PORTLAND — FairPoint Communications says regulatory reforms in Maine, New Hampshire and Vermont will result in annual savings of more than $31 million, giving it more financial stability a year and a half after emerging from bankruptcy.

FairPoint officials said today the savings come from legislation in Maine and New Hampshire and the Vermont Public Service Board’s approval of its four-year regulatory plan.

The changes in the three states reduce the penalties the company could face for falling short of service standards. CEO Paul Sunu says the changes also allow more pricing flexibility, making the company more competitive in the marketplace.

North Carolina-based FairPoint provides landline telephone, Internet and other telecommunications services in 18 states. Its largest holdings are in northern New England, where it has about 1.1 million access lines.