equity Funds (2) | 24,120 | — | — | ||||||||
Total | $ | 36,783 | $ | — | $ | — |
(1) | Mutual funds consisting primarily of fixed income securities. |
(2) | Mutual funds consisting primarily of equity securities. |
(in thousands) | |||
2013 | $ | 2,701 | |
2014 | 2,880 | ||
2015 | 3,383 | ||
2016 | 3,723 | ||
2017 | 3,831 | ||
Years 2018 – 2022 | 25,124 |
PBOP Benefits (in thousands) | 2012 | 2011 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 12,842 | $ | 13,443 | |||
Service cost | 548 | 599 | |||||
Interest cost | 538 | 623 | |||||
Plan participant contributions | 93 | 85 | |||||
Plan amendments | — | (2,433 | ) | ||||
Actuarial (gain) loss | (275 | ) | 901 | ||||
Benefits paid | (424 | ) | (376 | ) | |||
Benefit obligation, end of year | $ | 13,322 | $ | 12,842 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 6,465 | $ | 6,475 | |||
Actual return on plan assets | 977 | 46 | |||||
Employer contributions | 22 | 235 | |||||
Plan participant contributions | 93 | 85 | |||||
Benefits paid | (424 | ) | (376 | ) | |||
Fair value, end of year | $ | 7,133 | $ | 6,465 | |||
Funded Status | $ | (6,189 | ) | $ | (6,377 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (6,189 | ) | (6,377 | ) | |||
Net amount recognized | $ | (6,189 | ) | $ | (6,377 | ) |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2012 | 2011 | |||
Discount rate | 3.80 | % | 4.40 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2012 | 2011 | 2010 | |||||
Discount rate | 4.40 | % | 5.35 | % | 5.80 | % | ||
Expected long-term return on plan assets | 4.50 | % | 4.50 | % | 5.00 | % |
PBOP Benefits (in thousands) | 2012 | 2011 | 2010 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 548 | $ | 599 | $ | 567 | |||||
Interest cost | 538 | 623 | 574 | ||||||||
Expected return on plan assets | (269 | ) | (267 | ) | (306 | ) | |||||
Other | 225 | 225 | 225 | ||||||||
Amortization of: | |||||||||||
Prior service cost | (806 | ) | (665 | ) | (406 | ) | |||||
Recognized net loss | 615 | 613 | 329 | ||||||||
Net Periodic Post Retirement Benefit Costs | $ | 851 | $ | 1,128 | $ | 983 |
PBOP Benefits (in thousands) | 2012 | 2011 | |||||
Change in net loss (gain) | $ | (1,028 | ) | $ | 1,123 | ||
Change in transition credit | (10 | ) | (2,433 | ) | |||
Amortization of transition obligation | — | — | |||||
Amortization of prior service credit | 806 | 665 | |||||
Amortization of net loss | (615 | ) | (613 | ) | |||
Total recognized to Regulatory Asset | $ | (847 | ) | $ | (1,258 | ) |
Amounts Recognized as a Regulatory Asset at December 31: (in thousands) | 2012 | 2011 | |||||
Transition obligation | $ | — | $ | — | |||
Prior service cost | (2,766 | ) | (3,563 | ) | |||
Net (gain) loss | 4,590 | 6,234 | |||||
Total Recognized as a Regulatory Asset | $ | 1,824 | $ | 2,671 |
Estimated Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) | 2013 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service cost | (806 | ) | |
Amortization of net loss (gain) | 394 | ||
Total Estimated Net Periodic Benefit Cost Amortizations | $ | (412 | ) |
Assumed health care cost trend rates at December 31: | 2012 | 2011 | |||||||||
Medical | Dental | Medical | Dental | ||||||||
Health care cost trend rate assumed for next year (1) | 10.0 | % | 10.0 | % | 10.0 | % | 10.0 | % | |||
Rate to which the cost trend rate is assumed to decline | 5.0 | % | 5.0 | % | 5.0 | % | 5.0 | % | |||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | 2022 | 2022 |
(in thousands) | 1 Percentage-Point | ||||||
Increase | Decrease | ||||||
Effect on total of service and interest cost components | $ | 70 | $ | (66 | ) | ||
Effect on post-retirement benefit obligation | $ | 957 | $ | (893 | ) |
2012 | 2011 | ||||
Equity | 65 | % | 63 | % | |
Fixed Income | 35 | % | 37 | % | |
Total | 100 | % | 100 | % |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 116 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,379 | — | — | ||||||||
Equity Funds (2) | 4,638 | — | — | ||||||||
Total | $ | 7,133 | $ | — | $ | — |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 160 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,234 | — | — | ||||||||
