Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.6.0.2
Consolidated Statements of Income and Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenue      
Lease revenue $ 67,994,130 $ 48,086,072 $ 28,223,765
Transportation and distribution revenue 21,094,112 14,345,269 1,298,093
Financing revenue 162,344 1,697,550 1,077,813
Sales revenue 0 7,160,044 9,708,902
Total Revenue 89,250,586 71,288,935 40,308,573
Expenses      
Transportation and distribution expenses 6,463,348 4,609,725 1,299,782
Cost of Sales 0 2,819,212 7,291,968
General and administrative 12,270,380 9,745,704 7,872,753
Depreciation, amortization and ARO accretion expense 22,522,871 18,766,551 13,195,255
Provision for loan loss and disposition 5,014,466 13,784,137 0
Total Expenses 46,271,065 49,725,329 29,659,758
Operating Income 42,979,521 21,563,606 10,648,815
Other Income (Expense)      
Net distributions and dividend income 1,140,824 1,270,755 1,836,783
Net realized and unrealized gain (loss) on other equity securities 824,482 (1,063,613) (466,026)
Interest expense (14,417,839) (9,781,184) (3,675,122)
Total Other Expense (12,452,533) (9,574,042) (2,304,365)
Income before income taxes 30,526,988 11,989,564 8,344,450
Taxes      
Current tax expense (benefit) (313,107) 922,010 3,843,937
Deferred tax benefit (151,313) (2,869,563) (4,069,500)
Income tax benefit, net (464,420) (1,947,553) (225,563)
Net Income 30,991,408 13,937,117 8,570,013
Less: Net Income attributable to non-controlling interest 1,328,208 1,617,206 1,556,157
Net Income attributable to CorEnergy Stockholders 29,663,200 12,319,911 7,013,856
Preferred dividend requirements 4,148,437 3,848,828 0
Net Income attributable to Common Stockholders 25,514,763 8,471,083 7,013,856
Other comprehensive income (loss):      
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders (201,993) (262,505) (324,101)
Changes in fair value of qualifying hedges attributable to non-controlling interest (47,226) (61,375) (75,780)
Net Change in Other Comprehensive Loss (249,219) (323,880) (399,881)
Total Comprehensive Income 30,742,189 13,613,237 8,170,132
Less: Comprehensive income attributable to non-controlling interest 1,280,982 1,555,831 1,480,377
Comprehensive Income attributable to CorEnergy Stockholders $ 29,461,207 $ 12,057,406 $ 6,689,755
Earnings Per Common Share:      
Basic (in dollars per share) $ 2.14 $ 0.79 $ 1.06
Diluted (in dollars per share) $ 2.14 $ 0.79 $ 1.06
Weighted Average Shares of Common Stock Outstanding:      
Basic (in shares) 11,901,985 10,685,892 6,605,715
Diluted (in shares) 11,901,985 10,685,892 6,605,715
Dividends declared per share (in dollars per share) $ 3 $ 2.75 $ 2.57