CONNECTICUT WATER SERVICE INC / CT, 10-Q filed on 8/9/2012
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2012
Entities [Table]
 
Entity Registrant Name
CONNECTICUT WATER SERVICE INC / CT 
Entity Central Index Key
0000276209 
Current Fiscal Year End Date
--12-31 
Entity Filer Category
Accelerated Filer 
Entity Common Stock, Shares Outstanding
8,815,234 
Document Type
10-Q 
Document Period End Date
Jun. 30, 2012 
Document Fiscal Year Focus
2012 
Document Fiscal Period Focus
Q2 
Amendment Flag
false 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
ASSETS
 
 
Utility Plant
$ 570,983 
$ 487,540 
Construction Work in Progress
6,423 
6,160 
Gross Utility Plant
577,406 
493,700 
Accumulated Provision for Depreciation
(158,404)
(133,673)
Net Utility Plant
419,002 
360,027 
Other Property and Investments
5,805 
5,563 
Cash and Cash Equivalents
3,397 
1,012 
Accounts Receivable (Less Allowance, 2012 - $915; 2011 - $1,088)
10,658 
8,436 
Accrued Unbilled Revenues
8,164 
6,477 
Materials and Supplies
1,507 
1,126 
Prepayments and Other Current Assets
2,689 
1,830 
Total Current Assets
26,415 
18,881 
Restricted Cash
12,613 
15,930 
Unamortized Debt Issuance Expense
7,495 
7,296 
Unrecovered Income Taxes - Regulatory Asset
31,869 
29,255 
Pension Benefits - Regulatory Asset
14,647 
13,862 
Post-Retirement Benefits Other Than Pension - Regulatory Asset
3,883 
3,967 
Goodwill
22,947 
3,608 
Deferred Charges and Other Costs
8,779 
6,442 
Total Regulatory and Other Long-Term Assets
102,233 
80,360 
Total Assets
553,455 
464,831 
CAPITALIZATION AND LIABILITIES
 
 
Common Stock, Value, Issued
73,492 
72,345 
Retained Earnings (Accumulated Deficit)
48,544 
46,669 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(828)
(825)
Common Stockholders' Equity
121,208 
118,189 
Preferred Stock
772 
772 
Long-Term Debt
187,841 
135,256 
Total Capitalization
309,821 
254,217 
Debt, Current
1,239 
Interim Bank Loans Payable
24,271 
21,372 
Accounts Payable and Accrued Expenses
7,634 
7,166 
Accrued Taxes
716 
302 
Accrued Interest
1,380 
1,002 
Other Current Liabilities
1,650 
586 
Total Current Liabilities
36,890 
30,428 
Advances for Construction
33,816 
32,517 
Contributions in Aid of Construction
69,731 
60,679 
Deferred Federal and State Income Taxes
41,994 
31,075 
Unfunded Future Income Taxes
29,993 
29,255 
Long-Term Compensation Arrangements
29,792 
25,232 
Unamortized Investment Tax Credits
1,411 
1,313 
Other Long-Term Liabilities
115 
Total Long-Term Liabilities
206,744 
180,186 
Commitments and Contingencies
   
   
Total Capitalization and Liabilities
$ 553,455 
$ 464,831 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
ASSETS
 
 
Allowance
$ 915 
$ 1,088 
Capitalization, Long-term Debt and Equity [Abstract]
 
 
Common Stock, No Par Value
$ 0 
$ 0 
Common Stock, Shares Authorized
25,000,000 
25,000,000 
Common Stock, Shares, Issued
8,815,234 
8,755,398 
Common Stock, Shares, Outstanding
8,815,234 
8,755,398 
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Income Statement [Abstract]
 
 
 
 
Operating Revenues
$ 21,348 
$ 17,359 
$ 39,888 
$ 33,348 
Operating Expenses
 
 
 
 
Operation and Maintenance
10,076 
7,827 
19,711 
15,837 
Depreciation
2,392 
1,912 
4,779 
3,784 
Income Taxes
2,167 
1,783 
3,146 
2,885 
Taxes Other Than Income Taxes
1,702 
1,467 
3,690 
3,112 
Total Operating Expenses
16,337 
12,989 
31,326 
25,618 
Net Operating Revenues
5,011 
4,370 
8,562 
7,730 
Other Utility Income, Net of Taxes
188 
210 
364 
388 
Total Utility Operating Income
5,199 
4,580 
8,926 
8,118 
Other Income (Deductions), Net of Taxes
 
 
 
 
Gain (Loss) on Real Estate Transactions
982 
982 
Non-Water Sales Earnings
333 
219 
683 
412 
Allowance for Funds Used During Construction
79 
39 
135 
70 
Other
(298)
43 
(441)
(91)
Total Other Income, Net of Taxes
1,096 
301 
1,359 
391 
Interest and Debt Expense
 
 
 
 
Interest on Long-Term Debt
1,927 
1,141 
3,847 
2,290 
Other Interest Charges
110 
164 
187 
269 
Amortization of Debt Expense
95 
106 
178 
212 
Total Interest and Debt Expense
2,132 
1,411 
4,212 
2,771 
Net Income
4,163 
3,470 
6,073 
5,738 
Preferred Stock Dividend Requirement
10 
10 
19 
19 
Net Income Applicable to Common Stock
$ 4,153 
$ 3,460 
$ 6,054 
$ 5,719 
Weighted Average Common Shares Outstanding:
 
 
 
 
Basic (in shares)
8,667,440 
8,600,905 
8,659,176 
8,589,949 
Diluted (in shares)
8,805,338 
8,710,043 
8,793,176 
8,702,083 
Earnings Per Common Share:
 
 
 
 
Basic (in dollars per share)
$ 0.48 
$ 0.41 
$ 0.70 
$ 0.67 
Diluted (in dollars per share)
$ 0.47 
$ 0.40 
$ 0.69 
$ 0.66 
Dividends Per Common Share (in dollars per share)
$ 0.2375 
$ 0.2325 
$ 0.4750 
$ 0.4650 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Statement of Other Comprehensive Income [Abstract]
 
 
 
 
Net Income
$ 4,163 
$ 3,470 
$ 6,073 
$ 5,738 
Other Comprehensive Income, net of tax
 
 
 
 
Qualified Cash Flow Hedging Instrument Expense, net of tax
(1)
(1)
(1)
Reclassification to Pension and Post-Retirement Benefits Other Than Pension, net of tax
(29)
(2)
(35)
(8)
Unrealized (loss) gain on investments, net of tax
30 
(31)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
(58)
(5)
(3)
(8)
Comprehensive Income
$ 4,105 
$ 3,465 
$ 6,070 
$ 5,730 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Other Comprehensive Income, net of tax
 
 
 
 
Qualified Cash Flow Hedging Instrument Expense, net of tax (benefit) expense of
$ 0 
$ 0 
$ 0 
$ 0 
Reclassification to Pension and Post-Retirement Benefits Plans, net of tax (benefit) expense of
19 
31 
Unrealized Investment loss, net of tax expense (benefit) of
$ (19)
$ 2 
$ (21)
$ 21 
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Balance at Beginning of Period
$ 46,482 
$ 43,841 
$ 46,669 
$ 43,603 
Net Income
4,163 
3,470 
6,073 
5,738 
Retained Earnings before Dividends
50,645 
47,311 
52,742 
49,341 
Dividends Declared:
 
 
 
