Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.19.3.a.u2
Consolidated Statements of Income and Comprehensive Income - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue              
Lease revenue         $ 67,050,506    
Lease revenue $ 18,487,661 $ 18,391,983 $ 18,275,859 $ 17,591,859   $ 72,747,362 $ 68,803,804
Total Revenue 22,900,039 22,636,705 22,150,016 21,544,838 85,945,570 89,231,598 88,749,377
Expenses              
Transportation and distribution expenses 1,861,329 2,241,999 1,534,524 1,572,896 5,242,244 7,210,748 6,729,707
General and administrative 4,161,533 3,046,481 3,107,776 2,727,057 10,596,848 13,042,847 10,786,497
Depreciation, amortization and ARO accretion expense 6,078,582 6,289,459 6,290,082 6,289,330 22,581,942 24,947,453 24,047,710
Provision for loan gain (536,867) 0 0 500,000 0 (36,867) 0
Total Expenses 11,564,577 11,577,939 10,932,382 11,089,283 38,421,034 45,164,181 41,563,914
Operating Income 11,335,462 11,058,766 11,217,634 10,455,555 47,524,536 44,067,417 47,185,463
Other Income (Expense)              
Net distributions and other income 41,503 5,627 55,714 3,951 1,328,853 106,795 680,091
Net realized and unrealized gain (loss) on other equity securities (48,028) (930,147) (881,100) 13,966 0 (1,845,309) 1,531,827
Interest expense (3,168,583) (3,183,589) (3,196,248) (3,210,590) (10,578,711) (12,759,010) (12,378,514)
Gain on the sale of leased property, net 11,723,257 0 0 0 0 11,723,257 0
Loss on extinguishment of debt         (33,960,565) 0 (336,933)
Total Other Expense 8,548,149 (4,108,109) (4,021,634) (3,192,673) (43,210,423) (2,774,267) (10,503,529)
Income before income taxes 19,883,611 6,950,657 7,196,000 7,262,882 4,314,113 41,293,150 36,681,934
Taxes              
Current tax expense (benefit) (530,659) (8,393) (10,785) (35,549) (120,024) (585,386) 2,831,658
Deferred tax expense (benefit) (81,725) (738,274) (604,064) (409,277) 354,642 (1,833,340) (486,340)
Income tax expense (benefit), net (612,384) (746,667) (614,849) (444,826) 234,618 (2,418,726) 2,345,318
Net Income         4,079,495 43,711,876 34,336,616
Less: Net Income attributable to non-controlling interest         0 0 1,733,826
Net Income attributable to CorEnergy Stockholders 20,495,995 7,697,324 7,810,849 7,707,708 4,079,495 43,711,876 32,602,790
Preferred dividend requirements 2,357,752 2,396,875 2,396,875 2,396,875 9,255,468 9,548,377 7,953,988
Net Income (Loss) attributable to Common Stockholders $ 18,138,243 $ 5,300,449 $ 5,413,974 $ 5,310,833 (5,175,973) 34,163,499 24,648,802
Net Income         4,079,495 43,711,876 34,336,616
Other comprehensive income:              
Changes in fair value of qualifying hedges / AOCI attributable to CorEnergy stockholders         0 0 11,196
Changes in fair value of qualifying hedges / AOCI attributable to non-controlling interest         0 0 2,617
Net Change in Other Comprehensive Income         0 0 13,813
Total Comprehensive Income         4,079,495 43,711,876 34,350,429
Less: Comprehensive income attributable to non-controlling interest         0 0 1,736,443
Comprehensive Income attributable to CorEnergy Stockholders         $ 4,079,495 $ 43,711,876 $ 32,613,986
Earnings (Loss) Per Common Share:              
Basic (in dollars per share) $ 1.52 $ 0.44 $ 0.45 $ 0.45 $ (0.40) $ 2.86 $ 2.07
Diluted (in dollars per share) $ 1.32 $ 0.44 $ 0.45 $ 0.45 $ (0.40) $ 2.79 $ 2.07
Weighted Average Shares of Common Stock Outstanding:              
Basic (in shares)         13,041,613 11,935,021 11,900,516
Diluted (in shares)         13,041,613 15,389,180 11,900,516
Dividends declared per share (in dollars per share)         $ 3.000 $ 3.000 $ 3.000
Transportation and distribution revenue              
Revenue              
Revenue $ 4,412,378 $ 4,244,722 $ 3,874,157 $ 3,952,979 $ 18,778,237 $ 16,484,236 $ 19,945,573
Financing revenue              
Revenue              
Revenue         $ 116,827 $ 0 $ 0