Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income and Comprehensive Income

v3.3.1.900
Consolidated Statements of Income and Comprehensive Income - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenue                      
Lease revenue $ 16,984,036 $ 16,966,056 $ 6,799,879 $ 7,336,101 $ 7,204,493 $ 7,191,187 $ 7,065,677 $ 6,762,408 $ 48,086,072 $ 28,223,765 $ 22,552,976
Sales revenue 1,717,787 1,434,694 1,665,908 2,341,655 2,894,556 1,741,209 1,813,607 3,259,530 7,160,044 9,708,902 8,733,044
Financing revenue 185,650 182,604 668,904 660,392 498,984 413,482 139,728 25,619 1,697,550 1,077,813 0
Transportation revenue 3,591,459 3,557,096 3,546,979 3,649,735 1,298,093 0 0 0 14,345,269 1,298,093 0
Total Revenue 22,478,932 22,140,450 12,681,670 13,987,883 11,896,126 9,345,878 9,019,012 10,047,557 71,288,935 40,308,573 31,286,020
Expenses                      
Cost of sales (excluding depreciation expense) 618,073 382,851 569,958 1,248,330 1,914,901 1,284,711 1,384,998 2,707,358 2,819,212 7,291,968 6,734,665
Depreciation, amortization and ARO accretion expense 5,385,068 5,836,665 3,495,986 4,048,832 3,575,420 3,252,604 3,220,253 3,146,978 18,766,551 13,195,255 11,491,285
Provision for loan losses 5,833,000 7,951,137 0 0 0 0 0 0 13,784,137 0 0
Transportation, maintenance and general and administrative 935,775 856,050 1,076,352 991,608 458,872 0 0 0 3,859,785 458,872 0
Operating expenses 83,095 264,812 195,673 206,360 194,627 210,009 213,533 222,741 749,940 840,910 924,571
General and administrative 2,434,094 2,837,762 1,905,329 2,568,519 3,263,345 1,841,493 1,334,960 1,432,955 9,745,704 7,872,753 5,879,864
Total Expenses 15,289,105 18,129,277 7,243,298 9,063,649 9,407,165 6,588,817 6,153,744 7,510,032 49,725,329 29,659,758 25,030,385
Operating Income 7,189,827 4,011,173 5,438,372 4,924,234 2,488,961 2,757,061 2,865,268 2,537,525 21,563,606 10,648,815 6,255,635
Other Income (Expense)                      
Net distributions and dividend income 245,374 241,563 193,410 590,408 136,909 1,688,830 5,988 5,056 1,270,755 1,836,783 584,814
Net realized and unrealized loss on trading securities                 0 0 (251,213)
Net realized and unrealized gain (loss) on other equity securities (148,045) (1,408,751) 43,385 449,798 (2,978,764) (865,470) 2,084,026 1,294,182 (1,063,613) (466,026) 5,617,766
Interest expense (3,652,111) (3,854,913) (1,126,888) (1,147,272) (1,051,151) (977,635) (819,360) (826,976) (9,781,184) (3,675,122) (3,288,378)
Total Other Income (Expense) (3,554,782) (5,022,101) (890,093) (107,066) (3,893,006) (154,275) 1,270,654 472,262 (9,574,042) (2,304,365) 2,662,989
Income before income taxes 3,635,045 (1,010,928) 4,548,279 4,817,168 (1,404,045) 2,602,786 4,135,922 3,009,787 11,989,564 8,344,450 8,918,624
Taxes                      
Current tax expense 276,755 105,020 104,479 435,756 2,503,808 486,054 0 854,075 922,010 3,843,937 13,474
Deferred tax expense (benefit) (646,857) (1,953,973) (153,342) (115,391) (4,310,646) (161,171) 742,879 (340,562) (2,869,563) (4,069,500) 2,936,044
Income tax expense (benefit), net (370,102) (1,848,953) (48,863) 320,365 (1,806,838) 324,883 742,879 513,513 (1,947,553) (225,563) 2,949,518
Net Income 4,005,147 838,025 4,597,142 4,496,803 402,793 2,277,903 3,393,043 2,496,274 13,937,117 8,570,013 5,969,106
Less: Net Income attributable to non-controlling interest 384,221 410,806 412,004 410,175 388,423 389,485 387,135 391,114 1,617,206 1,556,157 1,466,767
Net Income attributable to CorEnergy Stockholders 3,620,926 427,219 4,185,138 4,086,628 14,370 1,888,418 3,005,908 2,105,160 12,319,911 7,013,856 4,502,339
Preferred dividend requirements 1,037,110 1,037,109 1,037,109 737,500 0 0 0 0 3,848,828 0 0
Net Income attributable to Common Stockholders 2,583,816 (609,890) 3,148,029 3,349,128 14,370 1,888,418 3,005,908 2,105,160 8,471,083 7,013,856 4,502,339
Other comprehensive income (loss):                      
Changes in fair value of qualifying hedges attributable to CorEnergy stockholders 218,576 (223,176) 18,202 (276,107) (197,245) 214,602 (270,838) (70,620) (262,505) (324,101) 777,403
Changes in fair value of qualifying hedges attributable to non-controlling interest 51,104 (52,180) 4,256 (64,555) (46,120) 50,175 (63,324) (16,511) (61,375) (75,780) 181,762
Net Change in Other Comprehensive Income (Loss) 269,680 (275,356) 22,458 (340,662) (243,365) 264,777 (334,162) (87,131) (323,880) (399,881) 959,165
Total Comprehensive Income 4,274,827 562,669 4,619,600 4,156,141 159,428 2,542,680 3,058,881 2,409,143 13,613,237 8,170,132 6,928,271
Less: Comprehensive income attributable to non-controlling interest 435,325 358,626 416,260 345,620 342,303 439,660 323,811 374,603 1,555,831 1,480,377 1,648,529
Comprehensive Income attributable to CorEnergy Stockholders $ 3,839,502 $ 204,043 $ 4,203,340 $ 3,810,521 $ (182,875) $ 2,103,020 $ 2,735,070 $ 2,034,540 $ 12,057,406 $ 6,689,755 $ 5,279,742
Earnings Per Common Share:                      
Basic (in dollars per share) $ 0.22 $ (0.05) $ 0.33 $ 0.36 $ 0.00 $ 0.30 $ 0.48 $ 0.35 $ 0.79 $ 1.06 $ 0.93
Diluted (in dollars per share) $ 0.22 $ (0.05) $ 0.33 $ 0.36 $ 0.00 $ 0.30 $ 0.48 $ 0.35 $ 0.79 $ 1.06 $ 0.93
Weighted Average Shares of Common Stock Outstanding:                      
Basic (in shares)                 10,685,892 6,605,715 4,829,879
Diluted (in shares)                 10,685,892 6,605,715 4,829,879
Dividends declared per share (in dollars per share)                 $ 2.75 $ 2.57 $ 1.875