Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.10.0.1
Consolidated Statements of Income and Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenue      
Lease revenue $ 72,747,362 $ 68,803,804 $ 67,994,130
Revenue 16,484,236    
Total Revenue 89,231,598 88,749,377 89,250,586
Expenses      
Transportation and distribution expenses 7,210,748 6,729,707 6,463,348
General and administrative 13,042,847 10,786,497 12,270,380
Depreciation, amortization and ARO accretion expense 24,947,453 24,047,710 22,522,871
Provision for loan (gain) loss (36,867) 0 5,014,466
Total Expenses 45,164,181 41,563,914 46,271,065
Operating Income 44,067,417 47,185,463 42,979,521
Other Income (Expense)      
Net distributions and dividend income 106,795 680,091 1,140,824
Net realized and unrealized gain (loss) on other equity securities (1,845,309) 1,531,827 824,482
Interest expense (12,759,010) (12,378,514) (14,417,839)
Gain on the sale of leased property, net 11,723,257 0 0
Loss on extinguishment of debt 0 (336,933) 0
Total Other Expense (2,774,267) (10,503,529) (12,452,533)
Income before income taxes 41,293,150 36,681,934 30,526,988
Taxes      
Current tax expense (benefit) (585,386) 2,831,658 (313,107)
Deferred tax benefit (1,833,340) (486,340) (151,313)
Income tax expense (benefit), net (2,418,726) 2,345,318 (464,420)
Net Income 43,711,876 34,336,616 30,991,408
Less: Net Income attributable to non-controlling interest 0 1,733,826 1,328,208
Net Income attributable to CorEnergy Stockholders 43,711,876 32,602,790 29,663,200
Preferred dividend requirements 9,548,377 7,953,988 4,148,437
Net Income attributable to Common Stockholders 34,163,499 24,648,802 25,514,763
Net Income 43,711,876 34,336,616 30,991,408
Other comprehensive income (loss):      
Changes in fair value of qualifying hedges / AOCI attributable to CorEnergy stockholders 0 11,196 (201,993)
Changes in fair value of qualifying hedges / AOCI attributable to non-controlling interest 0 2,617 (47,226)
Net Change in Other Comprehensive Income (Loss) 0 13,813 (249,219)
Total Comprehensive Income (Loss) 43,711,876 34,350,429 30,742,189
Less: Comprehensive income attributable to non-controlling interest 0 1,736,443 1,280,982
Comprehensive Income attributable to CorEnergy Stockholders $ 43,711,876 $ 32,613,986 $ 29,461,207
Earnings Per Common Share:      
Basic (in dollars per share) $ 2.86 $ 2.07 $ 2.14
Diluted (in dollars per share) $ 2.79 $ 2.07 $ 2.14
Weighted Average Shares of Common Stock Outstanding:      
Basic (in shares) 11,935,021 11,900,516 11,901,985
Diluted (in shares) 15,389,180 11,900,516 11,901,985
Dividends declared per share (in dollars per share) $ 3.000 $ 3.000 $ 3.000
Transportation and distribution revenue      
Revenue      
Revenue $ 16,484,236 $ 19,945,573 $ 21,094,112
Financing revenue      
Revenue      
Revenue $ 0 $ 0 $ 162,344