 
Cumulative Preferred, Class A, $0.20 per share
10 
10 
19 
19 
Common Stock - 2012 $0.2375 per share; 2011 $0.2325 per share
2,091 
2,025 
4,179 
4,046 
Total Dividends Declared
2,101 
2,035 
4,198 
4,065 
Balance at End of Period
48,544 
45,276 
48,544 
45,276 
Series A Voting
 
 
 
 
Dividends Declared:
 
 
 
 
Cumulative Preferred, Class A, $0.20 per share
Cumulative Preferred Stock
 
 
 
 
Dividends Declared:
 
 
 
 
Cumulative Preferred, Class A, $0.20 per share
$ 7 
$ 7 
$ 13 
$ 13 
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (Parenthetical)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dividends Declared:
 
 
 
 
Common Stock (in dollars per share)
$ 0.2375 
$ 0.2325 
$ 0.4750 
$ 0.4650 
Cumulative Preferred Stock
 
 
 
 
Dividends Declared:
 
 
 
 
Preferred Stock (in dollars per share)
$ 0.225 
$ 0.225 
$ 0.450 
$ 0.450 
Series A Voting
 
 
 
 
Dividends Declared:
 
 
 
 
Preferred Stock (in dollars per share)
$ 0.20 
$ 0.20 
$ 0.40 
$ 0.40 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating Activities:
 
 
Net Income
$ 6,073 
$ 5,738 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 
Deferred Revenues
119 
119 
Allowance for Funds Used During Construction
(134)
(70)
Depreciation (including $27 and $201 in 2012 and 2011 charged to other accounts)
4,940 
4,187 
Gain (Loss) on Sale of Properties
(982)
Change in Assets and Liabilities:
 
 
Decrease in Accounts Receivable and Accrued Unbilled Revenues
(2,064)
83 
Increase in Prepayments and Other Current Assets
(294)
(212)
Decrease in Other Non-Current Items
2,196 
1,929 
Decrease in Accounts Payable, Accrued Expenses and Other Current Liabilities
(595)
(1,204)
Increase in Deferred Income Taxes and Investment Tax Credits, Net
1,005 
1,088 
Total Adjustments
4,191 
5,920 
Net Cash and Cash Equivalents Provided by Operating Activities
10,264 
11,658 
Investing Activities:
 
 
Company Financed Additions to Utility Plant
(11,085)
(8,185)
Advances to (from) Others for Construction
(61)
(269)
Net Additions to Utility Plant Used in Continuing Operations
(11,146)
(8,454)
Purchase of water systems, net of cash acquired
(36,340)
Proceeds from Sale of Land Held-for-investment
1,450 
Release of restricted cash
3,321 
Net Cash and Cash Equivalents Used in Investing Activities
(42,715)
(8,454)
Financing Activities:
 
 
Proceeds from Interim Bank Loans
24,271 
26,426 
Repayment of Interim Bank Loans
(21,372)
(26,342)
Proceeds from Issuance of Common Stock
703 
670 
Proceeds from Issuance of Long-term Debt
36,088 
Proceeds from the Exercise of Stock Options
88 
Costs to Issue Long-Term Debt and Common Stock
(180)
Repayment of Long-Term Debt Including Current Portion
(625)
(290)
Advances (to) from Others for Construction
61 
269 
Cash Dividends Paid
(4,198)
(4,065)
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities
34,836 
(3,332)
Net Increase (Decrease) in Cash and Cash Equivalents
2,385 
(128)
Cash and Cash Equivalents at Beginning of Period
1,012 
952 
Cash and Cash Equivalents at End of Year
3,397 
824 
Non-Cash Investing and Financing Activities:
 
 
Non-Cash Contributed Utility Plant
284 
135 
Short-term Investment of Bond Proceeds Held in Restricted Cash
12,613 
1,226 
Cash Paid for:
 
 
Interest
3,806 
2,719 
State and Federal Income Taxes
$ 2,706 
$ 2,425 
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 
Depreciation charged to other accounts
$ 161 
$ 403 
Basis of Preparation of Financials
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
1.
Basis of Preparation of Financials

The consolidated financial statements included herein have been prepared by CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments that are of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the results for interim periods.  The Company’s primary operating subsidiaries are The Connecticut Water Company (“Connecticut Water”) and The Maine Water Company (“Maine Water”).  Certain information and footnote disclosures have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.  The Consolidated Balance Sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  It is suggested that these consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2011 and as updated in the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2012.

The results for interim periods are not necessarily indicative of results to be expected for the year since the consolidated earnings are subject to seasonal factors.  Effective January 1, 2012, the Company acquired Maine Water, discussed further in Note 10 below.  As a result, the Company’s consolidated balance sheet at December 31, 2011 and the Consolidated Statements of Net Income for the three and six months ended June 30, 2011 do not include Maine Water.  Maine Water’s results are included in the Consolidated Balance Sheet as of June 30, 2012 and in the Consolidated Statements of Net Income for the three and six months ended June 30, 2012.
Pension and Other Post-Retirement Benefits
Pension and Other Post-Retirement Benefits
2.
Pension and Other Post-Retirement Benefits

The following tables set forth the components of pension and other post-retirement benefit costs for the three and six months ended June 30, 2012 and 2011.

Pension Benefits
Components of Net Periodic Cost (in thousands):
 
Three Months
 
Six Months
Period ended June 30,
2012
 
2011
 
2012
 
2011
Service Cost
$
486

 
$
318

 
$
1,010

 
$
761

Interest Cost
640

 
522

 
1,285

 
1,067

Expected Return on Plan Assets
(659
)
 
(553
)
 
(1,346
)
 
(1,228
)
Amortization of:
 

 
 

 
 

 
 

Transition Obligation

 
1

 

 
1

Prior Service Cost
20

 
17

 
37

 
34

Net Loss
519

 
156

 
877

 
344

Net Periodic Benefit Cost
$
1,006

 
$
461

 
$
1,863

 
$
979



Connecticut Water does not expect to make a contribution in 2012 for the 2011 plan year, as allowed by the current funding status.
Post-Retirement Benefits Other Than Pension (PBOP)
Components of Net Periodic Cost (in thousands):
 
Three Months
 
Six Months
Period ended June 30,
2012
 
2011
 
2012
 
2011
Service Cost
$
118

 
$
159

 
$
275

 
$
346

Interest Cost
129

 
154

 
270

 
333

Expected Return on Plan Assets
(67
)
 
(59
)
 
(135
)
 
(134
)
Other
56

 
56

 
112

 
112

Amortization of:
 

 
 

 
 

 
 

Prior Service Cost
(202
)
 
(163
)
 
(403
)
 
(264
)
Recognized Net Loss
140

 
144

 
306

 
304

Net Periodic Benefit Cost
$
174

 
$
291

 
$
425

 
$
697



On May 16, 2011, Connecticut Water notified participants in its PBOP plan of an amendment that would limit the life-time benefits of participants to $100,000, effective July 1, 2011.
Earnings per Share
Earnings per Share
3.
Earnings per Share

Earnings per weighted average common share are calculated by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding during the respective periods as detailed below (diluted shares include the effect of unexercised stock options):
Three months ended June 30,
2012
 
2011
Common Shares Outstanding End of Period:
8,815,234

 
8,722,456

Weighted Average Shares Outstanding (Days Outstanding Basis):
 

 
 

Basic
8,667,440

 
8,600,905

Diluted
8,805,338

 
8,710,043

 
 
 
 
Basic Earnings per Share
$
0.48

 
$
0.41

Dilutive Effect of Unexercised Stock Options
(0.01
)
 