Equity Funds (2) | 4,071 | — | — | ||||||||
Total | $ | 6,465 | $ | — | $ | — |
(1) | Mutual funds consisting primarily of fixed income securities. |
(2) | Mutual funds consisting primarily of equity securities. |
(in thousands) | |||
2013 | $ | 354 | |
2014 | 382 | ||
2015 | 414 | ||
2016 | 44 | ||
2017 | 505 | ||
Years 2018 – 2022 | 3,363 |
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2012 | 2011 | 2010 | ||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||
Options: | ||||||||||||||||||||
Outstanding, beginning of year | 30,979 | $ | 27.63 | 53,674 | $ | 27.54 | 77,388 | $ | 26.24 | |||||||||||
Forfeited | — | — | (17,024 | ) | 27.95 | (9,640 | ) | 27.54 | ||||||||||||
Exercised | (23,235 | ) | 27.16 | (5,671 | ) | 25.78 | (14,074 | ) | 20.42 | |||||||||||
Outstanding, end of year | 7,744 | $ | 29.05 | 30,979 | $ | 27.63 | 53,674 | $ | 27.54 | |||||||||||
Exercisable, end of year | 7,744 | $ | 29.05 | 30,979 | $ | 27.63 | 53,674 | $ | 27.54 |
Options Outstanding and Exercisable | |||||||||
Shares | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | |||||||
Range of prices: | |||||||||
$18.00 - $23.99 | — | — | — | ||||||
$24.00 - $26.99 | — | — | — | ||||||
$27.00 - $29.99 | 7,744 | 0.9 | 29.05 | ||||||
7,744 | 0.9 | $ | 29.05 |
2012 | 2011 | ||||||||||||
Number of Shares | Grant Date Weighted Average Fair Value | Number of Shares | Grant Date Weighted Average Fair Value | ||||||||||
Non-vested at beginning of year | 900 | $ | 19.69 | 4,079 | $ | 25.43 | |||||||
Granted | — | — | — | — | |||||||||
Vested | (900 | ) | 19.69 | (3,179 | ) | 27.70 | |||||||
Forfeited | — | — | — | — | |||||||||
Non-vested at end of year | — | $ | — | 900 | $ | 19.69 |
2012 | 2011 | ||||||||||||
Number of Shares | Grant Date Weighted Average Fair Value | Number of Shares | Grant Date Weighted Average Fair Value | ||||||||||
Non-vested at beginning of year | 36,105 | $ | 25.59 | 48,074 | $ | 23.57 | |||||||
Granted | 27,703 | 29.22 | 23,391 | 25.65 | |||||||||
Vested | (21,274 | ) | 24.86 | (24,323 | ) | 22.95 | |||||||
Forfeited | (357 | ) | 25.65 | (11,037 | ) | 22.75 | |||||||
Non-vested at end of year | 42,177 | $ | 28.34 | 36,105 | $ | 25.59 |
|
(in thousands) | Revenues | Depreciation | Other Operating Expenses | Other Income (Deductions) | Interest Expense (net of AFUDC) | Income Taxes | Net Income (Loss) | ||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||||||||
Water Activities | $ | 85,325 | $ | 9,782 | $ | 48,153 | $ | (1,760 | ) | $ | 8,343 | $ | 6,022 | $ | 11,265 | ||||||||||||
Real Estate Transactions | 1,450 | — | 119 | — | — | 380 | 951 | ||||||||||||||||||||
Services and Rentals | 5,786 | 7 | 3,439 | — | (13 | ) | 929 | 1,424 | |||||||||||||||||||
Total | $ | 92,561 | $ | 9,789 | $ | 51,711 | $ | (1,760 | ) | $ | 8,330 | $ | 7,331 | $ | 13,640 | ||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||||||||
Water Activities | $ | 70,892 | $ | 7,773 | $ | 39,211 | $ | (1,148 | ) | $ | 5,486 | $ | 7,151 | $ | 10,123 | ||||||||||||
Real Estate Transactions | — | — | — | — | — | (176 | ) | 176 | |||||||||||||||||||
Services and Rentals | 4,682 | 7 | 3,014 | — | (41 | ) | 701 | 1,001 | |||||||||||||||||||
Total | $ | 75,574 | $ | 7,780 | $ | 42,225 | $ | (1,148 | ) | $ | 5,445 | $ | 7,676 | $ | 11,300 | ||||||||||||
For the year ended December 31, 2010 | |||||||||||||||||||||||||||
Water Activities | $ | 67,753 | $ | 7,088 | $ | 40,301 | $ | (525 | ) | $ | 5,682 | $ | 5,488 | $ | 8,669 | ||||||||||||
Real Estate Transactions | — | — | — | — | — | (230 | ) | 230 | |||||||||||||||||||
Services and Rentals | 5,074 | 7 | 3,618 | — | (57 | ) | 607 | 899 | |||||||||||||||||||
Total | $ | 72,827 | $ | 7,095 | $ | 43,919 | $ | (525 | ) | $ | 5,625 | $ | 5,865 | $ | 9,798 |
At December 31 (in thousands): | 2012 | 2011 | |||||
Total Plant and Other Investments: | |||||||
Water | $ | 453,625 | $ | 364,955 | |||
Non-Water | 680 | 635 | |||||
Total Plant and Other Investments | 454,305 | 365,590 | |||||
Other Assets: | |||||||
Water | 118,020 | 75,096 | |||||
