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 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue        
Lease revenue $ 16,996,155 $ 16,966,056 $ 50,988,299 $ 31,102,036
Transportation and distribution revenue 5,119,330 3,557,096 15,283,461 10,753,810
Financing revenue 0 182,604 162,344 1,511,900
Sales revenue 0 1,434,694 0 5,442,257
Total Revenue 22,115,485 22,140,450 66,434,104 48,810,003
Expenses        
Transportation and distribution expenses 1,482,161 1,120,862 4,222,792 3,590,855
Cost of Sales 0 382,851 0 2,201,139
General and administrative 3,021,869 2,837,762 9,084,961 7,311,610
Depreciation, amortization and ARO accretion expense 5,744,266 5,836,665 16,778,109 13,381,483
Provision for loan loss and disposition 0 7,951,137 5,014,466 7,951,137
Total Expenses 10,248,296 18,129,277 35,100,328 34,436,224
Operating Income 11,867,189 4,011,173 31,333,776 14,373,779
Other Income (Expense)        
Net distributions and dividend income 277,523 241,563 867,265 1,025,381
Net realized and unrealized gain (loss) on other equity securities 1,430,858 (1,408,751) 1,001,771 (915,568)
Interest expense (3,520,856) (3,854,913) (10,987,677) (6,129,073)
Total Other Income (Expense) (1,812,475) (5,022,101) (9,118,641) (6,019,260)
Income (loss) before income taxes 10,054,714 (1,010,928) 22,215,135 8,354,519
Taxes        
Current tax expense (benefit) 95,125 105,020 (378,954) 645,255
Deferred tax expense (benefit) 388,027 (1,953,973) 17,418 (2,222,706)
Income tax expense (benefit), net 483,152 (1,848,953) (361,536) (1,577,451)
Net Income 9,571,562 838,025 22,576,671 9,931,970
Less: Net Income attributable to non-controlling interest 340,377 410,806 999,838 1,232,985
Net Income attributable to CorEnergy Stockholders 9,231,185 427,219 21,576,833 8,698,985
Preferred dividend requirements 1,037,109 1,037,109 3,111,327 2,811,718
Net Income (loss) attributable to Common Stockholders 8,194,076 (609,890) 18,465,506 5,887,267
Other comprehensive income (loss):        
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders 3,039 (223,176) (205,032) (481,081)
Changes in fair value of qualifying hedges attributable to non-controlling interest 710 (52,180) (47,937) (112,479)
Net Change in Other Comprehensive Income (Loss) 3,749 (275,356) (252,969) (593,560)
Total Comprehensive Income 9,575,311 562,669 22,323,702 9,338,410
Less: Comprehensive income attributable to non-controlling interest 341,087 358,626 951,901 1,120,506
Comprehensive Income attributable to CorEnergy Stockholders $ 9,234,224 $ 204,043 $ 21,371,801 $ 8,217,904
Earnings (Loss) Per Common Share:        
Basic (in dollars per share) $ 0.69 $ (0.05) $ 1.55 $ 0.57
Diluted (in dollars per share) $ 0.68 $ (0.05) $ 1.55 $ 0.57
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 11,872,729 11,924,148 11,909,431 10,266,380
Diluted (in shares) 15,327,274 11,924,148 11,909,431 10,266,380
Dividends declared per share (in dollars per share) $ 0.75 $ 0.675 $ 2.25 $ 2