State of Delaware | 51-0064146 | |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of each class | Name of each exchange on which registered | |
Common Stock par value per share $0.4867 | New York Stock Exchange, Inc. |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o | Smaller Reporting Company o |
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Exhibit 4.9 | ||||||||
Exhibit 10.6 | ||||||||
Exhibit 10.8 | ||||||||
Exhibit 10.13 | ||||||||
Exhibit 10.28 | ||||||||
Exhibit 10.30 | ||||||||
Exhibit 10.41 | ||||||||
Exhibit 10.43 | ||||||||
Exhibit 12 | ||||||||
Exhibit 14.1 | ||||||||
Exhibit 14.2 | ||||||||
Exhibit 21 | ||||||||
Exhibit 23.1 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 |
BravePoint
|
BravePoint ® , Inc., a wholly-owned subsidiary of Chesapeake Services Company, which is a wholly-owned subsidiary of Chesapeake | |
Chesapeake
|
The Registrant, the Registrant and its subsidiaries, or the Registrants subsidiaries, as appropriate in the context of the disclosure | |
Company
|
The Registrant, the Registrant and its subsidiaries or the Registrants subsidiaries, as appropriate in the context of the disclosure | |
ESNG
|
Eastern Shore Natural Gas Company, a wholly-owned subsidiary of Chesapeake | |
FPU
|
Florida Public Utilities Company, a wholly-owned subsidiary of Chesapeake, effective October 28, 2009 | |
PESCO
|
Peninsula Energy Services Company, Inc., a wholly-owned subsidiary of Chesapeake | |
PIPECO
|
Peninsula Pipeline Company, Inc., a wholly-owned subsidiary of Chesapeake | |
Sharp
|
Sharp Energy, Inc., a wholly-owned subsidiary of Chesapeakes and Sharps subsidiary, Sharpgas, Inc. | |
Xeron
|
Xeron, Inc., a wholly-owned subsidiary of Chesapeake |
Delaware PSC
|
Delaware Public Service Commission | |
DOT
|
United States Department of Transportation | |
EPA
|
United States Environmental Protection Agency | |
FASB
|
Financial Accounting Standards Board | |
FERC
|
Federal Energy Regulatory Commission | |
FDEP
|
Florida Department of Environmental Protection | |
Florida PSC
|
Florida Public Service Commission | |
IASB
|
International Accounting Standards Board | |
IRS
|
Internal Revenue Service | |
Maryland PSC
|
Maryland Public Service Commission | |
MDE
|
Maryland Department of the Environment | |
PSC
|
Public Service Commission | |
SEC
|
Securities and Exchange Commission |
ASC
|
FASB Accounting Standards Codification TM | |
ASU
|
FASB Accounting Standards Update | |
GAAP
|
Generally Accepted Accounting Principles | |
IFRS
|
International Financial Reporting Standards | |
FASB
|
Financial Accounting Standards Board |
AS/SVE
|
Air Sparging and Soil/Vapor Extraction | |
BS/SVE
|
Bio-Sparging and Soil/Vapor Extraction | |
CDD
|
Cooling Degree-Days | |
Columbia
|
Columbia Gas Transmission, LLC | |
DSCP
|
Directors Stock Compensation Plan | |
Dts
|
Dekatherms | |
Dts/d
|
Dekatherms per Day | |
FCG
|
Florida City Gas | |
FGT
|
Florida Gas Transmission Company | |
FRP
|
Fuel Retention Percentage | |
GSR
|
Gas Sales Service Rates | |
Gulf
|
Columbia Gulf Transmission Company | |
Gulf Power
|
Gulf Power Company | |
Gulfstream
|
Gulfstream Natural Gas System, LLC | |
HDD
|
Heating Degree-Days | |
IGC
|
Indiantown Gas Company | |
Mcf
|
Thousand Cubic Feet | |
MGP
|
Manufactured Gas Plant | |
MWH
|
Megawatt Hour | |
NYSE
|
New York Stock Exchange | |
PIP
|
Performance Incentive Plan | |
RAP
|
Remedial Action Plan | |
S&P 500 Index
|
Standard & Poors 500 Index | |
Sanford Group
|
FPU and Other Responsible Parties involved with the Sanford Environmental Site | |
TETLP
|
Texas Eastern Transmission, LP | |
Transco
|
Transcontinental Gas Pipe Line Company, LLC |
Chesapeake Utilities Corporation 2010 Form 10-K Page 1
Chesapeake Utilities Corporation 2010 Form 10-K Page 2
Chesapeake Utilities Corporation 2010 Form 10-K Page 3
Chesapeake Utilities Corporation 2010 Form 10-K Page 4
Chesapeake Utilities Corporation 2010 Form 10-K Page 7
Chesapeake Utilities Corporation 2010 Form 10-K Page 8
Chesapeake Utilities Corporation 2010 Form 10-K Page 9
Chesapeake Utilities Corporation 2010 Form 10-K Page 10
Chesapeake Utilities Corporation 2010 Form 10-K Page 11
Chesapeake Utilities Corporation 2010 Form 10-K Page 12
Table of Contents
(a)
(b)
Net Property, Plant
(in thousands)
Operating Income
& Equipment
$
43,509
84
%
$
414,622
90
%
7,908
15
%
35,658
8
%
513
1
%
12,477
2
%
$
51,930
100
%
$
462,757
100
%
Table of Contents
(i)
Operating Revenues
Deliveries
(in thousands)
(Mcfs)
$
46,041
57
%
2,881,073
35
%
27,896
34
%
2,145,143
26
%
3,766
5
%
3,020,907
36
%
77,703
96
%
8,047,123
97
%
655
1
%
232,653
3
%
2,507
3
%
$
80,865
100
%
8,279,776
100
%
(1)
Operating Revenues
Deliveries
(in thousands)
(Mcfs)
$
27,742
35
%
1,716,934
8
%
39,006
48
%
4,451,414
20
%
13,043
16
%
15,582,234
72
%
607
1
%
12,723
$
80,398
100
%
21,763,305
100
%
(1)
Table of Contents
Operating Revenues
Deliveries
(in thousands)
(MWHs)
$
51,498
55
%
347,040
47
%
45,332
48
%
332,322
45
%
7,705
8
%
66,580
9
%
104,535
111
%
745,942
101
%
(10,452
)
(11
%)
(6,286
)
(1
%)
$
94,083
100
%
739,656
100
%
(1)
Operating Revenues
Deliveries
(in thousands)
(Mcfs)
$
20,441
76
%
10,848,108
62
%
4,864
18
%
4,794,442
27
%
1,571
6
%
1,962,890
11
%
41
0
%
26,917
100
%
17,605,440
100
%
(12,903
)
(48
%)
(5,853,083
)
(33
%)
$
14,014
52
%
11,752,357
67
%
(1)
Table of Contents
Table of Contents
Firm transportation
Firm storage capacity
capacity maximum
maximum peak-day
peak-day daily
daily withdrawal
Pipeline
deliverability (Mcfs)
(Mcfs)
Expiration
20,699
6,190
Various dates between 2012 and 2028
17,836
7,946
Various dates between 2011 and 2020
850
Expires in 2014
14,493
Expires in 2012
64,602
4,006
Various dates between 2011 and 2027
Firm transportation
Firm storage capacity
capacity maximum
maximum peak-day
peak-day daily
daily withdrawal
Pipeline
deliverability (Mcfs)
(Mcfs)
Expiration
5,921
2,909
Various dates between 2012 and 2013
6,473
3,539
Various dates between 2011 and 2018
570
Expires in 2014
4,831
Expires in 2012
21,380
2,228
Various dates between 2011 and 2027
Table of Contents
Daily Firm
Transportation Capacity
(
in Mcfs)
28,647
24,156
9,681
10,210
28,647
Daily Firm
Transportation Capacity
(
in Mcfs)
10,286
4,360
10,286
Table of Contents
Regulatory
Effective Date of
Allowed
Regulated Business
Jurisdiction
the Currrent Rates
Return
Delaware PSC
9/3/2008
10.25%
(1)
Maryland PSC
12/1/2007
10.75%
(1)
Florida PSC
1/14/2010
10.80%
(1)
Florida PSC
1/14/2010
(3)
10.85%
(1)
Florida PSC
5/22/2008
11.00%
(1)
FERC
9/1/2007
13.60%
(2)
(1)
(2)
(3)
Table of Contents
(ii)
Table of Contents
Operating Revenues
Deliveries
State
(in thousands)
(Mcfs)
$
47,441
86
%
8,236,014
84
%
8,006
14
%
1,538,895
16
%
$
55,447
100
%
9,774,909
100
%
Operating Revenues
Total Gallons Sold
State
(in thousands)
(in thousands)
$
68,558
79
%
32,617
82
%
18,725
21
%
6,995
18
%
$
87,283
100
%
39,612
100
%
Table of Contents
(iii)
Table of Contents
(c)
(i)
(ii)
(iii)
(d)
Table of Contents
Chesapeake Utilities Corporation 2010 Form 10-K Page 13
Chesapeake Utilities Corporation 2010 Form 10-K Page 14
Chesapeake Utilities Corporation 2010 Form 10-K Page 15
Chesapeake Utilities Corporation 2010 Form 10-K Page 16
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Chesapeake Utilities Corporation 2010 Form 10-K Page 64
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Chesapeake Utilities Corporation 2010 Form 10-K Page 67
Chesapeake Utilities Corporation 2010 Form 10-K Page 68
Chesapeake Utilities Corporation 2010 Form 10-K Page 69