(0.01
)
Diluted Earnings per Share
$
0.47

 
$
0.40

 
 
 
 
Six Months ended June 30,
 
 
 
Weighted Average Shares Outstanding (Days Outstanding Basis):
 
 
 
Basic
8,659,176

 
8,589,949

Diluted
8,793,176

 
8,702,083

 
 
 
 
Basic Earnings per Share
$
0.70

 
$
0.67

Dilutive Effect of Unexercised Stock Options
(0.01
)
 
(0.01
)
Diluted Earnings per Share
$
0.69

 
$
0.66



Total unrecognized compensation expense for all stock awards was approximately $1.1 million as of June 30, 2012 and will be recognized over a weighted average period of 1.2 years.
New Accounting Pronouncements
New Accounting Pronouncements
4.
New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, which amends Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosure (“ASC 820”), to update guidance related to fair value measurements and disclosures as a step towards achieving convergence between generally accepted accounting principles and international financial reporting standards.  ASU 2011-04 clarifies intent about application of existing fair value measurements and disclosures, changes certain requirements for fair value measurements and requires expanded disclosures.  ASU 2011-04 was effective for interim and annual periods beginning after December 15, 2011.  Adoption of 2011-04 did not have an impact on the Company’s results of operations, cash flows or financial position.

In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income ("ASU 2011-05") to amend the presentation of comprehensive income to allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both instances, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The guidance eliminated the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 ("ASU 2011-12"). This update indefinitely defers certain provisions of ASU 2011-05 that require the disclosure of the amount of reclassifications of items from OCI to net income by component of net income and by component of OCI. These standards became effective for interim and annual periods beginning after December 15, 2011, and are to be applied retrospectively. The Company has included such disclosures within this quarterly report and shows the Consolidated Statements of Comprehensive Income immediately following the Consolidated Statements of Income.
Long-Term Debt
Long-Term Debt
5.
Long-Term Debt

Long-Term Debt at June 30, 2012 (including the debt assumed with the acquisition of The Maine Water Company effective January 1, 2012) and December 31, 2011 consisted of the following (in thousands):
 
2012
 
2011
Connecticut Water Service, Inc.:
 
 
 
4.09%
 
Term Loan Note and Supplement A
$
17,781

 
$

Var.
 
Term Loan Note and Supplement B
18,088

 

Total Connecticut Water Service, Inc.
35,869

 

The Connecticut Water Company:
 
 
 
Unsecured Water Facilities Revenue Bonds
 
 
 
5.05%
 
1998 Series A, Due 2028
9,550

 
9,550

5.125%
 
1998 Series B, Due 2028
7,495

 
7,495

4.40%
 
2003A Series, Due 2020
8,000

 
8,000

5.00%
 
2003C Series, Due 2022
14,795

 
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
14,795

 
14,805

5.00%
 
2007 A Series, Due 2037
14,560

 
14,570

5.10%
 
2009 A Series, Due 2039
19,950

 
20,000

5.00%
 
2011 A Series, Due 2021
23,991

 
23,991

Total The Connecticut Water Company
135,186

 
135,256

The Maine Water Company:
 
 
 
8.95%
 
1994 Series G, Due 2024
9,000

 

5.05%
 
1999 Series H, Due 2024
1,965

 

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
491

 

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
785

 

0.00%
 
2009 Series T, Due 2029
2,200

 

Total The Maine Water Company
17,129

 

Add:  Maine Acquisition Fair Value Adjustment
896

 

Less:  Current Portion
(1,239
)
 

Total Long-Term Debt
$
187,841

 
$
135,256



As of June 30, 2012, the Company and its subsidiaries will make principal payments of approximately of $1,239,000 over the next twelve months.

In December 2011, Connecticut Water borrowed $22.05 million through the issuance of Water Facilities Revenue Bonds by the Connecticut Development Authority ("Authority").  Connecticut Water received approximately $24,000,000 in cash in exchange for the issuance of bonds with an aggregate principal amount of $22,050,000 with a maturity date of December 20, 2021 and a 5% coupon.  Connecticut Water recorded a bond premium in connection with this transaction and will amortize that premium over the life of the bond.  The proceeds from the sale of the bonds are being used to finance construction and installation of various capital improvements to Connecticut Water’s existing water system.

There are no mandatory sinking fund payments required on Connecticut Water’s outstanding Unsecured Water Facilities Revenue Refinancing Bonds.  However, certain fixed rate Unsecured Water Facilities Revenue Refinancing Bonds provide for an estate redemption right whereby the estate of deceased bondholders or surviving joint owners may submit bonds to the Trustee for redemption at par, subject to a $25,000 per individual holder and a 3% annual aggregate limitation.

On January 1, 2012, the Company and CoBank entered into an amendment to the CoBank Agreement (the “Amendment”) and two additional Promissory Note and Single Advance Term Loan Supplements providing for two additional Term Loans to the Company (the “Term Loan Notes and Supplements”).  Under the terms of the Amendment and the Term Loan Notes and Supplements, on January 3, 2012 the Company borrowed from CoBank, in the aggregate, an additional $36.1 million of an available $40 million to be applied to the Company’s acquisition of the issued and outstanding capital stock of Aqua Maine, Inc. from Aqua America, Inc., as more fully described in Note 10 below.

Under one Term Loan Note and Supplement, CoBank loaned the Company $18.0 million, which Term Loan shall be repaid by the Company in 60 equal quarterly installments of principal and interest over a 15-year amortizing term, with the first installment paid on April 20, 2012 and the last installment due on January 20, 2027.  Under the other Term Loan Note and Supplement, CoBank loaned the Company $18.1 million, which Term Loan shall be repaid by the Company in quarterly interest payments and repayment of the principal balance in full on the earlier of July 30, 2013 or upon the Company raising equity capital, in the aggregate, up to the outstanding amount owed under the second Term Note and Supplement.

Under the initial Promissory Note and each of the Term Loan Notes and Supplements, the Company will pay interest on any Loans made by CoBank in accordance with one or more of the following interest rate options, as selected periodically by the Company: (1) at a weekly quoted variable rate, a rate per annum equal to the rate of interest established by CoBank on the first business day of each week; (2) at a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance for periods of 180 days or more; or (3) at a fixed rate per annum equal to LIBOR plus 1.75% for 1, 2, 3, 6, 9 or 12 month interest periods.  Interest shall be calculated on the actual number of days each Loan is outstanding on the basis of a year consisting of 360 days.

Financial Covenants – The Company and its subsidiaries are required to comply with certain covenants in connection with various long term loan agreements.  The Company and its subsidiaries were in compliance with all covenants at June 30, 2012.
Fair Value Disclosures
Fair Value Disclosures
6.
Fair Value Disclosures

FASB ASC 820, Fair Value Measurements and Disclosures (“FASB ASC 820”) provides enhanced guidance for using fair value to measure assets and liabilities and expands disclosure with respect to fair value measurements.

FASB ASC 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs).  The hierarchy consists of three broad levels, as follows:

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.

The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of June 30, 2012 (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company Owned Life Insurance
$

 
$
2,418

 
$

 
$
2,418

Money Market Fund
138

 

 

 
138

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
682

 

 

 
682

Total
$
820

 
$
2,418

 
$

 
$
3,238


The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2011 (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.

The fair value of Company Owned Life Insurance is based on the cash surrender value of the contracts. These contracts are based principally on a referenced pool of investment funds that actively redeem shares and are observable and measurable.