Non-Water | 6,650 | 2,245 | |||||
Total Other Assets | 124,670 | 77,341 | |||||
Total Assets | $ | 578,975 | $ | 442,931 |
|
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
Operating Revenues | $ | 18,540 | $ | 15,989 | $ | 21,348 | $ | 17,359 | $ | 24,461 | $ | 20,628 | $ | 19,489 | $ | 15,426 | |||||||||||||||
Total Utility Operating Income | 3,727 | 3,538 | 5,199 | 4,580 | 7,961 | 5,054 | 3,534 | 3,235 | |||||||||||||||||||||||
Net Income | 1,910 | 2,268 | 4,163 | 3,470 | 5,974 | 3,734 | 1,593 | 1,828 | |||||||||||||||||||||||
Basic Earnings per Common Share | 0.22 | 0.26 | 0.48 | 0.41 | 0.69 | 0.43 | 0.16 | 0.21 | |||||||||||||||||||||||
Diluted Earnings per Common Share | 0.22 | 0.26 | 0.47 | 0.40 | 0.67 | 0.42 | 0.16 | 0.21 |
|
(in thousands) | December 31, | ||||||
2012 | 2011 | ||||||
Assets: | |||||||
Pension and postretirement benefits | $ | 21,341 | $ | 17,829 | |||
Unrecovered income taxes and other | 9,871 | 7,355 | |||||
Deferred revenue (included in deferred charges) | 3,644 | 3,883 | |||||
Other (included in deferred charges) | 3,151 | 2,464 | |||||
Total regulatory assets | $ | 38,007 | $ | 31,531 | |||
Liabilities: | |||||||
Other (included in other current liabilities) | $ | 499 | $ | — | |||
Unamortized Investment Tax Credits | 1,490 | 1,313 | |||||
Unfunded future income taxes and other | 11,215 | 7,355 | |||||
Total regulatory liabilities | $ | 13,204 | $ | 8,668 |
(in thousands) | 2012 | 2011 | 2010 | ||||||||
Additions to Utility Plant: | |||||||||||
Company Financed | $ | 24,653 | $ | 22,858 | $ | 26,240 | |||||
Allowance for Funds Used During Construction | 239 | 188 | 171 | ||||||||
Subtotal – Utility Plant Increase to Rate Base | 24,892 | 23,046 | 26,411 | ||||||||
Advances from Others for Construction | 1,041 | 966 | 281 | ||||||||
Net Additions to Utility Plant | $ | 25,933 | $ | 24,012 | $ | 26,692 |
|
(in thousands) | December 31, | ||||||
2012 | 2011 | ||||||
Assets: | |||||||
Pension and postretirement benefits | $ | 21,341 | $ | 17,829 | |||
Unrecovered income taxes and other | 9,871 | 7,355 | |||||
Deferred revenue (included in deferred charges) | 3,644 | 3,883 | |||||
Other (included in deferred charges) | 3,151 | 2,464 | |||||
Total regulatory assets | $ | 38,007 | $ | 31,531 | |||
Liabilities: | |||||||
Other (included in other current liabilities) | $ | 499 | $ | — | |||
Unamortized Investment Tax Credits | 1,490 | 1,313 | |||||
Unfunded future income taxes and other | 11,215 | 7,355 | |||||
Total regulatory liabilities | $ | 13,204 | $ | 8,668 |
(in thousands) | 2012 | 2011 | 2010 | ||||||||
Additions to Utility Plant: | |||||||||||
Company Financed | $ | 24,653 | $ | 22,858 | $ | 26,240 | |||||
Allowance for Funds Used During Construction | 239 | 188 | 171 | ||||||||
Subtotal – Utility Plant Increase to Rate Base | 24,892 | 23,046 | 26,411 | ||||||||
Advances from Others for Construction | 1,041 | 966 | 281 | ||||||||
Net Additions to Utility Plant | $ | 25,933 | $ | 24,012 | $ | 26,692 |
Years ended December 31, | 2012 | 2011 | 2010 | ||||||||
Numerator (in thousands) | |||||||||||
Basic Net Income Applicable to Common Stock | $ | 13,602 | $ | 11,262 | $ | 9,760 | |||||
Diluted Net Income Applicable to Common Stock | $ | 13,602 | $ | 11,262 | $ | 9,760 | |||||
Denominator (in thousands) | |||||||||||
Basic Weighted Average Shares Outstanding | 8,763 | 8,610 | 8,532 | ||||||||
Dilutive Effect of Stock Awards | 137 | 110 | 101 | ||||||||
Diluted Weighted Average Shares Outstanding | 8,900 | 8,720 | 8,633 | ||||||||
Earnings per Share | |||||||||||
Basic Earnings per Share | $ | 1.55 | $ | 1.31 | $ | 1.14 | |||||
Dilutive Effect of Stock Awards | 0.02 | 0.02 | 0.01 | ||||||||
Diluted Earnings per Share | $ | 1.53 | $ | 1.29 | $ | 1.13 |
|
(in thousands) | 2012 | 2011 | 2010 | |||||||||
Federal Classified as Operating Expense | $ | 6,103 | $ | 6,709 | $ | 5,513 | ||||||
Federal Classified as Other Utility Income | 427 | 424 | 368 | |||||||||
Federal Classified as Other Income | ||||||||||||
Land Sales and Donations | 477 | (176 | ) | (230 | ) | |||||||
Non-Water Sales | 748 | 558 | 487 | |||||||||
