Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income and Comprehensive Income (Unaudited)

v3.5.0.2
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenue        
Lease revenue $ 16,996,072 $ 6,799,879 $ 33,992,144 $ 14,135,980
Transportation and distribution revenue 5,064,680 3,546,979 10,164,131 7,196,714
Financing revenue 0 668,904 162,344 1,329,296
Sales revenue 0 1,665,908 0 4,007,563
Total Revenue 22,060,752 12,681,670 44,318,619 26,669,553
Expenses        
Transportation and distribution expenses 1,378,306 1,272,025 2,740,631 2,469,993
Cost of Sales 0 569,958 0 1,818,288
General and administrative 2,773,240 1,905,329 6,063,092 4,473,848
Depreciation, amortization and ARO accretion expense 5,737,025 3,495,986 11,033,843 7,544,818
Provision for loan loss and disposition 369,278 0 5,014,466 0
Total Expenses 10,257,849 7,243,298 24,852,032 16,306,947
Operating Income 11,802,903 5,438,372 19,466,587 10,362,606
Other Income (Expense)        
Net distributions and dividend income 214,169 193,410 589,742 783,818
Net realized and unrealized gain (loss) on other equity securities 1,199,665 43,385 (429,087) 493,183
Interest expense (3,540,812) (1,126,888) (7,466,821) (2,274,160)
Total Other Income (Expense) (2,126,978) (890,093) (7,306,166) (997,159)
Income before income taxes 9,675,925 4,548,279 12,160,421 9,365,447
Taxes        
Current tax expense (benefit) 203,652 104,479 (474,079) 540,235
Deferred tax expense (benefit) 206,786 (153,342) (370,609) (268,733)
Income tax expense (benefit), net 410,438 (48,863) (844,688) 271,502
Net Income 9,265,487 4,597,142 13,005,109 9,093,945
Less: Net Income attributable to non-controlling interest 310,960 412,004 659,461 822,179
Net Income attributable to CorEnergy Stockholders 8,954,527 4,185,138 12,345,648 8,271,766
Preferred dividend requirements 1,037,109 1,037,109 2,074,218 1,774,609
Net Income attributable to Common Stockholders 7,917,418 3,148,029 10,271,430 6,497,157
Other comprehensive income (loss):        
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders 3,005 18,202 (208,071) (257,905)
Changes in fair value of qualifying hedges attributable to non-controlling interest 703 4,256 (48,647) (60,299)
Net Change in Other Comprehensive Income (Loss) 3,708 22,458 (256,718) (318,204)
Total Comprehensive Income 9,269,195 4,619,600 12,748,391 8,775,741
Less: Comprehensive income attributable to non-controlling interest 311,663 416,260 610,814 761,880
Comprehensive Income attributable to CorEnergy Stockholders $ 8,957,532 $ 4,203,340 $ 12,137,577 $ 8,013,861
Earnings Per Common Share:        
Basic (in dollars per share) $ 0.66 $ 0.33 $ 0.86 $ 0.69
Diluted (in dollars per share) $ 0.66 $ 0.32 $ 0.86 $ 0.68
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 11,912,030 9,523,753 11,927,984 9,423,758
Diluted (in shares) 15,383,892 9,863,413 11,927,984 9,594,526
Dividends declared per share (in dollars per share) $ 0.75 $ 0.675 $ 1.5 $ 1.325