The following methods and assumptions were used to estimate the fair value of each of the following financial instruments, which are not recorded at fair value on the financial statements.

Cash and cash equivalents – Cash equivalents consist of highly liquid instruments with original maturities at the time of purchase of three months or less.  The carrying amount approximates fair value.  Under the fair value hierarchy the fair value of cash and cash equivalents is classified as a Level 1 measurement.
 
Restricted Cash – As part of the Connecticut Water’s December 2011 bond offering, the Company recorded unused proceeds from this bond issuance as restricted cash as the funds can only be used for certain capital expenditures.  The Company expects to use the remainder of the proceeds during 2012, as the approved capital expenditures are completed.  The carrying amount approximates fair value.  Under the fair value hierarchy the fair value of restricted cash is classified as a Level 1 measurement.

Long-Term Debt – The fair value of the Company's fixed rate long-term debt is based upon borrowing rates currently available to the Company.  As of June 30, 2012 and December 31, 2011, the estimated fair value of the Company's long-term debt was $204,769,000 and $135,048,000, respectively, as compared to the carrying amounts of $187,841,000 and $135,256,000, respectively. The estimated fair value of long term debt was calculated using a discounted cash flow model that uses comparable interest rates and yield curve data based on the A -rated MMD (Municipal Market Data) Index which is the benchmark of current municipal bond yields. Under the fair value hierarchy the fair value of long term debt is classified as a Level 2 measurement.

The fair values shown above have been reported to meet the disclosure requirements of accounting principles generally accepted in the United States and do not purport to represent the amounts at which those obligations would be settled.
Segment Reporting
Segment Reporting
7.
Segment Reporting

The Company operates principally in three business segments: Water Activities, Real Estate Transactions, and Services and Rentals.  Results of operations for the three and six months ended June 30, 2012 include the results of Maine Water.  Financial data for the segments is as follows (in thousands):
Three Months Ended June 30, 2012
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
21,672

 
$
4,929

 
$
2,081

 
$
2,848

Real Estate Transactions
 
1,450

 
1,331

 
349

 
982

Services and Rentals
 
1,366

 
562

 
229

 
333

Total
 
$
24,488

 
$
6,822

 
$
2,659

 
$
4,163


Three Months Ended June 30, 2011
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
17,725

 
$
5,072

 
$
1,821

 
$
3,251

Real Estate Transactions
 

 

 

 

Services and Rentals
 
1,096

 
369

 
150

 
219

Total
 
$
18,821

 
$
5,441

 
$
1,971

 
$
3,470

Six Months Ended June 30, 2012
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
40,561

 
$
7,414

 
$
3,006

 
$
4,408

Real Estate Transactions
 
1,450

 
1,331

 
349

 
982

Services and Rentals
 
2,701

 
1,153

 
470

 
683

Total
 
$
44,712

 
$
9,898

 
$
3,825

 
$
6,073


Six Months Ended June 30, 2011
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
34,048

 
$
8,329

 
$
3,003

 
$
5,326

Real Estate Transactions
 

 

 

 

Services and Rentals
 
2,263

 
698

 
286

 
412

Total
 
$
36,311

 
$
9,027

 
$
3,289

 
$
5,738



The revenues shown in Water Activities above consist of revenues from water customers of $21,348,000 and $17,359,000 for the three months ended June 30, 2012 and 2011, respectively.  Additionally, there were revenues associated with utility plant leased to others of $324,000 and $366,000 for the three months ended June 30, 2012 and 2011, respectively. The revenues shown in Water Activities above consist of revenues from water customers of $39,888,000 and $33,348,000 for the six months ended June 30, 2012 and 2011, respectively.  Additionally, there were revenues associated with utility plant leased to others of $673,000 and $700,000 for the six months ended June 30, 2012 and 2011, respectively.

The Company owns various small, discrete parcels of land that are no longer required for water supply purposes.  From time to time, the Company may sell or donate these parcels, depending on various factors, including the current market for land, the amount of tax benefits received for donations and the Company’s ability to use any benefits received from donations.  During the three months ended June 30, 2012, the Company completed the previously announced sale of a parcel of land to the Town of Plymouth, CT. During the three months ended June 30, 2011, the Company did not engage in any such transactions.

Assets by segment (in thousands):
 
June 30,
2012
 
December 31,
2011
Total Plant and Other Investments:
 
 
 
Water Activities
$
424,147

 
$
364,955

Non-Water
660

 
635

 
424,807

 
365,590

Other Assets:
 

 
 

Water Activities
107,000

 
96,996

Non-Water
21,648

 
2,245

 
128,648

 
99,241

Total Assets
$
553,455

 
$
464,831

Income Tax Expense
Income Taxes
8.
Income Taxes

FASB ASC 740 Income Taxes (“FASB ASC 740”) addresses the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The reassessment of the Company’s tax positions in accordance with FASB ASC 740 did not have an impact on the Company’s results of operations, financial condition or liquidity.

From time to time, the Company may be assessed interest and penalties by taxing authorities.  In those cases, the charges would appear on the Other line item on the Income Statement.  There were no such charges for the six month periods ended June 30, 2012 and 2011.  Additionally, there were no accruals relating to interest, penalties or uncertain tax positions as of June 30, 2012 and December 31, 2011.  The Company remains subject to examination by federal authorities for the 2008 and 2010 tax years, and by state authorities for the 2008 through 2010 tax years.  The Internal Revenue Service commenced an examination of the Company’s federal income tax return for the 2009 tax year during the second quarter of 2011.  The Company received notification in December 2011 that no change will be made to the 2009 federal tax liability.

The Company’s effective income tax rate for the first six months of 2012 and 2011 was 38.7% and 36.4%, respectively.  The statutory income tax rates during the same periods were 41% and 39%, respectively.  In determining its annual estimated effective tax rate for interim periods, the Company reflects its estimated permanent and flow-through tax differences for the taxable year.
Lines of Credit
Lines of Credit
9.
Lines of Credit

On June 30, 2009, the Company entered into a $15 million line of credit agreement with CoBank, ACB, which was amended in May 2010 and July 2011 and is currently scheduled to mature on June 25, 2013.  On September 15, 2009, the Company increased an additional line of credit to $15 million, with an expiration date of June 1, 2013.  Upon the acquisition of Maine Water, the total lines of credit available to the Company increased to $34 million, due to Maine Water’s $4 million line of credit expiring August 21, 2012.  Maine Water expects to renew the line of credit prior to expiration with similar terms.  Interim Bank Loans Payable at June 30, 2012 and December 31, 2011 was approximately $24.3 million and $21.4 million, respectively, and represents the outstanding aggregate balance on these lines of credit.  As of June 30, 2012, the Company had $9.7 million in unused lines of credit.  Interest expense charged on interim bank loans will fluctuate based on market interest rates.
Aquisitions
Business Combination Disclosure [Text Block]
10.
Acquisitions

Effective January 1, 2012, the Company completed the acquisition of Aqua Maine, Inc. (“AM”) from Aqua America, Inc. (“AA”) for a total cash purchase price, adjusted at closing, of $35.6 million.  Subsequent to the closing, the name of AM was changed to The Maine Water Company (“Maine Water”).  Maine Water is a public water utility regulated by the Maine Public Utilities Commission (“MPUC”) that serves approximately 16 customers in 11 water systems in the State of Maine.  The acquisition is consistent with the Company’s growth strategy and makes the Company the largest U.S. based publicly-traded water utility company in New England.  The acquisition expanded the Company’s footprint into another New England state, providing some diversity with respect to weather and regulatory climate and ratemaking.  The Company is accounting for the acquisition in accordance with FASB ASC 805, Business Combinations ("FASB ASC 805").