Chesapeake Utilities Corporation 2010 Form 10-K Page 70
Chesapeake Utilities Corporation 2010 Form 10-K Page 71
Chesapeake Utilities Corporation 2010 Form 10-K Page 72
Chesapeake Utilities Corporation 2010 Form 10-K Page 73
Chesapeake Utilities Corporation 2010 Form 10-K Page 74
Chesapeake Utilities Corporation 2010 Form 10-K Page 75
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Chesapeake Utilities Corporation 2010 Form 10-K Page 78
Chesapeake Utilities Corporation 2010 Form 10-K Page 80
Chesapeake Utilities Corporation 2010 Form 10-K Page 81
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Chesapeake Utilities Corporation 2010 Form 10-K Page 87
Chesapeake Utilities Corporation 2010 Form 10-K Page 88
Chesapeake Utilities Corporation 2010 Form 10-K Page 89
Chesapeake Utilities Corporation 2010 Form 10-K Page 90
Chesapeake Utilities Corporation 2010 Form 10-K Page 91
Chesapeake Utilities Corporation 2010 Form 10-K Page 92
Chesapeake Utilities Corporation 2010 Form 10-K Page 94
Chesapeake Utilities Corporation 2010 Form 10-K Page 95
Chesapeake Utilities Corporation 2010 Form 10-K Page 96
Chesapeake Utilities Corporation 2010 Form 10-K Page 97
Chesapeake Utilities Corporation 2010 Form 10-K Page 98
Chesapeake Utilities Corporation 2010 Form 10-K Page 99
Chesapeake Utilities Corporation 2010 Form 10-K Page 100
Chesapeake Utilities Corporation 2010 Form 10-K Page 101
Chesapeake Utilities Corporation 2010 Form 10-K Page 102
Chesapeake Utilities Corporation 2010 Form 10-K Page 103
Chesapeake Utilities Corporation 2010 Form 10-K Page 104
Chesapeake Utilities Corporation 2010 Form 10-K Page 105
Chesapeake Utilities Corporation 2010 Form 10-K Page 106
Chesapeake Utilities Corporation 2010 Form 10-K Page 107
Chesapeake Utilities Corporation 2010 Form 10-K Page 108
Chesapeake Utilities Corporation 2010 Form 10-K Page 109
Chesapeake Utilities Corporation 2010 Form 10-K Page 110
Chesapeake Utilities Corporation 2010 Form 10-K Page 111
Chesapeake Utilities Corporation 2010 Form 10-K Page 112
Chesapeake Utilities Corporation 2010 Form 10-K Page 113
Chesapeake
Utilities Corporation 2010 Form 10-K Page 114
Chesapeake
Utilities Corporation 2010 Form 10-K Page 115
Chesapeake Utilities Corporation 2010 Form 10-K Page 117
Chesapeake Utilities Corporation 2010 Form 10-K Page 118
Chesapeake
Utilities Corporation 2010 Form 10-K
Page 119
Chesapeake
Utilities Corporation 2010 Form 10-K
Page 120
Chesapeake
Utilities Corporation 2010 Form 10-K
Page 121
Chesapeake
Utilities Corporation 2010 Form 10-K
Page 122
Chesapeake
Utilities Corporation 2010 Form 10-K
Page 123
Chesapeake
Utilities Corporation 2010 Form 10-K
Page 124
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Name
Age
Position
52
President and Chief Executive Officer
44
Senior Vice President and Chief Financial Officer
50
Senior Vice President and President, ESNG
39
Vice President and President, PESCO
41
Vice President of Strategic Development
Table of Contents
Item 5.
Dividends
Declared
Quarter Ended
High
Low
Close
Per Share
March 31
$
32.25
$
28.22
$
29.80
$
0.315
June 30
32.20
28.01
31.40
0.330
September 30
36.93
30.24
36.22
0.330
December 31
42.20
35.00
41.52
0.330
March 31
$
32.36
$
22.02
$
30.48
$
0.305
June 30
34.55
27.62
32.53
0.315
September 30
35.00
29.24
30.99
0.315
December 31
32.67
29.53
32.05
0.315
Table of Contents
Total
Total Number of Shares
Maximum Number of
Number
Average
Purchased as Part of
Shares That May Yet Be
of Shares
Price Paid
Publicly Announced Plans
Purchased Under the Plans
Period
Purchased
per Share
or Programs
(2)
or Programs
(2)
258
$
37.58
258
$
37.58
(1)
(2)
Table of Contents
2005
2006
2007
2008
2009
2010
$
100
$
103
$
111
$
114
$
121
$
161
$
100
$
119
$
123
$
132
$
136
$
155
$
100
$
116
$
122
$
77
$
97
$
112
Table of Contents
For the Years Ended December 31,
2010
2009
(2)
2008
Operating
(1)
(in thousands)
$
269,934
$
139,099
$
116,468
146,793
119,973
161,290
10,819
9,713
13,685
$
427,546
$
268,785
$
291,443
$
43,509
$
26,900
$
24,733
7,908
8,158
3,781
513
(1,322
)
(35
)
$
51,930
$
33,736
$
28,479
$
26,056
$
15,897
$
13,607
Assets
$
584,385
$
543,905
$
381,689
$
462,757
$
436,587
$
280,671
$
670,993
$
615,811
$
385,795
$
46,955
$
26,294
$
30,844
Capitalization
$
226,239
$
209,781
$
123,073
89,642
98,814
86,422
$
315,881
$
308,595
$
209,495
9,216
35,299
6,656
63,958
30,023
33,000
$
389,055
$
373,917
$
249,151
(1)
(2)
(3)
Table of Contents
2007
2006
(3)
2005
2004
2003
2002
2001
$
128,850
$
124,631
$
124,563
$
98,139
$
92,079
$
82,098
$
87,444
115,190
94,320
90,995
67,607
59,197
40,728
56,970
14,246
12,249
13,927
12,209
12,292
12,430
13,992
$
258,286
$
231,200
$
229,485
$
177,955
$
163,568
$
135,256
$
158,406
$
21,809
$
18,593
$
16,248
$
16,258
$
16,219
$
14,867
$
14,060
5,174
3,675
4,197
3,197
4,310
1,158
1,259
1,131
1,064
1,476
722
1,050
580
902
$
28,114
$
23,332
$
21,921
$
20,177
$
21,579
$
16,605
$
16,221
$
13,218
$
10,748
$
10,699
$
9,686
$
10,079
$
7,535
$
7,341
$
352,838
$
325,836
$
280,345
$
250,267
$
234,919
$
229,128
$
216,903
$
260,423
$
240,825
$
201,504
$
177,053
$
167,872
$
166,846
$
161,014
$
381,557
$
325,585
$
295,980
$
241,938
$
222,058
$
223,721
$
222,229
$
30,142
$
49,154
$
33,423
$
17,830
$
11,822
$
13,836
$
26,293
$
119,576
$
111,152
$
84,757
$
77,962
$
72,939
$
67,350
$
67,517
63,256
71,050
58,991
66,190
69,416
73,408
48,409
$
182,832
$
182,202
$
143,748
$
144,152
$
142,355
$
140,758
$
115,926
7,656
7,656
4,929
2,909
3,665
3,938
2,686
45,664
27,554
35,482
5,002
3,515
10,900
42,100
$
236,152
$
217,412
$
184,159
$
152,063
$
149,535
$
155,596
$
160,712
Table of Contents
For the Years Ended December 31,
2010
2009
(3)
2008
$
2.75
$
2.17
$
2.00
$
2.73
$
2.15
$
1.98
11.6
%
11.2
%
11.2
%
71.6
%
68.0
%
58.7
%
58.2
%
56.1
%
49.4
%
$
23.75
$
22.33
$
18.03
$
42.200
$
35.000
$
34.840
$
28.010
$
22.020
$
21.930
$
41.520
$
32.050
$
31.480
9,474,554
7,313,320
6,811,848
9,524,195
9,394,314
6,827,121
2,482
2,670
1,914
$
1.31
$
1.25
$
1.21
3.2
%
3.9
%
3.9
%
47.6
%
57.6
%
60.5
%
120,230
117,887
65,201
30,966
31,030
48,100
48,680
34,981
41,795,438
44,586,158
39,778,067
739,656
105,739
39,612
32,546
27,956
4,831
4,729
4,431
4,528
4,462
4,401
3,041
3,042
2,471
734
757
448
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Table of Contents
2007
2006
(8)
2005
2004
2003
2002
2001
$
1.96
$
1.78
$
1.83
$
1.68
$
1.80
$
1.37
$
1.37
$
1.94
$
1.76
$
1.81
$
1.64
$
1.76
$
1.37
$
1.35
11.5
%
11.0
%
13.2
%
12.8
%
14.4
%
11.2
%
11.1
%
65.4
%
61.0
%
59.0
%
54.1
%
51.2
%
47.8
%
58.2
%
50.6
%
51.1
%
46.0
%
51.3
%
48.8
%
43.3
%
42.0
%
$
17.64
$
16.62
$
14.41
$
13.49
$
12.89
$
12.16
$
12.45
$
37.250
$
35.650
$
35.780
$
27.550
$
26.700
$
21.990
$
19.900
$
28.000
$
27.900
$
23.600
$
20.420
$
18.400
$
16.500
$
17.375
$
31.850
$
30.650
$
30.800
$
26.700
$
26.050
$
18.300
$
19.800
6,743,041
6,032,462
5,836,463
5,735,405
5,610,592
5,489,424
5,367,433
6,777,410
6,688,084
5,883,099
5,778,976
5,660,594
5,537,710
5,424,962
1,920
1,978
2,026
2,026
2,069
2,130
2,171
$
1.18
$
1.16
$
1.14
$
1.12
$
1.10
$
1.10
$
1.10
3.7
%
3.8
%
3.7
%
4.2
%
4.2
%
6.0
%
5.6
%
60.2
%
65.2
%
62.3
%
66.7
%
61.1
%
80.3
%
80.3
%
62,884
59,132
54,786
50,878
47,649
45,133
42,741
34,143
33,282
32,117
34,888
34,894
34,566
35,530
34,820,050
34,321,160
34,980,939
31,429,494
29,374,818
27,934,715
27,263,542
29,785
24,243
26,178
24,979
25,147
21,185
23,080
4,504
3,931
4,792
4,553
4,715
4,161
4,368
4,376
4,372
4,436
4,389
4,409
4,393
4,446
2,441
2,315
2,315
2,045
2,195
2,151
1,958
445
437
423
426
439
455
458
(8)
Table of Contents
Item 7.