Other | (900 | ) | (276 | ) | (257 | ) | ||||||
Total Federal Income Tax Expense | 6,855 | 7,239 | 5,881 | |||||||||
State Classified as Operating Expense | 319 | 257 | (190 | ) | ||||||||
State Classified as Other Utility Income | 121 | 112 | 97 | |||||||||
State Classified as Other Income | ||||||||||||
Land Sales and Donations | (97 | ) | — | — | ||||||||
Non-Water Sales | 180 | 143 | 120 | |||||||||
Other | (47 | ) | (75 | ) | (43 | ) | ||||||
Total State Income Tax Expense | 476 | 437 | (16 | ) | ||||||||
Total Income Tax Expense | $ | 7,331 | $ | 7,676 | $ | 5,865 |
(in thousands) | 2012 | 2011 | 2010 | |||||||||
Current Income Taxes | ||||||||||||
Federal | $ | 4,747 | $ | 5,002 | $ | 3,902 | ||||||
State | 511 | 428 | 338 | |||||||||
Total Current | 5,258 | 5,430 | 4,240 | |||||||||
Deferred Income Taxes, Net | ||||||||||||
Federal | ||||||||||||
Investment Tax Credit | (71 | ) | (63 | ) | (61 | ) | ||||||
Deferred Revenue | (77 | ) | (75 | ) | (75 | ) | ||||||
Land Donations | 29 | 392 | 201 | |||||||||
Depreciation | 2,411 | 1,990 | 1,909 | |||||||||
Other | (184 | ) | (7 | ) | 5 | |||||||
Total Federal | 2,108 | 2,237 | 1,979 | |||||||||
State | ||||||||||||
Land Donations | (83 | ) | — | — | ||||||||
Other | 48 | 9 | (354 | ) | ||||||||
Total State | (35 | ) | 9 | (354 | ) | |||||||
Total Deferred Income Taxes | 2,073 | 2,246 | 1,625 | |||||||||
Total Income Tax | $ | 7,331 | $ | 7,676 | $ | 5,865 |
(in thousands) | 2012 | 2011 | ||||||
Unrecovered Income Taxes | $ | (9,871 | ) | $ | (7,355 | ) | ||
Deferred Federal and State Income Taxes | 40,869 | 31,075 | ||||||
Unfunded Future Income Taxes | 8,992 | 7,355 | ||||||
Unamortized Investment Tax Credits | 1,490 | 1,313 | ||||||
Other | (207 | ) | (185 | ) | ||||
Net Deferred Income Tax Liability | $ | 41,273 | $ | 32,203 |
(in thousands) | 2012 | 2011 | ||||||
Tax Credit Carryforward (1) | $ | (2,487 | ) | $ | (2,533 | ) | ||
Prepaid Income Taxes on CIAC | (66 | ) | 4 | |||||
Net Operating Loss Carryforwards (2) | (385 | ) | — | |||||
Other Comprehensive Income | (842 | ) | (486 | ) | ||||
Accelerated Depreciation | 46,379 | 34,548 | ||||||
Unamortized Investment Tax Credits | 1,490 | 1,313 | ||||||
Other | (2,816 | ) | (643 | ) | ||||
Net Deferred Income Tax Liability | $ | 41,273 | $ | 32,203 |
(in thousands) | 2012 | 2011 | 2010 | |||||||||
Pre-Tax Income | ||||||||||||
Net Income | $ | 13,640 | $ | 11,300 | $ | 9,798 | ||||||
Income Taxes | 7,331 | 7,676 | 5,865 | |||||||||
Total Pre-Tax Income | $ | 20,971 | $ | 18,976 | $ | 15,663 |
2012 | 2011 | 2010 | |||||||
Federal Statutory Tax Rate | 35.0 | % | 34.0 | % | 34.0 | % | |||
Tax Effect Differences: | |||||||||
State Income Taxes Net of Federal Benefit | 1.3 | % | 1.5 | % | — | % | |||
Property Related Items | (0.1 | )% | 1.0 | % | — | % | |||
Charitable Contributions – Land Donation (Net of Valuation Allowance) | (0.3 | )% | (0.9 | )% | (1.5 | )% | |||
Pension Costs | 1.6 | % | 3.5 | % | 1.8 | % | |||
Unamortized Debt Expense | (2.6 | )% | 0.4 | % | 0.5 | % | |||
Other | 0.1 | % | 1.0 | % | 2.6 | % | |||
Effective Income Tax Rate | 35.0 | % | 40.5 | % | 37.4 | % |
|
(in thousands, except share data) | Shares | Issuance Amount | Expense | Total | ||||||||||
Balance, January 1, 2010 | 8,573,744 | $ | 68,896 | $ | (1,610 | ) | $ | 67,286 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 31,282 | 1,077 | — | 1,077 | ||||||||||
Dividend Reinvestment Plan | 57,749 | 1,358 | — | 1,358 | ||||||||||
Stock Options Exercised and Expensed | 14,074 | 305 | (2 | ) | 303 | |||||||||
Balance, December 31, 2010 | 8,676,849 | $ | 71,636 | $ | (1,612 | ) | $ | 70,024 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 20,210 | 824 | — | 824 | ||||||||||
Dividend Reinvestment Plan | 52,668 | 1,346 | — | 1,346 | ||||||||||
Stock Options Exercised and Expensed | 5,671 | 152 | (1 | ) | 151 | |||||||||
Balance, December 31, 2011 | 8,755,398 | $ | 73,958 | $ | (1,613 | ) | $ | 72,345 | ||||||
Stock and equivalents issued through Performance Stock Program, Net of Forfeitures | 34,301 | 1,213 | — | 1,213 | ||||||||||