The following table summarizes the fair value of the assets acquired on January 1, 2012, the date of the acquisition (in thousands):

Net Utility Plant
$
51,861

Cash and Cash Equivalents
1,607

Accounts Receivable, net
974

Prepayments and Other Current Assets
1,819

Goodwill
18,126

Deferred Charges and Other Costs
4,352

Total Assets Acquired
$
78,739

 
 

Long-Term Debt, including current portion
$
18,259

Accounts Payable and Accrued Expenses
1,137

Other Current Liabilities
1,289

Advances for Construction
1,186

Contributions in Aid of Construction
8,886

Deferred Federal and State Income Taxes
8,919

Other Long-Term Liabilities
2,737

Total Liabilities Assumed
$
42,413

 
 

Net Assets Acquired
$
36,326



The estimated fair values of the assets acquired and the liabilities assumed were determined based on the accounting guidance for fair value measurement under GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value analysis assumes the highest and best use of the assets by market participants. The allocation of the purchase price includes an adjustment to fair value related to the non-regulated customer relationship of Maine Water and any associated deferred taxes, as well as the fair value of Maine Water’s long term debt. The excess of the purchase price paid over the estimated fair value of the assets acquired and the liabilities assumed was recognized as goodwill, none of which is deductible for tax purposes.

The following unaudited pro forma summary for the three and six months ended June 30, 2011 presents information as if Maine Water had been acquired on January 1, 2011 and assumes that there were no other changes in our operations.  The following pro forma information does not necessarily reflect the actual results that would have occurred had the Company operated the business since January 1, 2011, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands):
Periods ended June 30, 2011
Three Months
 
Six Months
Operating Revenues
$
20,079

 
$
38,690

Other Water Activities Revenues
366

 
700

Real Estate Revenues

 

Service and Rentals Revenues
1,267

 
2,617

Total Revenues
$
21,712

 
$
42,007

 
 

 
 
Net Income
$
3,633

 
$
5,831

 
 

 
 
Basic Earnings per Average Share Outstanding
$
0.42

 
$
0.68

Diluted Earnings per Average Share Outstanding
$
0.42

 
$
0.67



The following table summarizes the results of Maine Water for the three and six months ended June 30, 2012, and is included in the Consolidated Statement of Income for the period (in thousands):
Periods ended June 30, 2012
Three Months
 
Six Months
Operating Revenues
$
2,790

 
$
5,434

Other Water Activities Revenues

 

Real Estate Revenues

 

Service and Rentals Revenues
175

 
355

Total Revenues
$
2,965

 
$
5,789

 
 

 
 
Net Income
$
355

 
$
710

 
 

 
 
Basic Earnings per Average Share Outstanding
$
0.04

 
$
0.08

Diluted Earnings per Average Share Outstanding
$
0.04

 
$
0.08



Additionally, in February 2012, The Connecticut Water Company acquired a small water system in Hebron, Connecticut for $130,000.  The water system serves three multi-unit apartment buildings.
Subsequent Event
Subsequent Events [Text Block]
11.Subsequent Events

On July 18, 2012, the Company announced that it had reached an agreement to acquire the Biddeford and Saco Water Company ("Biddeford and Saco"), pending a vote of Biddeford and Saco shareholders, approval by the Maine Public Utilities Commission ("MPUC") and the satisfaction of other various conditions. This acquisition will add approximately 15,500 additional customers in the State of Maine, in the communities of Biddeford, Saco, Old Orchard Beach and Scarborough. Under the terms of the agreement, the acquisition will be executed through a stock-for-stock merger transaction valued at approximately $11.4 million. Holders of Biddeford and Saco common stock will receive shares of the Company's common stock in a tax-free exchange. The Company expects the transaction to close in the fourth quarter of 2012.
Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefits (Tables)
Pension Benefits
Components of Net Periodic Cost (in thousands):
 
Three Months
 
Six Months
Period ended June 30,
2012
 
2011
 
2012
 
2011
Service Cost
$
486

 
$
318

 
$
1,010

 
$
761

Interest Cost
640

 
522

 
1,285

 
1,067

Expected Return on Plan Assets
(659
)
 
(553
)
 
(1,346
)
 
(1,228
)
Amortization of:
 

 
 

 
 

 
 

Transition Obligation

 
1

 

 
1

Prior Service Cost
20

 
17

 
37

 
34

Net Loss
519

 
156

 
877

 
344

Net Periodic Benefit Cost
$
1,006

 
$
461

 
$
1,863

 
$
979

Post-Retirement Benefits Other Than Pension (PBOP)
Components of Net Periodic Cost (in thousands):
 
Three Months
 
Six Months
Period ended June 30,
2012
 
2011
 
2012
 
2011
Service Cost
$
118

 
$
159

 
$
275

 
$
346

Interest Cost
129

 
154

 
270

 
333

Expected Return on Plan Assets
(67
)
 
(59
)
 
(135
)
 
(134
)
Other
56

 
56

 
112

 
112

Amortization of:
 

 
 

 
 

 
 

Prior Service Cost
(202
)
 
(163
)
 
(403
)
 
(264
)
Recognized Net Loss
140

 
144

 
306

 
304

Net Periodic Benefit Cost
$
174

 
$
291

 
$
425

 
$
697

Earnings per Share Earnings per Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
Earnings per weighted average common share are calculated by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding during the respective periods as detailed below (diluted shares include the effect of unexercised stock options):
Three months ended June 30,
2012
 
2011
Common Shares Outstanding End of Period:
8,815,234

 
8,722,456

Weighted Average Shares Outstanding (Days Outstanding Basis):
 

 
 

Basic
8,667,440

 
8,600,905

Diluted
8,805,338

 
8,710,043

 
 
 
 
Basic Earnings per Share
$
0.48

 
$
0.41

Dilutive Effect of Unexercised Stock Options
(0.01
)
 
(0.01
)
Diluted Earnings per Share
$
0.47

 
$
0.40

 
 
 
 
Six Months ended June 30,
 
 
 
Weighted Average Shares Outstanding (Days Outstanding Basis):
 
 
 
Basic
8,659,176

 
8,589,949

Diluted
8,793,176

 
8,702,083

 
 
 
 
Basic Earnings per Share
$
0.70

 
$
0.67

Dilutive Effect of Unexercised Stock Options
(0.01
)
 
(0.01
)
Diluted Earnings per Share
$
0.69

 
$
0.66

Long-Term Debt Long-Term Debt (Tables)
Schedule of Long-term Debt Instruments [Table Text Block]
Long-Term Debt at June 30, 2012 (including the debt assumed with the acquisition of The Maine Water Company effective January 1, 2012) and December 31, 2011 consisted of the following (in thousands):
 
2012
 
2011
Connecticut Water Service, Inc.:
 
 
 
4.09%
 
Term Loan Note and Supplement A
$
17,781

 
$

Var.
 