Table of Contents
Increase
Increase
For the Years Ended December 31,
2010
2009
(decrease)
2009
2008
(decrease)
$
26,056
$
15,897
$
10,159
$
15,897
$
13,607
$
2,290
$
2.73
$
2.15
$
0.58
$
2.15
$
1.98
$
0.17
$
17,192
$
15,303
$
1,889
$
15,303
$
14,299
$
1,004
9,339
1,829
7,510
1,829
1,829
(475
)
(1,235
)
760
(1,235
)
(692
)
(543
)
$
26,056
$
15,897
$
10,159
$
15,897
$
13,607
$
2,290
$
2.44
$
2.20
$
0.24
$
2.20
$
2.08
$
0.12
$
0.34
$
0.12
$
0.22
$
0.12
$
0.00
$
0.12
$
(0.05
)
$
(0.17
)
$
0.12
$
(0.17
)
$
(0.10
)
$
(0.07
)
$
2.73
$
2.15
$
0.58
$
2.15
$
1.98
$
0.17
(1)
(2)
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
(d)
Increase
Increase
For the Years Ended December 31,
2010
2009
(decrease)
2009
2008
(decrease)
$
43,509
$
26,900
$
16,609
$
26,900
$
24,733
$
2,167
7,908
8,158
(250
)
8,158
3,781
4,377
513
(1,322
)
1,835
(1,322
)
(35
)
(1,287
)
51,930
33,736
18,194
33,736
28,479
5,257
195
165
30
165
103
62
9,146
7,086
2,060
7,086
6,158
928
16,923
10,918
6,005
10,918
8,817
2,101
$
26,056
$
15,897
$
10,159
$
15,897
$
13,607
$
2,290
$
2.75
$
2.17
$
0.58
$
2.17
$
2.00
$
0.17
$
2.73
$
2.15
$
0.58
$
2.15
$
1.98
$
0.17
Table of Contents
2010
2009
Chesapeake,
Chesapeake
Chesapeake,
Chesapeake
For the Years Ended December 31,
excluding FPU
FPU
Total
excluding FPU
FPU
(1)
Total
$
26,711
$
16,798
$
43,509
$
23,908
$
2,992
$
26,900
6,335
1,573
7,908
7,605
553
8,158
513
513
(1,322
)
(1,322
)
33,559
18,371
51,930
30,191
3,545
33,736
48
147
195
58
107
165
5,752
3,394
9,146
6,345
741
7,086
11,138
5,785
16,923
9,836
1,082
10,918
$
16,717
$
9,339
$
26,056
$
14,068
$
1,829
$
15,897
(1)
Table of Contents
2009
2008
Chesapeake,
Chesapeake
Chesapeake,
Chesapeake
For the Years Ended December 31,
excluding FPU
FPU
(1)
Total
excluding FPU
FPU
Total
$
23,908
$
2,992
$
26,900
$
24,733
$
0
$
24,733
7,605
553
8,158
3,781
3,781
(1,322
)
(1,322
)
(35
)
(35
)
30,191
3,545
33,736
28,479
0
28,479
58
107
165
103
103
6,345
741
7,086
6,158
6,158
9,836
1,082
10,918
8,817
8,817
$
14,068
$
1,829
$
15,897
$
13,607
$
0
$
13,607
(1)
Table of Contents
Increase
Increase
For the Years Ended December 31,
2010
2009
(decrease)
2009
2008
(decrease)
$
269,934
$
139,099
$
130,835
$
139,099
$
116,468
$
22,631
144,217
64,803
79,414
64,803
54,789
10,014
125,717
74,296
51,421
74,296
61,679
12,617
56,338
32,569
23,769
32,569
25,369
7,200
17,038
8,866
8,172
8,866
6,694
2,172
8,832
5,961
2,871
5,961
4,883
1,078
82,208
47,396
34,812
47,396
36,946
10,450
$
43,509
$
26,900
$
16,609
$
26,900
$
24,733
$
2,167
Increase
Increase
For the Years Ended December 31,
2010
2009
(decrease)
2009
2008
(decrease)
4,831
4,729
102
4,729
4,431
298
4,528
4,462
66
4,462
4,401
61
$
1,995
$
2,429
$
(434
)
$
2,429
$
1,937
$
492
1,501
911
590
911
851
60
919
863
56
863
848
15
2,859
2,770
89
2,770
2,553
217
2,718
2,694
24
2,694
2,687
7
47,638
46,717
921
46,717
45,570
1,147
61,053
60,048
1,005
60,048
13,373
46,675
23,589
23,679
(90
)
23,679
23,679
132,280
130,444
1,836
130,444
58,943
71,501
(1)
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Increase
Increase
For the Years Ended December 31,
2010
2009
(decrease)
2009
2008
(decrease)
$
146,793
$
119,973
$
26,820
$
119,973
$
161,290
$
(41,317
)
110,680
90,408
20,272
90,408
138,302
(47,894
)
36,113
29,565
6,548
29,565
22,988
6,577
23,140
18,016
5,124
18,016
16,322
1,694
3,433
2,415
1,018
2,415
2,024
391
1,632
976
656
976
861
115
28,205
21,407
6,798
21,407
19,207
2,200
$
7,908
$
8,158
$
(250
)
$
8,158
$
3,781
$
4,377
Increase
Increase
For the Years Ended December 31,
2010
2009
(decrease)
2009
2008
(decrease)
4,831
4,729
102
4,729
4,431
298
4,528
4,462
66
4,462
4,401
61
$
2,415
$
3,083
$
(668
)
$
3,083
$
2,465
$
618
Table of Contents
Table of Contents
Table of Contents
Increase
Increase
For the Years Ended December 31,
2010
2009
(decrease)
2009
2008
(decrease)
$
13,142
$
11,998
$
1,144
$
11,998
$
15,373
$
(3,375
)
6,316
6,036
280
6,036
8,034
(1,998
)
6,826
5,962
864
5,962
7,339
(1,377
)
4,766
4,859
(93
)
4,859
5,206
(347
)
660
1,478
(818
)
1,478
1,153
325
289
310
(21
)
310
290
20
600
640
(40
)
640
728
(88
)
6,315
7,287
(972
)
7,287
7,377
(90
)
511
(1,325
)
1,836
(1,325
)
(38
)
(1,287
)
2
3
(1
)
3
3
$
513
$
(1,322
)
1,835
$
(1,322
)
$
(35
)
$
(1,287
)
Table of Contents
Table of Contents
Table of Contents
December 31,
December 31,
(in thousands)
2010
2009
$
89,642
28
%
$
98,814
32
%
226,239
72
%
209,781
68
%
$
315,881
100
%
$
308,595
100
%
December 31,
December 31,
(in thousands)
2010
2009
$
63,958
17
%
$
30,023
8
%
98,858
25
%
134,113
36
%
226,239
58
%
209,781
56
%
$
389,055
100
%
$
373,917
100
%
Table of Contents
For the Years Ended December 31,
2010
2009
2008
$
26,056
$
15,897
$
13,607
37,364
28,319
22,919
(2,415
)
1,583
(7,982
)
$
61,005
$
45,799
$
28,544
Table of Contents
Table of Contents
Table of Contents
Payments Due by Period
Contractual Obligations
Less than 1
More than 5
(in thousands)
year
1 - 3 years
3 - 5 years
years
Total
$
9,216
$
16,393
$
21,656
$
51,682
$
98,947
803
1,234
470
2,017
4,524
35,051
59,761
37,949
70,293
203,054
2,615
4,687
1,525
2,063
10,890
37,179
100
37,279
1,626
26,498
26,498
39,173
93,795
15,618
15,618
144
109
253
1,132
731
870
5,706
8,439
2,400
150
108
1,228
3,886
$
105,784
$
109,663
$
89,076
$
172,162
$
476,685
(1)
(2)
(3)
(4)
(5)
(6)
Table of Contents
Table of Contents
Quantity in
Estimated Market
Weighted Average
At December 31, 2010
Gallons
Prices
Contract Prices
13,523,496
$1.0350 $1.4100
$
1.2192
12,914,496
$1.0150 $1.3779
$
1.2093
1,470,000
$
$
0.1150
Quantity in
Estimated Market
Weighted Average
At December 31, 2009
gallons
Prices
Contract Prices
11,944,800
$0.6900 $1.3350
$
1.1264
11,256,000
$0.7275 $1.3350
$
1.1367
1,260,000
$
$
0.1500
December 31,
December 31,
(in thousands)
2010
2009
$
1,642
$
2,379
$
1,492
$
2,514
Table of Contents
Table of Contents
Table of Contents
Item 7A.