Dividend Reinvestment Plan | 50,048 | 1,486 | — | 1,486 | ||||||||||
Stock Options Exercised and Expensed | 23,235 | 665 | (3 | ) | 662 | |||||||||
Shares issued to acquire BSWC | 380,254 | 12,012 | (154 | ) | 11,858 | |||||||||
Shares issued in stock offering | 1,696,250 | 49,615 | (2,306 | ) | 47,309 | |||||||||
Balance, December 31, 2012 (1) | 10,939,486 | $ | 138,949 | $ | (4,076 | ) | $ | 134,873 |
|
(in thousands, except per share data) | 2012 | 2011 | 2010 | |||||||||
Balance, beginning of year | $ | 46,669 | $ | 43,603 | $ | 41,785 | ||||||
Net Income | 13,640 | 11,300 | 9,798 | |||||||||
Sub-total | 60,309 | 54,903 | 51,583 | |||||||||
Dividends declared: | ||||||||||||
Cumulative Preferred Stock, Series A, $0.80 per share | 12 | 12 | 12 | |||||||||
Cumulative Preferred Stock, Series $0.90, $0.90 per share | 26 | 26 | 26 | |||||||||
Common Stock: | ||||||||||||
$0.96, $0.94 and $0.92 per Common Share in 2012, 2011 and 2010, respectively | 8,467 | 8,196 | 7,942 | |||||||||
Total Dividends Declared | 8,505 | 8,234 | 7,980 | |||||||||
Balance, end of year | $ | 51,804 | $ | 46,669 | $ | 43,603 |
|
2013 | $ | 1,304 | ||
2014 | $ | 4,103 | ||
2015 | $ | 2,442 | ||
2016 | $ | 2,486 | ||
2017 | $ | 4,501 |
|
(in thousands) | 2012 | 2011 | |||||
Land | $ | 12,512 | $ | 10,623 | |||
Source of supply | 33,627 | 29,687 | |||||
Pumping | 35,337 | 30,653 | |||||
Water treatment | 75,684 | 56,799 | |||||
Transmission and distribution | 411,923 | 325,174 | |||||
General | 47,444 | 39,619 | |||||
Held for future use | 437 | 472 | |||||
Acquisition Adjustment | (5,177 | ) | (5,487 | ) | |||
Total | $ | 611,787 | $ | 487,540 |
(in thousands) | 2012 | 2011 | |||||
Land | $ | 12,512 | $ | 10,623 | |||
Source of supply | 33,627 | 29,687 | |||||
Pumping | 35,337 | 30,653 | |||||
Water treatment | 75,684 | 56,799 | |||||
Transmission and distribution | 411,923 | 325,174 | |||||
General | 47,444 | 39,619 | |||||
Held for future use | 437 | 472 | |||||
Acquisition Adjustment | (5,177 | ) | (5,487 | ) | |||
Total | $ | 611,787 | $ | 487,540 |
|
(in thousands) | 2012 | 2011 | 2010 | |||||||||
Municipal Property Taxes | $ | 6,567 | $ | 5,529 | $ | 5,293 | ||||||
Payroll Taxes | 1,132 | 912 | 978 | |||||||||
Total Taxes Other than Income Taxes | $ | 7,699 | $ | 6,441 | $ | 6,271 |
|
PBOP Benefits (in thousands) | 2012 | 2011 | 2010 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 548 | $ | 599 | $ | 567 | |||||
Interest cost | 538 | 623 | 574 | ||||||||
Expected return on plan assets | (269 | ) | (267 | ) | (306 | ) | |||||
Other | 225 | 225 | 225 | ||||||||
Amortization of: | |||||||||||
Prior service cost | (806 | ) | (665 | ) | (406 | ) | |||||
Recognized net loss | 615 | 613 | 329 | ||||||||
Net Periodic Post Retirement Benefit Costs | $ | 851 | $ | 1,128 | $ | 983 |
Pension Benefits (in thousands) | 2012 | 2011 | 2010 | ||||||||
Components of net periodic benefit costs | |||||||||||
Service cost | $ | 2,020 | $ | 1,523 | $ | 1,668 | |||||
Interest cost | 2,570 | 2,134 | 2,175 | ||||||||
Expected return on plan assets | (2,693 | ) | (2,456 | ) | (2,507 | ) | |||||
Amortization of: | |||||||||||
Net transition obligation | — | 2 | 2 | ||||||||
Prior service cost | 74 | 69 | 69 | ||||||||
Net loss | 1,753 | 687 | 602 | ||||||||
Net Periodic Pension Benefit Costs | $ | 3,724 | $ | 1,959 | $ | 2,009 |
(in thousands) | 2012 | 2011 | |||||
Defined Benefit Pension Plan | $ | 22,139 | $ | 12,319 | |||
Post Retirement Benefit Other than Pension | 6,243 | 6,431 | |||||
Supplemental Executive Retirement Plan | 6,224 | 4,843 | |||||
Deferred Compensation | 1,639 | 1,411 | |||||
Other Long-Term Compensation | 185 | 228 | |||||
Total Long-Term Compensation Arrangements | $ | 36,430 | $ | 25,232 |
2012 | 2011 | ||||
Equity | 65 | % | 65 | % | |
Fixed Income | 35 | % | 35 | % | |
Total | 100 | % | 100 | % |
Pension Benefits (in thousands) | 2012 | 2011 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 49,102 | $ | 40,758 | |||
Service cost | 2,020 | 1,523 | |||||
Interest cost | 2,570 | 2,134 | |||||
Actuarial loss (gain) | 14,494 | 5,878 | |||||
