Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.8.0.1
Consolidated Statements of Income and Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenue      
Lease revenue $ 68,803,804 $ 67,994,130 $ 48,086,072
Transportation and distribution revenue 19,945,573 21,094,112 14,345,269
Financing revenue 0 162,344 1,697,550
Sales revenue 0 0 7,160,044
Total Revenue 88,749,377 89,250,586 71,288,935
Expenses      
Transportation and distribution expenses 6,729,707 6,463,348 4,609,725
Cost of Sales 0 0 2,819,212
General and administrative 10,786,497 12,270,380 9,745,704
Depreciation, amortization and ARO accretion expense 24,047,710 22,522,871 18,766,551
Provision for loan loss and disposition 0 5,014,466 13,784,137
Total Expenses 41,563,914 46,271,065 49,725,329
Operating Income 47,185,463 42,979,521 21,563,606
Other Income (Expense)      
Net distributions and dividend income 680,091 1,140,824 1,270,755
Net realized and unrealized gain (loss) on other equity securities 1,531,827 824,482 (1,063,613)
Interest expense (12,378,514) (14,417,839) (9,781,184)
Loss on extinguishment of debt (336,933) 0 0
Total Other Expense (10,503,529) (12,452,533) (9,574,042)
Income before income taxes 36,681,934 30,526,988 11,989,564
Taxes      
Current tax expense (benefit) 2,831,658 (313,107) 922,010
Deferred tax benefit (486,340) (151,313) (2,869,563)
Income tax expense (benefit), net 2,345,318 (464,420) (1,947,553)
Net Income 34,336,616 30,991,408 13,937,117
Less: Net Income attributable to non-controlling interest 1,733,826 1,328,208 1,617,206
Net Income attributable to CorEnergy Stockholders 32,602,790 29,663,200 12,319,911
Preferred dividend requirements 7,953,988 4,148,437 3,848,828
Net Income attributable to Common Stockholders 24,648,802 25,514,763 8,471,083
Other comprehensive income (loss):      
Changes in fair value of qualifying hedges / AOCI attributable to CorEnergy stockholders 11,196 (201,993) (262,505)
Changes in fair value of qualifying hedges / AOCI attributable to non-controlling interest 2,617 (47,226) (61,375)
Net Change in Other Comprehensive Income (Loss) 13,813 (249,219) (323,880)
Total Comprehensive Income 34,350,429 30,742,189 13,613,237
Less: Comprehensive income attributable to non-controlling interest 1,736,443 1,280,982 1,555,831
Comprehensive Income attributable to CorEnergy Stockholders $ 32,613,986 $ 29,461,207 $ 12,057,406
Earnings Per Common Share:      
Basic (in dollars per share) $ 2.07 $ 2.14 $ 0.79
Diluted (in dollars per share) $ 2.07 $ 2.14 $ 0.79
Weighted Average Shares of Common Stock Outstanding:      
Basic (in shares) 11,900,516 11,901,985 10,685,892
Diluted (in shares) 11,900,516 11,901,985 10,685,892
Dividends declared per share (in dollars per share) $ 3.000 $ 3.000 $ 2.750