Item 8.
Table of Contents
Stockholders of Chesapeake Utilities Corporation
Table of Contents
For the Years Ended December 31,
2010
2009
2008
$
269,934
$
139,099
$
116,468
146,793
119,973
161,290
10,819
9,713
13,685
427,546
268,785
291,443
144,217
64,803
54,789
116,098
95,467
145,854
75,335
50,706
43,476
660
1,478
1,153
7,484
3,430
2,215
20,758
11,588
9,005
11,064
7,577
6,472
375,616
235,049
262,964
51,930
33,736
28,479
195
165
103
9,146
7,086
6,158
42,979
26,815
22,424
16,923
10,918
8,817
$
26,056
$
15,897
$
13,607
9,474,554
7,313,320
6,811,848
9,582,374
7,440,201
6,927,483
$
2.75
$
2.17
$
2.00
$
2.73
$
2.15
$
1.98
$
1.305
$
1.250
$
1.210
Table of Contents
For the Years Ended December 31,
2010
2009
2008
$
26,056
$
15,897
$
13,607
20,758
11,588
9,005
3,133
2,789
2,239
13,389
10,065
11,442
(116
)
1,606
(1,252
)
(181
)
(212
)
509
(757
)
1,217
152
1,155
1,306
820
(17
)
(40
)
4
(297
)
(146
)
(201
)
(20,467
)
(13,652
)
19,411
151
2,597
(1,730
)
687
(1,842
)
411
1,157
(757
)
(1,182
)
(156
)
(83
)
(153
)
286
191
207
15,853
10,185
(15,033
)
(3,761
)
5,020
(6,155
)
(97
)
66
158
2,038
(75
)
(502
)
1,339
(2,066
)
(175
)
665
1,071
(3,107
)
187
1,074
69
61,005
45,799
28,544
(45,411
)
(26,603
)
(30,756
)
359
(3,108
)
3,519
(290
)
(418
)
(480
)
(48,809
)
(23,143
)
(31,236
)
(11,013
)
(7,957
)
(7,810
)
568
392
(118
)
3,255
835
(684
)
1,579
(3,812
)
(11,980
)
29,100
29,961
(36,860
)
(10,907
)
(7,658
)
(13,371
)
(21,449
)
1,711
(1,175
)
1,207
(981
)
2,818
1,611
2,592
$
1,643
$
2,818
$
1,611
Table of Contents
December 31,
December 31,
Assets
2010
2009
(in thousands, except shares and per share data)
$
500,689
$
462,061
61,313
61,334
16,989
16,049
578,991
539,444
(121,628
)
(107,318
)
5,394
4,461
462,757
436,587
4,036
1,959
1,643
2,818
88,074
69,773
14,978
12,838
8,876
7,901
3,084
3,149
51
448
5,084
6,144
6,748
2,614
2,191
724
4,613
5,853
1,642
2,379
245
147
137,229
114,788
35,613
34,095
3,459
3,951
155
440
23,884
20,100
3,860
3,891
66,971
62,477
$
670,993
$
615,811
Table of Contents
December 31,
December 31,
Capitalization and Liabilities
2010
2009
(in thousands, except shares and per share data)
$
4,635
$
4,572
148,159
144,502
76,805
63,231
(3,360
)
(2,524
)
777
739
(777
)
(739
)
226,239
209,781
89,642
98,814
315,881
308,595
9,216
35,299
63,958
30,023
65,541
51,462
26,317
25,046
1,789
1,887
3,143
2,959
6,784
5,341
9,009
8,295
1,492
2,514
10,393
7,017
197,642
169,843
80,031
66,008
243
335
3,734
4,393
10,587
11,104
18,199
15,088
35,092
33,214
9,584
7,231
157,470
137,373
$
670,993
$
615,811
Table of Contents
Common Stock
Accumulated Other
Number of
Additional Paid-In
Comprehensive
Deferred
(in thousands, except shares and per share data)
Shares
(7)
Par Value
Capital
Retained Earnings
Loss
Compensation
Treasury Stock
Total
6,777,410
$
3,298
$
65,593
$
51,538
$
(852
)
$
1,404
$
(1,404
)
$
119,577
13,607
13,607
(71
)
(71
)
(2,825
)
(2,825
)
10,711
9,060
5
269
274
5,260
3
156
159
10,397
5
171
176
24,994
12
442
454
50
50
145
(145
)
(2,425
)
(72
)
(72
)
2,425
72
72
(81
)
(81
)
(8,247
)
(8,247
)
6,827,121
3,323
66,681
56,817
(3,748
)
1,549
(1,549
)
123,073
15,897
15,897
7
7
1,217
1,217
17,121
31,607
15
921
936
32,375
16
966
982
7,927
4
131
135
7,374
3
1,332
1,335
(810
)
810
(2,411
)
(73
)
(73
)
2,411
73
73
2,487,910
1,211
74,471
75,682
(104
)
(104
)
(9,379
)
(9,379
)
9,394,314
4,572
144,502
63,231
(2,524
)
739
(739
)
209,781
26,056
26,056
8
8
(844
)
(844
)
25,220
53,806
26
1,699
1,725
27,795
14
889
903
11,865
6
196
202
253
253
36,415
17
620
637
38
(38
)
1,144
(38
)
(38
)
(1,144
)
38
38
(103
)
(103
)
(12,379
)
(12,379
)
9,524,195
$
4,635
$
148,159
$
76,805
$
(3,360
)
$
777
$
(777
)
$
226,239
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Table of Contents
Table of Contents
December 31,
December 31,
2010
2009
Useful Life
(1)
(in thousands)
$
259,672
$
236,352
27-62 years
68,349
65,070
12-48 years
24,952
24,981
42 years
27,623
28,240
5-31 years
32,850
28,419
Unregulated energy 3-33 years, regulated
energy 14-49 years
22,332
17,708
14-54 years
15,796
15,532
Unregulated energy 4-7 years,
regulated energy 14-25 years
17,046
16,613
1-20 years
16,290
15,184
3-44 years
(2)
15,052
12,789
Not depreciable, except certain regulated assets
7,967
7,275
12-40 years
30,669
29,024
10-41 years
9,259
8,434
21-40 years
9,189
11,147
10-61 years
21,945
22,676
Various
578,991
539,444
5,394
4,461
(121,628
)
(107,318
)
$
462,757
$
436,587
(1)
(2)
Table of Contents
Table of Contents
December 31,
December 31,
2010
2009
$
$
368
1,897
2,022
8,304
3,636
1,264
1,486
2,069
2,720
6,826
7,510
764
795
1,668
154
1,143
1,857
$
23,935
$
20,548
$
1,265
$
1,152
8,159
6,523
84
320
1,060
258
48
74
2,682
2,554
35,092
33,214
269
983
$
47,835
$
45,902
(1)
(2)
(3)
Table of Contents
Table of Contents
Table of Contents
For the Years Ended December 31,
2010
2009
2008
(in thousands, except shares and per share data)
$
26,056
$
15,897
$
13,607
9,474,554
7,313,320
6,811,848
$
2.75
$
2.17
$
2.00
$
26,056
$
15,897
$
13,607
73
79
89
$
26,129
$
15,976
$
13,696
9,474,554
7,313,320
6,811,848
22,550
34,229
12,083
85,270
92,652
103,552
9,582,374
7,440,201
6,927,483
$
2.73
$
2.15
$
1.98
Table of Contents
Table of Contents
Table of Contents
Table of Contents
October 28, 2009
$
75,699
26,761
139,709
19,899
3,659
4,019
194,047
47,812
4,249
17,427
923
19,414
14,276
12,414
20,559
15,467
152,541
41,506
$
34,193
Table of Contents
For the Years Ended December 31,
2010
2009
(in thousands, except per share data)
$
427,546
$
394,772
$
51,930
$
44,382
$
26,056
$
20,872
$
2.75
$
2.23
$
2.73
$
2.20
Table of Contents
Table of Contents
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
268,830
$
137,847
$
115,544
146,430
119,719
161,287
12,286
11,219
14,612
$
427,546
$
268,785
$
291,443
$
1,104
$
1,252
$
924
363
254
3
856
779
761
$
2,323
$
2,285
$
1,688
$
43,509
$
26,900
$
24,733
7,908
8,158
3,781
513
(1,322
)
(35
)
51,930
33,736
28,479
195
165
103
9,146
7,086
6,158
16,923
10,918
8,817
$
26,056
$
15,897
$
13,607
$
17,038
$
8,866
$
6,694
3,433
2,415
2,024
287
307
287
$
20,758
$
11,588
$
9,005
$
41,898
$
22,917
$
25,386
2,764
1,873
3,417
2,293
1,504
2,041
$
46,955
$
26,294
$
30,844
(1)
At December 31,
2010
2009
$
520,192
$
481,606
113,039
99,642
37,762
34,286
$
670,993
$
615,534
Table of Contents
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
8,751
$
6,703
$
5,835
$
10,168
$
1,111
$
3,885
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
1,064
$
1,151
$
696
$
300
$
75,682
$
$
902
$
982
$
159
$
1,182
$
692
$
208
$
202
$
135
$
177