Benefits paid | (1,685 | ) | (1,191 | ) | |||
Benefit obligation, end of year | $ | 66,501 | $ | 49,102 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 36,783 | $ | 36,990 | |||
Actual return on plan assets | 9,723 | (216 | ) | ||||
Employer contributions | 585 | 1,200 | |||||
Benefits paid | (1,685 | ) | (1,191 | ) | |||
Fair value, end of year | $ | 45,406 | $ | 36,783 | |||
Funded Status | $ | (21,095 | ) | $ | (12,319 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (21,095 | ) | (12,319 | ) | |||
Net amount recognized | $ | (21,095 | ) | $ | (12,319 | ) |
PBOP Benefits (in thousands) | 2012 | 2011 | |||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | 12,842 | $ | 13,443 | |||
Service cost | 548 | 599 | |||||
Interest cost | 538 | 623 | |||||
Plan participant contributions | 93 | 85 | |||||
Plan amendments | — | (2,433 | ) | ||||
Actuarial (gain) loss | (275 | ) | 901 | ||||
Benefits paid | (424 | ) | (376 | ) | |||
Benefit obligation, end of year | $ | 13,322 | $ | 12,842 | |||
Change in plan assets: | |||||||
Fair value, beginning of year | $ | 6,465 | $ | 6,475 | |||
Actual return on plan assets | 977 | 46 | |||||
Employer contributions | 22 | 235 | |||||
Plan participant contributions | 93 | 85 | |||||
Benefits paid | (424 | ) | (376 | ) | |||
Fair value, end of year | $ | 7,133 | $ | 6,465 | |||
Funded Status | $ | (6,189 | ) | $ | (6,377 | ) | |
Amount Recognized in Consolidated Balance Sheets Consisted of: | |||||||
Non-current asset | $ | — | $ | — | |||
Current liability | — | — | |||||
Non-current liability | (6,189 | ) | (6,377 | ) | |||
Net amount recognized | $ | (6,189 | ) | $ | (6,377 | ) |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2012 | 2011 | |||
Discount rate | 4.05 | % | 4.60 | % | |
Rate of compensation increase | 3.50 | % | 3.50 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2012 | 2011 | 2010 | |||||
Discount rate | 4.60 | % | 5.50 | % | 5.95 | % | ||
Expected long-term return on plan assets | 7.25 | % | 7.25 | % | 8.00 | % | ||
Rate of compensation increase | 3.50 | % | 3.50 | % | 4.50 | % |
Weighted-average assumptions used to determine benefit obligations at December 31: | 2012 | 2011 | |||
Discount rate | 3.80 | % | 4.40 | % |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2012 | 2011 | 2010 | |||||
Discount rate | 4.40 | % | 5.35 | % | 5.80 | % | ||
Expected long-term return on plan assets | 4.50 | % | 4.50 | % | 5.00 | % |
Pension Benefits (in thousands) | 2012 | 2011 | |||||
Change in net loss (gain) | $ | 6,254 | $ | 8,550 | |||
Change in prior service cost | 14 | — | |||||
Amortization of transition obligation | — | (2 | ) | ||||
Amortization of prior service cost | (74 | ) | (69 | ) | |||
Amortization of net loss | (1,753 | ) | (687 | ) | |||
Total recognized to Regulatory Asset | $ | 4,441 | $ | 7,792 |
PBOP Benefits (in thousands) | 2012 | 2011 | |||||
Change in net loss (gain) | $ | (1,028 | ) | $ | 1,123 | ||
Change in transition credit | (10 | ) | (2,433 | ) | |||
Amortization of transition obligation | — | — | |||||
Amortization of prior service credit | 806 | 665 | |||||
Amortization of net loss | (615 | ) | (613 | ) | |||
Total recognized to Regulatory Asset | $ | (847 | ) | $ | (1,258 | ) |
Amounts Recognized as a Regulatory Asset at December 31: (in thousands) | 2012 | 2011 | |||||
Transition obligation | $ | — | $ | — | |||
Prior service cost | 249 | 309 | |||||
Net loss | 18,069 | 13,553 | |||||
Total Recognized as a Regulatory Asset | $ | 18,318 | $ | 13,862 |
Amounts Recognized as a Regulatory Asset at December 31: (in thousands) | 2012 | 2011 | |||||
Transition obligation | $ | — | $ | — | |||
Prior service cost | (2,766 | ) | (3,563 | ) | |||
Net (gain) loss | 4,590 | 6,234 | |||||
Total Recognized as a Regulatory Asset | $ | 1,824 | $ | 2,671 |
Amounts Recognized in Other Comprehensive Income at December 31: (in thousands) | 2012 | 2011 | 2010 | ||||||||
Transition obligation | $ | — | $ | — | $ | — | |||||
Prior service cost | — | — | — | ||||||||
Net loss | 538 | 554 | 327 | ||||||||