Term Loan Note and Supplement B
18,088

 

Total Connecticut Water Service, Inc.
35,869

 

The Connecticut Water Company:
 
 
 
Unsecured Water Facilities Revenue Bonds
 
 
 
5.05%
 
1998 Series A, Due 2028
9,550

 
9,550

5.125%
 
1998 Series B, Due 2028
7,495

 
7,495

4.40%
 
2003A Series, Due 2020
8,000

 
8,000

5.00%
 
2003C Series, Due 2022
14,795

 
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
14,795

 
14,805

5.00%
 
2007 A Series, Due 2037
14,560

 
14,570

5.10%
 
2009 A Series, Due 2039
19,950

 
20,000

5.00%
 
2011 A Series, Due 2021
23,991

 
23,991

Total The Connecticut Water Company
135,186

 
135,256

The Maine Water Company:
 
 
 
8.95%
 
1994 Series G, Due 2024
9,000

 

5.05%
 
1999 Series H, Due 2024
1,965

 

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
491

 

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
785

 

0.00%
 
2009 Series T, Due 2029
2,200

 

Total The Maine Water Company
17,129

 

Add:  Maine Acquisition Fair Value Adjustment
896

 

Less:  Current Portion
(1,239
)
 

Total Long-Term Debt
$
187,841

 
$
135,256

Fair Value Disclosures Fair Value Disclosures (Tables)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of June 30, 2012 (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Type:
 
 
 
 
 
 
 
Company Owned Life Insurance
$

 
$
2,418

 
$

 
$
2,418

Money Market Fund
138

 

 

 
138

Mutual Funds:
 

 
 

 
 

 
 

Equity Funds (1)
682

 

 

 
682

Total
$
820

 
$
2,418

 
$

 
$
3,238


The following table summarizes our financial instruments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2011 (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.
Segment Reporting Segment Reporting (Tables)
Financial data for the segments is as follows (in thousands):
Three Months Ended June 30, 2012
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
21,672

 
$
4,929

 
$
2,081

 
$
2,848

Real Estate Transactions
 
1,450

 
1,331

 
349

 
982

Services and Rentals
 
1,366

 
562

 
229

 
333

Total
 
$
24,488

 
$
6,822

 
$
2,659

 
$
4,163


Three Months Ended June 30, 2011
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
17,725

 
$
5,072

 
$
1,821

 
$
3,251

Real Estate Transactions
 

 

 

 

Services and Rentals
 
1,096

 
369

 
150

 
219

Total
 
$
18,821

 
$
5,441

 
$
1,971

 
$
3,470

Six Months Ended June 30, 2012
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
40,561

 
$
7,414

 
$
3,006

 
$
4,408

Real Estate Transactions
 
1,450

 
1,331

 
349

 
982

Services and Rentals
 
2,701

 
1,153

 
470

 
683

Total
 
$
44,712

 
$
9,898

 
$
3,825

 
$
6,073


Six Months Ended June 30, 2011
Segment
 
Revenues
 
Pre-Tax Income
 
Income Tax Expense
 
Net Income
Water Activities
 
$
34,048

 
$
8,329

 
$
3,003

 
$
5,326

Real Estate Transactions
 

 

 

 

Services and Rentals
 
2,263

 
698

 
286

 
412

Total
 
$
36,311

 
$
9,027

 
$
3,289

 
$
5,738

Assets by segment (in thousands):
 
June 30,
2012
 
December 31,
2011
Total Plant and Other Investments:
 
 
 
Water Activities
$
424,147

 
$
364,955

Non-Water
660

 
635

 
424,807

 
365,590

Other Assets:
 

 
 

Water Activities
107,000

 
96,996

Non-Water
21,648

 
2,245

 
128,648

 
99,241

Total Assets
$
553,455

 
$
464,831

Aquisitions Acquisitions (Tables)
The following table summarizes the fair value of the assets acquired on January 1, 2012, the date of the acquisition (in thousands):

Net Utility Plant
$
51,861

Cash and Cash Equivalents
1,607

Accounts Receivable, net
974

Prepayments and Other Current Assets
1,819

Goodwill
18,126

Deferred Charges and Other Costs
4,352

Total Assets Acquired
$
78,739

 
 

Long-Term Debt, including current portion
$
18,259

Accounts Payable and Accrued Expenses
1,137

Other Current Liabilities
1,289

Advances for Construction
1,186

Contributions in Aid of Construction
8,886

Deferred Federal and State Income Taxes
8,919

Other Long-Term Liabilities
2,737

Total Liabilities Assumed
$
42,413

 
 

Net Assets Acquired
$
36,326

The following unaudited pro forma summary for the three and six months ended June 30, 2011 presents information as if Maine Water had been acquired on January 1, 2011 and assumes that there were no other changes in our operations.  The following pro forma information does not necessarily reflect the actual results that would have occurred had the Company operated the business since January 1, 2011, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands):
Periods ended June 30, 2011
Three Months
 
Six Months
Operating Revenues
$
20,079

 
$
38,690

Other Water Activities Revenues
366

 
700

Real Estate Revenues

 

Service and Rentals Revenues
1,267

 
2,617

Total Revenues
$
21,712

 
$
42,007

 
 

 
 
Net Income
$
3,633

 
$
5,831

 
 

 
 
Basic Earnings per Average Share Outstanding
$
0.42

 
$
0.68

Diluted Earnings per Average Share Outstanding
$
0.42

 
$
0.67



The following table summarizes the results of Maine Water for the three and six months ended June 30, 2012, and is included in the Consolidated Statement of Income for the period (in thousands):
Periods ended June 30, 2012
Three Months
 
Six Months
Operating Revenues
$
2,790

 
$
5,434

Other Water Activities Revenues

 

Real Estate Revenues

 

Service and Rentals Revenues
175

 
355

Total Revenues
$
2,965

 
$
5,789

 
 

 
 
Net Income
$
355

 
$
710

 
 

 
 
Basic Earnings per Average Share Outstanding
$
0.04

 
$
0.08

Diluted Earnings per Average Share Outstanding
$
0.04

 
$
0.08

Pension and Other Post-Retirement Benefits Pension Benefit Cost (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Pension Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Defined Benefit Plan, Service Cost
$ 486 
$ 318 
$ 1,010 
$ 761 
Defined Benefit Plan, Interest Cost
640 
522 
1,285 
1,067 
Defined Benefit Plan, Expected Return on Plan Assets
(659)
(553)
(1,346)
(1,228)
Defined Benefit Plan, Amortization of Transition Obligations (Assets)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
20 
17 
37 
34 
Defined Benefit Plan, Amortization of Gains (Losses)
519 
156 
877 
344 
Defined Benefit Plan, Net Periodic Benefit Cost
1,006 
461 
1,863 
979 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Defined Benefit Plan, Service Cost
118 
159 
275 
346 
Defined Benefit Plan, Interest Cost
129 
154 
270 
333 
Defined Benefit Plan, Expected Return on Plan Assets
(67)
(59)
(135)
(134)
Defined benefit plan amortization of regulatory assets
56 
56 
112 
112 
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
(202)
(163)
(403)
(264)
Defined Benefit Plan, Amortization of Gains (Losses)
140 
144 
306 
304 
Defined Benefit Plan, Net Periodic Benefit Cost
$ 174 
$ 291 
$ 425 
$ 697 
Pension and Other Post-Retirement Benefits In Text Linking (Details) (USD $)
Jun. 30, 2012
Pension and Other Post-Retirement Benefits [Abstract]
 
Life Time Benefit Limit of PBOP
$ 100,000 
Earnings per Share Earnings per Share (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
Common Stock, Shares, Outstanding
8,815,234 
8,722,456 
8,815,234 
8,722,456 
8,755,398 
Weighted Average Number of Shares Outstanding, Basic
8,667,440 
8,600,905 
8,659,176 
8,589,949 
 
