Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income and Comprehensive Income (Unaudited)

v3.8.0.1
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue        
Lease revenue $ 17,173,676 $ 16,996,155 $ 51,290,294 $ 50,988,299
Transportation and distribution revenue 5,270,628 5,119,330 15,056,998 15,283,461
Financing revenue 0 0 0 162,344
Total Revenue 22,444,304 22,115,485 66,347,292 66,434,104
Expenses        
Transportation and distribution expenses 2,384,182 1,482,161 5,082,732 4,222,792
General and administrative 2,632,546 3,021,869 8,252,125 9,084,961
Depreciation, amortization and ARO accretion expense 6,017,664 5,744,266 18,029,567 16,778,109
Provision for loan loss and disposition 0 0 0 5,014,466
Total Expenses 11,034,392 10,248,296 31,364,424 35,100,328
Operating Income 11,409,912 11,867,189 34,982,868 31,333,776
Other Income (Expense)        
Net distributions and dividend income 213,040 277,523 477,942 867,265
Net realized and unrealized gain on other equity securities 1,340,197 1,430,858 1,410,623 1,001,771
Interest expense (2,928,036) (3,520,856) (9,585,270) (10,987,677)
Loss on extinguishment of debt (234,433) 0 (234,433) 0
Total Other Expense (1,609,232) (1,812,475) (7,931,138) (9,118,641)
Income before income taxes 9,800,680 10,054,714 27,051,730 22,215,135
Taxes        
Current tax expense (benefit) 65,131 95,125 89,022 (378,954)
Deferred tax expense (benefit) 126,440 388,027 (134,322) 17,418
Income tax expense (benefit), net 191,571 483,152 (45,300) (361,536)
Net income 9,609,109 9,571,562 27,097,030 22,576,671
Less: Net Income attributable to non-controlling interest 431,825 340,377 1,250,096 999,838
Net Income attributable to CorEnergy Stockholders 9,177,284 9,231,185 25,846,934 21,576,833
Preferred dividend requirements 2,396,875 1,037,109 5,557,113 3,111,327
Net Income attributable to Common Stockholders 6,780,409 8,194,076 20,289,821 18,465,506
Net Income 9,609,109 9,571,562 27,097,030 22,576,671
Other comprehensive income (loss):        
Changes in fair value of qualifying hedges / AOCI attributable to CorEnergy stockholders 3,038 3,039 9,016 (205,032)
Changes in fair value of qualifying hedges / AOCI attributable to non-controlling interest 710 710 2,106 (47,937)
Net Change in Other Comprehensive Income (Loss) 3,748 3,749 11,122 (252,969)
Total Comprehensive Income 9,612,857 9,575,311 27,108,152 22,323,702
Less: Comprehensive income attributable to non-controlling interest 432,535 341,087 1,252,202 951,901
Comprehensive Income attributable to CorEnergy Stockholders $ 9,180,322 $ 9,234,224 $ 25,855,950 $ 21,371,801
Earnings Per Common Share:        
Basic (in dollars per share) $ 0.57 $ 0.69 $ 1.71 $ 1.55
Diluted (in dollars per share) $ 0.57 $ 0.68 $ 1.71 $ 1.55
Weighted Average Shares of Common Stock Outstanding:        
Basic (in shares) 11,904,933 11,872,729 11,896,803 11,909,431
Diluted (in shares) 11,904,933 15,327,274 11,896,803 11,909,431
Dividends declared per share (in dollars per share) $ 0.750 $ 0.75 $ 2.250 $ 2.25