$
719
$
$
568
$
297
$
214
$
181
$
253
$
$
50
Table of Contents
Quantity in
Estimated Market
Weighted Average
At December 31, 2010
Gallons
Prices
Contract Prices
13,523,496
$1.0350 $1.4100
$
1.2192
12,914,496
$1.0150 $1.3779
$
1.2093
1,470,000
$
$
0.1150
Asset Derivatives
Fair Value
December 31,
December 31,
(in thousands)
Balance Sheet Location
2010
2009
Mark-to-market energy assets
$
1,642
$
2,379
Mark-to-market energy assets
$
1,642
$
2,379
Liability Derivatives
Fair Value
December 31,
December 31,
(in thousands)
Balance Sheet Location
2010
2009
Mark-to-market energy liabilities
$
1,492
$
2,514
$
1,492
$
2,514
(1)
(2)
Table of Contents
Amount of Gain (Loss) on Derivatives:
Location of Gain
For the Years Ended December 31,
(in thousands)
(Loss) on Derivatives
2010
2009
2008
Cost of Sales
$
$
(42
)
$
1,476
Cost of Sales
(168
)
Revenue
(41
)
Revenue
284
(1,565
)
1,357
$
116
$
(1,648
)
$
2,833
(1)
(2)
(3)
Amount of Trading Revenue
Location of Gain
For the Years Ended December 31,
(in thousands)
(Loss) on Derivatives
2010
2009
2008
Revenue
$
1,540
$
3,830
$
1,935
Revenue
284
(1,565
)
1,357
$
1,824
$
2,265
$
3,292
Table of Contents
Table of Contents
December 31,
December 31,
(in thousands)
2010
2009
$
34,939
$
33,421
674
674
$
35,613
$
34,095
Table of Contents
December 31, 2010
December 31, 2009
Gross
Gross
Carrying
Accumulated
Carrying
Accumulated
Amount
Amortization
Amount
Amortization
$
0
$
0
$
519
$
169
3,500
340
3,500
49
566
267
379
229
$
4,066
$
607
$
4,398
$
447
Table of Contents
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
1,566
$
$
(2,551
)
2,116
878
(91
)
(69
)
(42
)
3,591
809
(2,593
)
16,964
7,098
10,272
(2,505
)
(786
)
781
(402
)
(612
)
(174
)
(211
)
5
75
32
7
145
99
4,106
(13
)
967
(419
)
518
462
(213
)
(1,194
)
(151
)
13,332
10,109
11,410
$
16,923
$
10,918
$
8,817
$
15,053
$
9,171
$
7,863
2,083
1,490
1,162
70
299
(266
)
(213
)
(205
)
(17
)
171
(3
)
$
16,923
$
10,918
$
8,817
39.38
%
40.72
%
39.32
%
At December 31,
2010
2009
(in thousands)
$
89,544
$
75,863
848
643
59
2,891
2,884
93,078
79,654
7,849
7,972
1,770
1,803
1,300
305
419
464
1,034
985
2,866
2,841
15,238
14,370
$
77,840
$
65,284
(1)
(2)
Table of Contents
December 31,
December 31,
(in thousands)
2010
2009
$
7,248
$
8,156
3,986
4,486
7,950
7,950
14,012
13,222
909
1,000
2,000
8,000
10,000
19,091
21,818
20,000
20,000
30,000
30,000
1,318
1,520
265
40
98,858
134,113
(9,216
)
(35,299
)
$
89,642
$
98,814
Table of Contents
Table of Contents
Table of Contents
Chesapeake
FPU
Chesapeake
FPU
Pension
Pension
Chesapeake
Postretirement
Medical
(in thousands)
Plan
Plan
SERP
Plan
Plan
Total
$
(11
)
$
$
83
$
$
$
72
3,221
1,409
793
1,145
531
7,099
$
3,210
$
1,409
$
876
$
1,145
$
531
$
7,171
$
3,210
$
268
$
876
$
1,145
$
101
$
5,600
1,141
430
1,571
3,210
1,409
876
1,145
531
7,171
6,631
78
6,709
$
3,210
$
8,040
$
876
$
1,145
$
609
$
13,880
(1)
Table of Contents
Chesapeake
FPU
Chesapeake
FPU
Pension
Pension
Chesapeake
Postretirement
Medical
(in thousands)
Plan
Plan
SERP
Plan
Plan
Total
$
(5
)
$
$
19
$
$
$
14
$
173
$
$
43
$
58
$
22
$
296
$
$
761
$
$
$
8
$
769
Chesapeake
FPU
Pension Plan
Pension Plan
At December 31,
2010
2009
2008
2010
2009
64.33
%
66.22
%
48.70
%
60.00
%
63.00
%
30.60
%
33.76
%
51.24
%
35.00
%
29.00
%
5.07
%
0.02
%
0.06
%
5.00
%
8.00
%
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
Table of Contents
Table of Contents
Chesapeake
FPU
Pension Plan
Pension Plan
At December 31,
2010
2009
2010
2009
(in thousands)
$
11,127
$
11,593
$
45,420
$
46,851
570
547
2,729
418
(5
)
(188
)
776
(307
)
6,326
(1,544
)
(708
)
(518
)
(1,997
)
(305
)
11,760
11,127
52,478
45,420
7,449
6,689
36,427
35,037
490
1,278
4,605
1,695
556
1,166
(708
)
(518
)
(1,997
)
(305
)
7,787
7,449
40,201
36,427
(3,973
)
(3,678
)
(12,277
)
(8,993
)
$
(3,973
)
$
(3,678
)
$
(12,277
)
$
(8,993
)
5.00
%
5.25
%
5.25
%
5.75
%
6.00
%
6.00
%
7.00
%
7.00
%
(1)
Chesapeake
FPU
For the Years Ended December 31,
2010
2009
2008
2010
2009
(1)
(In thousands)
$
570
$
547
$
594
$
2,729
$
418
(423
)
(362
)
(629
)
(2,532
)
(396
)
(5
)
(5
)
(5
)
155
237
$
297
$
417
$
(40
)
$
197
$
22
5.25
%
5.25
%
5.50
%
5.75
%
5.50
%
6.00
%
6.00
%
6.00
%
7.00
%
7.00
%
(1)
Table of Contents
At December 31,
2010
2009
(in thousands)
$
2,505
$
2,520
136
129
179
(55
)
(89
)
(89
)
2,731
2,505
89
89
(89
)
(89
)
(2,731
)
(2,505
)
$
(2,731
)
$
(2,505
)
5.00
%
5.25
%
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
136
$
130
$
125
18
18
59
54
45
$
213
$
202
$
170
5.25
%
5.25
%
5.50
%
Table of Contents
Chesapeake
FPU
Postretirement Plan
Medical Plan
At December 31,
2010
2009
2010
2009
(in thousands)
$
2,585
$
2,179
$
2,417
$
2,457
3
76
18
121
131
122
23
100
90
6
(149
)
378
595
(71
)
(183
)
(196
)
(112
)
(16
)
2,474
2,585
3,098
2,417
83
106
112
10
100
90
6
(183
)
(196
)
(112
)
(16
)
(2,474
)
(2,585
)
(3,098
)
(2,417
)
$
(2,474
)
$
(2,585
)
$
(3,098
)
$
(2,417
)
5.00
%
5.25
%
5.25
%
5.75
%
(1)
(2)
Chesapeake
FPU
Postretirement Plan
Medical Plan
For the Years Ended December 31,
2010
2009
2008
2010
2009
(1)
(in thousands)
$
$
3
$
3
$
76
$
18
122
131
114
123
23
57
76
290
(6
)
$
179
$
210
$
407
$
193
$
41
5.25
%
5.25
%
5.50
%
5.75
%
5.50
%
(1)
Table of Contents
Chesapeake
FPU
Chesapeake
FPU
Pension
Pension
Chesapeake
Postretirement
Medical
(in thousands)
Plan
(1)
Plan
(1)
SERP
(2)
Plan
(2)
Plan
(2)(3)
$
1,315
$
2,324
$
853
$
96
$
158
$
465
$
2,484
$
87
$
104
$
151
$
533
$
2,662
$
86
$
111
$
144
$
556
$
2,815
$
84
$
119
$
169
$
686
$
2,939
$
133
$
128
$
189
$
3,932
$
15,974
$
672
$
703
$
1,040
(1)
(2)
(3)
Table of Contents
Table of Contents
Table of Contents
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
283
$
191
$
180
872
1,115
640
1,155
1,306
820
463
523
327
$
692
$
783
$
493
Number of
Weighted Average
Shares
Grant Date Fair Value
7,174
$
29.83
7,174
$
29.83
9,900
$
29.99
9,900
$
29.99
(1)
Table of Contents
Number of
Weighted Average
Shares
Fair Value
94,200
$
27.84
28,875
$
29.19
123,075
$
28.15
40,875
29.38
43,960
27.94
18,840
27.94
101,150
$
28.78
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
For the Quarters Ended
March 31
June 30
September 30
December 31
(in thousands except per share amounts)
$
153,260
$
80,061
$
76,466
$
117,759
$
25,398
$
7,761
$
4,583
$
14,188
$
13,974
$
3,340
$
1,628
$
7,113
$
1.48
$
0.35
$
0.17
$
0.75
$
1.47
$
0.35
$
0.17
$
0.74
$
104,479
$
40,834
$
31,758
$
91,715
$
15,966
$
2,856
$
2,257
$
12,658
$
8,593
$
806
$
308
$
6,191
$
1.26
$
0.12
$
0.04
$
0.71
$
1.24
$
0.12
$
0.04
$
0.71
(1)
(2)
Table of Contents
Item 9.
