Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.2.0.727
Consolidated Statements of Income and Comprehensive Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenue        
Lease revenue $ 6,799,879 $ 7,065,677 $ 14,135,980 $ 13,828,085
Sales revenue 1,665,908 1,813,607 4,007,563 5,073,137
Financing revenue 668,904 139,728 1,329,296 165,347
Transportation revenue 3,546,979 0 7,196,714 0
Total Revenue 12,681,670 9,019,012 26,669,553 19,066,569
Expenses        
Cost of sales (excluding depreciation expense) 569,958 1,384,998 1,818,288 4,092,356
Management fees 1,167,522 761,265 2,339,496 1,545,133
Acquisition expense and professional fees 416,591 286,246 1,658,546 701,591
Depreciation and amortization expense 3,495,986 3,220,253 7,544,818 6,367,231
Transportation, maintenance and general and administrative 1,076,352 0 2,067,960 0
Operating expenses 195,673 213,533 402,033 436,274
Other expenses 321,216 287,449 475,806 521,191
Total Expenses 7,243,298 6,153,744 16,306,947 13,663,776
Operating Income 5,438,372 2,865,268 10,362,606 5,402,793
Other Income (Expense)        
Net distributions and dividend income 193,410 5,988 783,818 11,044
Net realized and unrealized gain on other equity securities 43,385 2,084,026 493,183 3,378,208
Interest expense (1,126,888) (819,360) (2,274,160) (1,646,337)
Total Other Income (Expense) (890,093) 1,270,654 (997,159) 1,742,915
Income before income taxes 4,548,279 4,135,922 9,365,447 7,145,708
Taxes        
Current tax expense 104,479 0 540,235 854,075
Deferred tax expense (benefit) (153,342) 742,879 (268,733) 402,317
Income tax expense (benefit), net (48,863) 742,879 271,502 1,256,392
Net Income 4,597,142 3,393,043 9,093,945 5,889,316
Less: Net Income attributable to non-controlling interest 412,004 387,135 822,179 778,249
Net Income attributable to CorEnergy Stockholders 4,185,138 3,005,908 8,271,766 5,111,067
Preferred dividend requirements 1,037,109 0 1,774,609 0
Net Income attributable to Common Stockholders 3,148,029 3,005,908 6,497,157 5,111,067
Other comprehensive income:        
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders 18,202 (270,838) (257,905) (341,458)
Changes in fair value of qualifying hedges attributable to non-controlling interest 4,256 (63,324) (60,299) (79,835)
Net Change in Other Comprehensive Income 22,458 (334,162) (318,204) (421,293)
Total Comprehensive Income 4,619,600 3,058,881 8,775,741 5,468,023
Less: Comprehensive income attributable to non-controlling interest 416,260 323,811 761,880 698,414
Comprehensive Income attributable to CorEnergy Stockholders $ 4,203,340 $ 2,735,070 $ 8,013,861 $ 4,769,609
Earnings Per Common Share:        
Basic (in dollars per share) $ 0.07 $ 0.10 $ 0.14 $ 0.17
Diluted (in dollars per share) $ 0.06 $ 0.10 $ 0.14 $ 0.17
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 47,618,765 31,637,568 47,118,789 30,810,060
Diluted (in shares) 49,317,067 31,637,568 47,972,632 30,810,060
Dividends declared per share (in dollars per share) $ 0.135 $ 0.129 $ 0.265 $ 0.254