Diluted (in shares)
8,805,338 
8,710,043 
8,793,176 
8,702,083 
 
Basic (in dollars per share)
$ 0.48 
$ 0.41 
$ 0.70 
$ 0.67 
 
Incremental Common Shares Attributal To Share Based Payements Arrangements
$ (0.01)
$ (0.01)
$ (0.01)
$ (0.01)
 
Earnings Per Share, Diluted
$ 0.47 
$ 0.40 
$ 0.69 
$ 0.66 
 
Earnings per Share EPS in Text Tagging (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
1 year 2 months 12 days 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
$ 1.1 
Long-Term Debt Long-Term Debt (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
$ 187,841,000 
$ 135,256,000 
Long-term Debt, Current Maturities
(1,239,000)
Long-term Debt
187,841,000 
135,256,000 
Connecticut Water Service Term Loan Note and Supplement A [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
17,781,000 
Connecticut Water Service Term Loan Note and Supplement B [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
18,088,000 
Parent [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
35,869,000 
Subsidiaries [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
135,186,000 
135,256,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 1998, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
9,550,000 
9,550,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 1998, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
7,495,000 
7,495,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2003, Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
8,000,000 
8,000,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series C Issued 2003, Due 2022 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
14,795,000 
14,795,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series Issued 2004, Due 2029 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
12,500,000 
12,500,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2004 Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
5,000,000 
5,000,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 2004 Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
4,550,000 
4,550,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A 2005, Due 2040 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
14,795,000 
14,805,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2007, Due 2037 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
14,560,000 
14,570,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
19,950,000 
20,000,000 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
23,991,000 
23,991,000 
Maine Water Company [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
17,129,000 
Maine Water Company [Member] |
Maine Water Company Series G [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Current Maturities
9,000,000 
Maine Water Company [Member] |
Maine Water Company Series H [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
1,965,000 
Maine Water Company [Member] |
Maine Water Company Series J [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
524,000 
Maine Water Company [Member] |
Maine Water Company Series K [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
780,000 
Maine Water Company [Member] |
Maine Water Company Series L [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
98,000 
Maine Water Company [Member] |
Maine Water Company Series M [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
421,000 
Maine Water Company [Member] |
Maine Water Company Series N [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
491,000 
Maine Water Company [Member] |
Maine Water Company Series O [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
147,000 
Maine Water Company [Member] |
Maine Water Company Series P [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
471,000 
Maine Water Company [Member] |
Maine Water Company Series R [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
247,000 
Maine Water Company [Member] |
Maine Water Company Series S [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
785,000 
Maine Water Company [Member] |
Maine Water Company Series T [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
2,200,000 
Maine Water Company [Member] |
Fair Value Adjustment of Long-Term Debt Assume [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Excluding Current Maturities
$ 896,000 
$ 0 
Long-Term Debt Long-Term Debt Parenthetical (Details)
Jun. 30, 2012
Dec. 31, 2011
Connecticut Water Service Term Loan Note and Supplement A [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.09% 
 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 1998, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.05% 
5.05% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series B Issued 1998, Due 2028 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.13% 
5.13% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2003, Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.40% 
4.40% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series C Issued 2003, Due 2022 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.00% 
5.00% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A 2005, Due 2040 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.00% 
5.00% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2007, Due 2037 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.00% 
5.00% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2009, Due 2039 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.10% 
5.10% 
Subsidiaries [Member] |
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.00% 
5.00% 
Maine Water Company [Member] |
Maine Water Company Series G [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
8.95% 
8.95% 
Maine Water Company [Member] |
Maine Water Company Series H [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.05% 
5.05% 
Maine Water Company [Member] |
Maine Water Company Series J [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.68% 
2.68% 
Maine Water Company [Member] |
Maine Water Company Series K [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.00% 
0.00% 
Maine Water Company [Member] |
Maine Water Company Series L [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.58% 
2.58% 
Maine Water Company [Member] |
Maine Water Company Series M [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.53% 
1.53% 
Maine Water Company [Member] |
Maine Water Company Series N [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.73% 
1.73% 
Maine Water Company [Member] |
Maine Water Company Series O [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.00% 
0.00% 
Maine Water Company [Member] |
Maine Water Company Series P [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.76% 
1.76% 
Maine Water Company [Member] |
Maine Water Company Series R [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.57% 
1.57% 
Maine Water Company [Member] |
Maine Water Company Series S [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.00% 
0.00% 
Maine Water Company [Member] |
Maine Water Company Series T [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.00% 
0.00% 
Long-Term Debt Long-Term Debt in Text (Details) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Debt Instrument [Line Items]
 
 
 
Long-term Debt, Current Maturities
$ (1,239,000)
 
$ 0 
Proceeds from Issuance of Long-term Debt
36,088,000 
 
Monetary Limit of Deceased Bond Holders Redemption per Year
25,000 
 
 
Percent Limit of Deceased Bond Holders Redemption per Year
3.00% 
 
 
Total Amount Borrowed Under Two Term Loan Note
36,100,000 
 
 
Total Amount Originally Available Under Two Term Loan Note
40,000,000 
 
 
Number of Quarterly Principal and Interest Payments
60 
 
 
Life of Term Loan Supplement A
15 years 
 
 
Debt Instrument, Description of Variable Rate Basis
.0175 
 
 
Unsecured Water Facilities Revenue Refinancing Bonds Series A Issued 2011 Due 2021 [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Long-term Debt, Description
22.05 
 
 
Proceeds from Issuance of Long-term Debt
24,000,000 
 
 
Debt Instrument, Interest Rate Terms
.05 
 
 
Debt Instrument, Face Amount
22,050,000 
 
 
Debt Instrument, Maturity Date
Dec. 20, 2021 
 
 
Connecticut Water Service Term Loan Note and Supplement A [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
18,000,000 
 
 
Debt Instrument, Date of First Required Payment
Apr. 20, 2012 
 
 
Debt Instrument, Maturity Date
Jan. 20, 2027 
 
 
Connecticut Water Service Term Loan Note and Supplement B [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
$ 18,100,000 
 
 
Debt Instrument, Maturity Date
Jul. 30, 2013 
 
 
Fair Value Disclosures Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
$ 3,238 
$ 3,149 
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
820 
880 
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,418 
2,269 
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
Cash Surrender Value [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,418 
2,269 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
2,418 
2,269 
Cash Surrender Value [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
Money Market Funds [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
138 
28 
Money Market Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
138 
28 
Money Market Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
Money Market Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
Equity Funds [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
682 
852 
Equity Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
682 
852 
Equity Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
Equity Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure
$ 0 
$ 0 
Fair Value Disclosures In Text Tagging (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term Debt, Fair Value
$ 204,769 
$ 135,048 
Long-term Debt
$ 187,841 
$ 135,256 
Segment Reporting Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
$ 24,488 
$ 18,821 
$ 44,712 
$ 36,311 
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest
6,822 
5,441 
9,898 
9,027 
Income Tax Expense (Benefit), Continuing Operations
2,659 
1,971 
3,825 
3,289 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
4,163 
3,470 
6,073 
5,738 
Water Activities [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
21,672 
17,725 
40,561 
34,048 
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest
4,929 
5,072 
7,414 
8,329 
Income Tax Expense (Benefit), Continuing Operations
2,081 
1,821 
3,006 
3,003 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
2,848 
3,251 
4,408 
5,326 
Real Estate Transactions [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
1,450 
1,450 
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest
1,331 
1,331 
Income Tax Expense (Benefit), Continuing Operations
349 
349 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
982 
982 
Services and Rentals [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
1,366 
1,096 
2,701 
2,263 
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest
562 
369 
1,153 
698 
Income Tax Expense (Benefit), Continuing Operations
229 
150 
470 
286 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 333 
$ 219 
$ 683 
$ 412 
Segment Reporting Segment Reporting Textual Information (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Segment Reporting Information [Line Items]
 