Item 9A.
Table of Contents
Stockholders of Chesapeake Utilities Corporation
Table of Contents
Item 9B.
Item 10.
Item 11.
Item 12.
Table of Contents
(a)
(b)
(c)
Number of securities
remaining available for future
Number of securities to
Weighted-average
issuance under equity
be issued upon exercise
exercise price
compensation plans
of outstanding options,
of outstanding options,
(excluding securities
warrants, and rights
warrants, and rights
reflected in column (a))
402,843
(1)
402,843
(1)
Item 13.
Item 14.
Table of Contents
Item 15.
(a)
1.
2.
3.
Exhibit 1.1
Exhibit 2.1
Exhibit 3.1
Exhibit 3.2
Exhibit 4.1
Exhibit 4.2
Table of Contents
Exhibit 4.3
Exhibit 4.4
Exhibit 4.5
Exhibit 4.6
Exhibit 4.7
Exhibit 4.8
Exhibit 4.9
Exhibit 4.10
Exhibit 4.11
Exhibit 4.12
Exhibit 4.13
Table of Contents
Exhibit 10.1*
Exhibit 10.2*
Exhibit 10.3*
Exhibit 10.4*
Exhibit 10.5*
Exhibit 10.6
Exhibit 10.7*
Exhibit 10.8*
Exhibit 10.9*
Exhibit 10.10*
Exhibit 10.11*
Exhibit 10.12*
Exhibit 10.13*
Exhibit 10.14*
Table of Contents
Exhibit 10.15*
Exhibit 10.16*
Exhibit 10.17*
Exhibit 10.18*
Exhibit 10.19*
Exhibit 10.20*
Exhibit 10.21*
Exhibit 10.22*
Exhibit 10.23*
Exhibit 10.24*
Table of Contents
Exhibit 10.25*
Exhibit 10.26*
Exhibit 10.27*
Exhibit 10.28*
Exhibit 10.29*
Exhibit 10.30*
Exhibit 10.31*
Exhibit 10.32*
Exhibit 10.33
Exhibit 10.34
Exhibit 10.35
Table of Contents
Exhibit 10.36
Exhibit 10.37
Exhibit 10.38
Exhibit 10.39
Exhibit 10.40
Exhibit 10.41
Exhibit 10.42
Exhibit 10.43
Exhibit 12
Exhibit 14.1
Exhibit 14.2
Exhibit 21
Exhibit 23.1
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
*
Table of Contents
Chesapeake Utilities Corporation
By:
/s/ Michael P. Mcmasters
Michael P. McMasters,
President and Chief Executive Officer
Date: March 8, 2011
/s/ Michael P. McMasters
President, Chief Executive Officer and Director
Date: March 8, 2011
/s/ Eugene H. Bayard
Date: March 2, 2011
/s/ Thomas J. Bresnan
Date: March 7, 2011
/s/ Dennis S, Hudson, III
Date: March 2, 2011
/s/ J. Peter Martin
Date: March 2, 2011
/s/
Calvert A. Morgan, Jr
Date: March 2, 2011
/s/
John Schimkaitis
Vice Chairman of the Board and Director
Date: March 2, 2011
Table of Contents
Stockholders of Chesapeake Utilities Corporation
Table of Contents
Schedule I
Parent Company Condensed Financial Statements
Chesapeake Utilities Corporation (Parent)
Condensed Balance Sheets
December 31,
December 31,
Assets
2010
2009
(in thousands)
$
202,807
$
191,440
(49,223
)
(46,297
)
1,492
1,338
155,076
146,481
2,368
1,959
179,580
160,150
4,229
973
11,623
9,356
6,458
4,936
74,663
56,587
635
624
970
971
51
1,205
5,084
6,144
4,003
822
369
1,909
2,310
3,047
176
79
110,571
86,653
133
331
2,820
3,610
603
479
3,556
4,420
$
451,151
$
399,663
Table of Contents
Schedule I
Parent Company Condensed Financial Statements
Chesapeake Utilities Corporation (Parent)
Condensed Balance Sheets
December 31,
December 31,
Capitalization and Liabilities
2010
2009
(in thousands)
$
4,635
$
4,572
148,159
144,502
76,805
63,231
(3,134
)
(2,865
)
777
739
(777
)
(739
)
226,465
209,440
71,682
79,611
298,147
289,051
7,727
6,636
63,958
30,023
10,401
9,157
7,619
4,410
1,015
1,003
3,143
2,959
3,377
2,450
2,432
5,934
2,635
1,647
102,307
64,219
20,999
16,494
122
157
709
695
358
531
5,045
5,674
18,805
18,248
4,659
4,594
50,697
46,393
$
451,151
$
399,663
Table of Contents
Schedule I
Parent Company Condensed Financial Statements
Chesapeake Utilities Corporation (Parent)
Condensed Statements of Income
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
95,764
$
101,577
$
103,733
52,295
62,339
65,446
19,919
18,487
16,039
660
1,478
1,153
1,165
1,535
1,303
4,365
4,194
3,918
3,788
3,564
3,380
82,192
91,597
91,239
13,572
9,980
12,494
19,430
12,042
7,781
(30
)
(30
)
(106
)
2,837
3,066
3,026
30,135
18,926
17,143
4,079
3,029
3,536
$
26,056
$
15,897
$
13,607
Table of Contents
Schedule I
Parent Company Condensed financial statements
Chesapeake Utilities Corporation (Parent)
Condensed Statement of Cash Flows
For the Years Ended December 31,
2010
2009
2008
(in thousands)
$
26,056
$
15,897
$
13,607
(19,382
)
(12,042
)
(7,781
)
4,366
4,190
3,918
1,878
1,773
1,389
6,901
2,821
5,147
(113
)
(212
)
509
(169
)
1,217
152
1,155
1,306
820
(46
)
8
11
(297
)
(146
)
(201
)
(3,814
)
(16,770
)
(3,016
)
1,050
3,383
(3,854
)
1,716
(1,825
)
606
653
(1,050
)
(516
)
(180
)
(72
)
(8
)
198
181
199
1,636
9,832
3,323
(3,858
)
2,791
(3,113
)
12
(20
)
158
3,208
(1,147
)
34
823
352
377
(3,488
)
3,603
(2,379
)
64
886
(23
)
18,369
14,956
9,359
(13,969
)
(12,615
)
(16,328
)
1,000
500
(16
)
54
(86
)
(480
)
(13,915
)
(11,717
)
(16,308
)
(18,051
)
13,379
4,302
(11,013
)
(7,957
)
(7,810
)
568
392
(118
)
3,256
835
(684
)
1,579
(3,812
)
(11,980
)
29,100
29,961
(6,637
)
(6,637
)
(7,637
)
(1,198
)
(3,800
)
6,034
3,256
(561
)
(915
)
973
1,534
2,449
$
4,229
$
973
$
1,534
Table of Contents
Schedule I
Parent Company Condensed Financial Statements
Table of Contents
Schedule II
Valuation and Qualifying Accounts
Balance at
Additions
Beginning of
Charged to
Other
Balance at End
For the Year Ended December 31,
Year
Income
Accounts
(1)
Deductions
(2)
of Year
Reserve Deducted From Related Assets
Reserve for Uncollectible Accounts
(In thousands)
$
1,609
$
1,129
$
181
$
(1,725
)
$
1,194
$
1,159
$
1,138
$
616
$
(1,304
)
$
1,609
$
952
$
1,186
$
241
$
(1,220
)
$
1,159
(1)
(2)
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CHESAPEAKE UTILITIES CORPORATION | FLORIDA PUBLIC UTILITIES COMPANY | |||||||
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By:
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/s/ Beth Cooper | By: | /s/ George Bachman | |||||
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Chief Financial Officer | Chief Financial Officer | ||||||
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U.S. BANK NATIONAL | ||||||||
ASSOCIATION, Trustee | ||||||||
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By: | /s/ Stephanie Moore | ||||||
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Vice President |
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Typed or Printed Name: Dina Bellechases
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Dina Bellechases | |||
My Commission Expires: December 13, 2011
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Typed or Printed Name:
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My Commission Expires:
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5
A. | The Plan was amended and restated effective as of January 1, 2009, to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the Code). From and after January 1, 2005 through December 31, 2008, the Plan was subject to and operated in accordance with a good faith interpretation of Code Section 409A, including the use of any applicable transition rules in effect during such period. |
B. | The Internal Revenue Service, in Notice 2010-6, provided guidance regarding document drafting failures and ambiguities that may be corrected or clarified without adverse tax implications. |
C. | Chesapeake Utilities Corporation, as the Plans sponsor, desires to make certain clarifying amendments to the Plan to ensure its interpretation and operation continue in accordance with the requirements of Code Section 409A, as permitted by Section IV of Notice 2010-6. |
1. | Subsection (a) of Section 3.03 of the Plan, Form and Time of Payment, is hereby revised to read as follows in order to reflect within the Plan document the administrative practice set forth in Plan election forms of offering Participants the option of electing that payment be made in a single lump sum or in annual installments over a period of either five or ten years: |
2. | Subsection (c) of Section 5.02 of the Plan, Installment Payments, is hereby revised to read as follows in order to reflect the fact that Participants make separate payment elections for each years deferrals, if any, and that only a portion of any Plan subaccount may be payable in accordance with an installment payment election: |
3. | Subsection (b) of Section 5.03 of the Plan, Time of Payment, is hereby revised to read as follows in order to reflect the fact that payment must be made no more than 90 days after the date of death: |
4. | Section 5.05 of the Plan, Disability, is hereby revised to read as follows in order to reflect the fact that payment must be made no more than 90 days after the date a Disability occurs: |
5. | Section 8.01 of the Plan, By the Compensation Committee, is hereby amended by the addition of the following sentence at the end thereof: The suspension or termination of the Plan shall not accelerate the obligation to make payments to any person not otherwise currently entitled to payments under the Plan, unless specifically determined by the Compensation Committee and permitted by applicable law, including but not limited to Code Section 409A. |
6. | Section 9.04 of the Plan, Required Information, is hereby amended by the addition of the following sentence at the end thereof: Notwithstanding the foregoing, the failure to provide any requested information or proof shall not delay any payment under the Plan, unless specifically permitted by applicable law, including but not limited to Code Section 409A. |