Total Recognized in Other Comprehensive Income | $ | 538 | $ | 554 | $ | 327 |
Estimated Net Periodic Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) | 2013 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service cost | 74 | ||
Amortization of net loss | 1,964 | ||
Total Estimated Net Periodic Benefit Cost Amortizations | $ | 2,038 |
Estimated Benefit Cost Amortizations for the periods January 1 - December 31,: (in thousands) | 2013 | ||
Amortization of transition obligation | $ | — | |
Amortization of prior service cost | (806 | ) | |
Amortization of net loss (gain) | 394 | ||
Total Estimated Net Periodic Benefit Cost Amortizations | $ | (412 | ) |
2012 | 2011 | ||||
Equity | 64 | % | 66 | % | |
Fixed Income | 36 | % | 34 | % | |
Total | 100 | % | 100 | % |
2012 | 2011 | ||||
Equity | 65 | % | 63 | % | |
Fixed Income | 35 | % | 37 | % | |
Total | 100 | % | 100 | % |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 483 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 15,769 | — | — | ||||||||
Equity Funds (2) | 29,154 | — | — | ||||||||
Total | $ | 45,406 | $ | — | $ | — |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market Fund | $ | 172 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 12,491 | — | — | ||||||||
Equity Funds (2) | 24,120 | — | — | ||||||||
Total | $ | 36,783 | $ | — | $ | — |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 116 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,379 | — | — | ||||||||
Equity Funds (2) | 4,638 | — | — | ||||||||
Total | $ | 7,133 | $ | — | $ | — |
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
Asset Type: | |||||||||||
Money Market | $ | 160 | $ | — | $ | — | |||||
Mutual Funds: | |||||||||||
Fixed Income Funds (1) | 2,234 | — | — | ||||||||
Equity Funds (2) | 4,071 | — | — | ||||||||
Total | $ | 6,465 | $ | — | $ | — |
(in thousands) | |||
2013 | $ | 2,701 | |
2014 | 2,880 | ||
2015 | 3,383 | ||
2016 | 3,723 | ||
2017 | 3,831 | ||
Years 2018 – 2022 | 25,124 |
(in thousands) | |||
2013 | $ | 354 | |
2014 | 382 | ||
2015 | 414 | ||
2016 | 44 | ||
2017 | 505 | ||
Years 2018 – 2022 | 3,363 |
Assumed health care cost trend rates at December 31: | 2012 | 2011 | |||||||||
Medical | Dental | Medical | Dental | ||||||||
Health care cost trend rate assumed for next year (1) | 10.0 | % | 10.0 | % | 10.0 | % | 10.0 | % | |||
Rate to which the cost trend rate is assumed to decline | 5.0 | % | 5.0 | % | 5.0 | % | 5.0 | % | |||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | 2022 | 2022 |
(in thousands) | 1 Percentage-Point | ||||||
Increase | Decrease | ||||||
Effect on total of service and interest cost components | $ | 70 | $ | (66 | ) | ||
Effect on post-retirement benefit obligation | $ | 957 | $ | (893 | ) |
|
2012 | 2011 | 2010 | ||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||
Options: | ||||||||||||||||||||
Outstanding, beginning of year | 30,979 | $ | 27.63 | 53,674 | $ | 27.54 | 77,388 | $ | 26.24 | |||||||||||
Forfeited | — | — | (17,024 | ) | 27.95 | (9,640 | ) | 27.54 | ||||||||||||
Exercised | (23,235 | ) | 27.16 | (5,671 | ) | 25.78 | (14,074 | ) | 20.42 | |||||||||||
Outstanding, end of year | 7,744 | $ | 29.05 | 30,979 | $ | 27.63 | 53,674 | $ | 27.54 | |||||||||||
Exercisable, end of year | 7,744 | $ | 29.05 | 30,979 | $ | 27.63 | 53,674 | $ | 27.54 |
Options Outstanding and Exercisable | |||||||||
Shares | Weighted Average Remaining Contractual Life (years) | Weighted Average Exercise Price | |||||||
Range of prices: | |||||||||
$18.00 - $23.99 | — | — | — | ||||||
$24.00 - $26.99 | — | — | — | ||||||
$27.00 - $29.99 | 7,744 | 0.9 | 29.05 | ||||||
7,744 | 0.9 | $ | 29.05 |
2012 | 2011 | ||||||||||||
Number of Shares | Grant Date Weighted Average Fair Value | Number of Shares | Grant Date Weighted Average Fair Value | ||||||||||
Non-vested at beginning of year | 900 | $ | 19.69 | 4,079 | $ | 25.43 | |||||||
Granted | — | — | — | — | |||||||||
Vested | (900 | ) | 19.69 | (3,179 | ) | 27.70 | |||||||
Forfeited | — | — | — | — | |||||||||
Non-vested at end of year | — | $ | — | 900 | $ | 19.69 |
2012 | 2011 | ||||||||||||