 
 
 
Operating Revenues
$ 21,348,000 
$ 17,359,000 
$ 39,888,000 
$ 33,348,000 
Regulated Operating Revenue, Other
$ 324,000 
$ 366,000 
$ 673,000 
$ 700,000 
Segment Reporting Assets by Segment (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
$ 424,807 
$ 365,590 
Other Assets
128,648 
99,241 
Assets
553,455 
464,831 
Water Activities [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
424,147 
364,955 
Other Assets
107,000 
96,996 
Services and Rentals and Real Estate Combine [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total Plant and Other Investments
660 
635 
Other Assets
$ 21,648 
$ 2,245 
Income Tax Expense Income Tax Expense (Details)
6 Months Ended
Jun. 30, 2012
Rate
Jun. 30, 2011
Rate
Income Taxes [Abstract]
 
 
Effective Income Tax Rate, Continuing Operations
38.70% 
36.40% 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate
41.00% 
39.00% 
Lines of Credit Lines of Credit (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
$ 34 
 
Line of Credit, Current
24.3 
21.4 
Line of Credit Facility, Remaining Borrowing Capacity
9.7 
 
CTWS Line of Credit A [Member]
 
 
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
15 
 
CTWS Line of Credit B [Member]
 
 
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
15 
 
MWC Line of Credit [Member]
 
 
Short-term Debt [Line Items]
 
 
Line of Credit Facility, Current Borrowing Capacity
$ 4 
 
Aquisitions Fair Value of Assets Acquired (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Dec. 31, 2010
Business Acquisition [Line Items]
 
 
 
 
Public Utilities, Property, Plant and Equipment, Net
$ 419,002 
$ 360,027 
 
 
Cash and Cash Equivalents
3,397 
1,012 
824 
952 
Accounts Receivable, Net, Current
10,658 
8,436 
 
 
Prepayments and Other Current Assets
2,689 
1,830 
 
 
Goodwill
22,947 
3,608 
 
 
Deferred Charges and Other Costs
8,779 
6,442 
 
 
Total Assets
553,455 
464,831 
 
 
Long-term Debt
187,841 
135,256 
 
 
Accounts Payable and Accrued Expenses
7,634 
7,166 
 
 
Other Current Liabilities
1,650 
586 
 
 
Advances for Construction
33,816 
32,517 
 
 
Contributions in Aid of Construction
69,731 
60,679 
 
 
Deferred Federal and State Income Taxes
41,994 
31,075 
 
 
Other Long-Term Liabilities
115 
 
 
Maine Water Company Acquisition [Member]
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
Public Utilities, Property, Plant and Equipment, Net
 
51,861 
 
 
Cash and Cash Equivalents
 
1,607 
 
 
Accounts Receivable, Net, Current
 
974 
 
 
Prepayments and Other Current Assets
 
1,819 
 
 
Goodwill
 
18,126 
 
 
Deferred Charges and Other Costs
 
4,352 
 
 
Total Assets
 
78,739 
 
 
Long-term Debt
 
18,259 
 
 
Accounts Payable and Accrued Expenses
 
1,137 
 
 
Other Current Liabilities
 
1,289 
 
 
Advances for Construction
 
1,186 
 
 
Contributions in Aid of Construction
 
8,886 
 
 
Deferred Federal and State Income Taxes
 
8,919 
 
 
Other Long-Term Liabilities
 
2,737 
 
 
Liabilities
 
42,413 
 
 
Assets, Net
 
$ 36,326 
 
 
Aquisitions Pro Forma Summary for Prior Year (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
Operating Revenues
$ 21,348,000 
$ 17,359,000 
$ 39,888,000 
$ 33,348,000 
Regulated Operating Revenue, Other
324,000 
366,000 
673,000 
700,000 
Revenues
24,488,000 
18,821,000 
44,712,000 
36,311,000 
Net Income
4,163,000 
3,470,000 
6,073,000 
5,738,000 
Earnings Per Share, Basic
$ 0.48 
$ 0.41 
$ 0.70 
$ 0.67 
Earnings Per Share, Diluted
$ 0.47 
$ 0.40 
$ 0.69 
$ 0.66 
Maine Water Company Acquisition [Member]
 
 
 
 
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
Operating Revenues
2,790,000 
20,079,000 
5,434,000 
38,690,000 
Regulated Operating Revenue, Other
366,000 
700,000 
Real Estate Revenue, Net
Sales Revenue, Services, Net
175,000 
1,267,000 
355,000 
2,617,000 
Revenues
2,965,000 
21,712,000 
5,789,000 
42,007,000 
Net Income
$ 355,000 
$ 3,633,000 
$ 710,000 
$ 5,831,000 
Earnings Per Share, Basic
$ 0.04 
$ 0.42 
$ 0.08 
$ 0.68 
Earnings Per Share, Diluted
$ 0.04 
$ 0.42 
$ 0.08 
$ 0.67 
Aquisitions Maine Water Summary (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
Operating Revenues
$ 21,348,000 
$ 17,359,000 
$ 39,888,000 
$ 33,348,000 
Regulated Operating Revenue, Other
324,000 
366,000 
673,000 
700,000 
Revenues
24,488,000 
18,821,000 
44,712,000 
36,311,000 
Net Income
4,163,000 
3,470,000 
6,073,000 
5,738,000 
Earnings Per Share, Basic
$ 0.48 
$ 0.41 
$ 0.70 
$ 0.67 
Earnings Per Share, Diluted
$ 0.47 
$ 0.40 
$ 0.69 
$ 0.66 
Maine Water Company Acquisition [Member]
 
 
 
 
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
 
 
 
 
Operating Revenues
2,790,000 
20,079,000 
5,434,000 
38,690,000 
Regulated Operating Revenue, Other
366,000 
700,000 
Real Estate Revenue, Net
Sales Revenue, Services, Net
175,000 
1,267,000 
355,000 
2,617,000 
Revenues
2,965,000 
21,712,000 
5,789,000 
42,007,000 
Net Income
$ 355,000 
$ 3,633,000 
$ 710,000 
$ 5,831,000 
Earnings Per Share, Basic
$ 0.04 
$ 0.42 
$ 0.08 
$ 0.68 
Earnings Per Share, Diluted
$ 0.04 
$ 0.42 
$ 0.08 
$ 0.67 
Aquisitions In Text Linking (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Maine Water Company [Member]
Customers
Feb. 3, 2012
Hebron Country Manor [Member]
Business Acquisition [Line Items]
 
 
Business Combination, Consideration Transferred
$ 35.6 
$ 130.0 
Number of customers
16,000 
 
Number of Systems
11 
 
Subsequent Event In Text Tagging (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Maine Water Company [Member]
Customers
Feb. 3, 2012
Hebron Country Manor [Member]
Jul. 18, 2012
Biddeford and Saco [Member]
Subsequent Event [Line Items]
 
 
 
Number of customers
16,000 
 
15,500 
Business Combination, Consideration Transferred
$ 35.6 
$ 130.0 
$ 11.4