CHESAPEAKE UTILITIES CORPORATION
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By: | ||||
Its: | ||||
Date: |
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Executive | Chesapeake Utilities Corporation | |||||||
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By: | |||||||
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Its: President and CEO |
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CHESAPEAKE UTILITIES CORPORATION | ||||||
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By: | |||||
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Its: | |||||
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Grantee: | ||||||
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- 6 -
A. |
The Plan was amended and restated effective as of January 1, 2009, to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the Code).
From and after January 1, 2005 through December 31, 2008, the Plan, to the extent not
grandfathered, was subject to and operated in accordance with a good faith interpretation of
Code Section 409A, including the use of any applicable transition rules in effect during such
period.
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B. |
The Internal Revenue Service, in Notice 2010-6, provided guidance regarding document drafting
failures and ambiguities that may be corrected or clarified without adverse tax implications.
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C. |
Chesapeake Utilities Corporation, as the Plans sponsor, desires to make certain clarifying
amendments to the Plan to ensure its interpretation and operation continue in accordance with
the requirements of Code Section 409A, as permitted by Section IV of Notice 2010-6.
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1. |
Article IV of the Plan, Termination of Employment, is hereby amended by the addition of new
Section 4.3 to read as follows:
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2. |
Section 6.5 of the Plan, Benefit Claims Procedure, is hereby amended by the addition of the
following at the end thereof:
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CHESAPEAKE UTILITIES CORPORATION | ||||||
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By: | |||||
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Its: | |||||
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CITY OF MARIANNA | ||||||
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BY: | /s/ [ILLEGIBLE] | ||||
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/s/ [ILLEGIBLE]
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FLORIDA PUBLIC UTILITIES COMPANY | ||||||
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BY: | /s/ C.L. Stein | ||||
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Its: Sr. Vice President, COO | |||||
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Date: 8/28/09 |
11
EXECUTION VERSION | CONFIDENTIAL |
EXECUTION VERSION | CONFIDENTIAL |
Year | Capacity Rate ($/kW-Mo.) | |||
2018
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$ | 12.25 | ||
2019
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$ | 12.80 |
2
EXECUTION VERSION | CONFIDENTIAL |
3
EXECUTION VERSION | CONFIDENTIAL |
4
EXECUTION VERSION | CONFIDENTIAL |
5
EXECUTION VERSION | CONFIDENTIAL |
BY:
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/s/ Murry Weaver
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TITLE: Vice President, Southern Wholesale Energy |
BY:
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/s/ Jeff Householder
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TITLE: President |
6
EXECUTION VERSION | CONFIDENTIAL |
(1) |
the lesser of:
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(a) |
the product of:
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(i) |
the Reserve Requirement plus one (1); multiplied by the
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(ii) |
Forecasted Northwest Annual Peak Demand.
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(b) |
the product of:
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(i) |
one and one-hundredth (1.01) plus the Growth Rate; multiplied by the
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(ii) |
Capacity Purchase for the Calculation Year.
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(2) |
the Capacity Purchase for the Calculation Year.
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EXECUTION VERSION | CONFIDENTIAL |
(1) |
the lesser of:
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(a) |
the product of:
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(i) |
the Reserve Requirement plus one (1); multiplied by the
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(ii) |
Forecasted Northwest Annual Peak Demand.
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(b) |
the product of:
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(i) |
one and one-hundredth (1.01) plus the Growth Rate; multiplied by
the
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(ii) |
Capacity Purchase for the Calculation Year.
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(2) |
91 MW (Capacity Minimum) (subject to reduction for Year 2018
and/or Year 2019 under the circumstances described in Section E.2(b) of this
Appendix A).
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EXECUTION VERSION | CONFIDENTIAL |
EXECUTION VERSION | CONFIDENTIAL |
(1) |
the sum of:
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(a) |
the Marianna Load Ratio times the Northwest
Annual Peak Demand, each for the Peak Season of the third Year prior to
the Year in which the Marianna Expiration Date occurs; plus
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(b) |
the Marianna Load Ratio times the Northwest
Annual Peak Demand, each for the Peak Season of the second Year prior to
the Year in which the Marianna Expiration Date occurs; plus
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(c) |
the Marianna Load Ratio times the Northwest
Annual Peak Demand, each for the Peak Season of the first Year prior to
the Year in which the Marianna Expiration Date occurs.
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(2) |
divided by three (3).
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EXECUTION VERSION | CONFIDENTIAL |
Year | Peak Season MW | Transmission Loss Factor | Peak Season MW (after loss adj.) | |||||||||
2007
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79.197 | 2.6 | % | 81.311 | ||||||||
2008
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72.928 | 2.6 | % | 74.875 | ||||||||
2009
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73.203 | 2.6 | % | 75.157 | ||||||||
2010
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69.581 | 2.6 | % | 71.438 |
For the Years Ended December 31, | 2010 | 2009 (a) | 2008 | 2007 | 2006 | |||||||||||||||
(in thousands, except ratio of
earnings to fixed charges) |
||||||||||||||||||||
Income from continuing operations
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$ | 26,056 | $ | 15,897 | $ | 13,607 | $ | 13,218 | $ | 10,748 | ||||||||||
Add:
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Income taxes
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16,923 | 10,918 | 8,817 | 8,597 | 6,999 | |||||||||||||||
Portion of rents representative of interest factor
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356 | 333 | 294 | 245 | 227 | |||||||||||||||
Interest on indebtedness
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9,090 | 7,042 | 6,110 | 6,539 | 5,722 | |||||||||||||||
Amortization of debt discount and expense
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55 | 43 | 47 | 51 | 52 | |||||||||||||||
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Earnings as adjusted
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$ | 52,480 | $ | 34,233 | $ | 28,875 | $ | 28,650 | $ | 23,748 | ||||||||||
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Fixed Charges
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Portion of rents representative of interest factor
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$ | 356 | $ | 333 | $ | 294 | $ | 245 | $ | 227 | ||||||||||
Interest on indebtedness
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9,090 | 7,042 | 6,110 | 6,539 | 5,722 | |||||||||||||||
Amortization of debt discount and expense
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55 | 43 | 47 | 51 | 52 | |||||||||||||||
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Fixed Charges
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$ | 9,501 | $ | 7,418 | $ | 6,451 | $ | 6,835 | $ | 6,001 | ||||||||||
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Ratio of Earnings to Fixed Charges
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5.52 | 4.61 | 4.48 | 4.19 | 3.96 | |||||||||||||||
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(a) |
Includes the results from the merger with Florida Public Utilities Company, which
became effective on October 28, 2009.