Number of Shares | Grant Date Weighted Average Fair Value | Number of Shares | Grant Date Weighted Average Fair Value | ||||||||||
Non-vested at beginning of year | 36,105 | $ | 25.59 | 48,074 | $ | 23.57 | |||||||
Granted | 27,703 | 29.22 | 23,391 | 25.65 | |||||||||
Vested | (21,274 | ) | 24.86 | (24,323 | ) | 22.95 | |||||||
Forfeited | (357 | ) | 25.65 | (11,037 | ) | 22.75 | |||||||
Non-vested at end of year | 42,177 | $ | 28.34 | 36,105 | $ | 25.59 |
|
(in thousands) | Revenues | Depreciation | Other Operating Expenses | Other Income (Deductions) | Interest Expense (net of AFUDC) | Income Taxes | Net Income (Loss) | ||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||||||||
Water Activities | $ | 85,325 | $ | 9,782 | $ | 48,153 | $ | (1,760 | ) | $ | 8,343 | $ | 6,022 | $ | 11,265 | ||||||||||||
Real Estate Transactions | 1,450 | — | 119 | — | — | 380 | 951 | ||||||||||||||||||||
Services and Rentals | 5,786 | 7 | 3,439 | — | (13 | ) | 929 | 1,424 | |||||||||||||||||||
Total | $ | 92,561 | $ | 9,789 | $ | 51,711 | $ | (1,760 | ) | $ | 8,330 | $ | 7,331 | $ | 13,640 | ||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||||||||
Water Activities | $ | 70,892 | $ | 7,773 | $ | 39,211 | $ | (1,148 | ) | $ | 5,486 | $ | 7,151 | $ | 10,123 | ||||||||||||
Real Estate Transactions | — | — | — | — | — | (176 | ) | 176 | |||||||||||||||||||
Services and Rentals | 4,682 | 7 | 3,014 | — | (41 | ) | 701 | 1,001 | |||||||||||||||||||
Total | $ | 75,574 | $ | 7,780 | $ | 42,225 | $ | (1,148 | ) | $ | 5,445 | $ | 7,676 | $ | 11,300 | ||||||||||||
For the year ended December 31, 2010 | |||||||||||||||||||||||||||
Water Activities | $ | 67,753 | $ | 7,088 | $ | 40,301 | $ | (525 | ) | $ | 5,682 | $ | 5,488 | $ | 8,669 | ||||||||||||
Real Estate Transactions | — | — | — | — | — | (230 | ) | 230 | |||||||||||||||||||
Services and Rentals | 5,074 | 7 | 3,618 | — | (57 | ) | 607 | 899 | |||||||||||||||||||
Total | $ | 72,827 | $ | 7,095 | $ | 43,919 | $ | (525 | ) | $ | 5,625 | $ | 5,865 | $ | 9,798 |
At December 31 (in thousands): | 2012 | 2011 | |||||
Total Plant and Other Investments: | |||||||
Water | $ | 453,625 | $ | 364,955 | |||
Non-Water | 680 | 635 | |||||
Total Plant and Other Investments | 454,305 | 365,590 | |||||
Other Assets: | |||||||
Water | 118,020 | 75,096 | |||||
Non-Water | 6,650 | 2,245 | |||||
Total Other Assets | 124,670 | 77,341 | |||||
Total Assets | $ | 578,975 | $ | 442,931 |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
Operating Revenues | $ | 18,540 | $ | 15,989 | $ | 21,348 | $ | 17,359 | $ | 24,461 | $ | 20,628 | $ | 19,489 | $ | 15,426 | |||||||||||||||
Total Utility Operating Income | 3,727 | 3,538 | 5,199 | 4,580 | 7,961 | 5,054 | 3,534 | 3,235 | |||||||||||||||||||||||
Net Income | 1,910 | 2,268 | 4,163 | 3,470 | 5,974 | 3,734 | 1,593 | 1,828 | |||||||||||||||||||||||
Basic Earnings per Common Share | 0.22 | 0.26 | 0.48 | 0.41 | 0.69 | 0.43 | 0.16 | 0.21 | |||||||||||||||||||||||
Diluted Earnings per Common Share | 0.22 | 0.26 | 0.47 | 0.40 | 0.67 | 0.42 | 0.16 | 0.21 |
|
Description | Balance Beginning of Year | Beginning Balance Adjustments (1) | Additions Charged to Income | Deductions From Reserves(2) | Balance End of Year | ||||||||||||||
Allowance for Uncollectible Accounts | |||||||||||||||||||
Year Ended December 31, 2012 | $ | 1,088 | $ | 187 | $ | 315 | $ | 532 | $ | 1,058 | |||||||||
Year Ended December 31, 2011 | $ | 1,061 | $ | — | $ | 660 | $ | 633 | $ | 1,088 | |||||||||
Year Ended December 31, 2010 | $ | 472 | $ | — | $ | 648 | $ | 59 | $ | 1,061 |
Description | Balance Beginning of Year | Beginning Balance Adjustments (1) | Additions Charged to Income | Deductions From Reserves(2) | Balance End of Year | ||||||||||||||
Allowance for Uncollectible Accounts | |||||||||||||||||||
Year Ended December 31, 2012 | $ | 1,088 | $ | 187 | $ | 315 | $ | 532 | $ | 1,058 | |||||||||
Year Ended December 31, 2011 | $ | 1,061 | $ | — | $ | 660 | $ | 633 | $ | 1,088 | |||||||||
Year Ended December 31, 2010 | $ | 472 | $ | — | $ | 648 | $ | 59 | $ | 1,061 |
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