Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited) (Tables)

v3.10.0.1
Quarterly Financial Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
 
For the Fiscal 2018 Quarters Ended
 
March 31
 
June 30
 
September 30
 
December 31
Revenue
 
 
 
 
 
 
 
Lease revenue
$
17,591,859

 
$
18,275,859

 
$
18,391,983

 
$
18,487,661

Transportation and distribution revenue
3,952,979

 
3,874,157

 
4,244,722

 
4,412,378

Total Revenue
21,544,838

 
22,150,016

 
22,636,705

 
22,900,039

Expenses
 
 
 
 
 
 
 
Transportation and distribution expenses
1,572,896

 
1,534,524

 
2,241,999

 
1,861,329

General and administrative
2,727,057

 
3,107,776

 
3,046,481

 
4,161,533

Depreciation, amortization and ARO accretion expense
6,289,330

 
6,290,082

 
6,289,459

 
6,078,582

Provision for loan (gain) loss
500,000

 

 

 
(536,867
)
Total Expenses
11,089,283

 
10,932,382

 
11,577,939

 
11,564,577

Operating Income
$
10,455,555

 
$
11,217,634

 
$
11,058,766

 
$
11,335,462

Other Income (Expense)
 
 
 
 
 
 
 
Net distributions and dividend income
$
3,951

 
$
55,714

 
$
5,627

 
$
41,503

Net realized and unrealized gain (loss) on other equity securities
13,966

 
(881,100
)
 
(930,147
)
 
(48,028
)
Interest expense
(3,210,590
)
 
(3,196,248
)
 
(3,183,589
)
 
(3,168,583
)
Gain on the sale of leased property, net

 

 

 
11,723,257

Total Other Income (Expense)
(3,192,673
)

(4,021,634
)

(4,108,109
)

8,548,149

Income before income taxes
7,262,882

 
7,196,000

 
6,950,657

 
19,883,611

Taxes
 
 
 
 
 
 
 
Current tax benefit
(35,549
)
 
(10,785
)
 
(8,393
)
 
(530,659
)
Deferred tax benefit
(409,277
)
 
(604,064
)
 
(738,274
)
 
(81,725
)
Income tax benefit, net
(444,826
)
 
(614,849
)
 
(746,667
)
 
(612,384
)
Net Income attributable to CorEnergy Stockholders
$
7,707,708

 
$
7,810,849

 
$
7,697,324

 
$
20,495,995

Preferred dividend requirements
2,396,875

 
2,396,875

 
2,396,875

 
2,357,752

Net Income attributable to Common Stockholders
$
5,310,833

 
$
5,413,974

 
$
5,300,449

 
$
18,138,243

 
 
 
 
 
 
 
 
Earnings Per Common Share:
 
 
 
 
 
 
 
Basic
$
0.45

 
$
0.45

 
$
0.44

 
$
1.52

Diluted
$
0.45

 
$
0.45

 
$
0.44

 
$
1.32


 
For the Fiscal 2017 Quarters Ended
 
March 31
 
June 30
 
September 30
 
December 31
Revenue
 
 
 
 
 
 
 
Lease revenue
$
17,066,526

 
$
17,050,092

 
$
17,173,676

 
$
17,513,510

Transportation and distribution revenue
5,010,590

 
4,775,780

 
5,270,628

 
4,888,575

Total Revenue
22,077,116

 
21,825,872

 
22,444,304

 
22,402,085

Expenses
 
 
 
 
 
 
 
Transportation and distribution expenses
1,335,570

 
1,362,980

 
2,384,182

 
1,646,975

General and administrative
3,061,240

 
2,558,339

 
2,632,546

 
2,534,372

Depreciation, amortization and ARO accretion expense
6,005,908

 
6,005,995

 
6,017,664

 
6,018,143

Total Expenses
10,402,718

 
9,927,314

 
11,034,392

 
10,199,490

Operating Income
$
11,674,398

 
$
11,898,558

 
$
11,409,912

 
$
12,202,595

Other Income (Expense)
 
 
 
 
 
 
 
Net distributions and dividend income
$
43,462

 
$
221,440

 
$
213,040

 
$
202,149

Net realized and unrealized gain (loss) on other equity securities
(544,208
)
 
614,634

 
1,340,197

 
121,204

Interest expense
(3,454,397
)
 
(3,202,837
)
 
(2,928,036
)
 
(2,793,245
)
Loss on extinguishment of debt

 

 
(234,433
)
 
(102,500
)
Total Other Expense
(3,955,143
)
 
(2,366,763
)
 
(1,609,232
)
 
(2,572,392
)
Income before income taxes
7,719,255

 
9,531,795

 
9,800,680

 
9,630,203

Taxes

 

 

 

Current tax expense (benefit)
(33,760
)
 
57,651

 
65,131

 
2,742,636

Deferred tax expense (benefit)
(298,846
)
 
38,084

 
126,440

 
(352,018
)
Income tax expense (benefit), net
(332,606
)
 
95,735

 
191,571

 
2,390,618

Net Income
8,051,861

 
9,436,060

 
9,609,109

 
7,239,585

Less: Net Income attributable to non-controlling interest
382,383

 
435,888

 
431,825

 
483,730

Net Income attributable to CorEnergy Stockholders
$
7,669,478

 
$
9,000,172

 
$
9,177,284

 
$
6,755,855

Preferred dividend requirements
1,037,109

 
2,123,129

 
2,396,875

 
2,396,875

Net Income attributable to Common Stockholders
$
6,632,369

 
$
6,877,043

 
$
6,780,409

 
$
4,358,980

 
 
 
 
 
 
 
 
Earnings Per Common Share:


 


 


 


Basic
$
0.56

 
$
0.58

 
$
0.57

 
$
0.37

Diluted
$
0.56

 
$
0.58

 
$
0.57

 
$
0.37