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Maintain high standards of honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and professional relationships.
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Take reasonable actions within the scope of his or her responsibilities to ensure that
the disclosures in reports and documents filed by Chesapeake with the SEC and in other
public communications made by Chesapeake are accurate, complete, fairly stated, timely and
understandable.
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Comply with applicable governmental laws, rules and regulations, including the rules,
regulations and policies of public regulatory agencies.
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Act at all times in good faith, responsibly, with due care, and diligence in carrying
out his or her responsibilities.
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Maintain the confidentiality of confidential financial or other information acquired in
the course of employment, except when disclosure is properly authorized or is required by
applicable law or legal process, and not use any such confidential information for personal
advantage.
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Not take any action to coerce, manipulate, mislead or fraudulently influence an
independent accountant or internal auditor engaged in the performance of an audit or review
of Chesapeakes financial statements or accounting books and records, with the purpose of
rendering the financial statements false or misleading.
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Report promptly any violation of this Code of Ethics for Financial Officers either
directly to the Director of Internal Audit or the Chairman of the Audit Committee.
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I. |
Compliance with Laws, Rules, Regulations, Policies and Procedures
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II. |
Conflicts of Interest
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Ownership of a financial interest (other than, in the case of a public company,
the ownership of less than a one percent equity interest) in any business or other
enterprise that does business (whether as a supplier, customer or otherwise), or is
seeking to do business, with the Company.
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Serving as a director, officer or partner of, or in any other managerial role with
respect to, or as a consultant to, any business or other enterprise that does business
(whether as a supplier, customer or otherwise), or is seeking to do business, with the
Company.
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Ownership of a financial interest in (other than, in the case of a public company,
the ownership of less than a one percent equity interest), or serving as a director,
officer or partner of, or in any other managerial role with respect to, or as a
consultant to, any competitor of the Company.
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Acting as a broker, finder or other intermediary for the benefit of a third party
in any transaction involving the Company.
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Any situation where the employee, officer or director will receive any payment of
money, services, loan, guarantee or any other personal benefits from a third party in
anticipation of or as a result of any transaction or business relationship between the
Company and the third party.
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Ownership of a financial interest (other than, in the case of a public company,
the ownership of less than a one percent equity interest) in any business or other
enterprise that does business (whether as a supplier, customer or otherwise), or is
seeking to do business, with any competitor of the Company.
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Serving as a director, officer or partner of, or in any other managerial role with
respect to, or as a consultant to, any business or other enterprise that does business
(whether as a supplier, customer or otherwise), or is seeking to do business, with any
competitor of the Company.
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Taking a public position or making public statements contrary to the best interests
of the Company or that could result in embarrassment to the Company.
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2 of 8
III. |
Corporate Opportunities
|
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Taking for themselves personally opportunities that they discovered through the use
of Company property or information or through their position with the Company;
|
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Using property or information of the Company or their position with the Company for
personal gain; or
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Engaging in any business in competition with the Company.
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IV. |
Confidentiality
|
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Trade secrets and other proprietary technical information or data.
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Undisclosed financial and accounting information.
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Strategic information concerning current and future business plans.
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Pricing information.
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Customer records.
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Employee personnel records (e.g., job applications, resumes, performance
evaluations and records, compensation information, notices regarding performance,
termination notices, etc.).
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Research information and records.
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3 of 8
V. |
Proper Accounting for Company Transactions
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A. |
Maintenance of Accurate Records
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No undisclosed or unrecorded fund or asset of the Company shall be established or
maintained for any purpose.
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No employee or officer of the Company shall intentionally conceal or fail to record
or report any matter that is required to be recorded or reported.
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No employee or officer of the Company shall improperly record or report any matter,
or improperly alter any record or report of any matter.
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B. |
Documentation of Disbursement of Funds
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VI. |
Improper Payments and Gifts to Third Parties
|
A. |
Improper Payments and Gifts
.
|
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Current or prospective customer, supplier or competitor of the Company or to
government officials; or
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4 of 8
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Any director, officer, employee, general partner, stockholder or owner of a current or
prospective customer, supplier or competitor,
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B. |
Permitted Gifts
|
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It is consistent with customary business practices;
|
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It is not for an improper purpose;
|
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It is not in contravention of any applicable laws, rules, regulations or ethical
standards; and
|
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Public disclosure of the full details of the gift would not cause embarrassment to
the Company.
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VII. |
Acceptance of Gifts or Other Personal Benefits
|
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It does not go beyond common courtesies usually associated with accepted business
practices;
|
|
It does not interfere with the recipients independence or judgment in carrying out
his or her responsibilities on behalf of the Company; and
|
|
Public disclosure of the full details of the gift or gratuity would not cause
embarrassment to the Company.
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5 of 8
VIII. |
Relationships with Customers
|
|
When dealing with customers, the Company is committed to:
|
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Providing all customers with exceptional service;
|
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Dealing fairly and ethically with all customers and treating customers with respect;
|
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Providing customers with accurate and clear information regarding the services
offered by the Company; and
|
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Investigating promptly and resolving on fair terms all customer complaints and
inquiries.
|
IX. |
Relationships with Suppliers
|
X. |
Fair Competition
|
XI. |
Relationships with Employees
|
6 of 8
XII. |
Protection and Proper Use of Company Assets
|
XIII. |
Insider Trading
|
XIV. |
Political Activities
|
XV. |
Compliance Procedures
|
A. |
Distribution of this Code of Ethics
|
7 of 8
B. |
Reporting Violations
|
C. |
Violations
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XVI. |
Amendments and Waivers
|
8 of 8
Subsidiaries
|
State Incorporated | |
Eastern Shore Natural Gas Company
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Delaware | |
Sharp Energy, Inc.
|
Delaware | |
Chesapeake Service Company
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Delaware | |
Xeron, Inc.
|
Mississippi | |
Chesapeake OnSight Services, LLC
|
Delaware | |
Peninsula Energy Services Company, Inc.
|
Delaware | |
Peninsula Pipeline Company, Inc.
|
Delaware | |
Florida Public Utilities Company
|
Florida | |
|
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Subsidiaries of Sharp Energy, Inc.
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State Incorporated | |
Sharpgas, Inc.
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Delaware | |
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Subsidiaries of Florida Public Utilities Company
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State Incorporated | |
Flo-Gas Corporation
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Florida | |
|
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Subsidiaries of Chesapeake Service Company
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State Incorporated | |
Skipjack, Inc.
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Delaware | |
BravePoint, Inc.
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Georgia | |
Chesapeake Investment Company
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Delaware | |
Eastern Shore Real Estate, Inc.
|
Delaware |
/s/ ParenteBeard LLC
|
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Malvern, Pennsylvania
|
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March 8, 2011
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1. |
I have reviewed this annual report on Form 10-K of Chesapeake Utilities Corporation;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
|
4. |
The registrants other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a15(e)
and 15d15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a) |
designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this report is being prepared;
|
||
b) |
designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
|
||
c) |
evaluated the effectiveness of the registrants disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluations; and
|
||
d) |
disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter
(the registrants fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrants
internal control over financial reporting; and
|
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing the equivalent
functions):
|
a) |
all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the registrants ability to record, process, summarize and report financial
information; and
|
||
b) |
any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrants internal control over financial
reporting.
|
/s/ Michael P. McMasters
|
||
President and Chief Executive Officer
|
1. |
I have reviewed this annual report on Form 10-K of Chesapeake Utilities Corporation;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
|
4. |
The registrants other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a15(e)
and 15d15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a) |
designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this report is being prepared;
|
||
b) |
designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
|
||
c) |
evaluated the effectiveness of the registrants disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluations; and
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||
d) |
disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter
(the registrants fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrants
internal control over financial reporting; and
|
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of the registrants board of directors (or persons performing the equivalent
functions):
|
a) |
all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the registrants ability to record, process, summarize and report financial
information; and
|
||
b) |
any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrants internal control over financial
reporting.
|
/s/ Beth W. Cooper
|
||
Senior Vice President and Chief Financial Officer
|
/s/ Michael P. McMasters | ||||
Michael P. McMasters
March 8, 2011 |
/s/ Beth W. Cooper | ||||
Beth W. Cooper
March 8, 2011 |